Hong Kong's Chief Executive John Lee delivered his third policy address on Wednesday, unveiling a series of ambitious initiatives aimed at propelling the region's economic growth and international standing. From bolstering the maritime industry to enhancing wealth management and attracting global talent, the policy address outlines a comprehensive vision for Hong Kong's future.
Revitalizing the Maritime Industry
In a bid to strengthen Hong Kong's position as a global maritime hub, the government will establish the \"Hong Kong Maritime and Port Development Board.\" This high-level advisory body, chaired by a non-official member and composed mainly of industry representatives, will steer policies and long-term development strategies for the maritime sector.
Additional funding will be allocated to enhance research capabilities, promote Hong Kong's maritime services in the Chinese mainland and overseas, and improve manpower training. The government aims to position Hong Kong as a green maritime center, with plans to announce an Action Plan on Green Maritime Fuel Bunkering by the end of the year, focusing on emissions reduction and the promotion of green fuels.
To modernize port operations, a new port community system will be installed next year, offering features such as shipment tracking and real-time transport information. The release of four quality logistics sites for high-end logistics facilities is also planned, expanding Hong Kong's high-value-added logistics services.
Enhancing Wealth Management and Investment
The Chief Executive announced significant changes to the capital investment entrant scheme, which now includes residential property investments effective immediately. Investors purchasing residential properties priced at a minimum of HK$50 million (approximately US$6.4 million) can count up to HK$10 million towards their total investment under the scheme.
Starting March 1 next year, investments made through an eligible private company wholly owned by the applicant will also be considered part of their eligible investment. Since its launch in March, the scheme has attracted over 550 applications, reflecting strong interest from high-net-worth individuals.
To solidify Hong Kong's status as an international asset and wealth management center, the government will collaborate with sovereign wealth funds along the Belt and Road, particularly in the Middle East, to establish funds for investing in assets in the Chinese mainland and beyond. Currently, Hong Kong hosts around 2,700 single-family offices and is projected to become the world's largest cross-border wealth management center by 2028.
Reducing Liquor Duty to Boost Trade
Effective immediately, the duty rate for liquor with an import price over HK$200 (about US$25.70) will be reduced from 100% to 10% for the portion above HK$200. The duty rate for the portion of HK$200 and below remains unchanged.
This move aims to promote the liquor trade and stimulate the development of high-value-added industries, including logistics, storage, tourism, and high-end food and beverage consumption.
Establishing an International Gold Trading Center
Acknowledging Hong Kong's position as one of the world's largest gold import and export markets by volume, the government plans to develop a world-class gold trading center. The complex geopolitical landscape highlights Hong Kong's stability and security, making it an attractive location for gold storage and related activities such as trading, settlement, and delivery.
The financial services and the treasury bureau will set up a working group to advance this initiative, which includes strengthening the trading mechanism and regulatory framework, promoting cutting-edge financial technology, and exploring the inclusion of gold-related products in mutual market access programs with the Chinese mainland authorities.
Attracting Global Talent and Students
The policy address places significant emphasis on attracting overseas students, especially from ASEAN and other Belt and Road countries and regions, by creating the \"Study in Hong Kong\" brand. The government plans to offer scholarships and incentives, host international education conferences and exhibitions, and encourage local post-secondary institutions to enhance global collaboration.
Since the implementation of a new talent admission regime in late 2022, Hong Kong has received over 380,000 applications, with around 160,000 talents arriving with their families. To build a quality talent pool, the government will reform various aspects of the talent admission regime, including expanding the list of universities under the Top Talent Pass Scheme to 198 by adding 13 top mainland and overseas universities, and extending the validity period of the first visa for high-income talents from two to three years.
John Lee's policy address outlines a dynamic roadmap for Hong Kong's future, focusing on innovation, global partnerships, and sustainable development. These initiatives aim to reinforce Hong Kong's position as a leading international city and an integral part of the growth in the region.
Reference(s):
cgtn.com
