Hong Kong Chief Executive John Lee delivered his third policy address on Wednesday to the Hong Kong Special Administrative Region (HKSAR) Legislative Council, unveiling a series of ambitious initiatives aimed at propelling the city’s economic and social development. Drawing from extensive public consultation, Lee’s address outlined key measures across various sectors, including maritime industry, wealth management, taxation, gold trading, and education.
Elevating Hong Kong’s Maritime Industry
In a bid to strengthen Hong Kong’s position as a global maritime hub, Lee announced the establishment of the “Hong Kong Maritime and Port Development Board.” This high-level advisory body, chaired by a non-official member and comprising mainly industry representatives, will assist the government in formulating policies and long-term strategies for the maritime sector.
“Our goal is to enhance policy implementation and promote sustainable development in Hong Kong’s maritime industry,” Lee stated. The government plans to allocate additional funding to boost research capabilities, enhance promotional efforts in the Chinese mainland and overseas, and improve manpower training.
Emphasizing environmental sustainability, Lee revealed that Hong Kong aims to become a green maritime center. An “Action Plan on Green Maritime Fuel Bunkering” is set to be announced by the end of the year, focusing on emissions reduction and the promotion of green fuels.
Revamping the Capital Investment Entrant Scheme
Effective immediately, the Capital Investment Entrant Scheme will be enhanced to include residential property investments. Investments in residential properties priced at a minimum of HKD 50 million (approximately USD 6.4 million) will now be eligible, with a cap of HKD 10 million counting toward the total investment.
Since its launch in March, the scheme has attracted over 550 applications, highlighting strong interest from high-net-worth individuals. “We aim to enhance Hong Kong’s position as an international asset and wealth management center,” Lee remarked. The government plans to collaborate with sovereign wealth funds along the Belt and Road, particularly in the Middle East, to set up funds for investing in assets in the Chinese mainland and beyond.
Reducing Liquor Duty to Boost Trade
To promote the liquor trade and stimulate related industries, the duty rate for liquor with an import price over HKD 200 will be reduced from 100% to 10% for the portion above HKD 200, effective immediately. The duty rate for the portion of HKD 200 and below remains unchanged.
“This move aims to boost high-value-added industries, including logistics, tourism, and high-end food and beverage consumption,” Lee explained.
Establishing an International Gold Trading Center
Acknowledging Hong Kong’s status as one of the world’s largest gold import and export markets by volume, Lee announced plans to develop a world-class gold trading center. “In the current complex geopolitical landscape, Hong Kong’s security and stability make it an attractive location for gold storage and related activities,” he said.
The government will promote the development of gold storage facilities and spur growth in investment transactions, derivatives, insurance, storage, and trading services. A working group will be established to strengthen the trading mechanism, enhance the regulatory framework, and explore the inclusion of gold-related products in mutual market access programs with the Chinese mainland.
Attracting Global Talent and Students
Lee outlined strategies to attract more overseas students, particularly from ASEAN and Belt and Road countries and regions, to study in Hong Kong. Initiatives include creating the “Study in Hong Kong” brand, providing scholarships and incentives, hosting international education conferences, and encouraging collaboration between local and international post-secondary institutions.
Since implementing a new talent admission regime in late 2022, over 380,000 applications have been received, with around 160,000 talents arriving in Hong Kong 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 and extending visa validity periods for high-income talents.
Engaging with the Community
Lee emphasized the importance of public consultation in shaping the policy address. Over 40 consultation sessions were held, and more than 9,500 submissions were received through letters, emails, and social media. “The voices of our citizens are vital in formulating policies that meet the needs and aspirations of our society,” he affirmed.
The comprehensive policy address reflects the HKSAR government’s commitment to fostering economic growth, enhancing competitiveness, and improving the quality of life for its residents. With these ambitious plans, Hong Kong aims to reinforce its position as a dynamic and influential player in the global arena.
Reference(s):
cgtn.com
