Live updates: Key announcements from Policy Address 2024

Hong Kong Chief Executive John Lee is delivering his highly anticipated third Policy Address, setting the stage for a bold vision of reform, innovation, and economic growth. This year's Policy Address promises to deepen reforms and explore new opportunities across various sectors, from gold trading to low-altitude economy development.

John Lee has outlined a series of initiatives aimed at boosting Hong Kong's global competitiveness, including:

—— HK to build an international gold trading market and explore a low-altitude economy

"We will promulgate the Development Outline for the Hong Kong-Shenzhen Innovation and Technology Park in the Loop, building a testing ground for policy and institutional innovation. We will also set up a working group to develop the low-altitude economy," said Lee.

—— Govt to enhance leadership, cross-bureau coordination mechanisms

"We will enhance the leadership and cross-bureau co-ordination mechanisms, and fully leverage the leading and co-ordinating functions of Secretaries and Deputy Secretaries of Department," Lee said.

—— Govt to promote development of high value-added maritime services

"Hong Kong is one of the world's busiest and most efficient ports, and ranks fourth in the International Shipping Centre Development Index (ISCDI)," Lee said.

—— John Lee unveils New Capital Investment Scheme rules, including real estate flexibility

" We will enhance the New Capital Investment Entrant Scheme," Lee said.

——  Strengthening HK's role as global offshore RMB hub

"HK is a leading international financial center, ranking third globally and first in the investment environment," Lee said.

—— Govt to attract international start-up accelerators to establish presence in HK

"Hong Kong is striving to become an international innovation and technology (I&T) center by promoting the upgrading and transformation of traditional industries while actively nurturing emerging ones." Lee said.

—— Govt to commence training for international legal talents, develop sports dispute resolution system

"We will incorporate mediation clauses in government contracts and encourage private organizations to make reference to and adopt such clauses. We will also launch the Pilot Scheme on Community Mediation to offer more training opportunities for promoting mediation culture," Lee said.

—— John Lee highlights talent development initiatives amid workforce shortage

"Hong Kong boasts five of the world's top 100 universities and is an international hub for exchange and collaboration among high-caliber talents." Lee said.

—— Liquor tax cut to 10% on imports over HK$200

"To promote liquor trade and boost the development of high value‑added industries including logistics and storage, tourism as well as high‑end food and beverage consumption, the Government has made reference to the successful experience of driving the wine trade through exemption of wine duty," Lee said.

—— Govt to enhance HK's status as international trade center

"HKSAR Government will consolidate and enhance Hong Kong's status as an international trade center," Lee said.

—— CE unveils plans for new industrialization and I&T development

"We will spare no effort in developing new quality productive forces tailored to local conditions," Lee said.

—— HK to boost Postgraduate Scholarships and promote 'Study in HK' globally

"We will set up the Hong Kong Future Talents Scholarship Scheme for Advanced Studies, beginning in the 2025/26 academic year, offering scholarships each year to up to 1,200 local students enrolling in designated postgraduate programs," said Lee.

—— Northern Metropolis to lead HK's growth with housing, economic projects, John Lee reveals

"The Northern Metropolis is the new engine of Hong Kong's economic development. We will expedite the implementation of economic and housing-related projects in the Northern Metropolis, while maintaining a prudent fiscal position," Lee said.

—— Developing visitor sources from Middle East and ASEAN to revitalize HK's tourism

"The government will actively encourage various sectors to enhance tourism-support measures to create a friendly environment for visitors," Lee said.

—— New healthcare initiatives announced by CE, including third medical school and primary care overhaul

"To enhance the health of the people of Hong Kong, improve healthcare protection and quality, and capitalize on our healthcare professions' strengths, the government will conduct a comprehensive review of the positioning and objectives of the healthcare system," Lee said.

—— These mainland universities are newly added to list under the Top Talent Pass Scheme!

"The government has decided to expand the list of universities under the Top Talent Pass Scheme to 198 universities by adding 13 top Mainland and overseas universities and extending the validity period of the first visa of high-income talents under the scheme from two to three years," Lee said.

—— John Lee unveils plan to regulate subdivided units with mandatory minimum standards

"The Government has decided to legislate for renting subdivided units (SDUs) in residential buildings. SDUs meeting the required standards will be named as 'Basic Housing Units'," Lee said.

—— HK to expand EV infrastructure with 3,000 quick chargers by 2030, says John Lee

"The government has stepped up efforts to promote green transport," Lee said.

 

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Full text of Policy Address 2024