Hong Kong Chief Executive John Lee Announces Strategic Initiatives in Policy Address

On October 16, 2024, Hong Kong SAR's Chief Executive John Lee delivered his third Policy Address, focusing on economic development and quality of life improvements. The theme, "Reform for Enhancing Development and Building Our Future Together," highlights ongoing reforms and new economic growth opportunities.

Key initiatives include bolstering Hong Kong's status as a financial, shipping, and trade hub. Strategies involve reinforcing the offshore Renminbi hub, expanding the asset and securities markets, and developing Hong Kong as a gold trading center. In shipping, the Maritime and Port Development Board will receive increased funding and support. Trade initiatives aim to establish a high-value-added supply chain service center and strengthen global economic ties.

The Policy Address also emphasizes technological empowerment, with a $10 billion fund for innovation and technology. Plans to develop a low-altitude economy and promote new energy sources are underway. Education, technology, and talent integration are targeted to boost Hong Kong's appeal to international students and high-calibre professionals.

Efforts are also directed towards cultural, sports, and tourism integration, economic diversification, and support for SMEs in the face of economic restructuring. To improve people's livelihoods, new housing and healthcare measures are proposed, along with targeted poverty alleviation strategies.