Hong Kong's 2024 Policy Address: Focus on Livelihood and Community Care

Hong Kong SAR Chief Executive John Lee delivered the 2024 Policy Address, prioritizing the improvement of people's livelihood and fostering a community spirit. Housing emerged as a crucial focus, with measures to enhance home ownership and increase public rental housing. The Hong Kong Monetary Authority will now allow up to 70% loan-to-value ratio for property loans, benefiting young families and individuals under 40.

To address public housing, plans aim to deliver 189,000 units over five years, cutting waiting times to 4.5 years by 2026-27. Elder care facilities will increase vouchers by 20% to 6,000, while a new Guangdong scheme will provide a subsidy for elderly residents. Initiatives for poverty alleviation include expanding Strive and Rise Programme and enhancing school-based after-school care.

Women empowerment will be supported through mentorship programs and ethnic minorities will benefit from new support centers. Such targeted initiatives signal a strategic movement towards community welfare and inclusivity.