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2024 Policy Address - Major Highlights

The Chief Executive, Mr John Lee, yesterday delivered his third annual Policy Address entitled “Reform for Enhancing Development and Building Our Future Together”.

Full details are available from the Policy Address Website:
https://www.policyaddress.gov.hk/2024/en/policy.html

 

Major highlights

Enhance governance systems

  • Set 72 new performance indicators for Civil Service
  • Enhance cross-bureau co-ordination mechanisms
  • Set up committees and working groups covering Education, Technology and Talents; Developing Low-altitude Economy; Developing Tourist Hotspots; and Promoting Silver Economy
  • Launch the Governance Talents Development Programme


Consolidate and enhance our advantages

International Financial Centre

  • Develop an international gold trading market and world-class gold storage facilities
  • Forge closer financial co-operation with ASEAN and Middle East markets
  • Implement measures to attract new capital and products to the stock market, including more Renminbi (RMB)-denominated products and better utilise the currency swap agreement
  • Explore expansion of Bond Connect (Southbound Trading)
  • Enhance the New Capital Investment Entrant Scheme by allowing the purchase of high-end residential properties
  • Enhance development of the insurance sector


International Shipping Centre

  • Establish the Hong Kong Maritime and Port Development Board
  • Create a commodity trading ecosystem, including international commodity exchanges, accredited warehouses etc.
  • Promote development of high value-added maritime services
  • Promulgate the Action Plan on Green Maritime Fuel Bunkering to advance the development of a green maritime centre


International Trade Centre

  • Build a high value-added supply chain services centre
  • Encourage the China Export & Credit Insurance Corporation to establish presence in Hong Kong
  • Promote the development of a headquarters economy
  • Adjust duty for the import of liquor downwards to promote liquor trade and boost development of high value-added industries


Develop new quality productive forces
 

  • Formulate medium to long-term development plan for new industrialisation
  • Take forward the third InnoHK research cluster (advanced manufacturing, materials, energy and sustainable development)
  • Increase investment for research and innovation and technology
  • Set up a $10 billion I&T Industry-Oriented Fund to boost investment in industries of strategic importance
  • Optimise Innovation and Technology Venture Fund by redeploying $1.5 billion to set up joint funds to invest in start-ups of strategic industries
  • Launch a $1.5 billion Research Matching Grant Scheme
  • Allocate $180 million to set up the Pilot I&T Accelerator Scheme
  • Promote development of the low-altitude economy
  • Promote development of an international health and medical innovation hub
  • Extend coverage of the “1+” mechanism to all new drugs
  • Develop the Greater Bay Area Clinical Trial Collaboration Platform
  • Promote digital economy in trade and fintech


Foster economic diversification

  • Promote development of arts and culture and creative industries
  • Release the Blueprint for Arts and Culture and Creative Industries Development
  • Establish Kai Tak Sports Park as a sports and mega events landmark
  • Publish the Development Blueprint for Hong Kong’s Tourism Industry 2.0
  • Inject $1 billion into the BUD Fund to help enterprises upgrade and transform their businesses
  • Inject $500 million for the launch of the Incentive Scheme for Recurrent Exhibitions 2.0
  • Expedite the Northern Metropolis development, including adopting a pilot “large-scale land disposal” approach
  • Promulgate the Development Outline for the Hong Kong Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone



International hub for talents and post-secondary education

  • Reform various talent admission mechanisms; update the Talent List
  • Expand the list of universities under the Top Talent Pass Scheme;
  • Invite top-notch talents through Quality Migrant Admission Scheme
  • Extend the pilot arrangement for graduates from the Greater Bay Area campuses of Hong Kong universities to work in Hong Kong for two years
  • Establish the “Study in Hong Kong” brand
  • Attract non-local students through scholarships and other incentives
  • Support the market to flexibly convert commercial buildings into student hostels
  • Earmark over 80 hectares of land for developing the Northern Metropolis University Town


Land and housing

  • Relax maximum loan-to-value ratios of residential property mortgage loans to 70%
  • Legislate for a regulatory regime on renting subdivided units
  • Total public housing supply units in the next five years to reach 189 000 units, about 80% more than the start of the current-term Government
  • Further reduce waiting time for Public Rental Housing
  • Make available land over the next five years to provide about 80 000 private housing units
  • Streamline land development procedures and use technology and industry resources to reduce construction costs

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