Communication - Press
25.10.2023 The Chief's Executive Policy Address - Major Highlights
The Chief Executive, Mr John Lee, today delivered his annual Policy Address entitled “A Vibrant Economy for a Caring Community”.
Full details are available from the Policy Address Website:
https://www.policyaddress.gov.hk/2023/en/policy.html
Major highlights
Uphold “One Country, Two Systems”; safeguard national security
- Legislate for Article 23 of the Basic Law and complete the exercise in 2024
- Enhance the cybersecurity of critical infrastructure
- Promote patriotic education
- Establish the Chinese Culture Promotion Office
- Organise Chinese Cultural Festival from next year
Enhance governance systems
- Set 73 new performance indicators for Civil Service
- Fully implement the renewed district governance structure
- Establish the Committee on the Financing of Major Development Projects
- Set up the Digital Policy Office
- Formulate a “Greater Bay Area Emergency Response and Rescue Operational Plan"
Strengthen stock market competitiveness
- Reduce the rate of Stamp Duty on Stock Transfer from the current 0.13% to 0.1% of the consideration or value of each transaction payable by buyers and sellers respectively
- Review stock trading spread and consult the market in 2024 Q2
- Reduce market data fees
- Reform GEM and implement the revised Listing Rules in 2024 Q1
Land and housing
- Adjust demand-side management measures for residential properties
- Shorten the applicable period of the Special Stamp Duty (SSD) from 3 years to 2 years
- Reduce the respective rates of the Buyer's Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) by half, from 15% to 7.5%
- Introduce a stamp duty suspension arrangement for incoming talents' acquisition of residential properties
- Build about 410 000 public housing units in the next decade, exceeding demand
- Establish task force on tackling issues related to subdivided units
- Review of building safety and management
- Enhance energy conservation and decarbonisation of buildings
Attract enterprises and talents
- Develop a “Headquarters Economy” to attract overseas companies
- Issue “multiple-entry visas” to facilitate cross-boundary business travel for eligible expats
- Expand the coverage of universities under the Top Talent Pass Scheme
- Establish physical office of Hong Kong Talent Engage
- Establish Hong Kong International Legal Talents Training Academy
- Establish Hong Kong International Academy Against Corruption
- Double admission quota of non-local students by Government-funded post-secondary institutions to 40%
- Develop Northern Metropolis University Town
Diversified economic development
- Reinforce international financial centre status by promoting green finance
- A New Industrialisation Development Office to accelerate growth of I&T ecosystem
- $10 billion New Industrialisation Acceleration Scheme to promote downstream development of new industrialisation
- Publish the Action Plan on Maritime and Port Development Strategy to develop into a leading international maritime centre
- Inject $4.3 billion to the Film Development Fund and the CreateSmart Initiative
- Formulate Tourism Industry 2.0 development blueprint
- Promote new energy transport
- Set up preparatory office for the Hong Kong Centre for Medical Products Regulation, with view to accelerate launch of new drugs and promote industry development
- Establish Greater Bay Area International Clinical Trial Institute in Hetao Co-operation Zone
Promote fertility and family-friendly environment
- Provide a cash bonus of $20,000 for each newborn
- Raise the accommodation-related tax deduction ceiling for families with newborns
- Introduce the Families with Newborns Flat Selection Priority Scheme
- Support assisted reproductive services
- Increase the Working Family Allowance, increase child care centre places and allowance
