Political and Economic Analysis  •  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:

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