Hong Kong Unveils Ambitious Policy Address to Drive Economic Growth

Hong Kong's Chief Executive John Lee unveiled his fifth Policy Address on September 16, outlining measures to drive economic growth and enhance social well-being. The address is titled 'A Strategic Vision for a Bright New Era' and aims to capitalize on the opportunities presented by China's National 15th Five-Year Plan.

The policy addresses five major development opportunities: attracting high-calibre talent, promoting industry development, fostering innovation, enhancing international co-operation, and boosting social well-being. To attract top talent, Lee announced plans to expedite the development of the Northern Metropolis University Town, increase research postgraduate places by 30%, and establish five new academies for training international talent.

Lee also proposed accelerating the development of an international gold trading market and exploring tax concessions for qualifying activities within the gold and commodity trading ecosystem. The government will also introduce a new Renminbi-denominated and physically settled gold futures contract, increase its Exchange Fund's gold holdings, and transfer physical gold holdings to designated vaults.

The policy address includes several initiatives to promote industry development, such as introducing specialty insurance, injecting funding into the Artificial Intelligence Subsidy Scheme, and fostering a new economic landscape for low-altitude and emerging industries. The government will also establish six special industry parks and grant tax concessions based on the value brought by enterprises.