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HONG KONG (Reuters) -Hong Kong leader John Lee delivered his third annual policy address on Wednesday with pledges to reform shortcomings focusing on livelihood issues, positioning the city as a global hub.
Some of the highlights include:
ECONOMY
- Measures to deepen reform include building an international gold trading market, promoting high value-added maritime services, and building a commodity trading ecosystem and internationally-accredited metal warehouses.
- Set up a working group on developing the low-altitude economy, which refers to economic activities in airspace below 1,000 metres.
- Authorities will streamline procedures for companies seeking to list in Hong Kong and strive for more international company listings on its stock exchange.
- The Securities and Futures Commission and the HKEX will announce specific measures for further optimising relevant procedures to provide greater certainty regarding the time required for vetting of listing applications and boosting market efficiency.
- Enhance the mutual market access regime and reinforce status as the world's largest offshore renminbi business hub.
- Develop the fixed income market infrastructure by setting up a central clearing system for renminbi-denominated bond repurchase transactions.
- Increase issuance of renminbi bonds and support issuance of more green and sustainable offshore renminbi bonds in Hong Kong.
- Promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong.
- Reduce the duty rate for liquor with an import price of over HK$200 from 100% to 10% for the portion above HK$200
- Set up a HK$10 billion I&T Industry-Oriented Fund to channel more market capital to invest in life and health technology, AI and robotics, semi-conductors and smart devices, advanced materials and new energy.
- Subsidise taxi trade and franchised bus companies to purchase electric vehicles, and launch a subsidy scheme for trials of hydrogen fuel cell electric heavy vehicles.
- Expedite the reform of the approval mechanism for drugs and medical devices and to develop Hong Kong into an international health and medical innovation hub.
- Proposed further enhancements on Mainland residents' tourism visit to Hong Kong, including expanding the coverage of pilot cities for implementing policies on the "one trip per week" individual visit endorsements.
POLITICS/NATIONAL SECURITY
- Civil servants must abide by national security law. Public officers are duty bound to safeguard national security.
- "But threats to national security may spring up any time. We must stay vigilant and put up our guard."
- "All bureaux and departments must review their codes, guidelines and procedures to ensure compliance with these provisions."
- Collaborate with the Mainland cities in the greater bay area, as well as Beijing, Shanghai, Chongqing, Wuhan and Hangzhou to launch mutual civil service exchange programmes.
LIVELIHOOD
- Plans to reduce wait times for public housing and to increase public housing supply.
- Plans to expedite youth hostel projects and support young people to purchase subsidised sale flats
- Propose new laws governing the leasing of some subdivided flats, aiming to see the number of substandard subdivided units to gradually go down to zero.
- Propose the standards of "Basic Housing Units" should include the provision of windows, an individual toilet, a floor area of no less than 8 square metres.
- Relax the maximum loan-to-value ratios of property mortgage loans for residnetial properties to 70% of the value of a property for all buyers.
- Set up a working group on promoting the elderly economy to boost "silver consumption", develop "silver industry", and to enhance "silver financial and security arrangements".
OVERSEAS TALENT
- Build Hong Kong into an international hub for high-calibre talent.
- Step up promotion of online platforms to offer information on salaries, taxation, education, visas and to expand network of collaborative partners and organise online and in-person job fairs with industries and employer organisations.
(Reporting by Donny Kwok; Editing by Lincoln Feast.)
