In his third Policy Address last month, Chief Executive John Lee unveiled a transformative roadmap to rejuvenate Hong Kong’s economy and uplift citizens’ daily lives.

A key highlight is the commitment to enhancing our city’s competitiveness across all sectors. This balanced approach honours our traditional strengths – finance, trade, logistics and tourism – while embracing emerging fields like biomedical research and the low-altitude economy. The announcement of a $10 billion I&T Industry-Oriented Fund is not just an investment but a declaration that we are ready to tackle the challenges of a rapidly evolving global landscape and grow as an I&T hub.

To help our struggling SMEs, relaunching the principal moratorium under the SME Financing Guarantee Scheme is a pivotal step. The injection of        $1 billion into the BUD Fund and a heightened focus on e-commerce in ASEAN markets will further help businesses thrive.

Another promising aspect of the new set of policies is the emphasis on attracting high-calibre talent. Extending the validity of multiple-entry visas for foreign staff to five years is another game-changer that will enhance our stature as a competitive headquarters hub while enriching the talent pool.

As an international financial centre, Hong Kong is poised to emerge as a leading trading centre for gold and commodities. Introducing accredited warehouses and preferential tax incentives will create a ripple effect and stimulate growth across various sectors. The proposed measures to boost our offshore RMB business will accelerate RMB internationalization.

It is heartening to see many of the Chamber’s suggestions were incorporated into the Policy Address, not least our proposals for revitalizing the tourism sector. By diversifying offerings to highlight Hong Kong’s stunning natural beauty and rich cultural tapestry, we are not just aiming to draw in new visitors, we are fostering loyalty among those who have already discovered our vibrant city. The focus on catering to tourists from the Middle East and other Islamic nations with information in Arabic and Halal options shows our commitment to inclusivity, ensuring that every visitor feels welcomed.

Moreover, the raft of sustainable finance initiatives will enhance climate resilience and support green investments, paving the way for a low-carbon economy. The emphasis on green mobility and the development of a Greenway network underscores the city’s commitment to promoting eco-friendly transportation and improving urban liveability. Measures targeting green maritime transformation will also solidify our standing as a leader in the global economy as we align with international decarbonization standards.

Last but not least, expediting the development of the Northern Metropolis will strengthen collaboration within the Greater Bay Area (GBA) and promote national integration.

Overall, the Chief Executive’s dynamic strategies champion collaboration, economic revitalization and inclusivity – crucial values in an increasingly complex world – to ensure Hong Kong remains a vibrant epicentre of opportunity and innovation.

Agnes Chan
[email protected]