Chief Executive John Lee addressed a full house at the Hong Kong Business Community Joint Luncheon on 7 November, unpacking his 2024 Policy Address and answering a wide range of questions from the audience.
Over 300 distinguished guests attended the annual gathering, including Chamber leadership, international and local business executives, Consuls general and chambers of commerce in Hong Kong.
Lee began by recognizing the collective spirit of those present – business leaders, government officials, investors, innovators and educators – all united by a shared belief in Hong Kong’s potential. “It is why I emphasized the need for ‘reform’ in the Policy Address,” he explained, highlighting that societal transformation is a collective responsibility.
Unity was a central theme of his speech. “When we understand that we all have a stake in Hong Kong – when 7.5 million people come together, work together, dream together – we can achieve remarkable things for our businesses, families and our country,” he stated.
At the heart of his address was a commitment to results-oriented economic growth aimed at enhancing livelihoods. Lee showcased Hong Kong’s advantages under the “One Country, Two Systems” principle, positioning it as a global financial, shipping and trade centre where China’s and international interests converge.
He outlined the ambitious plans to integrate the three pillars of Hong Kong’s economy – finance, trade and shipping – and establish a comprehensive international commodity trading system. This initiative will encompass trading, storage, logistics and risk management, with a focus on commodities like gold and green transportation.
“Hong Kong has clear advantages as a gold trading and storage centre,” Lee noted, citing the city's stability and its historical significance in the gold market. To support this initiative, the Airport Authority plans to expand its gold vault capacity from 150 to 1,000 tonnes.
While acknowledging the challenges ahead, Lee expressed confidence in Hong Kong’s potential to become a leading international gold trading hub. The city’s vibrant maritime industry, home to one of the world’s busiest ports, plays a crucial role, with commodities accounting for over half of global trade volume. The authorities plan to develop green fuel-bunkering facilities and will publish an action plan by year’s end, potentially including tax incentives to attract businesses.
Lee identified innovation and technology (I&T) as vital drivers of economic development, detailing a $10 billion fund to advance sectors such as artificial intelligence, robotics and health technology. Additionally, the Government will allocate $1.5 billion to support start-ups and introduce a new $180 million I&T Accelerator Pilot Scheme.
Discussing healthcare, the Chief Executive explained the initiatives to position Hong Kong as an international medical innovation hub, including drug approval process reforms and establishing a Guangdong-Hong Kong-Macao Greater Bay Area Clinical Trial Collaboration Platform.
“Priorities include reforming the approved mechanism for drugs and medical devices, extending the '1+' mechanism to all new drugs, including vaccines and speeding up drug registration,” he said.
Lee said plans were also in the pipeline for a third medical school as well as an integrated teaching hospital to increase the number of medical professionals in Hong Kong. The creation of a third InnoHK research cluster focusing on advanced manufacturing and sustainable development was also highlighted.
The Northern Metropolis project was a key focus of Lee’s address. “San Tin Technopole will cover over 600 hectares, with half reserved for I&T development,” he said, adding that infrastructure work is set to commence soon. New I&T sites would be delivered in phases starting in 2026. To expedite the development of the Northern Metropolis, the Government plans to offer large tracts of land for collective development by successful bidders, ensuring swift progress.
Lee also mentioned the development outline for the Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, which will enhance collaboration between the two regions. The first phase of Hong Kong Park, which sprawls over a million square metres, is already under construction. The first tenants are expected to move in next year.
To support these measures, Lee emphasized the need for a continuous influx of high-quality talent. Over the past two years, around 160,000 professionals have relocated to Hong Kong. However, he noted that this number must increase to meet the city’s ambitious goals, aided by measures to expand the Top Talent Pass Scheme and enhance support services for incoming talent.
“We want to make it convenient for these professionals to visit the Mainland,” Lee explained. “Mainland multiple-entry visas for foreign staff of Hong Kong-registered companies have been extended to five years,” with priority processing for applications.
He also highlighted Hong Kong Talent Engage, a platform designed to help incoming talent thrive and ensure they receive comprehensive support to settle in Hong Kong. Additionally, he emphasized nurturing local talent through post-secondary education initiatives, including scholarships and campaigns to attract international students. The global “Study in Hong Kong” campaign aims to draw many overseas students, particularly from Belt and Road regions and ASEAN countries.
In response to a question about the Government’s roadmap for a low-altitude economy, he emphasized the importance of progressing in this area, stating that without action, Hong Kong risks falling behind. The Government has already looked at three possible models that could work for Hong Kong. However, he noted that whatever system Hong Kong chooses must meet our long-term needs and be compatible with our neighbours.
In closing, Lee reiterated the Government’s commitment to advancing Hong Kong’s position as a dynamic hub for innovation, talent and economic growth, urging all sectors to work together in this endeavour.