One of Chief Executive John Lee’s most resonant remarks at the Joint Business Community Luncheon on 10 October was his tribute to Hong Kong’s dynamism and spirit: “Work hard, play hard, eat hard, drink hard and spend hard” – which drew a round of hearty applause from the audience.
Addressing over 400 industry heavyweights, Consuls General and business leaders, Lee highlighted key initiatives from his 2025 Policy Address, including accelerating the development of the Northern Metropolis, championing AI and data science, and strengthening Hong Kong’s role as a global education hub.
“My ultimate objective is to improve the livelihood of the people of Hong Kong,” said Lee, adding that confidence was returning to businesses and industries, and communities, shops, streets and homes. “The world has recognized our achievements. For international business and investors, Hong Kong is one big welcome mat.”
Reeling off a list of data, Lee pointed out that Hong Kong is back in the global spotlight. In the annual World Competitiveness Yearbook, Hong Kong ranked third globally. In government efficiency and business efficiency, it advanced one place and five places, respectively, to second overall. In innovation, Hong Kong, Shenzhen and Guangzhou were named the world’s top innovation cluster by the Global Innovation Index. In talent, the city rose to fourth in the World Talent Ranking – up from ninth last year and 16th the year before. It is also first in Asia and world's best in the percentage of graduates in sciences. In economic freedom, Hong Kong was ranked No. 1 by the Fraser Institute – again. And in finance, it placed third in the Global Financial Centres Index after London and New York.
Northern Metropolis: “Speed, Speed, Speed”
Sharing some of the Government's policies and plans underlying these rankings and highlighted in his 2025 Policy Address, Lee started with the Northern Metropolis, emphasizing that he was determined to fast-track its evolution.
“Speed, speed, speed,” he declared, explaining that new legislation would be enacted next year to accelerate development. the Conceptual Outline of the Development Plan for the Innovation and Technology Industry in the San Tin Technopole will also be announced before the end of the year. The Northern Metropolis will also excel as a centre for education, with a university town to be built on around 90 hectares of land.
World-class Education Hub
Hong Kong is home to five of the world’s top 100 universities, and in the latest Times Higher Education rankings, all six previously listed institutions moved up. Lee said two more publicly funded universities joined the list for the first time.
He added that strong results in teaching reputation and staff-to-student ratio contributed to this progress. Interest is rising, too, with a double-digit increase in self-financing non-local applicants. Starting in the 2026/27 academic year, the cap on self-financing places for non-local students will rise from 40% to 50%, helping build a more diverse and international student body.
Attracting Talent and Businesses
Underlining the importance of talent in driving economic growth, Lee said over 230,000 professionals had arrived under new talent admission schemes since 2022, with 70% under the age of 40. Nearly 100,000 joined through the Top Talent Pass Scheme, mainly in finance and I&T.
Attracting strategic enterprises is also a priority. In under three years, 102 companies have set up in Hong Kong, bringing $60 billion in investment and 22,000 jobs. Lee said top global firms in pharmaceuticals, AI, autonomous driving and Web3 had joined in October, while InvestHK has supported over 1,300 Chinese Mainland and overseas companies, generating $175 billion in investment and 20,000 jobs.
An AI-centric Future
“AI is the future of our development,” said Lee. “I think the world has no choice.”
To position AI as a core industry, he said the Government will establish the Hong Kong AI Research and Development Institute next year, backed by $1 billion in funding to support upstream, midstream and downstream R&D. The $3 billion Frontier Technology Research Support Scheme will help universities attract top AI talent. Meanwhile, the Hong Kong Investment Corporation is investing in AI firms across sectors like cloud computing and drug development.
Hong Kong’s International Footprint
Lee also underscored Hong Kong’s position as a bridge between China and the world, highlighting the city's role in helping Mainland companies expand globally. With rising global demand for “Made in China” products, Hong Kong’s world-class professional services offer a powerful launchpad, he said. As a super connector and super value-adder, Hong Kong connects businesses to global markets, particularly across the Belt and Road, the Global South and emerging economies.
Work Hard, Play Hard
Last but not least, Lee said fun matters, too: “We work hard, but also we need to play hard, eat hard, drink hard and spend hard.”
He outlined the new initiatives to boost culture, sports and tourism – developing an arts trading hub, promoting yacht tourism and raising West Kowloon Cultural District’s global profile.
Hong Kong, as co-host of the 15th National Games, along with major events for athletes with disabilities, marks a historic first for the city – events that Lee said would energize and unite Hong Kong and the nation.
During the Q&A session that followed, Lee reaffirmed his support for local enterprises when asked how the Government would assist Hong Kong businesses to go global.
“I will always help my ‘family members,’” he said, announcing a HK$1.43 billion injection into the BUD Fund and the launch of the "Economic and Trade Express" to help SMEs expand overseas. He also emphasized the importance of tapping into diverse markets and deepening ties with Southeast Asia and the Middle East amid shifting global trade dynamics.