Hong Kong leader John Lee on Wednesday pledged to strengthen the city’s economy, improve livelihoods and reinforce its position as an international hub, outlining measures that include building a gold trading market and boosting high-tech industries.
Delivering his fourth policy address, the former deputy police chief reaffirmed Hong Kong’s economic growth forecast of 2–3% for 2025, stressing its role as a springboard for mainland Chinese enterprises expanding overseas.
“My ultimate objective is to improve livelihoods, with better housing for members of the public, higher income for workers, enhanced care for the elderly, and greater prospects for young people,” Lee said.
Hong Kong’s small, open economy has been hit by China’s slowdown and global trade tensions, while Beijing is under pressure to revive growth amid weak consumer demand and a property crisis. Lee’s nearly three-hour presentation focused heavily on governance and national security but also highlighted economic diversification.
He announced plans to develop an international gold trading platform, expand fintech and green finance, and encourage banks, especially those from mainland China, to base regional headquarters in Hong Kong for expansion into Southeast Asia and the Middle East.
The government will also support aviation by recycling high-value aircraft parts and building a sustainable aviation fuel industry, while seeking to attract pharmaceutical companies for clinical trials and advanced medical treatments.
Lee pledged faster progress on the Northern Metropolis project, designed to house 2.5 million people and create a business hub near Shenzhen, aligning with Beijing’s Greater Bay Area integration strategy. He also promised to boost Hong Kong’s standing as an education hub by raising non-local student quotas to 50% from 40%.
Among social measures, the government will introduce tax breaks of up to HK$260,000 per child over two years to encourage births and allow eateries to obtain licenses to welcome dogs, tapping into the city’s growing pet economy.
While the address was short on fresh housing policies, Lee underscored his government’s focus on long-term growth areas. “We are expediting the development of new industries and creating new opportunities for the people of Hong Kong,” he said.
Source: Reuters
Written By Rodney Mbua
