In his third policy address to the HKSAR Legislative Council, Chief Executive John Lee outlined Hong Kong's ambitious development vision and strategic initiatives aimed at bolstering the region's economic and educational landscape.
Fostering Development of Maritime Industry
Lee announced the establishment of the Hong Kong Maritime and Port Development Board, a high-level advisory body designed to formulate policies and long-term strategies for the maritime sector. With over 40 consultation sessions and more than 9,500 submissions received, the board will focus on sustainable development, enhancing research capabilities, and promoting green maritime practices. An Action Plan on Green Maritime Fuel Bunkering is expected by the end of the year, emphasizing emissions reduction and the adoption of green fuels.
Changing Capital Investment Entrant Scheme
The capital investment entrant scheme has been revamped to include residential property investments. Investments in properties priced at a minimum of HK$50 million (approximately $6.4 million) will now qualify, with a cap of HK$10 million counting toward the total investment. Starting March 1 next year, investments through eligible private companies wholly owned by applicants will also be considered. Since its inception in March, the scheme has attracted over 550 applications, signaling strong interest from high-net-worth individuals.
Cutting Liquor Duty Rate
To stimulate the liquor trade and high-value-added industries, the duty rate for liquor priced over HK$200 (about $25.7) will be reduced from 100% to 10% for the portion above this threshold. This move aims to boost sectors such as logistics, storage, tourism, and high-end food and beverage consumption.
Building International Gold Trading Center
Hong Kong aims to leverage its position as a leading gold import and export market by developing a world-class gold trading center. The initiative will enhance gold storage, trading, settlement, and delivery services, supported by robust financial technology and a strengthened regulatory framework. A new working group will spearhead these efforts, collaborating with mainland authorities to integrate gold-related products into mutual market access programs.
Attracting More Overseas Students
In a bid to transform Hong Kong into an international education hub, Lee emphasized efforts to attract more overseas students, particularly from ASEAN and Belt and Road regions. Initiatives include the creation of the \"Study in Hong Kong\" brand, offering scholarships, and hosting international education conferences. Additionally, the talent admission regime will be reformed to expand partnerships with 198 top universities and extend visa validity for high-income talents from two to three years.
With these comprehensive measures, Hong Kong is poised to enhance its global standing across various sectors, fostering sustainable growth and innovation.
Reference(s):
cgtn.com
