Hong Kong's 2024 Policy Address: Reform for Enhancing Development andBuilding Our Future Together

 

Hong Kong Chief Executive John Lee's October 16th Policy Address, themed "Reform and Development Together, for a Better Life and Future," prioritizes enhancing Hong Kong's international competitiveness and citizens' quality of life. The address focuses on three key areas: improving people's livelihoods, strengthening cross-border cooperation, and driving economic development.

Improving People's Livelihoods

The address tackles Hong Kong's persistent housing shortage, particularly for young people. Key initiatives include increasing the number of Home Ownership Scheme (HOS) applicants under 40, boosting their chances of securing a flat; allocating an additional 1,500 quotas for the "White Form Second Market" scheme (for existing public housing tenants to buy subsidized flats), also targeting younger applicants. The government plans to deliver 189,000 public housing units over the next five years – an 80% increase compared to the previous plan – including approximately 30,000 simple public rental housing units and 60,000 in the Northern Metropolis development. This aims to reduce the current public housing waiting time from 5.5 years to 4.5 years. Easing mortgage restrictions is also part of the strategy to improve homeownership opportunities for young people. These measures directly address the long waiting times and high rental costs previously burdening many families, particularly younger generations.

Strengthening Cross-Border Cooperation

The government emphasizes closer collaboration with mainland China. This includes exploring the inclusion of gold products in the "Mutual Recognition" mechanism, connecting Hong Kong's and mainland China's fast payment systems, and facilitating deeper market integration. Several cross-departmental platforms have been established to streamline cross-border initiatives, such as linking Hong Kong's Faster Payment System with mainland online payment systems and enabling Hong Kong registered banks to issue bank cards in mainland China. These measures aim to create a more convenient, efficient, and secure cross-border experience for Hong Kong residents living and working in mainland China.

Driving Economic Development

The address outlines plans to establish an international gold trading market and world-class gold storage facilities, fostering the development of related industries and solidifying Hong Kong's position as an international financial center. The creation of internationally recognized metal warehouses aims to diversify the economy and reduce reliance on single sectors. This initiative is expected to attract businesses involved in gold refining, jewelry manufacturing, and other related industries, creating jobs and stimulating economic growth. It also seeks to enhance the competitiveness of the securities market, attracting more international and mainland companies to list in Hong Kong.

In conclusion, the Policy Address adopts a long-term perspective, focusing on cultivating new economic drivers while addressing immediate livelihood concerns. Emphasis on cross-departmental collaboration and policy coordination aims to boost Hong Kong's international competitiveness and improve the quality of life for its citizens. These measures are presented as a pathway towards a brighter future for Hong Kong.