Hong Kong Chief Executive Mr. John LEE presented his second policy address on 25 Oct 2023. He has established a result-oriented culture. So, the 2023 policy address still stick on this approach. Centre O is going to have a highlight in the business policy address.
Reinforce Over the business policy address and build a diversified economy
Trawl for enterprises, attract and retain talents
Status of International Financial Centre
- enhance stock market liquidity, expand offshore Renminbi business, deepen GBA collaboration and venture into green finance.
- Expand our global economic and trade networks and our reach to new markets; set up more consultant offices to attract businesses and investment.
- Publish the Action Plan on Modern Logistics Development to promote smart development, modernisation, green and sustainability, internationalisation and facilitation of logistics.
Support to SMEs
- Strengthen support to SMEs by providing flexible repayment arrangements, tapping into e-commerce, expediting digital transformation, and reinforcing export credit insurance.
Growth of the Innovation and Technology (I&T) Ecosystem
- Accelerate growth of I&T ecosystem
- Set up the New Industrialisation Development Office to support development of strategic enterprises, facilitate upgrading and transformation of manufacturing sector and assist start-ups.
- Establish the Hong Kong Microelectronics Research and Development (R&D) Institute and commission the Microelectronics Centre to facilitate R&D of microelectronics and industry development.
- Expedite establishment of a supercomputing centre to foster development of artificial intelligence.
- Set up a $10 billion New Industrialisation Acceleration Scheme to provide matching fund for promoting downstreamdevelopment of new industrialization.
Develop cultural and creative industries
- Establish the Cultural and Creative Industries Development Agency to promote the arts, culture and creative sectors as industries.
- Inject $4.3 billion to the Film Development Fund and the CreateSmart Initiative.
- Launch the Signature Performing Arts Programme Scheme to fund and nurture representative and large-scale major performing arts productions to be staged as long-run performances.
- Organise the Hong Kong Fashion Design Week as a flagship initiative to promote Hong Kong’s fashion and textile design brands.
Port Development Strategy
- Publish the Action Plan on Maritime and Port Development Strategy to develop Hong Kong into a leading international maritime centre, promote high value-added maritime services and facilitate GBA maritime collaboration.
Northern Metropolis as the new engine for growth
- Adopt an “industry-driven” approach
- Integrate deeply with Shenzhen and other GBA cities
- Leverage market forces to expedite the development
Tourism Industry 2.0
- Formulate the Development Blueprint for Hong Kong’s Tourism Industry 2.0, develop signature tourism products, and enhance development of cruise tourism economy.
Promote new energy transport – develop bunkering of green maritime fuel and supply of sustainable aviation fuel, formulate strategy for hydrogen development, and promote green transformation of public land transport.
Business Policy Address on Trawl for enterprises, attract and retain talents
- Develop a “Headquarters Economy” to attract enterprises from outside Hong Kongto set up headquarters and/or corporate divisions in Hong Kong; attract companies to re-domicile to Hong Kong.
- Expatriates, including foreign staff of companies in Hong Kong, can travel to the Mainland on “multiple-entry visas“, with priority visa. processing; entries of Vietnamese, Laotian and Nepalese talents are relaxed.
- Establish the physical office of Hong Kong Talent Engage, expand the coverage of universities under the Top Talent Pass Scheme, and implement the Capital Investment Entrant Scheme.
- Establish the Hong Kong International Legal Talents Training Academy and the Hong Kong International Academy Against Corruption, developing Hong Kong into a talent nurturing base.
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You may want to read: HONG KONG POLICY ADDRESS 2022 HIGHLIGHT