Chief Executive John Lee Ka-chiu delivered his fourth Policy Address on Wednesday morning, with the theme of deepening reform and prioritizing public livelihood. This year's policy address was prepared over a span of three months and after over 40 consultation sessions.
The following are the key takeaways:
Accelerate Northern Metropolis development
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- Establish the Committee on Development of the Northern Metropolis, including "Working Group on Devising Development and Operation Models", "Working Group on Planning and Construction of the University Town" and "Working Group on Planning and Development".
- Employ flexible land-grant arrangements to encourage enterprises to set up businesses and invest in the area (Read more)
- Adopt "pay for what you build" approach to reduce the cost of land premiums
- Introduce the Fast Track Processing System to adopt superior construction methods from different places
- Implement a "phased development" approach on a trial basis
- Publish the Conceptual Outline of the Development Plan for the Innovation and Technology Industry in the San Tin Technopole within this year
- Kwu Tung, Hung Shui Kiu MTR Stations to open by 2034 (Read more)
Platform for mainland enterprises' overseas expansion
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- Set up the Task Force on Supporting Mainland Enterprises in Going Global
- HKMA to encourage banking sector, especially banks in the Mainland, to establish regional headquarters in HK
- Attract more Mainland enterprises to establish Corporate Treasury Centres in HK
- Establish US$1 billion new investment fund to cater to enterprises in HK and other GBA cities looking to expand into Saudi Arabia
- Consolidate HK position as platform for Mainland brands to "go global" and for "bringing in" brands from around the world
Education
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- Relax restrictions on admission of self-financing students for post-secondary Institutions
- Raising enrolment ceiling for self-financing non-local students from 40 percent of local student places to 50 percent
- Over-enrolment ceiling of self-financing places of funded research postgraduate programs will be increased from 100 percent to 120 percent
- Earmark new sites (zoned as commercial or otherwise) this year for building new hostels
- Establish Task Force on Study in Hong Kong to step up promotion of higher education in Hong Kong
- Roll out "Hong Kong: Your World-class Campus" large-scale publicity campaign
- Provide HK$40 million funding for eight funded universities to enhance publicity, teacher and student recruitment overseas and in the mainland
- Allow schools under the Direct Subsidy Scheme to apply for increasing the number and size of classes, expanding their intake of non-local students with student visas
- Allocated two vacant school premises for international school development
Patriotic Education
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- Curate the Chinese Culture Festival
- Organize exhibitions of the General History of China series as signature projects
- Promote patriotic education facilities in the Mainland
- Integrate patriotic education into daily learning and teaching
Arts and Culture
- Develop premium arts trading hub
- Develop an arts ecosystem at the Airport City to host arts studios, galleries, and dealers
- Establish an international collaboration network for arts conservation
- Expand training for talents in curation, conservation, arts administration, and other fields
- Establish the WestK Academy to provide professional training for arts and cultural organisations
- Commission the WestK Quay at the end of this year
- Hong Kong Fashion Fest to promote digital fashion and sustainable fashion in collaboration with Paris Fashion Week and Milan Fashion Week
- Introduce market-based business models to enhance Leisure and Cultural Services Department services
Yacht Economy
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- Provide approximately 600 additional yacht berths
- Provide more than 500 additional berth at yacht bay at the Airport City
- Allow visiting yachts to anchor at government designated waters and navigate without reservation
- Promote the systemic development of the Guangdong-Hong Kong-Macao individual travel scheme for yachts
Support Small and Medium Enterprises
- Introduce a licensing arrangement allowing operators to let dogs enter their food premises (Read more)
- Streamlining the restaurant licensing regime
- Expedite the approval process of applications for outside seating accommodation (OSA) of restaurants
- Extend the application period for the 80 percent Guarantee Product under the SME Financing Guarantee Scheme for two years
- Reduce water and sewage charges for non-domestic accounts by 50 percent
- Launch a two-year pilot scheme to support local small and medium I&T enterprises with patent evaluation
- Facilitate the livestock sector to construct the first environmentally-friendly, multi-storey pig farm in Lo Wu
Housing
- Increase the ratio of quotas between Green Form and White Form from 40:60 to 50:50 to assist more PRH tenants to become owners
- Increase the quota of the White Form Secondary Market Scheme (WSM) by 1,000, to a total of 7,000
- Half of the 1,000 additional quota to be allocated to young families and one-person applicants below 40
- Increase the ratio of larger units in HOS and GSH projects in response to market needs
- Relax alienation restriction period of new flats for sale from 15 years to 10 years to encourage upward mobility
- Allow homeowners aged 60 to purchase smaller flat or flat in remote area after selling their flat owned for 10 years or more with premium unpaid
Innovation and Tech
- Set up AI Efficacy Enhancement Team to co-ordinate and steer government departments (Read more)
- Promote technological reform in departments
- Earmarked HK$1 billion for the establishment of the Hong Kong AI Research and Development Institute in 2026
- Put up for tender a 10 hectares site at Sandy Ridge in the North District for development of a data facility cluster
Attract Enterprises and Develop Industries
- Introduce tax incentives that comply with international standards
- Attract aircraft recycling enterprises and train relevant talents (Read more)
- Promote the development of life and health technology industry
- Attract more pharmaceutical companies to set up operations in HK
- Set up Hong Kong Centre for Medical Products Regulation in 2026
- Establish the Office for Introducing Innovative Drugs and Medical Devices
Finance
- Leverage the Technology Enterprises Channel to assist Mainland technology enterprises in raising funds in Hong Kong
- Issue more RMB bonds
- Support AAHK and financial institutions to establish HK's gold storage facilitiesm with target gold storing capacity of over 2 000 tonnes in three years
- Establish a central clearing system for gold in Hong Kong
- Encourage gold traders to set up or expand refineries in Hong Kong
New Energy Industry
- Push forward the construction of HK's first large-scale electric vehicle (EV) battery recycling facility at EcoPark
- Develop a sustainable aviation fuel (SAF) industry chain
- Establish public hydrogen filling facilities on Hong Kong Island and in Kowloon
Belt and Road Initiative
- Strive for more opportunities to match commercial projects in B&R markets with HK professional service sectors
- Set up B&R sustainable green development training centre in Hong Kong in 2026
- Hong Kong Jockey Club (HKJC) to support training courses for the personnel of B&R countries with funding of HK$100 million
- Invite Silk Road Maritime Association members to hold summit next year to promote participation in B&R shipping brand
Attract Talent
- Raising maximum amount of investment to be counted from HK$10 million to HK$15 million for purchase of non-residential properties under New Capital Investment Entrant Scheme
- Transaction price threshold will be lowered from HK$50 million to HK$30 million under New Capital Investment Entrant Scheme
- Launch Young Talent Training Program for young people to participate in international organizations' internships and attend international conferences
- Youth Post hostel to commence operation on trial basis and officially open this year
Enhance Governance
- Establish Heads of Department Accountability System (Read more)
- Strengthen the Performance Appraisal System for Civil Servants
Media expansion to tell HK’s good stories
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- Assist local media to expand network beyond HK, telling good stories of Hong Kong
- Create more opportunities and open up business prospects for local media
Birth
- Allow a taxpayer to claim twice the allowance for each child in the first two years following childbirth
