John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region, unveiled his third Policy Address on Wednesday, highlighting the government's commitment to deepening reforms, exploring new growth opportunities and building the city into a global, high-caliber talent hub.

Lee took three-and-a-half hours to deliver the policy blueprint themed "Reform for Enhancing Development and Building Our Future Together", which comprised nine chapters.

"The overarching governance philosophy this year is to boost economic growth and enhance development to improve residents' quality of life," Lee said.

Lee, who was elected in 2022, noted that the objectives of his annual policy address evolve in response to the prevailing social circumstances and the progress of the era.

His inaugural policy address was crafted during the COVID-19 pandemic, so it focused on charting a brighter future for the city together.

Once it was time for his second policy address, Hong Kong had overcome the pandemic, leading to a shift in focus towards fostering social recovery.

This year, the city has guaranteed national security and is transitioning from order to prosperity, making reform for enhancing development the central theme of the policy address.

Reform is a continuous process, Lee said. Looking ahead, he pledged to fully leverage the strengths of "one country, two systems" and uphold the fundamental premise to safeguard the sovereignty, security and development interests of the nation.

A number of initiatives have been touted to boost the city's economy, including developing the low-altitude economy and silver economy, refining the capital investment migration scheme, positioning Hong Kong as an international gold trading hub and developing world-class gold storage facilities, and proposing to the central government a plan to reintroduce unlimited entries for more mainland cities under the Individual Visit Scheme.

Efforts are underway to simplify procedures for foreign companies to establish their world or regional headquarters in the city, with visas for foreign staff members of Hong Kong-registered companies to be extended up to five years. Additionally, the government will ease visa criteria for nationals of Cambodia, Laos and Myanmar seeking multiple-entry visas for travel and business, extending the validity period of these visas from two years to three years.

Lee also proposed cutting taxes on imported liquor, easing mortgage restrictions and strengthening support for small and medium-sized enterprises, as well as rolling out a raft of measures pertaining to culture, sports and tourism to foster economic diversification.

Lee urged legislation on creating a standard for subdivided flats, and those who fail to meet the standard will be banned from rental markets. The supply of public housing units is expected to reach 189,000 units over the next five years — an 80 percent increase compared to 2022.

To maintain Hong Kong's status as a haven for high-caliber talent, Lee said the government will revise its talent list and expand the Top Talent Pass Scheme to include graduates from 198 universities, adding 13 more top mainland and overseas higher education institutions. The city will extend a pilot program allowing graduates from the Guangdong-Hong Kong-Macao Greater Bay Area campuses of Hong Kong universities to work in the city for two years.

Furthermore, the much-discussed "Study in Hong Kong" program has become a reality, leveraging scholarships and other incentives to entice more overseas students — particularly those from ASEAN nations and countries and regions participating in the Belt and Road Initiative — to pursue their education in Hong Kong. Scholarships for further studies will also be introduced for local talent to pursue post-graduate studies that will contribute to the city's "eight centers" outlined in its 14th Five-Year Plan.

Enhancing governance is also high on Lee's agenda, which suggested launching mutual civil servants exchange programs with the GBA's mainland cities as well as Beijing, Shanghai, Chongqing, Wuhan in Hubei province and Hangzhou in Zhejiang province, as well as pushing for the adoption of AI in government and public services.

Lee said the government will set up four cross bureau coordination groups to develop the low-altitude economy, the silver economy, tourist hotspots, and promote the integrated growth of education, technology and talent.

Reflecting on past achievements, Lee noted that the government has made significant progress in various aspects, including fulfilling its constitutional duty by enacting local legislation for Article 23 of the Basic Law to protect national security.

The blueprint was welcomed by the Hong Kong community, with the city's lawmakers pledging to walk through the plans. And representatives of various sectors hailed the blueprint as "pragmatic", saying it showed Lee's determination to achieve reform.

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