HONG KONG: John Lee, Chief Executive of the Hong Kong Special Administrative Region, today announced his third Policy Address entitled ‘Reform for Enhancing Development and Building Our Future Together’, setting out a range of initiatives to create new impetus for economic development, improve people’s livelihood and enhance their quality of life.
He declared measures to deepen reform include building an international gold trading market, promoting high value-added maritime services, and building a commodity trading ecosystem and internationally-accredited metal warehouses.
His plans include setting up a working group on developing the low-altitude economy, which refers to economic activities in airspace below 1,000 metres.
According to him, Hong Kong Authorities will streamline procedures for companies seeking to list in Hong Kong and strive for more international company listings on its stock exchange. The Securities and Futures Commission and the HKEX will announce specific measures for further optimisi
ng relevant procedures to provide greater certainty regarding the time required for vetting of listing applications and boosting market efficiency, according to him.
The announced measures include developing the fixed income market infrastructure by setting up a central clearing system for renminbi-denominated bond repurchase transactions.
They also include promoting the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong.
He announced setting up a HK$10 billion IandT Industry-Oriented Fund to channel more market capital to invest in life and health technology, AI and robotics, semi-conductors and smart devices, advanced materials and new energy.
This is in addition to subsidise taxi trade and franchised bus companies to purchase electric vehicles, and launch a subsidy scheme for trials of hydrogen fuel cell electric heavy vehicles.
The measures include expediting the reform of the approval mechanism for drugs and medi
cal devices and to develop Hong Kong into an international health and medical innovation hub. They also include additional proposed enhancements on Mainland residents’ tourism visit to Hong Kong, including expanding the coverage of pilot cities for implementing policies on the “one trip per week” individual visit endorsements.
Also featuring high is building Hong Kong into an international hub for high-calibre talent. This includes stepping up promotion of online platforms to offer information on salaries, taxation, education, visas and to expand network of collaborative partners and organise online and in-person job fairs with industries and employer organisations.
Source: Emirates News Agency