HK to focus on economy and livelihoods

In his latest policy address on Wednesday, Hong Kong Chief Executive John Lee Ka-chiu vowed to further integrate the city into the nation's development, fast-track a major new township near Shenzhen, boost the economy and improve livelihoods.

In his three-hour speech, Lee outlined a policy blueprint built on what he described as the "twin pillars": economic development and improved livelihoods.

The annual blueprint began with a commitment to uphold the principles of "one country, two systems "and "patriots administering Hong Kong", safeguard national sovereignty, security and development interests, and promote patriotic education.

Lee pledged to ensure that the general election for the Legislative Council, scheduled for Dec 7, is conducted in a fair, just, honest, safe and orderly manner.

To enhance governance, a new mechanism will be introduced to hold heads of government departments accountable. Lee also announced a new decision-making body to expedite development of the Northern Metropolis, a border area with Shenzhen, Guangdong province, that has been designated as a new economic and innovation hub, as well as a bridge for integration with the Chinese mainland.

The policy address also focused on helping mainland firms raise capital and expand internationally.

A key announcement was the creation of the Task Force on Supporting Mainland Enterprises in Going Global, which will coordinate with the city's overseas economic and trade offices to serve mainland companies.

"China's external direct investment exceeded 1 trillion yuan ($140 billion) last year, underscoring the growing global demand for 'Made in China' products," Lee said.

He detailed plans to encourage mainland banks to set up regional headquarters in the city, enabling them to tap into Hong Kong's financial infrastructure to expand into markets such as Southeast Asia and the Middle East.

The policy address also outlined support for national strategic projects ranging from aerospace exploration to regional integration.

Lee announced the establishment of the Hong Kong Space Robotics and Energy Centre to support the nation's Chang'e 8 lunar mission, backed by an initial HK$100 million fund for university aerospace research.

On accelerating the internationalization of the renminbi, the special administrative region will continue to promote offshore Chinese government bonds as collateral in clearing houses, study the use of the yuan for government spending in the SAR, and make it easier to trade the renminbi against other regional currencies.

Regional integration under the Guangdong-Hong Kong-Macao Greater Bay Area framework was also highlighted.

Lee said the first phase of the Hong Kong International Airport Dongguan Logistics Park will be completed by year-end. The facility, put into trial operation in 2021, allows mainland cargo to undergo security checks before direct transshipment via Hong Kong airport.

Lee reaffirmed his commitment to education and culture, with initiatives including promoting the "Study in Hong Kong" brand and developing the city into a premium arts trading hub.

Regina Ip Lau Suk-yee, legislator and convener of the city's Executive Council, praised the policy address for its expanded scope, which integrates Hong Kong into the national development landscape while leveraging the city's advantages. She endorsed Lee's vision for addressing both urgent public needs and outlining a clear strategic future.

The city's largest political party, the Democratic Alliance for the Betterment and Progress of Hong Kong, said the proposed policies are practical and precise, and can advance the SAR's economic transformation while improving governance.