Policy Address by Hong Kong SAR’s Chief Executive John Lee: New Initiatives to Propel Economic Growth

HONG KONG SAR - Media OutReach Newswire - 17 October 2024 - John Lee, Chief Executive of the Hong Kong Special Administrative Region unveiled a range of measures in his 2024 Policy Address (October 16) to inject greater vitality into the economy, focusing on both established and emerging industries.

In terms of existing businesses, Mr Lee said the Government would explore new growth areas, specifically by creating a commodity trading ecosystem to attract relevant enterprises to Hong Kong, turning Hong Kong into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more.

"This will help develop the markets in international gold, non‑ferrous metal, green transportation, and others, further promoting the integrated development of Hong Kong as an international financial, shipping and trade centre," Mr Lee said.

Part of this strategy is to promote the development of world‑class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.

Also, to further support Hong Kong's role as a global financial centre, the Government will continue to enhance the mutual market access regime and reinforce the city's status as the world's largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. The Government will also look to enhance the Cross‑boundary Wealth Management Connect Scheme.

Tourism is another growth sector with the Chief Executive proposing to develop Hong Kong into a premier tourism destination through innovative thinking and making better use of rich and unique resources such as the Victoria Harbour, outlying islands, rural areas, cultures, cuisines, lifestyles and historic buildings.

"These elements, combined with our edges in technology, animation and comics, the performing arts, film and television culture, and more, will help to instill the concept of 'tourism is everywhere in Hong Kong'," Mr Lee said.

He added that the Government would publish the Development Blueprint for Hong Kong's Tourism Industry 2.0 later this year. It would focus on promoting culture, sports, ecology and mega events in areas such as eco-tourism, yacht tourism and mega event tourism as well as developing visitor source markets in the Middle East and ASEAN Member States.

A Working Group on Developing Tourist Hotspots would also be set up to identify and develop popular tourist hotspots in various districts.

Mr Lee also announced that the Government would reduce the import duty on liquor, fostering trading of liquor and boosting development of related high value-added industries including logistics and storage, tourism as well as high-end food and beverage consumption.

Other growth markets targeted in the Policy Address include the silver economy, in light of growing demand for products and services catering to the elderly.

To this end, a Working Group on Promoting Silver Economy will be set up to implement measures in five areas covering "silver consumption", "silver industry", "quality assurance of silver products", "silver financial and security arrangements" and "silver productivity".

"Through our united efforts to reform and innovate, our economy will go even stronger and our people will lead a better life, making Hong Kong a shining city," Mr Lee said.

More information about the Policy Address is available from www.policyaddress.gov.hk.
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