November 2022 / Hong Kong

November 30 2022

HK New Policy Address – Fund allocation to welcome foreign enterprises, Visa requirements and property tax reduction

Chief Executive John Lee delivers Hong Kong's new policy address, which is summarized in the following key highlights.

Fully and faithfully implement "One Country, Two Systems"

  • Improve the legal system for safeguarding national security
  • Integrate into national development by pressing ahead with strategic projects including the Northern Metropolis
  • Further promote the Constitution, Basic Law and National Security Law
  • Draw on outstanding individuals who love the country and Hong Kong into Government and various committees and public bodies
  • Foster constructive interactions between executive authorities and the legislature under the executive-led structure and refine the Ante Chamber exchange sessions

Further improve governance

  • Improve governance through enhancing our governance systems, including establishing Steering Group on Integration into National Development and Steering Committee on the Northern Metropolis to be led by the Chief Executive, setting up Hong Kong Investment Corporation Limited, etc.
  • Set up Chief Executive's Policy Unit to enhance our research capabilities for long-term and strategic issues
  • Adopt a result-oriented approach, and set 110 different indicators (including key performance indicators (KPIs)) for specified tasks
  • Strengthen civil service management by updating the Civil Service Code; strengthening the reward and punishment system; enhancing training and mobilisation protocol

Attract businesses and talents Enhance competitiveness

  • Financial Secretary (FS) to lead Office for Attracting Strategic Enterprises (OASES) to attract strategic enterprises to Hong Kong with targeted and attractive special facilitation measures
  • Chief Secretary for Administration to lead Talents Service Unit to co-ordinate work for recruiting talents and provide them with one-stop support
  • Set up Dedicated Teams for Attracting Businesses and Talents in 17 Mainland Offices and overseas Economic and Trade Offices to proactively reach out to target enterprises and talents
  • Establish the $30 billion Co-Investment Fund to attract enterprises to set up operations in Hong Kong and invest in their businesses
  • Launch Top Talent Pass Scheme to attract talents of high salary and graduates of the world's top 100 universities to pursue careers in Hong Kong
  • Allow eligible talents from outside Hong Kong to, upon becoming permanent residents, apply for a refund of the extra stamp duty paid for purchasing residential property locally
  • Enhance existing talents admission schemes to better attract talents

Enhance quantity, speed, efficiency and quality

  • Introduce new Light Public Housing (LPH), and build 30 000 such units in next five years
  • Counting both LPH units and traditional public rental housing (PRH) units, increase significantly overall public housing production by 50% to 158 000 units in next five years, and shorten the Composite Waiting Time for Subsidised Rental Housing to around 4.5 years in four years' time (i.e. in 2026-27)
  • Introduce a pilot scheme to encourage participation of private developers in building subsidised sale flats
  • Make available sufficient land for private housing development in next five years to meet projected demand, to stabilise private housing supply
  • Compress land production procedures to reduce the time required for turning "primitive land" into "spade-ready sites" by one-third to half. Build up a land reserve in the long run to gain control in land supply
  • Lower the compulsory sale application thresholds to 60% or 70% of ownership to facilitate urban renewal of old areas
  • Establish Dedicated Processing Units to expedite approval of general building plans, so that about 80% of the plans can be approved on their first or second submission
  • Recommend taking forward three major road projects and three strategic railway projects to improve the territory-wide transport network and promote development

Groom local talents

  • Step up STEAM education, including implementing enriched coding education for the upper primary and introducing I&T elements such as Artificial Intelligence for the junior secondary
  • In next five years, 35% of students in the University Grants Committee (UGC)-funded universities to study STEAM subjects and 60% study subjects relevant to the "eight centres" in the National 14th Five-Year Plan
  • Increase about 1 600 UGC-funded research postgraduate places to build a strong pool of I&T talents
  • Promote vocational and professional education and training, including increasing 3 000 subsidised places for self-financing higher diploma and undergraduate programmes, and considering to introduce more applied degree programmes
  • Publish the first edition of the Youth Development Blueprint within this year
  • Increase participating advisory committees in the Member Self-recommendation Scheme for Youth to no less than 180 five years later, and open up some seats in two district committees for young people to nominate themselves as members
  • Make available land for Starter Homes in the next financial year to help more young people buy their own homes. Subsidise the leasing of hotels and guesthouses to provide 3 000 additional hostel places under the Youth Hostel Scheme within five years

Boost primary healthcare Strengthen support for elderly and disadvantaged

  • Publish the Primary Healthcare Blueprint, revamp the healthcare system to focus on prevention and early treatment, and establish the Primary Healthcare Authority
  • Launch the Chronic Disease Co-Care Pilot Scheme to refer people identified by District Health Centres to be at high risk of hypertension or diabetes mellitus to the private sector for further examination and treatment
  • Allow shared use of Elderly Health Care Voucher between spouses and extend the coverage. Roll out a pilot scheme to encourage use of primary healthcare services through increasing the annual voucher amount from existing $2,000 to $2,500 with conditions
  • Adopt a basket of measures to reduce the waiting time of stable new case bookings for the specialty of Medicine in Hospital Authority by 20% in 2023-24
  • Create the post of Commissioner for Chinese Medicine (CM) Development, and increase the annual quota of CM out-patient service by one-third to 800 000
  • Restructure the Commission on Poverty and identify any other target group for poverty alleviation
  • Strengthen support for carers, including regularising and increasing carers' allowance to $3,000 per month to benefit about 10 000 carers
  • Regularise the Pilot Scheme on Community Care Service Voucher for the Elderly and increase the number of beneficiaries by 50% to 12 000. Provide 6 200 additional subsidised places in residential care homes for the elderly by end-2027, i.e. 20% increase
  • Launch a special scheme to import care workers on an appropriate scale, to safeguard local workers' priority for employment, while enhancing service quality of care homes
  • Invite the Minimum Wage Commission to study how to enhance the review mechanism of statutory minimum wage
  • Set up the District Services and Community Care Teams in Tsuen Wan and Southern District in the first quarter of next year

Ideal for living and leisure

  • Build a "Round-the-Island Trail" of about 60 kilometres long on Hong Kong Island, and connect 90% of the Trail within five years
  • Promote urban sports; map out a 10-year development blueprint to provide about 30 diversified sports and recreation facilities; enhance the Hong Kong "M" Mark System to support major international sports events
  • Provide 7 000 additional parking spaces with electric vehicle chargers in government premises in next three years. Improve the overall energy performance of government premises by more than 6% by 2024-25
  • Introduce a bill into the Legislative Council early next year to regulate disposable plastic tableware. Launch a trial scheme on food waste collection in PRH within this year

Support enterprises Relieve people's burden

  • Extend the Convention and Exhibition Industry Subsidy Scheme to end-June next year. Launch a new $1.4 billion scheme thereafter to stage over 200 exhibitions in Hong Kong over three years
  • Extend the Pre-approved Principal Payment Holiday Scheme for another six months; reduce water and sewage charges for non-domestic accounts for another eight months; and provide rental or fee concessions to tenants of government premises and short-term tenancies for another six months
  • Raise the funding ceiling per enterprise under the Dedicated Fund on Branding, Upgrading and Domestic Sales and the SME Export Marketing Fund to $7 million and $1 million
  • Extend the special measure of Public Transport Fare Subsidy Scheme for another six months
  • Extend the interest-free deferral of loan repayment under student financial assistance schemes for local post-secondary students for another one year

Tell good stories of Hong Kong

  • FS to lead a task force to formulate new strategies to tell the good stories of Hong Kong. Relevant government departments and organisations reach out to traditional and emerging markets proactively to publicise Hong Kong's opportunities and strengths
  • Launch a new visitors' programme whereby about 1 000 leaders in various fields from Mainland and overseas will visit Hong Kong on sponsorship and be briefed about our latest developments

Source: Government of the Hong Kong Special Administrative Region