HK chief executive aligns policies with 14th Five-Year Plan, development of Greater Bay Area
Hong Kong Chief Executive John Lee Ka-chiu takes a copy of his 2022 Policy Address to a news conference after delivering his first policy speech on Oct 19 to the SAR’s Legislative Council. (CALVIN NG / CHINA DAILY)
Hong Kong Chief Executive John Lee Ka-chiu announced in his debut policy speech on Oct 19 that he will lead a high-powered task force to bring the special administrative region further into the orbit of the national economy.
The inception of the Steering Group on Integration into National Development was one of a raft of policy initiatives that Lee unveiled in his policy address to the SAR’s Legislative Council. Lee took office on July 1.
The mission of the task force, which is made up of top-tier government officials, is to better align the city’s strategic moves with national initiatives such as the 14th Five-Year Plan (2021-25) and the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
Establishment of the steering group accords well with the report delivered by Xi Jinping on Oct 16 at the opening session of the 20th National Congress of the Communist Party of China, which directs the Hong Kong and Macao SARs to dovetail with national strategies.
In response to Lee’s policy direction, leading central government agencies such as the Hong Kong and Macao Affairs Office of the State Council and the Central Government’s Liaison Office in the Hong Kong SAR reaffirmed support for the further integration of the special administrative region into the national economy.
In separate statements, spokespersons of the two agencies said they see a “clear direction and vigorous action plan” from Lee’s policy address, adding that it brought forward innovative initiatives to enhance the city’s competitiveness, create new growth impetus and address people’s needs.
In the address, Lee emphasized issues ranging from attracting top talent and enterprises amid fierce competition to boosting housing, art development and the city’s economy.
Hong Kong plans to woo about 35,000 professionals annually by casting a wider net to scour for recruits, including a brand-new Top Talent Pass Scheme. Chief Secretary for Administration Eric Chan Kwok-ki will lead the Talents Service Unit, which will mainly focus on the strategic implementation of the facilitation measures.
The government has announced the relaxation of restrictions on current talent programs and launched a pilot program to offer two-year visas to people earning at least HK$2.5 million ($318,470) or who have graduated from one of the world’s top 100 universities.
The government will also refund the extra stamp duty paid by incoming talent on the purchase of residential property in Hong Kong, after they become permanent residents.
Financial Secretary Paul Chan Mo-po will lead the Office for Attracting Strategic Enterprises, which will be established within this year.
It will formulate special facilitation measures covering aspects such as land, tax and financing, applicable exclusively to target enterprises, and provide employees of these target enterprises with facilitation services in such areas as visa applications and schooling arrangements for their children.
“We understand the importance of housing, tax and finance incentives as a tool for attracting global talent, especially those at senior levels in Hong Kong. We look forward to the new developments that will further facilitate and support companies looking to bring in the best international talent,” said Robert Speers, principal of Financial Services Practice at global executive search firm Heidrick & Struggles Hong Kong.
Determined to tackle deep-seated land and housing issues, Lee called for building 30,000 new public housing units, increasing the city’s public housing supply by about 50 percent in the next five years.
His policy address also announced measures to stimulate the local economy, propel science and technological advancement, drive cultural and art development and better promote Hong Kong’s advantages to the international community.
The road map for the technology sector recognizes the need to provide continuing support for small and medium-sized enterprises, said David Liao, co-chief executive of the Hongkong and Shanghai Banking Corp.
