Treasuring Hong Kong

The Chief Executive of the HKSAR, Mrs Carrie Lam, released her Policy Address "Treasure Hong Kong: Our Home" on October 16. The focus of this year's Address relates to housing and land, as well as livelihood issues, diversifying the economy, nurturing talent and making Hong Kong a more liveable city.

The Chief Executive set out core principles and strategies for overcoming the social and economic challenges facing Hong Kong. Mrs Lam unveiled initiatives to help local businesses overcome hurdles during the economic downturn and tackle the unresolved disputes and ongoing violence with a view to restoring calm in society and embarking on the road to reconciliation. This year's Policy Address puts forward over 220 new initiatives.

Referring to the current social unrest, Mrs Lam said, "Hong Kong has always been one of the safest cities in the world, and being civilised, law-abiding, free, pluralistic and inclusive, and paying mutual respect are the characteristics that this Asia's world city takes pride in. "

The Chief Executive set out three principles for handling the current crisis and discharging governance responsibilities. "First, we will adhere to 'one country, two systems' and safeguard the rights and freedoms protected by the Basic Law," Mrs Lam said, adding that in the 22 years since Hong Kong returned to the Motherland, the "one country, two systems" principle has proven to be the best system for ensuring the long-term prosperity and stability of Hong Kong.

"Second, the rule of law, which is the cornerstone of our success, is a core value of paramount importance to Hong Kong.

"Third, Hong Kong's institutional strengths are built up over time by different bodies and organisations including the executive authorities, the legislature, the judiciary, the civil service, law enforcement and regulatory agencies, public service bodies, media organisations, etc. Each and every one of us has the responsibility to protect these strengths and prevent them from being eroded."

Noting that Hong Kong's economy was being severely buffeted by external forces, including the trade tension between Mainland China and the United States, as well as the impact of months of local disturbances, a number of initiatives announced in the Policy Address aim to safeguard jobs and support enterprises to withstand the local economic downturn. To diversify and strengthen Hong Kong’s economy, the Government will:

- Extend the coverage of the Technology Talent Admission Scheme to companies outside the Hong Kong Science and Technology Parks Corporation and Cyberport and to cover new technology areas

- Inject HK$1 billion (EUR 114 million) into the Dedicated Fund on Branding, Upgrading and Domestic Sales and significantly increase the funding ceiling per enterprise under its Mainland Programme and Free Trade Agreement Programme to HK$2 billion (EUR 229 million)

- Inject HK$1 billion (EUR 114 million) into the Export Marketing and Trade and Industrial Organisation Support Fund to double the cumulative funding ceiling for each enterprise under the SME Export Marketing Fund to HK$800,000 (EUR 91,400)

- Provide a 90% guarantee under the SME Financing Guarantee Scheme for approved loans

Housing and land supply are top priorities in this year’s Policy Address as well. The Government of HKSAR is determined to increase the supply of land for housing development in a persistent manner and with a multi-pronged strategy.

In view of the social situation this year, the Government has adopted the approach of launching initiatives once they are ready, be it providing support to alleviate the impact of economic downturn or improving people’s livelihood further. One of these initiatives has already been put forward as the Secretary for Commerce & Economic Development, Mr Edward Yau, announced new measures to support the tourism sector on September 27.

They include “relaunching the Hong Kong brand overseas as well as reducing the travel industry’s business running costs, for instance, exempting certain fees and charges, and also helping them to go out to promotional events by subsidising them”, as the Secretary pointed out in a statement (link to interview with SCED).

The Chief Executive’s 2018 Policy Address can be found here: https://www.policyaddress.gov.hk/2019/eng/index.html