Policy Address 2020: Striving ahead

The Chief Executive, Mrs Carrie Lam, delivered her Policy Address “Striving ahead” on November 25, 2020. Following a year of social unrest and faced with the ongoing challenges of the global COVID-19 pandemic, this year’s address focused on wide-ranging strategies to make full use of the city’s advantages under the “One Country, Two Systems” principle, to stimulate Hong Kong’s economy by advancing opportunities in the Greater Bay Area (GBA) and as part of the Belt and Road Initiative (BRI), to promote the development of a competitive innovation and technology (I&T) hub by attracting international talents and to push forward green visions to improve the quality of life by achieving carbon-neutral before 2050.

Following a year of unprecedented challenges, the Chief Executive emphasised her priority “to restore Hong Kong’s constitutional order, consolidate and enhance Hong Kong’s strengths and diversify its economic development”. While the National Security Law had been remarkably effective in strengthening stability in Hong Kong, the road to economic recovery remained challenging, she added.

Mrs Carrie Lam stressed that “Hong Kong’s economic development will be given new impetus” by benefitting from the Central Government’s new development pattern of domestic and international dual circulation. “Given the advantages under ‘One Country, Two Systems’, Hong Kong can further strengthen its ‘intermediary role’ in international circulation”, the Chief Executive further explained. Counting on the full support of the Mainland, she expressed confidence that Hong Kong will profit from a better integration into the overall national development. Key elements of a closer integration include, for instance, consolidating and enhancing Hong Kong’s status as an international financial centre and aviation hub, developing a joint Shenzhen-Hong Kong I&T Co-operation Zone to strengthen its position as an I&T hub, pressing ahead in the cross-boundary infrastructure development, facilitating access for Hong Kong enterprises to tap the Mainland domestic market and nurturing talents and youth exchanges. She described the GBA as the ideal entry point to “proactively become a ‘participant’ in domestic circulation and a ‘facilitator’ in international circulation.”

In her Policy Address, Mrs Carrie Lam, also emphasised Hong Kong’s interest in becoming one of the first economies to join the recently signed Regional Comprehensive Economic Partnership (RCEP) Agreement, which was signed by 10 ASEAN states, Australia, China, Japan, South Korea and New Zealand. The RCEP accounts for one-third of the global GDP, and is set to play a major role in pushing regional trade and investment – an opportunity not to be missed in Hong Kong’s economic growth strategy.

To further develop growth opportunities overseas, Mrs Lam added that Hong Kong would consolidate its position as the “prime platform and a key link” for the BRI.

An important element in becoming a renowned I&T hub is the attraction of key talents. Several initiatives in the past years have served to retain and nurture local talents. But the rapid I&T development in Hong Kong has also made it an increasingly attractive location for outstanding overseas research and development talents. Hence, Mrs Carrie Lam, announced in her Policy Address the launch of a Global STEM Professorship Scheme for a period of five years at a cost of roughly HKD2 billion. In addition, the annual quota of the Quality Migrant Admission Scheme (QMAS) was raised from 1,000 to 2,000. The QMAS is Hong Kong’s primary entrant scheme for global talents looking to settle in Hong Kong. With Hong Kong’s high quality of living, a year-round calendar of cultural, arts and sports events as well as stunning nature just around the corner, it offers the ideal conditions for those looking to work and live in a multicultural place in Asia.

Efforts to further improve the quality living environment in Hong Kong are also under way. The Chief Executive thus announced the Government’s plan to achieve carbon neutrality before 2050. To achieve this goal, the Government will explore various strategies including zero-carbon energy and decarbonisation technologies, enhancing energy efficiency of buildings and promoting green transportation. By the middle of next year, the Government is expected to update its “Hong Kong’s Climate Action Plan” to actively strive forward in reducing carbon emission. In addition, the Environmental Bureau plans to launch a long-term strategy blueprint on waste management and to present a first roadmap on the popularisation of electric vehicles, with the target of ceasing the sale of conventional fuel-propelled private cars. The “A Clean Air Plan for Hong Kong” would also be updated to better reflect today’s challenges and solutions.

Full details of the Chief Executive’s 2020 Policy Address can be found here:

https://www.policyaddress.gov.hk/2020/eng/index.html