Hong Kong Eyes Economic Revival with Tax Cuts and Reforms

Hong Kong plans reforms including cutting liquor tariffs to revive its economy, affected by China's slowdown and pandemic impacts. As tourism rebounds, other sectors lag, prompting calls for reforms and cooperation. Leader John Lee aims to enhance economic growth while addressing housing and security challenges.

Hong Kong is set to unveil economic measures to revive its financial hub status during its annual policy address on Wednesday. With challenges persisting post-pandemic, the city anticipates cutting liquor tariffs to boost local businesses.

Despite a 3.3% economic growth in the second quarter, Hong Kong faces headwinds due to China's economic slowdown, sluggish retail spending, and reduced stock listings. Financial reforms are needed as urged by China's Xia Baolong, stressing societal unity for progress.

John Lee's administration, under international criticism for security policies, will also focus on addressing housing issues and encouraging real estate and tourism development. Cutting liquor taxes aims to enhance the city's appeal as a global trading hub.

(With inputs from agencies.)