Hong Kong's Strategic Policy Reforms: Boosting Economy & Addressing Public Needs

Hong Kong's leader John Lee announces significant reforms in his annual policy address, focusing on reducing public housing wait times and boosting the economy. Measures include streamlined business listing procedures, a cut in liquor duty, and new initiatives for tourism and green industries amid economic challenges.

In an effort to address pressing societal and economic matters, Hong Kong's leader John Lee delivered his annual policy address on Wednesday. Key ongoing issues such as public housing wait times are set to be reformed alongside initiatives to revitalize the economy.

In his third address as leader, Lee highlighted plans to simplify the process for companies wishing to list on Hong Kong's stock exchange. The government aims to establish a robust commodity trading ecosystem and a fuel bunkering hub, with aspirations to capitalize on opportunities within green shipping and aviation sectors.

Despite a 3.3% growth in the economy in the second quarter compared to last year, consumption remains sluggish, and retail sales dropped by 7.7% in 2024's first eight months. Innovative strategies such as a reduced liquor duty and the establishment of committees to explore new tourism and business ventures are also part of Lee's agenda to invigorate local industries.

(With inputs from agencies.)