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“This year marks the opening year of the National 15th Five-Year Plan. In the thick of accelerating global changes not seen in a century, the vibrant momentum driven by our country’s robust strength, enormous market and high-quality development presents Hong Kong with boundless opportunities. We will better develop our economy and boost social well-being, starting a bright new chapter for Hong Kong,” Mr Lee said.
Entitled “A Strategic Vision for a Bright New Era, Driving Reform and Boosting Development, Unleashing Opportunities and Enhancing Livelihood”, the Policy Address takes the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030) (Hong Kong’s First Five-Year Plan) as its blueprint, and proposes numerous key measures focusing on five major development opportunities to advance high-quality development.
To attract and retain high-calibre talent, the Hong Kong Special Administrative Region (HKSAR) Government will expedite the development of the Northern Metropolis University Town to strengthen the city’s position as an international education hub. The HKSAR Government will also increase the research postgraduate places by around 30 per cent and the quota for government scholarships by 200, and establish five new major academies for training international talent: the International Clinical Trial Academy, Maritime Academy, Hong Kong International Legal Talents Training Academy, Hong Kong Intellectual Property Academy and Hong Kong International Academy of Policing.
To promote industry development, the Policy Address proposes to accelerate development of an international gold trading market and to explore a proposal to provide tax concessions for qualifying activities within the gold and commodity trading ecosystem. The HKSAR Government will also announce details of the new Renminbi-denominated and physically settled gold futures contracts; explore the possibility of increasing the Exchange Fund’s gold holdings, and gradually transfer its physical gold holdings to designated vaults appointed by the Hong Kong Precious Metals Central Clearing Company Limited.
A number of policies are proposed to promote industry development, including introducing specialty insurance (e.g. commodity, commercial aerospace, etc.); injecting funding into the Artificial Intelligence Subsidy Scheme to support the development of the intelligent computing industry; accelerating the adoption of medical innovation and industry chain development to enable the public to benefit from better and newer drugs; and fostering a new economic landscape for the low-altitude and emerging industries, such as commercial aerospace.
The Government is developing six special industry parks, including the Loop Hong Kong Park, San Tin Technopole, Hung Shui Kiu Industry Park, Sandy Ridge Data Facility Cluster and Hung Shui Kiu/Ha Tsuen modern logistics cluster. Land is also earmarked for building an advanced construction industry park to increase investment opportunities for enterprises.
To attract enterprises to establish a foothold in Hong Kong, tax concessions will be granted on the basis of the value brought by enterprises, instead of solely considering the industry sector. The Government will introduce an amendment bill this year, providing preferential tax rates of 5 per cent, or half-rate, for selected enterprises operating in key sectors such as finance, advanced manufacturing, innovation and technology, as well as research and development, headquarters activities and logistics and supply chain management.
The HKSAR Government will fully support the work of the International Organization for Mediation headquartered in Hong Kong, and build a global capital of mediation. It will also drive the establishment of the International Institute for the Unification of Private Law in Hong Kong, support the Judiciary to advance the development of the International Commercial Court, and establish the “Strategy Committee on Intellectual Property Trading Development” to assist the Government in formulating strategies and support measures for the promotion of intellectual property trading.
Regarding international co-operation, two United Nations (UN) organisations, the centre of excellence on global advanced manufacturing and the Office on Drugs and Crime’s GlobE Network Asia Pacific Regional Bureau, will establish their presence in Hong Kong respectively. Elsewhere, the new WestK Performing Arts Centre, scheduled to open next year, will feature four performance venues built to the highest international theatre standards, while Asian and international sports associations will be encouraged to establish a presence in Hong Kong.
“Today, Hong Kong is at a critical juncture in advancing from stability to prosperity. We are fully aware that formulating a comprehensive, strategic roadmap is integral to our long-term development. The Government has been persistent in mapping our way by driving development through reform. The primary goal of our policies is to enable economic development that can benefit the people of Hong Kong, and meet their aspirations for a better life,” Mr Lee said.
Please visit www.policyaddress.gov.hk for the details and key points of the Policy Address.
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