Policy Address by Hong Kong SAR’s Chief Executive John Lee: New Initiatives to Propel Economic Growth
John Lee, Chief Executive of the Hong Kong Special Administrative Region unveiled a range of measures in his 2024 Policy Address (October 16) to inject greater vitality into the economy, focusing on both established and emerging industries. In terms of existing businesses, Mr Lee said the Government would explore new growth areas, specifically by creating a commodity trading ecosystem to attract relevant enterprises to Hong Kong, turning Hong Kong into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more. Hong Kong SAR’s Chief Executive John Lee attended a joint radio phone-in programme to answer questions about the 2024 Policy Address. “This will help develop the markets in international gold, non‑ferrous metal, green transportation, and others, further promoting the integrated development of Hong Kong as an international financial, shipping and trade centre,” Mr Lee said. Part of this strategy is to promote the development of world‑class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector. Also, to further support Hong Kong’s role as a global financial centre, the Government will continue to enhance the mutual market access regime and reinforce the city’s status as the world’s largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. The Government will also look to enhance the Cross‑boundary Wealth Management Connect Scheme. Tourism is another growth sector with the Chief Executive proposing to develop Hong Kong into a premier tourism destination through innovative thinking and making better use of rich and unique resources such as the Victoria Harbour, outlying islands, rural areas, cultures, cuisines, lifestyles and historic buildings. “These elements, combined with our edges […]