Hong Kong Chief Executive, John Lee, announced new initiatives aimed at revitalising the city’s economy, improving residents’ quality of life, and solidifying its position as a leading global financial hub in his fourth annual policy address.
Moreover, he reiterated Hong Kong’s projected economic growth of 2% to 3% for 2025, stating that authorities will bolster support mechanisms for mainland Chinese firms seeking international expansion.
Lee’s address coincides with Beijing’s broader campaign to stimulate national growth amid subdued consumer activity and continued distress in the real estate sector.
Key initiatives from Lee’s address include the acceleration of new economic engines such as the creation of an international gold trading platform, and the advancement of both fintech and sustainable finance industries.
Financial sector reforms are also a focus as the Hong Kong Monetary Authority (HKMA) will encourage banks—especially those with mainland China ties—to establish regional headquarters in the city and extend their reach into Southeast Asia and the Middle East, Lee noted.
Hong Kong’s government also intends to enhance its aviation sector by introducing recycling and trading services for high-value aircraft components, and by investing in a sustainable aviation fuel supply chain.
To foster innovation in healthcare, Lee announced plans to attract pharmaceutical companies to Hong Kong for clinical trials and treatments involving rare disease therapies, cutting-edge cancer drugs, and advanced medical products.
Additionally, Lee pledged to expedite the Northern Metropolis initiative, aiming to deliver housing for 2.5 million residents in a new cross-border business district adjacent to Shenzhen.
The project originated in 2021, with the goal of transforming the area between Shenzhen and Hong Kong into a technology-driven economic hub—part of a larger effort to connect Hong Kong with Macau and Guangdong cities in China’s Greater Bay Area.
Further solidifying Hong Kong’s appeal as an education destination, Lee announced that the proportion of non-funded admissions for international students would rise to 50% from 40% of local placements.
