Editorial | Hong Kong leader’s ambitious blueprint deftly picks up pace of reform
In the fourth year of his current five-year term, the chief executive delivered a policy address that stands out for its all-encompassing approach
Getting Hong Kong into reform mode amid an array of deepening external and internal challenges is a difficult but necessary task for Chief Executive John Lee Ka-chiu. After three comprehensive policy speeches mapping out how he planned to rebuild the city on the economic, social and political fronts, Lee has tabled yet another ambitious blueprint. With less than two years left in his current term, the pressure for more concrete results is even greater.
The policy address, Lee said, serves as a road map “to strive for a vibrant economy, pursue development and improve people’s livelihood”. It “also outlines a strategic plan for Hong Kong to proactively align with national development strategies and achieve breakthroughs in forging a new landscape”. This is exactly what the city must work to accomplish as it continues to leverage its strengths under the governance model of “one country, two systems”.
If many of the policies and measures sound familiar, it is because Lee and his administration have put the city on the right track for more focused and strategic growth and development over the past few years. But Lee’s fourth policy address still stands out with its all-encompassing approach. From strengthening artificial intelligence (AI) development and integrating with the 15th five-year national development framework to promoting fertility and the pet economy, the chief executive is leaving no stone unturned.
Accelerating development plans and increasing efficiency
The importance attached to the megaproject in the New Territories is unsurprising, with the establishment of the Committee on Development of the Northern Metropolis chaired by the chief executive and the introduction of dedicated legislation to devise simplified statutory procedures to speed up the project.
The government will also introduce a Fast Track Processing System, adopt different construction methods to streamline procedures and reduce costs, opt for phased development and charge land premiums based on the actual built floor area and use, rather than the usual maximum plot ratio. Hopefully, these can address existing obstacles and accelerate progress.
In an ambitious move to reform industries and promote high value-added development, the financial secretary will roll out preferential policies, including land grants, land premiums, financial subsidies and tax incentives to attract enterprises to Hong Kong. The Office for Attracting Strategic Enterprises and InvestHK can use the policy packages flexibly during negotiations with companies on settlement details.
Another breakthrough is the issuance of more yuan bonds and the settlement of government expenditure in yuan under suitable circumstances.