HONG KONG CONNECT SPECIAL EDITION

October, 2021



	The Chief Executive of the Hong Kong Special Administrative Region (HKSAR), Mrs Carrie Lam, delivered her fifth annual Policy Address on 6 October, setting out her plan for the future of the city. Mrs Lam said that the city’s “One Country, Two Systems” principle was back on track, with full support from the Central Government, following unprecedented challenges during the past two years. The implementation of the National Security Law and the improvement to the electoral system have restored safety and stability in society and Hong Kong is now ready again for a new start for economic development.

	Under the theme of “Building a Bright Future Together”, the 2021 Policy Address covered the chapters of “Steadfastly and Successfully Implementing ‘One Country, Two Systems’”, “New Paradigm for a New Future”, “New Impetus to the Economy: Integration into the National Development”, “Increasing Housing and Land Supply”, “Building a Liveable City”, “Continuously Improving People’s Livelihood”, “Nurturing Talents and Youth Development” and “Emerging from the Epidemic”.

	The 2021 Policy Address highlighted the HKSAR Government’s plans to boost Hong Kong’s competitiveness as the eight international centres or hubs charted in the 14^th Five-Year Plan for the National Economic and Social Development of the People’s Republic of China and the Long-Range Objectives Through the Year 2035 (14^th Five-Year Plan), leveraging the Central Government’s support with a view to building a brighter future for Hong Kong. In connection with the Central Government’s support for Hong Kong to develop as an international innovation and technology (I&T) hub, the Chief Executive proposed the setting up of an InnoLife Healthtech Hub in the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) in the Lok Ma Chau Loop. The HSITP and areas around Lok Ma Chau/San Tin will become the San Tin Technopole. This, together with the Shenzhen I&T zone, will form the Shenzhen-Hong Kong I&T Co-operation Zone. The Chief Executive also proposed further expanding the capacity at the Hong Kong Science Park. The Government will continue to promote re-industralisation, including planning for a second Advanced Manufacturing Centre, in the light of the positive industry response to the Advanced Manufacturing Centre in Tseung Kwan O to be completed in 2022.

	Alongside I&T, the Chief Executive said that the Government would step up its efforts in the following economic areas: enhancing Hong Kong’s status as an international financial centre, as well as an international transportation centre and an international trade centre; consolidating Hong Kong’s status as an international aviation hub; developing Hong Kong into an international legal and dispute resolution services centre in the Asia-Pacific region; developing Hong Kong into an East-meets-West centre for international cultural exchange; and developing Hong Kong into a regional intellectual property trading centre.

	Mrs Lam said that talent is the most important element in the future development of Hong Kong. Apart from doubling the annual quota of the Quality Migrant Admission Scheme to 4 000 to attract talents from all over the world to work in Hong Kong, two new professions, “financial professionals in compliance in asset management” and “professionals in environmental, social and governance”, will be added to the Talent List of Hong Kong. The Government will also explore the development of professional qualification standards under the Qualifications Framework for the Fintech sector to provide a clearer and recognised professional development pathway for employers and practitioners in the industry. Mrs Lam added that she has put forward concrete proposals to the Central Government to enhance the flow of talent within the Guangdong-Hong Kong-Macao Greater Bay Area. Relevant Central Authorities will actively consider facilitating the flow of talent between Guangdong and Hong Kong, especially those arrangements which will facilitate non-Chinese nationals residing in Hong Kong to travel to the bay area’s Mainland cities for business, research, exchanges and visits. The authorities have agreed to discuss the matter with the HKSAR Government by the end of this year.

	Setting out her vision for Hong Kong to become a smart, vibrant, green and carbon-neutral city, Mrs Lam said the Government will devote about HK$240 billion (about AUD$42.5 billion and NZD$44.6 billion) to take forward various measures on climate change mitigation and adaptation in the next 15 to 20 years, and foster a low-carbon lifestyle including green buildings, electric vehicles and phasing out the use of coal for daily electricity generation.

	Please find the full document, supplement, highlights leaflets, 14^th Five-Year Plan fact sheet, and relevant press releases of the 2021 Policy Address at the hyperlinks.