HONG KONG (Reuters) – Hong Kong leader John Lee delivered his third annual policy address on Wednesday with pledges to reform shortcomings focusing on livelihood issues, positioning the city as a global hub.
Some of the highlights include:
ECONOMY
– Measures to deepen reform include building an international gold trading market, promoting high value-added maritime services, and building a commodity trading ecosystem and internationally-accredited metal warehouses.
– Set up a working group on developing the low-altitude economy.
– Authorities will streamline procedures for companies seeking to list in Hong Kong and strive for more international company listings on its stock exchange.
– The Securities and Futures Commission and the HKEX will announce specific measures for further optimising relevant procedures to provide greater certainty regarding the time required for vetting of listing applications and boosting market efficiency.
– To enhance the mutual market access regime and reinforce status as the world’s largest offshore renminbi business hub.
– To develop the fixed income market infrastructure by setting up a central clearing system for renminbi-denominated bond repurchase transactions.
– To increase issuance of renminbi bonds and support issuance of more green and sustainable offshore renminbi bonds in Hong Kong.
– The Government will promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong.
POLITICS/NATIONAL SECURITY
– Civil servants must abide by national security law. Public officers are duty bound to safeguard national security.
– “But threats to national security may spring up any time. We must stay vigilant and put up our guard.”
– “All bureaux and departments must review their codes, guidelines and procedures to ensure compliance with these provisions.”
– The Government will collaborate with the Mainland cities in the greater bay area, as well as Beijing, Shanghai, Chongqing, Wuhan and Hangzhou to launch mutual civil service exchange programmes.
LIVELIHOOD
– Plans to reduce wait times for public housing and to increase public housing supply.
(Reporting by Donny Kwok; Editing by Lincoln Feast.)
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