HONG KONG, September 17 – In a nearly three-hour-long address that set the tone for Hong Kong’s economic and social future, Chief Executive John Lee laid out his latest vision to reinvigorate the city’s economy, improve daily life for its citizens, and solidify Hong Kong’s role as a global powerhouse.
Speaking with a mix of determination and optimism, Lee reaffirmed Hong Kong’s 2025 economic growth forecast of 2% to 3%, while introducing targeted initiatives aimed at both economic resilience and social upliftment.
“As we rebuild, our ultimate goal remains clear,” Lee declared. “Better housing for our people. Higher incomes for our workers. Deeper care for our elderly. Brighter prospects for our youth.”
Economic Revival Rooted in Innovation
Lee revealed plans to develop an international gold trading market as part of efforts to diversify and strengthen the city’s financial foundation. Other major initiatives include advancing fintech, green and sustainable finance, and encouraging pharmaceutical R&D, particularly around rare diseases and cancer treatment innovations.
To boost global integration, Hong Kong’s monetary authority (HKMA) will support mainland Chinese banks in setting up regional headquarters in Hong Kong and expanding into Southeast Asia and the Middle East—a move that aligns with Beijing’s broader push to stabilize its own economic engine.
Lee also emphasized that Hong Kong will focus on sustainable aviation, offering services like aircraft part recycling and building a sustainable aviation fuel supply chain.
Housing and Urban Expansion: The Northern Metropolis
While many awaited bold housing solutions, Lee’s update was relatively muted on immediate reforms. However, he recommitted to accelerating the Northern Metropolis project, envisioned to accommodate 2.5 million residents and act as a key innovation and business corridor adjacent to Shenzhen.
This urban blueprint ties into the Greater Bay Area initiative, a Chinese government strategy to link Hong Kong with Macau and nine cities in Guangdong, forming a super-regional tech and trade zone.
Everyday Life and Community Welfare
From healthcare to family life, Lee’s policy address touched on several dimensions of everyday living:
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A childbirth tax allowance of HK$260,000 per child over two years aims to reverse declining birth rates.
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Pet lovers will rejoice as new pet-friendly dining licenses are introduced, targeting the 400,000 cats and dogs spread across 240,000 Hong Kong households.
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Hong Kong also aims to become a global education hub, with non-local student quotas rising from 40% to 50%.
A Step Toward a More Humane and Aspirational Hong Kong
While the speech lacked major new housing policies, the tone and breadth of John Lee’s policy address signal a government increasingly aware of public sentiment. From the cost of living to the emotional weight of housing and family support, the government is trying—perhaps gradually—to respond with both policy and empathy.
This isn’t just about economic numbers or GDP growth. It’s about rebuilding hope.
It’s about reaffirming to every Hongkonger—whether a fresh graduate, an elderly parent, a business owner, or a pet lover—that they have a place in this city’s future.
This is the beginning of a new chapter, and while challenges remain, the message is clear: Hong Kong is ready to rise again—not just economically, but humanely.
