Making his first policy address on Wednesday, Hong Kong Chief Executive John Lee prioritized improving competitiveness and attracting more overseas talent, while also stressing the need to bolster national security in the Chinese ruled city. READ
While some Western governments including the United States have said the erosion of rights and freedoms has hurt Hong Kong’s business climate and exacerbated a brain drain, Mr. Lee pledged to tighten control, referencing Chinese President Xi Jinping’s directives for the city in a speech at the start of a major party congress in Beijing.
With limited financial experience, Mr. Lee faces multiple challenges restoring Hong Kong’s fortunes as a financial hub after several years of upheaval that resulted in it losing ground to rivals such as Singapore.
Mr. Lee said HK$30 billion would go into a “Co-Investment Fund” to attract enterprises to set up operations. He added the Hong Kong stock exchange would revise its rules next year to make it easier for high technology firms to list.Hong Kong scrapped a hotel quarantine requirement for all incoming visitors in September, having kept closely to China’s “zero-COVID” policies over the past two years.
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