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Opinion | How Hong Kong’s policy address projects could give the city an edge
- The many capital projects announced will come with a huge price tag, but will also attract top talent working to ensure high environmental standards are met
- The co-investment fund offers Hong Kong the opportunity to lead the world in exploring what the acceptable rate of return is for investment in technology and infrastructure needed to fight climate change
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Chief Executive John Lee Ka-chiu’s first policy address comes with a big price tag, but Hong Kong is fortunate to be able to afford it.
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A budget deficit is expected, perhaps as much as HK$100 billion (US$12.7 billion) for the current financial year according to the government’s projections. Even so, the government has considerable reserves to pay for the projects in the policy address without saddling society with debt. There are few economies that can do this right now.
Hong Kong will have many capital projects in the coming decade. They include the large numbers of construction projects that will be needed to turn the northern part of the New Territories into the Northern Metropolis that will cover 300 sq km of land and is expected to house around 2.5 million people.
Apart from public infrastructure that includes more transport links, the Northern Metropolis will also attract large sums of private investment in property and innovation since the government’s plans include new housing, re-industrialisation and technology parks.
The government will resume private wetlands and fish ponds to develop a giant wetland conservation parks system that will enable ecologically valuable assets to be managed properly. If successful, the fish ponds could help to create a new approach to sustainable fisheries.
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Farming families ponder future under Hong Kong government’s Northern Metropolis plans
Farming families ponder future under Hong Kong government’s Northern Metropolis plans
The chief executive describes the Northern Metropolis as a “foothold” for Hong Kong’s strategic development that will link the city to its neighbourhood in south China.
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