John Lee policy address 2023: Hong Kong leader unveils comprehensive strategy to rescue city’s sluggish economy with easing of some property taxes among measures

Hong Kong’s leader has announced a comprehensive strategy to rescue the city’s sluggish economy through a slew of measures such as easing property taxes for the first time in over a decade and attracting talent with visa and home-buying incentives while also promising family-friendly initiatives to reverse the falling birth rate.

In a lengthy and wide-ranging policy address on Wednesday, Chief Executive John Lee Ka-chiu also put the focus on greater integration with mainland China, rolling out plans for reinforcing patriotic education and introducing the city’s own national security legislation by next year.

Lee broke with tradition and sat down to deliver his record-breaking three hour, 21 minute speech titled “A Vibrant Economy for a Caring Community”, in which he addressed the many internal and external challenges facing Hong Kong, including the global economic outlook, geopolitical tensions, and the city’s ageing population and manpower shortage.

“Over the past year, we have led Hong Kong out of the pandemic, with society returning to full normalcy … but I feel that much more can be done and achieved,” Lee said.

The chief executive underscored his administration’s determination to solve problems such as the long waiting time for public flats, tiny living spaces, poor conditions in subdivided flats and continuously low birth rate.

“We will reach the goal as long as we are willing to take the first step and continue to move forward.”

Against the backdrop of slumping real estate and stock markets, Lee announced the government would ease the main curbs on property transactions introduced a decade ago to rein in rampant speculation, in a bid to stimulate sales depressed by the economic outlook and higher interest rates.