“I would like to highlight that it is actually a big policy breakthrough,” Lee said. “It may be a step in your convenience, but it is a big step in making that breakthrough. It is, in fact, a second step.”

Lee said the “first step” launched last October was a fast-track application process for multiple-entry visas for travelling to the mainland available to foreign employees of locally registered companies. The initiative was introduced in his second policy address.

“That’s step one and now we have step two and there will be more steps coming. And I hope I will deliver more to you in due course,” Lee said.

He said the visa measure had underlined Hong Kong’s “singular status” under the “one country, two systems” governing principle.

Lee said this would enable the city to receive “bountiful support” from Beijing while retaining “unparalleled connectivity” with the rest of the world through the “robust legal system” and institutional strengths such as the free flow of information.

The chief executive added he expected the policy would attract companies and talent from around the world.

“Looking ahead, we will see both national and international opportunities [while] boarding the fast train of our country’s developments, thanks to our country’s unwavering support,” he said.

Manulife Asia president and CEO Phil Witherington told the conference he was among those eligible for the new permit.

“This development will improve the convenience for me and many other non-Chinese Hong Kong and Macau permanent residents who frequently visit the mainland for business and personal reasons,” he said.

“And my family will be delighted that I’ll no longer be the one holding them up at the immigration counters. So I’m sure I speak for many when I say this is very positive news and thank you to all involved in making this inclusive policy change.”

At the opening session of the conference, Henry Wang Huiyao, founder and president of the Centre for China and Globalisation, also welcomed the new permit and noted that China had already extended visa-free privileges to visitors from dozens of countries as part of the nation’s open door policy to boost its economic growth.

However, he sounded a note of caution: “While there is the need to keep upbeat, let’s put our own house in order first ... For China, we have to really do things well for ourselves. That is why we are having this coming third plenum.”

The Communist Party’s third plenum, to be held from July 15 to 18, is widely expected to lay out a series of goals to be reached by 2035 that will narrow the technological gap with the United States and put China on a firmer footing in the high-end value chain.

Clara Chan Ka-chai, CEO of the Hong Kong Investment Corporation, emphasised the importance of the city’s international status for innovative industries and enterprises. She highlighted the city’s advantages, including its low taxes, free flow of data, capital and talent, as well as its robust financial system which supported business growth.

Permanent residents will be able to apply for the new permit through China Travel Service, the central government agency that issues travel documents for the mainland, starting on July 10.

A check by the Post found that the earliest available slot at its Hong Kong Island Service Centre was on July 16.

Lawmaker Chan Yung, of the Democratic Alliance for the Betterment and Progress of Hong Kong, called on authorities to boost their capacity for handling permit applications in the short term to meet demand.

Chan said he hoped the scheme would be expanded in the future to cover non-Chinese, non-permanent residents with a Hong Kong ID card, though he conceded this would take time.

An expanded scheme would show that Hong Kong “can enhance its global connectivity and attract talent worldwide”, Chan added.

Johnny Ng Kit-chong, a lawmaker and tech entrepreneur, echoed Chan’s view that the needs of expatriates without permanent residency should also be addressed.

“There are a significant number of non-Chinese people living in Hong Kong who are not permanent residents and also need easier access to mainland cities for business purposes,” he said.