Hong Kong leader focuses on livelihood issues, positioning HK as global hub
2024.10.16 00:15
HONG KONG (Reuters) – Hong Kong’s leader kicked off his annual policy address on Wednesday with pledges to reform shortcomings including a pledge to reduce wait times for public housing as authorities try to bolster their focus on people’s livelihoods.
John Lee, in his third policy address as leader, said authorities will streamline procedures for companies seeking to list in Hong Kong and strive for more international company listings on its stock exchange.
The government said it will also set up an international commodity exchange and establish a fuel bunkering centre, to tap opportunities in green shipping and aviation.
Hong Kong’s small and open economy has felt the ripple effects of a slowdown in the Chinese economy. It grew by 3.3% in the second quarter from a year earlier, and is forecast to grow 2.5%-3.5% for the year.
Although tourism numbers have rebounded since COVID, with 46 million visitors expected this year, consumption and retail spending remain sluggish, while stock listings have dried up and capital flight remains a challenge.
