HONG KONG Special Administrative Region (HKSAR) Chief Executive Carrie Lam delivered the 2020 policy address yesterday at a meeting of the HKSAR Legislative Council, highlighting support by the Central Government for Hong Kong to overcome the economic recession.

The policy address, the fourth one since Lam took office in 2017, came as Hong Kong strives to recover from the impacts of prolonged unrest and the COVID-19 pandemic.

As Hong Kong experienced multiple, unprecedented blows from social unrest and the pandemic, the primary objective of the policy address is to look at ways to get Hong Kong out of the impasse and to restore confidence, Lam said.

Lam had delayed the release of the policy address, originally scheduled in mid-October, to include supportive measures from the Central Government for Hong Kong to bring new impetus into the battered economy.

Lam said she expected the SAR’s economy to contract by 6.1 percent in 2020 and pledged support for entrepreneurs to explore more market opportunities beyond Hong Kong. She cited the Central Government’s 12th and 14th five-year plans to point out central officials’ vision for Hong Kong and said the SAR had a lot to benefit from the “dual circulation” model that placed a huge premium on the national domestic market.

Lam said from end-2019 to end-September this year, the total deposits of banks grew by 7.3 percent while pointing out how Hong Kong had preserved its status as a global financial hub.

Lam said the Stock Connect trading schemes connecting mainland and Hong Kong bourses, will be enhanced by accelerating the introduction of new rules allowing loss-making mainland biotechnology firms to list in Hong Kong, and for stocks to be listed on the mainland’s sci-tech innovation board.

She said her government will work to integrate proactively into national development, striving to resolve the two major bottlenecks of land and talents, and investing substantially in innovation and techonology industries.

She said Hong Kong could become a “participant” in domestic circulation and a “facilitator” in international circulation.

Lam said her government may consider implementing a large-scale universal community testing for COVID-19 arrangement again in a bid to achieve the target of “zero infection.”

“The year 2020 has presented mankind with an unprecedented public health crisis,” Lam said, urging people not to lower their guards. She said the central government supported the gradual resumption of travel between Hong Kong and Guangdong without the need for compulsory quarantine in an orderly manner through mutual recognition of health codes.

Acknowledging that the core of the housing problem in Hong Kong lies in the shortage of land for housing development, Lam said 330 hectares of land required for providing 316,000 public housing units to meet the demand for about 301,000 public housing units in the coming 10 years had been identified and expected 260 starter home units for sale in 2024. She said the redevelopment of Tai Hang Sai Estate can provide more than 3,300 units. The government plans a trial scheme to provide cash allowance for grassroots families waiting for public housing for a long time. It will start receiving applications in mid-2021 and disbursing cash allowance from July onwards, Lam said.

The CE said the Central Government strongly supported the cooperation between Hong Kong and Shenzhen in developing an international Innovation and Technology hub in the Guangdong-Hong Kong-Macao Greater Bay Area with a view to establishing “one zone, two parks” at “one river, two banks” under the auspices of “one country, two systems.” Lam said the Central Government had greenlighted the joint development of the Shenzhen/Hong Kong Innovation and Technology Co-operation Zone (SITZ), which comprises the Shenzhen Innovation and Technology Zone and the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) at the Lok Ma Chau Loop. 

(Xinhua, China Daily)