STORY HIGHLIGHTS


HK Chief executive's policy address economy, housing highlighted

CNC
Added On October 13, 2017

Hong Kong Chief Executive Lam Cheng Yuet-ngor has delivered her policy address, in which she highlights economy and housing.
 
China Report has more.
 
Lam's first policy address covers good governance, diversified economy, nurturing talent, improving people's livelihood and connecting with young people.
 
Lam said the HK government has set a goal to double the Gross Domestic Expenditure on research and development over the next five years, to 1.5
percent of annual GDP from 0.73 percent.
 
To further enhance the competitiveness of Hong Kong, the government will cut company profits tax to 8.25 percent from 16.5 percent for the first two million HK dollars. 
 
As for housing and livelihood, Lam said the government will strive to shorten the waiting time for public rental housing, which is a long-established safety net for the grassroots and low-income families.
 
She also proposed the "Starter Homes" project to help families with a higher income to own a home.
 
On youth development, Lam said the government will do its best to address young people's concerns about education, career pursuit and home ownership.
 
SOUNDBITE(CANTONESE) LAM CHENG YUET-NGOR, HK Chief Executive
"As regards encouraging young people to participate in public policy discussion and debate, we will appoint more young people to various government committees with the aim of increasing the overall ratio of youth members to 15 percent within the current-term government."
 
Lam also vowed to reinforce and enhance Hong Kong's status as a global financial center, an offshore RMB business hub and an international asset management center.
 
The first policy address since Lam assumed office on July 1 strives to set a new starting point for Hong Kong.
SOUNDBITE(CANTONESE) LAM CHENG YUET-NGOR, HK Chief Executive
"My vision is for a Hong Kong of hope and happiness – a city we are all proud to call our home. I see a vibrant international metropolis that is just, civilized, safe, affluent, enjoys the rule of law, compassionate and well-governed. To achieve this vision, we need to have a society that is united, harmonious and caring."