James Pomfret and Clare Jim
HONG KONG (Reuters) – Hong Kong leader John Lee will deliver his inaugural policy address on Wednesday and is expected to focus on restoring Hong Kong as a
Mr Lee, a former career police officer with limited financial expertise, will face the difficult task of boosting Hong Kong’s regional competitiveness after the city’s economy contracted by 1.3 percent in the second quarter.
COVID-19 restrictions have hit Chinese-ruled cities hard from the start 2020, hitting shops and restaurants, Bringing tourism to a standstill and triggering an expatriate exodus.
Speaking to reporters on Tuesday, Lee stressed that Hong Kong needs to reboot itself, citing recent remarks by Chinese leader Xi Jinping that Beijing will help Hong Kong “solve deep-seated problems in economic and social development.” and issues” and to consolidate Hong Kong’s “international status” in finance, trade and other fields.
“We are opening a new chapter of further prosperity, a new stage for Hong Kong,” Lee said.
“Hong Kong has moved from chaos to order, and now we are moving from order to prosperity,” Li added, referring to the 2019 pro-democracy demonstrations.
Beijing responded to protests in 2020 with sweeping national security laws prompting Hong Kong residents to flee to countries including the UK, and offering a “lifeboat” citizenship program in response to the law.
Lee was sanctioned by the United States that year for his role in suppressing freedom.
more than 200, 000 People have left in the past two years or so, according to government data .
In order to retain foreign workers, Lee Jae-yong is expected to announce the refund of stamp duty on foreigners who have owned property in Hong Kong for more than three years and agreed to permanent residency. South China Morning Post.
New 18 monthly visas are also expected to be introduced for graduates of prestigious foreign universities in a bid to reverse the brain drain, according to media reports situation.
On housing, Lee Kuan Yew vowed to “pragmatically” increase land and housing supply.
Affordable housing has been a priority for all leaders in Hong Kong since the former British colony returned to Chinese rule in 1997. Despite their efforts, many people still live in the most expensive cramped apartments in the world.
Trading volume is at its lowest level in 20 years thanks to subdued market sentiment and rising interest rates. Property prices, which remained resilient during the 2020 protests and the pandemic, are now expected to fall by about 18% this year.