Hong Kong Financial Secretary: In the future, we will promote the development of the low-altitude economy industry through different pilot projects in various "regulatory sandboxes".

On November 15, the Deputy Secretary for Financial Services and the Treasury of Hong Kong, Joseph Huang, stated during a meeting at the Legislative Council that the potential of low-altitude economy is huge as it could enhance logistics efficiency and drive the development of various industries. In the future, the Financial Services and the Treasury will promote the development of the low-altitude economy industry through different regulatory sandbox pilot projects. In fact, the Financial Services and the Treasury of Hong Kong has started accepting applications for pilot projects from the business sector, academia, and various stakeholders, with the hope that some of these projects can be implemented in the first half of next year after swift approval. It is gratifying to see that many organizations have shown interest in participating in these pilot projects. Huang mentioned that the Financial Services and the Treasury of Hong Kong will enhance relevant regulations in stages and it is expected that the first batch of drones weighing over 25 kilograms will be able to operate under a revised legislation in accordance with the current Civil Aviation Ordinance and the Small Unmanned Aircraft Regulation. In the long term, the Financial Services and the Treasury of Hong Kong is willing to explore the possibility of enacting new legislative for low-altitude economic activities. He believes that the Northern Metropolis Area is the new engine for Hong Kong's economic development and the main source of land supply for the future. It is estimated that in the next 10 years, the Northern Metropolis could provide approximately 1,700 hectares of "developed land," accounting for nearly sixty percent of the total new "developed land" supply during the same period. The Hong Kong government will expedite the development of projects related to industry and housing within the Northern Metropolis while maintaining sound public finances. The Northern Metropolis is entering a period of fruition. Over the next 10 years, there will be over 210,000 residential units completed and over 10 million square meters of total floor area for economic use. Along with the opening of various transportation infrastructure, this development will contribute to Hong Kong becoming an international innovation and technology center under the blueprint of "Southern Finance, Northern Innovation" with Shenzhen New Industries Biomedical Engineering. He stated that in the future, the government will collaborate with market forces to expedite the development projects within the Northern Metropolis. This is not only to alleviate the pressure on public finances but also to fully utilize the power of the business sector and markets while driving industrial development. The government will provide various avenues for market participation in development, including issuing bonds, land exchanges, and "zone development." The Hong Kong Development Bureau has identified three "zone development" pilot areas covering 10 to 20 hectares each, and will conduct market intention surveys by the end of this year. Additionally, the government will explore establishing pilot industrial parks, allocated to a government-established and led company for operation and management, with plans to announce relevant proposals in the first quarter of next year.