Chen Maobo: Accelerate the development of the Northern Metropolitan Area to inject new energy into the economy of Hong Kong.

On October 9, Hong Kong Financial Secretary Paul Chan Mo-po delivered a speech at a meeting of the Legislative Council, stating that the Northern District is the engine leading the future development of Hong Kong and an important vehicle for driving industrial transformation and innovation breakthroughs, with profound strategic significance for the long-term and sustainable development of Hong Kong. The government will make good use of market forces, attract investments and businesses, and accelerate the entry of industries into the Northern District. In addition, investment promotion is crucial for driving the economic transformation and enhancing competitiveness of Hong Kong. He will lead the relevant policy bureaus and departments to formulate incentive policies to promote investment and industrial development, starting from various aspects such as land allocation, land prices, finance, talent, and taxation, enriching the toolbox for investment promotion in Hong Kong. Regarding the current economic situation in Hong Kong, Paul Chan Mo-po stated that Hong Kong is a highly externally oriented economy, and its economic performance is closely related to the global economic environment. So far this year, the Hong Kong economy has performed steadily, with a year-on-year growth in real Gross Domestic Product of 3.1% in the first half of the year. In particular, the second quarter grew by 3.1% year-on-year, slightly higher than the first quarter's 3.0%. In terms of the labor market, the seasonally adjusted unemployment rate in the latest months from June to August remained at 3.7%, while citizens' employment income continued to grow. Facing the highly uncertain external environment and the rapidly changing global political and economic landscape, Paul Chan Mo-po pointed out that the government must explore new economic growth points, optimize industrial structure, strengthen growth momentum, maintain sustained economic growth, and create more high-quality job opportunities for the public. The Policy Address proposes to accelerate the development of the Northern Metropolis Area and promote industrial development, which embodies the determination and efforts of the SAR government to inject new vitality into the Hong Kong economy. Paul Chan Mo-po proposed that the development of the Northern District and the construction of an international innovation and technology hub are important measures for the SAR government to actively integrate spatial planning and industrial planning, seize and make good use of the development strategy and opportunities of the national "14th Five-Year Plan," better integrate into the national development vision, and strategically deploy to create a new landscape for Hong Kong. In the Global Innovation Index Top 100 Innovation Clusters ranking released this year by the World Intellectual Property Organization, the "Shenzhen-Hong Kong-Guangzhou" cluster has for the first time risen to the top ranking globally. The Northern District, with its advantageous geographical location, will become a platform for Hong Kong to deepen its complementary advantages and promote coordinated development with its sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area in the fields of innovation and other frontier areas. In addition, the over 3,000 hectares of land output from the Northern District plays an irreplaceable and key role in promoting the development of Hong Kong's advantageous industries such as higher education, modern logistics, upgrading existing industries, creating a better living environment, and alleviating the crowding in the core urban areas. He stated that with the development of the Northern District transitioning from the planning stage to the comprehensive construction stage, now is the best time to accelerate the efficient construction of the Northern District, introduce enterprises and major projects, and smoothly transition into industrial development. The current government is doing its utmost, using flexible and innovative thinking, actively seizing development opportunities, and pushing the Hong Kong economy towards a new stage of high value-added and high competitiveness. Under this, the "Development and Operation Design Committee" under the "Northern District Development Committee" led by the Chief Executive will be established. The Northern District is the engine leading the future development of Hong Kong and an important vehicle for driving industrial transformation and innovation breakthroughs, with profound strategic significance for the long-term and sustainable development of Hong Kong. He pointed out that the government will make good use of market forces, attract investments and businesses, and adopt diverse development models to accelerate the entry of industries into the Northern District. Furthermore, Paul Chan Mo-po emphasized that investment promotion is crucial for driving the economic transformation and enhancing the competitiveness of Hong Kong. Inflow of foreign investment can not only bring in funds and new technologies but also create employment, promote industrial diversification, and enhance the long-term development momentum of Hong Kong. With fierce global competition in investment promotion, Paul Chan Mo-po will lead the relevant policy bureaus and departments to formulate incentive policies to promote investment and industrial development, starting from various aspects such as land allocation, land prices, finance, talent, and taxation, enriching the toolbox for investment promotion in Hong Kong. To this end, the government established the Investment Promotion and Incentive Policy Oversight Committee on October 6 and held its first meeting to comprehensively review the current investment promotion strategies and practices.