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Hong Kong SAR's Policy Address Unveils Economic Growth Strategies
On October 16, 2024, John Lee, Chief Executive of the Hong Kong Special Administrative Region, revealed measures aimed at enhancing economic vitality during his Policy Address. The strategies target both existing and emerging industries. A key focus is transforming Hong Kong into a hub for international commodity trading, including gold, non-ferrous metals, and green transportation.
The policy also emphasizes bolstering Hong Kong's position as a global financial center. Actions include enhancing the mutual market access regime and reinforcing its status as the largest offshore Renminbi business hub. Furthermore, tourism development is prioritized through innovative cultural and ecological initiatives.
Additionally, the government plans to reduce liquor import duties to boost high-value industries like logistics, tourism, and high-end consumption. The address also highlights the 'silver economy', with initiatives aimed at catering to elderly needs through a dedicated working group.
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