李家超：探索缩短股票结算周期至T+1，落实稳定币发行人制度，建造区域黄金储备枢纽

Core Points - The Chief Executive of Hong Kong, John Lee, presented the 2025 Policy Address, focusing on economic development and enhancing the quality of life for residents [1] - The address outlines specific measures to accelerate the development of the Northern Metropolis, industrial innovation, and reinforce Hong Kong's status as an international financial center [1] Financial Sector Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [2][3] - The government aims to enhance the bond market by improving financial infrastructure and establishing connections with markets in Switzerland and the UAE [2][3] - Plans to establish an international gold trading market include expanding gold storage capabilities to exceed 2000 tons within three years [3][4] Commodity and Family Office Development - Collaboration with Greater Bay Area exchanges to develop commodity and carbon trading [4] - The government will optimize tax incentives for family offices to attract more funds to Hong Kong [4][5] Digital Asset and Stablecoin Regulation - The Hong Kong Monetary Authority (HKMA) will promote tokenized deposits and establish a regulatory framework for stablecoin issuers [6] - The Securities and Futures Commission (SFC) is working on expanding the types of digital asset products available to professional investors [6] Innovation and Technology - A HK$3 billion "Frontier Technology Research Support Scheme" will be launched to attract international research talent in AI [7] - The government plans to accelerate the development of autonomous vehicles and establish a regulatory framework for ride-hailing services [8] Clinical Trials and Pharmaceutical Development - The government aims to attract more pharmaceutical companies to conduct clinical trials in Hong Kong, particularly for rare diseases and advanced therapies [12] - A new "International Clinical Trial Academy" will be established to train clinical trial professionals in the Greater Bay Area [12] Investment and Economic Policies - The "New Capital Investor Entry Scheme" will be optimized to encourage investments in Hong Kong, with increased limits for non-residential property investments [13][14] - The government will enhance cross-border payment systems and improve cash assistance distribution for elderly residents in mainland China [13][14] Governance and Management - A "Department Head Responsibility System" will be established to strengthen governance and accountability within the government [15] Innovation Fund Launch - The "Innovation and Technology Industry Guidance Fund" is set to launch in the 2026-2027 fiscal year to promote strategic investments in emerging industries [16]