Core Viewpoint - The Hong Kong government is accelerating the development of the Northern Metropolis, establishing a dedicated committee to streamline administrative processes and enhance resource allocation for this strategic area [1][3]. Group 1: Development Plans - The Northern Metropolis will be led by a committee chaired by the Chief Executive, with three working groups focusing on development models, university city planning, and comprehensive management of planning and execution [1]. - The Northern Metropolis encompasses approximately one-third of Hong Kong's total area, including developed towns and new development zones [1]. Group 2: Economic Potential - The Northern Metropolis is identified as a strategic development area with significant economic value and potential, aiming to enhance Hong Kong's integration with the Greater Bay Area [3][5]. - The area is expected to accommodate around 250,000 residents, representing one-third of Hong Kong's total population by the end of 2024, based on current population estimates [5]. Group 3: Innovation and Collaboration - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has ranked first globally, indicating a synergistic development model that enhances collaboration between these cities [4]. - The Northern Metropolis is positioned to improve technological and industrial connections with Shenzhen and Guangzhou, fostering closer geographical and industrial ties [3].

Core Viewpoint - The article emphasizes that Chief Executive John Lee's fourth policy address reflects a proactive and responsible approach, showcasing a united effort in Hong Kong society to create a better future [1][2]. Summary by Relevant Sections Government Initiatives - The Hong Kong government has made significant progress in various construction projects over the past year, driven by extensive consultations to gather public opinions [1]. - The new policy address highlights a clearer and more robust approach to reform, development, and improving people's livelihoods, with innovative measures and a commitment to governance efficiency [2]. Economic Development - The report outlines a clear direction for industrial development, promoting advanced manufacturing, health technology, new energy, AI, and data science through flexible land grants, tax incentives, funding support, and talent cultivation [2]. - The establishment of the "Northern Metropolis Development Committee" and the introduction of dedicated legislation aim to accelerate the development of the Northern Metropolis area, demonstrating a strong will for reform [2]. Social Welfare - Improving the quality of life is emphasized as the ultimate goal of governance, with a focus on policies related to housing, transportation, healthcare, social welfare, labor protection, and community care [2]. - The report articulates a vision for better housing for citizens, higher incomes for workers, improved care for the elderly, and better development opportunities for youth [2]. Future Outlook - There is a strong belief that under John Lee's leadership, the government and various sectors of Hong Kong society will continue to adapt and strive for progress, turning ambitious plans into reality [3].

Group 1: Core Perspectives - The Chief Executive of Hong Kong, John Lee, presented the fourth policy address focusing on economic development and improving people's livelihoods, titled "Deepening Reform, Caring for People's Livelihoods, and Creating a Future Together" [1][2] - The policy address aims to align with national development strategies and outlines measures to enhance governance and management systems, including the establishment of a "Department Head Responsibility System" [1][2] Group 2: Economic Development Initiatives - A "Northern Metropolis Development Committee" will be established to enhance decision-making for the development of the Northern Metropolis, with a focus on attracting high-value industries and potential enterprises to Hong Kong [2] - The government plans to promote new industrialization, health technology, AI, and data science industries, as well as optimize the yacht industry to develop the yacht economy [2] - Efforts will be made to integrate Hong Kong's foreign offices to attract mainland enterprises to utilize Hong Kong as a platform for international expansion [2] Group 3: Financial and Educational Development - The government will accelerate the establishment of an international gold trading market and continue to develop a commodity trading ecosystem in Hong Kong [2] - Plans to develop Hong Kong as an international higher education hub include the construction of a "Northern University Town" and the establishment of a "Study in Hong Kong" program to promote the brand [2] - The government aims to position Hong Kong as a global hub for high-end art trading, leveraging its status as one of the world's top three art trading centers [2]

Financial Market Development - The Hong Kong government aims to strengthen its financial system, targeting a return to the third position in the Global Financial Centers Index [3] - Plans include enhancing the stock market, establishing a leading bond market, and developing a vibrant currency market, alongside promoting insurance and wealth management sectors [3] - The establishment of an international gold trading market is also a priority, with a focus on financial technology and sustainable finance [3] Offshore Renminbi Market - The Hong Kong Monetary Authority (HKMA) will enhance the liquidity of the offshore Renminbi market through a new "Renminbi Business Fund Arrangement" to support enterprises in trade and capital expenditures [4] - More Renminbi bonds will be issued, and the government will explore using Renminbi for public expenditures [5] Investment Attraction and Tax Incentives - The government plans to optimize tax incentives for funds and family offices to attract more investment to Hong Kong [5] - The threshold for the "New Capital Investor Entry Scheme" will be adjusted, increasing the investment amount for non-residential properties from HKD 10 million to HKD 15 million, while lowering the price threshold for residential properties from HKD 50 million to HKD 30 million [5] Industry Development - The government is focused on transforming the industrial structure by nurturing emerging industries such as advanced manufacturing, life sciences, renewable energy, AI, and data science [7] - A policy package will be developed to attract high-value industries and potential enterprises to Hong Kong [7][22] Digital Assets and Fintech - The government is implementing a regulatory framework for stablecoin issuers and developing legislation for digital asset trading and custody services [6] - The HKMA is promoting the use of tokenized deposits and facilitating the issuance of tokenized bonds [5][6] Integration with National Development - The government aims to fully integrate into national development strategies, leveraging Hong Kong's unique advantages to support mainland enterprises in expanding into new markets [10] - A "Mainland Enterprises Going Global Task Force" will be established to facilitate this process [11] Infrastructure and Urban Development - The establishment of the "Northern Metropolis Development Committee" will streamline administrative processes and enhance resource investment in the Northern Metropolis area [13][21] - Plans include the development of an international trade center, shipping center, and innovation technology center [13][21]

Financial Market Development - The Hong Kong government aims to enhance the financial system, targeting a return to the third position in the Global Financial Centers Index [5] - Plans include strengthening the stock market, developing a leading bond market, and establishing an international gold trading market [7] - Initiatives to improve offshore RMB market liquidity and explore diverse cross-border funding channels are also highlighted [7][8] Industry Development - The government is focused on transforming the industrial structure by consolidating traditional industries while fostering emerging sectors such as advanced manufacturing, life sciences, renewable energy, and AI [11][12] - Specific strategies include attracting top pharmaceutical companies, promoting renewable energy, and establishing an AI research institute by 2026 with a budget of 1 billion HKD [13] Integration with National Development - The government plans to fully integrate into national strategies, leveraging Hong Kong's unique advantages to support mainland enterprises in expanding into new markets [15] - A dedicated task force will be established to facilitate mainland companies using Hong Kong as a platform for international expansion, including optimizing tax measures and establishing regional headquarters [15][16] Infrastructure and Governance - The establishment of the "Northern Metropolis Development Committee" aims to accelerate the development of the Northern Metropolis area, focusing on administrative efficiency and innovative construction methods [19][21] - The government will implement a package of incentives to attract high-value industries and enterprises to settle in Hong Kong [22]

Group 1 - Over 60% of surveyed American companies plan to continue expanding their investments in Hong Kong, indicating sustained confidence in the market [1][3] - American companies view Hong Kong's financial regulatory system as relatively robust, providing necessary protections for investors and reducing investment risks [3] - Hong Kong serves as a crucial bridge between mainland China and international markets, offering unique geographical and policy advantages for American businesses [3] Group 2 - The Hong Kong government has successfully attracted over 80 key enterprises, with an expected investment of approximately 50 billion HKD, focusing on high-tech industries such as advanced manufacturing, renewable energy, AI, and fintech [3] - The government maintains a simple low tax regime and aims to establish a thriving innovation and technology ecosystem, supported by a 10 billion HKD innovation and technology fund [3] - Since the launch of the new capital investor entry scheme in March 2024, 1,257 applications have been received, projected to bring over 37 billion HKD in investments to Hong Kong [4]

Core Insights - The Hong Kong Chief Executive, John Lee, will attend a Legislative Council meeting to discuss accelerating the development of the Northern Metropolis [1] - The latest issue of the Legislative Council's "Special Bulletin" highlights the Hong Kong-Shenzhen Innovation and Technology Park, which includes areas for health technology, artificial intelligence, and advanced manufacturing [1] - The park is expected to contribute up to HKD 52 billion annually to Hong Kong's economy upon full development [1] Group 1 - The Northern Metropolis Innovation and Technology Belt's strategic layout and development progress are outlined, emphasizing cross-border cooperation advantages [1] - Legislators suggest leveraging cross-border cooperation in areas such as data flow, intellectual property protection, and fintech innovation [1] - Recommendations include developing a "pilot base" in the Hong Kong-Shenzhen Innovation and Technology Park and introducing more incentives to attract international investment [1] Group 2 - To enhance talent training and promote "industry-academia-research" collaboration, legislators propose establishing a research and technology transfer base at the Northern Metropolis University Education City [2] - Encouragement for higher education institutions to collaborate with renowned universities domestically and internationally to create synergistic effects through resource sharing and industry linkage [2]