Hong Kong chief delivers last coverage speech of present time period

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Oct 6 (Reuters) – Here are highlights of Hong Kong chief Carrie Lam’s annual coverage tackle on Wednesday, the final in her present time period, mapping out priorities for the previous British colony that returned to Chinese rule in 1997.

POLITICS

– Hong Kong has received again heading in the right direction of “one country, two systems” and governance has returned to regular beneath the safety of the National Security Law and the precept of “patriots administering Hong Kong”.

– The metropolis authorities will take ahead proactively the enactment of native laws to implement Article 23 of the Basic Law in Hong Kong.

– Government will strengthen nationwide safety training and lift law-abiding and nationwide safety consciousness of Hong Kong individuals, specifically the youth, by means of totally different actions and approaches.

– Radio Television Hong Kong (RTHK), as a public service broadcaster, ought to play an energetic function in selling the Constitution and the Basic Law, and engendering a way of citizenship and nationwide identification.

JUDICIARY

– Government will introduce corresponding amendments to the Regional Flag and Regional Emblem Ordinance in a view to fulfilling the constitutional accountability of Hong Kong.

– Will strengthen rule of regulation. A rule of regulation database with goal knowledge can be set as much as help in assessing the rule of regulation and facilitate analysis and capability constructing.

HOUSING

– Government will develop a brand new metropolitan space in northern Hong Kong for individuals to dwell, work and journey.

– With an space of 300 sq. kilometres, the proposed metropolis will cowl the Shenzhen-Hong Kong Boundary Control Points Economic Belt, in addition to the deeper hinterlands.

– The Northern Metropolis can be developed as a world I&T hub and the Harbour Metropolis will help Hong Kong’s standing as a world monetary centre.

– A variety of growth initiatives deliberate or beneath planning within the Northern Metropolis are estimated to offer about 350,000 residential items.

– Additional land of about 600 hectares could possibly be developed throughout the Northern Metropolis for residential and industrial use, with an estimated provision of 165,000 to 186,000 residential items.

– Upon the total growth of the whole Northern Metropolis, a complete of 905,000 to 926,000 residential items, can be out there to accommodate a inhabitants of about 2.5 million.

– The whole variety of jobs within the Metropolis will enhance considerably from 116,000 at current to about 650,000, together with 150,000 I&T-related jobs.

– Government revised the general public/non-public housing cut up from 60:40 to 70:30 in 2018 to additional step up its coverage efforts in constructing extra public housing items and figuring out land

– Government has recognized about 350 hectares of land for 330,000 public housing items for the approaching 10-year interval from fiscal 2022-23 to 2031-32, to fulfill the estimated public housing demand of 301,000 items within the interval.

– Public housing manufacturing within the five-year tenure of this authorities will attain 96,500 items, a rise of 30,000 items in contrast with the earlier five-year interval.

– On non-public housing, together with railway property growth, the federal government will safe about 170 hectares of land within the coming 10 years, and make out there to the market websites for constructing about 100,000 items by means of land gross sales or placing up railway property developments for tender.

– Government goals to extend provide of transitional housing and proposes to extend the general provide of transitional housing to twenty,000 items within the coming few years by offering 5,000 extra items, and enhance the quantity of funding beneath the related funding scheme to HK$11.6 billion.

– Large-scale initiatives and initiatives beneath planning are anticipated to offer about 400,000 to 500,000 private and non-private housing items within the medium to long run.

– Together with the 165,000 to 186,000 items that may be constructed on newly recognized land beneath the Northern Metropolis Development Strategy, the availability of housing items can go as much as 565,000 to 686,000 items within the 10 to fifteen years after 2031-32.

ECONOMY

– To improve Hong Kong’s standing as a world monetary centre.

– Government will step up efforts to help the Hong Kong Exchange and Clearing Limited (HKEX) to boost the itemizing regime, and to ascertain an inventory regime for particular goal acquisition corporations in Hong Kong.

– To develop additional the channels for the two-way circulate of cross- boundary RMB funds and growing offshore RMB merchandise and instruments.

– Supporting the HKEX to advertise co-operation with the Guangzhou Futures Exchange in monetary product growth associated to the areas of carbon emission buying and selling, strengthening Hong Kong as a regional inexperienced and sustainable finance hub.

– Promoting cross-border monetary applied sciences (Fintech) to facilitate monetary establishments and data and know-how corporations from Guangdong, Hong Kong and Macao to check cross-border Fintech functions.

– Government seeks to hitch the Regional Comprehensive Economic Partnership (RCEP) and can search to create extra beneficial situations for Hong Kong enterprises to enter the mainland market beneath the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).

– The Hong Kong Monetary Authority is growing Commercial Data Interchange, which is predicted to start working subsequent yr, enabling small and medium enterprises (SMEs) to achieve entry to extra handy financing companies.

– Proposes to arrange an InnoLife Healthtech Hub with 16 life and health-related laboratories within the InnoHK analysis clusters and the eight State Key Laboratories in life and well being disciplines as the idea, to concentrate on associated analysis work.

– In know-how, authorities will make related investments by partnering with appropriate non-public fairness companies, specializing in helping fast-growing I&T enterprises together with start-ups.

– Says building of Three Runway System to lift capability is a strategic funding to boost competitiveness of Hong Kong International Airport. The commissioning of the Third Runway is focused for 2022 with full completion scheduled for 2024.

– Says the federal government will proceed to spend money on infrastructure and the annual capital works expenditure is predicted to exceed HK$100 billion ($12.8 billion) in coming years.

Reporting by Donny Kwok

Empty seats of pro-democracy lawmakers are seen as Hong Kong Chief Executive Carrie Lam delivers her annual policy address at the Legislative Council in Hong Kong, China October 6, 2021. REUTERS/Lam Yik