On September 16, Hong Kong's Chief Executive John Lee delivered his fifth Policy Address in the current term, themed "Planning for the Long Term, Pioneering with Reform, Driving Development for Opportunities, Benefiting the People for the Future". Structured around the "First Five-Year Plan for the Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)", the address aligns proactively with the national "15th Five-Year Plan" and introduces a series of measures designed to create development opportunities and enhance the well-being of citizens.

Mr Lee noted that this year marks the beginning of the country's "15th Five-Year Plan" period, and the SAR government has formulated "Hong Kong's First Five-Year Plan" to ensure the city fully seizes development opportunities while integrating into and serving the broader national development strategy. Amidst profound global transformations unseen in a century, the nation's robust strength, immense market scale, and the powerful momentum generated by high-quality development represent Hong Kong's greatest opportunities.

The Policy Address concentrates on five key development opportunities: talent acquisition, industrial advancement, corporate investment, institutional safeguards, and international collaboration. To attract high-caliber talent, the government will accelerate the development of the Northern Metropolis University Town, upgrading the existing planning team into the "University Town Development and Construction Committee", and will increase research postgraduate places by approximately 30% alongside adding 200 government scholarship slots. Furthermore, five new international talent training academies will be established.

On the industrial front, the address proposes accelerating the creation of an international gold trading market, exploring tax incentives for qualifying activities within the gold and commodity trading ecosystem, unveiling details of a new RMB-denominated and physically settled gold futures contract, and examining the moderate addition of gold to the Exchange Fund's reserves. Additionally, the government will inject capital into the "Artificial Intelligence Subsidy Scheme" to bolster the development of the smart computing industry, expedite medical innovation and industry chain construction, and forge a new landscape for low-altitude and emerging economies.

With the Northern Metropolis entering its harvest period and all nine new development areas now fully operational, the government is rapidly advancing six specialty industry parks and has reserved land for a modern advanced construction industry park. To attract enterprises, tax concessions will now be assessed based on the value created by the company, offering a preferential rate of five percent or a halved tax rate for individual enterprises engaged in key sectors such as finance, advanced manufacturing, innovation and technology R&D, headquarters operations, logistics, and supply chain management.

Moreover, plans are underway to establish Hong Kong as the global mediation hub and a preferred international arbitration venue, supporting the work of the International Organization for Mediation headquartered in the city. The government will also facilitate the establishment of the International Institute for the Unification of Private Law (UNIDROIT) in Hong Kong, support the judiciary in advancing the creation of an international commercial court, and set up a "Committee for the Development of Intellectual Property Trade Strategy" to formulate supportive policies.

In terms of international cooperation, two United Nations entities will establish offices in Hong Kong: a "Global Centre for Advanced Manufacturing Excellence" and an "Asia-Pacific Regional Office for the Global Operational Network of Anti-Corruption Law Enforcement Authorities". Additionally, a new "HAB-UN Youth Leadership Internship Programme" will be launched, and the newly completed West Kowloon Performing Arts Centre is slated to open next year.

The Policy Address introduces measures across 25 areas, including youth employment, education, fertility encouragement, housing, healthcare, community services, elderly care, SME support, and labor protections. To assist youth employment, the government will collaborate with the business sector to launch a two-year "30,000 Youth Jobs and Internship Scheme" and establish an "International Youth Talent Exchange Base". In education, a free digital learning resource platform incorporating AI large language models will be introduced, alongside efforts to digitalize kindergarten administrative processes and enhance the quality and quantity of student hostels.

To foster a family-friendly environment, the government will roll out eleven measures, including extending the HK$20,000 newborn cash bonus for three years, reducing stamp duty for eligible families purchasing residential properties, increasing subsidized standalone child care centers, and introducing a first-ever policy to encourage having more than one child, raising the bonus to HK$30,000 for the second and each subsequent child. On housing, public housing completions over the next five years are projected to increase by approximately 73% compared to the corresponding five-year period four years ago, with all 30,000 "Light Public Housing" units expected to be completed by March next year, ahead of schedule.

In healthcare, the government will strengthen primary care services, optimize hospital operations, enhance Traditional Chinese Medicine services, and implement eleven measures to promote mental health. Community services will see the addition of two more community living rooms, the launch of a community pharmacy scheme, and the introduction of a community drug formulary. For elderly care, there will be an increase in vouchers for community care and residential care services, new funding for day care facilities, neighborhood centers, and residential care homes for the elderly, as well as the launch of a mobile version of the JoyYou Card.

To support the local economy, the government will introduce ten measures to aid small and medium-sized enterprises, covering aspects such as subsidizing expansion into emerging markets, extending free credit assessment services for 20 sectors for one year, providing more AI application support and subsidies, assisting e-commerce and brand development, and expediting trade financing. Labor protections will also be enhanced through new legislation safeguarding food delivery workers and cross-departmental efforts to combat illegal employment.

In his concluding remarks, Mr Lee stated that Hong Kong stands at a critical juncture of governance and prosperity. The government remains committed to long-term planning and reform-driven development. With the strong backing of the nation and the wisdom and efforts of the people of Hong Kong, the fruits of development will surely benefit every family, making Hong Kong even more prosperous and vibrant.