Accelerating the timetable for a massive border initiative in Hong Kong, as directed by its leader.
In his annual policy speech, Chief Executive John Lee outlined his plans for the future of Hong Kong, with a focus on accelerating the development of the Northern Metropolis and embracing technology.
Central to John Lee's plan is the Northern Metropolis, a mega-project aimed at urbanising land near the border with tech hub Shenzhen in mainland China. First proposed in 2021, the Northern Metropolis is envisioned to eventually cover a third of Hong Kong's total land area. To reduce costs and construction time, John Lee pledged to adopt building technologies from China and overseas in the development of the Northern Metropolis.
John Lee will personally lead a new task force and introduce dedicated legislation to 'fast-track' the Northern Metropolis initiative. Activists and locals, however, have raised concerns over the potential environmental impact of the project and the strain it may put on Hong Kong's public finances.
In addition to the Northern Metropolis, John Lee announced that the Hong Kong government will set up a task force to encourage Chinese companies to use Hong Kong as a base to expand their overseas business. This move is expected to further boost the city's economy, following a strong rebound this year, which saw Hong Kong grow by 3.1 percent in the second quarter, exceeding estimates.
John Lee also pledged to promote artificial intelligence as a 'core industry' in Hong Kong. To this end, the administration plans to establish an AI research hub with a budget of HK$1 billion. The city's public universities will see an increase in quotas for non-local students to attract top talent in the field.
Moreover, John Lee stated that Hong Kong is moving through an economic transition, which he considers an essential process for a stronger and more robust economy in the future. He reaffirmed a growth forecast of two to three percent for the year and announced plans to establish gold storage facilities to solidify Hong Kong's role as a 'regional gold reserve hub'.
Finally, John Lee's ultimate objective is to improve citizens' livelihoods. To this end, a 10-hectare site will be tendered for a data centre cluster, which is expected to create jobs and stimulate economic growth. The city's authorities also plan to establish a task group to attract more Chinese enterprises for expanding their overseas businesses, further cementing Hong Kong's position as a global financial hub.
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