A suite of newly announced initiatives across housing production and enterprise growth formed the core of Chief Executive John Lee’s Policy Address delivered today, prioritising community well-being alongside business expansion.
Subsidised housing supply will speed up, with all 30,000 Light Public Housing units launched by the current-term Government set for completion by end-March next year, ahead of the original target.
Public housing production is projected to exceed 35,000 units per year on average in the next five years from 2027-28, representing an increase of about 73% compared to the five-year period since the current-term Government took office.
To boost economic growth, the Policy Address introduces ten small and medium-sized enterprise (SME) support measures, including expanding the Dedicated Fund on Branding, Upgrading & Domestic Sales (BUD Fund) to Uzbekistan and Qatar and offering targeted funding for artificial intelligence (AI) projects under the scheme.
To support SME business and financing, the Hong Kong Export Credit Insurance Corporation will extend its 20 free-buyer credit checks for one year. Concurrently, the Hong Kong Trade Development Council and the Trade & Industry Department will assist SMEs with cross-border e-commerce and brand development.
To facilitate banks’ granting credit approvals to SMEs, connections to the Commercial Data Interchange will be strengthened, while the Hong Kong Monetary Authority advances trade data sharing with Shanghai and the Association of Southeast Asian Nations (ASEAN) electronic port systems.
Subsidies will be provided for intellectual property asset valuations and innovative logistics technology interfacing with the Port Community System. Additionally, Cyberport will offer matching funds for AI and cybersecurity digital solutions.
To further improve living conditions, a three-tier mechanism for resolving building management disputes will be introduced, using District Council members for early intervention, Home Affairs Department mediation services, and court recourse if needed.
Visit Chapter IV and Chapter VII of the Chief Executive’s Policy Address for more details.