By Edith Lin

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Hong Kong leader John Lee Ka-chiu has presented a comprehensive road map for the city as its battles an economy in the throes of transition, and with time ticking to the end of his term in 2027, leaving him with just two years to deliver on his agenda.
Lee spoke for nearly three hours in the Legislative Council on Wednesday, beating last year’s 2½ hours, leaving almost no policy uncommented on. But it did not beat his record in 2023 when he spoke for 202 minutes, or three hours and 22 minutes, setting a precedent among all chief executives.
The Post looks at some takeaways from the policy blueprint that are likely to affect Hong Kong’s economy and people’s livelihoods, from speeding up work on the Northern Metropolis megaproject to even building a pet economy.
1. Tougher scrutiny of senior civil servants
After a procurement scandal in which a company was suspected of having used fraudulent documents to win a government contract for bottled water, Lee has rolled out an accountability system for department heads.
Under a proposed two-tier investigation system, the department head will be responsible for general incidents and a panel will be set up for widespread or repetitive problems.
Possible administrative or disciplinary actions include warnings, reprimands, salary reduction, demotion, compulsory retirement and dismissal.
2. Go north! Full steam ahead for Northern Metropolis
Lee has vowed to take personal charge of the Northern Metropolis and expedite the 30,000 hectare megaproject by setting up a new committee that he will chair.
The committee will comprise three working groups to study various development models, plan a university hub in the area and manage implementation.
The government will streamline administrative procedures for the megaproject as well as introduce dedicated legislation to simplify statutory procedures.

3. Aiming higher for international financial centre
Apart from strengthening the stock and bond markets, Lee has pledged to expedite the building of an international gold trading market by supporting tokenised gold and other new investment products.
Other measures include setting up a central clearing system for gold in Hong Kong and inviting the Shanghai Gold Exchange to provide mutual market access.
4. Bridge for mainland firms to go overseas
Hong Kong’s mainland Chinese and overseas offices under different bodies, including InvestHK and the Hong Kong Trade Development Council, will organise efforts to assist businesses across the border to expand operations to overseas markets.
The Hong Kong Monetary Authority will encourage the banking sector, especially mainland banks, to build regional headquarters in the city to tap into markets in Southeast Asia and the Middle East.
5. Global push for education hub
To make Hong Kong a world-class study destination, the government will increase the non-local undergraduate quota at public universities from 40 to 50 per cent.
Education authorities will also promote international recognition of the Diploma of Secondary Education examination and allow semi-private schools under the Direct Subsidy Scheme to enrol more self-funded non-local students.
6. AI ambitions
Lee has pledged to promote artificial intelligence (AI) as a core industry, with the government’s “patient capital” institution continuing continue to offer investment.
The government will also set up an AI efficacy enhancement team to coordinate departments to apply the technology to their work and develop artificial intelligence solutions.
7. Capital attraction
Lee has pledged to enhance investment arrangements under the city’s cash-for-residency scheme by lowering the residential property transaction price threshold from HK$50 million to HK$30 million.
The government will also raise the maximum amount of eligible investment for buying non-residential property from HK$10 million to HK$15 million with no transaction price threshold.
The financial secretary has been tasked with leading the government and public bodies to formulate preferential policy packages, including land grants, land premiums, financial subsidies and tax incentives, to lure high-potential enterprises to the city.
The government will also explore a more flexible mechanism, which may allow the city leader and the finance chief to introduce tax incentives that meet international standards.
8. Seeing red
The government plans to collaborate with neighbouring Shenzhen to promote a new patriotic educational route, themed “Chinese Cultural Celebrity Rescue”, to tell the history of war heroes.
Lee has also pledged to develop “yacht tourism” by relaxing requirements for visiting vessels and cooperating with mainland authorities to facilitate cross-border yacht travel.
9. A night at the museum
As part of moves to make more money out of some leisure facilities it manages, the government will lease out museums on their closing days for commercial or private use and open up more venues for hire, among other measures. Lee says.
10. Hong Kong’s authentic musical
Home-grown Cantonese musical The Impossible Trial is set to become a “long-running classic” under the government’s vision, as more mainland tours will be organised.
The musical centres on Fong Tong-geng, a prominent Qing dynasty lawyer losing his reputation and wealth, who sets out to right his wrongs and redeem himself as a champion of the common man.

11. Pets to the rescue
Lee also eyes the enormous consumption market of pet owners and encourages the business sector to offer more “pet-friendly spaces”.
To create new business opportunities for the underperforming catering industry, restaurant operators will be able to apply for a new licence to let dog lovers bring their pets into the eateries.
12. Imported labour curbs
Lee has pledged to improve the city’s labour import scheme to combat abuse and ensure local workers are prioritised for jobs.
Employers applying to import waters and junior cooks are required to extend their local recruitment process and must have employed residents before applying for imported workers.
13. More ladders to home ownership
To fulfil people’s home-buying dreams, Lee has announced measures to increase the supply of subsidised housing and improve selling arrangements.
The moves include providing more quota slots for public rental housing tenants in purchasing subsidised flats as well as increasing opportunities for people in the private rental market to buy lived-in subsidised homes.
The government has also pledged to build bigger subsidised homes for sale and launch a new scheme to allow the elderly to sell their larger subsidised home in exchange for a smaller one.
14. Making old gold and more babies, please
Lee has announced extending an additional HK$130,000 newborn allowance from the first year of birth to two years as a strategy to boost the city’s birth rate.
To build an elderly-friendly society, the government will set up a working group on ageing society strategies to be led by the deputy chief secretary, covering areas of elderly care, healthcare, housing, among others.
15. SME booster
To support small and medium enterprises, the government will extend the principal moratorium arrangement for one year, as well as encourage banks to be more flexible in processing loans for enterprises with sound repayment ability.
Lee also says the government will provide concessions on fees and charges to alleviate their financial pressure.
Additional reporting by Jeffie Lam