Facing declining retail sales and a struggling economy, Hong Kong Chief Executive John Lee outlines ambitious plans to attract talent, boost tourism, and strengthen trade. Analysts question if the government's initiatives adequately address the complex challenges facing the city.
Retail sales in Hong Kong dropped by a worse-than-expected 10.1 per cent in August from a year ago, the sixth straight month of decline.
Mr Lee’s ambitious blueprint for Hong Kong has wide-ranging plans to bring in fresh talent, boost tourism, strengthen trade and build ecosystems for new hubs in various industries. Introducing new scholarships, expanding a talent scheme, and easing some visa rules to attract more high-quality students and professionals, particularly from Asean and Belt and Road countries, to study and work in the city.
Hong Kong Chief Executive John Lee delivering his policy address at the Legislative Council in Hong Kong on Oct 16. PHOTO: BLOOMBERGThe measures cover a lot of ground, and it is not hard to see why – the Hong Kong economy is in desperate need of a leg-up. While gross domestic product grew by 3.3 per cent in the second quarter from a year ago, led by strong export demand, and is expected to expand by 2.5 per cent to 3.5 per cent for the whole of 2024, dwindling new stock listings indicate continued weak sentiment as interest rates remain high, and mainland stock valuations stay low.
Economy HONG KONG ECONOMY REFORMS TOURISM TRADE
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