Hong Kong Chief Executive Carrie Lam to give first economic policy address

Today Carrie Lam will give a policy address detailing her economic plans for the city. The speech will be her first since Lam took office in July.

Lam’s top priority will be addressing Hong Kong’s acute housing shortage. Prices have risen in some places to $1900 per square foot, and the waitlist for public housing is nearing five years. Although both Lam and her predecessor Leung Chun-ying have accelerated additional construction on undeveloped areas and subsidies for low-income families, it remains a pressing problem.

Lam also signalled at last month’s InnoTech Expo that she plans to invest more in public scientific research, especially in technology that could help Hong Kong maintain its status as the world’s largest concentration of financial firms. Given Hong Kong’s small revenue stream, this could likely take the form of tax waivers for businesses engaged in basic research and development.

Hong Kong faces real challenges. But, if Ms Lam’s plans succeed it is well poised to remain a major economic hub of East Asia.

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