[Explanation] On October 19, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, released his first policy address during his tenure in the Legislative Council of the Special Administrative Region, focusing on fields such as politics, economy, people's livelihood, and talents.

In terms of improving the level of governance, Li Jiachao said that the "governance system" will be improved in the areas of decision-making structure, system goals, leadership roles, power and responsibility distribution and execution mechanisms.

　　[Concurrent] Hong Kong SAR Chief Executive Li Jiachao

　　Regarding the "governance system" of government investment, I have instructed the Financial Secretary to set up a brand-new "Hong Kong Investment Management Company Limited" to further utilize the fiscal reserves to promote industrial and economic development.

I will set up a "Chief Executive Policy Unit" this year to enhance the government's research and advocacy capabilities on long-term and strategic issues.

For day-to-day decision-making, I introduce the concept of a red team.

The red team plays the role of criticism and opposition, assisting in comprehensively reviewing the effectiveness of decision-making and execution plans, plugging loopholes, and optimizing policies.

　　[Explanation] Li Jiachao said that Hong Kong is an international financial center and the world's largest offshore RMB business center.

The financial services industry is the largest pillar industry in Hong Kong.

The HKSAR Government will take several measures to comprehensively enhance the competitiveness of Hong Kong's financial services.

　　[Concurrent] Hong Kong SAR Chief Executive Li Jiachao

　　1. Improve the internationalization of financing platforms.

2. Strengthen the advantage of being the largest offshore RMB business center.

Third, strengthen connectivity.

Fourth, develop green and sustainable finance.

Fifth, strengthen asset and risk management.

Sixth, continuously improve the competitiveness of financial technology.

　　[Explanation] Innovative technology is an important engine for activating the high-quality development of Hong Kong's economy.

Li Jiachao said that in order to lead Hong Kong to realize the vision of an international innovation and technology center at full speed, the SAR government will launch the "Hong Kong Innovation and Technology Development Blueprint" within this year, and formulate key policies on four development directions.

　　[Concurrent] Hong Kong SAR Chief Executive Li Jiachao

　　First, improve the innovation and technology ecosystem and realize the "re-industrialization" of Hong Kong.

Promote the commercialization of scientific research results.

We will set up a 10 billion yuan "Industry-University-Research 1+ Program", and starting from next year (2023), no less than 100 university R&D teams with potential to become start-ups will be funded by matching funds to complete their projects in two phases.

Second, expand the talent pool for innovation and technology and enhance development momentum.

Third, build a smart Hong Kong and improve the quality of life of citizens.

Fourth, we actively integrate into the overall development of the country, and at the same time consolidate Hong Kong's international advantages.

　　[Explanation] Li Jiachao said that Hong Kong is one of the most competitive economies in the world and an important window for the mainland to connect with the international market. Therefore, Hong Kong must be more aggressive in "grabbing enterprises" and "grabbing talents".

　　[Concurrent] Hong Kong SAR Chief Executive Li Jiachao

　　Set up the "Introduction of Key Enterprises Office"; set up the "talent service window"; set up "investment and talent attraction special teams" in various offices in the Mainland and overseas economic and trade offices; allocate 30 billion (HKD) from the "Future Fund" to establish "Co-investment Fund" to introduce and invest in enterprises settled in Hong Kong; launch "High-end Talent Pass Scheme" to attract these talents to come to Hong Kong for development; optimize the existing various imported talent plans to strengthen their attractiveness; and seventh, qualified foreign talents Talents who become Hong Kong permanent residents can apply for a refund of the additional stamp duty paid for buying properties in Hong Kong.

　　[Commentary] Li Jiachao said that solving the "housing" problem is the top priority of the current SAR government's policy. To solve the housing problem, a breakthrough must be made to increase the housing supply and break the long-term dilemma of housing shortage.

　　[Concurrent] Hong Kong SAR Chief Executive Li Jiachao

　　The goal is to let the citizens see hope on the issue of "living", go upstairs (check in) earlier, and have larger housing.

Launched the new "Simple Public Housing", and built about 30,000 "Simple Public Housing" in the next five years.

The waiting time for public housing is "capped" immediately. The goal is to combine the total supply of "simple public housing" and traditional public housing to "cap" the current (about) six-year waiting time, within four years (ie 2026-27 annual) down to (approximately) four and a half years.

The area of ​​newly-built flats should be "back-covered". All subsidized sale housing completed in 2026-27 will generally have a usable area of ​​not less than 26 square meters, and the general indoor floor area of ​​newly completed public housing (except one- to two-person flats) should not be less than same level.

　　[Explanation] Talking about youth issues, Li Jiachao said that the Home Affairs and Youth Affairs Bureau will announce the first version of the "Blueprint for Youth Development" within this year, outlining the government's philosophy, goals and actions for youth development.

　　[Concurrent] Hong Kong SAR Chief Executive Li Jiachao

　　A series of measures are proposed to help young people solve the difficulties they face in study, employment, entrepreneurship, and home ownership.

In order to attract more young people to participate in public affairs and strengthen interaction and mutual trust with the government, we will launch the "Youth Participation Initiative".

To assist youth development, we will introduce more "first home" land.

The Government will study different ways to increase the supply of youth dormitories, including subsidizing NGOs to rent suitable hotels and hostels and convert the rooms into youth dormitories. The goal is to provide about 3,000 additional places within five years.

The rent paid by the youth is about 60% of the market rent, and they must commit to participating in the district or volunteering to give back to the society.

　　[Commentary] Li Jiachao said that the next five years will be a critical period for Hong Kong to open up a new situation and achieve a new leap. He is full of confidence in Hong Kong's prospects and hopes to work with Hong Kong citizens to build a Hong Kong that is more hopeful and united. Open a new chapter in Hong Kong's "Government and Prosperity".

　　Reporter Fan Siyi Luo Siyu Liu Xuanting Liang Yuan Hong Kong reports

Responsible editor: [Luo Pan]