Opinion | Redevelopment of Hong Kong’s older buildings must be handled fairly, or we risk social unrest

There is so much material in this year’s policy address worth discussing in depth that it is difficult to know where to begin. One theme that emerges is the government’s desire to play a more proactive role in economic development.

For example, there is the proposal to create a Hong Kong Investment Corporation Limited to invest in strategic industries and attract and support businesses. This is a major departure from past practice and a step in the direction of the Singapore model of guided development.

Similarly, there are more targeted efforts to attract individual companies. Instead of just explaining Hong Kong’s advantages and helping those companies expressing interest, the government will pursue specific companies and offer tailor-made support packages. Proactively luring family offices and supporting efforts to re-industrialise are other examples.

The decision to set up a dedicated department to advance development of the Northern Metropolis is a clear signal this will be the major focus for the next decade. The Lantau Tomorrow idea is still breathing but under the revised name of Kau Yi Chau Artificial Islands, and with much less prominence.

There is recognition that Hong Kong needs talented people to implement these ambitious plans. In addition to nurturing and retaining our home-grown resources, we need to put out the welcome mat for the best and brightest from the rest of the world.