“It addresses the challenges and opportunities facing Hong Kong, with the aim to reinforce its competitive advantages, integrate into national development and serve as an international hub connecting global markets, as well as promote economic growth, paving the way for the city’s sustainable development,” he said.

Simon Lee, co-director of the International Business and Chinese Enterprise programme at Chinese University, said the policy blueprint was “not aggressive” enough.

He pointed out that the city leader had announced some measures such as the easing of key property curbs, known as spicy measures, and dishing out a one-off HK$20,000 (US$2,556) cash incentive to motivate births, but said Lee did not go far enough even though “he spoke for a long time”.

“It is like a buffet dinner, it needs a theme such as Tasmania Oyster or Argentinian steak to attract diners,” he said. “If the investment theme is about everything, it is hard to attract investors.”

Among a basket of new and ongoing initiatives, there are three highlights of the policy address involving reduction in stamp duties for property buyers and stamp duties on securities trading to energise the sluggish stock and property markets. Cash and housing sweeteners were also offered to motivate couples to have babies.

A government source said the HK$20,000 cash incentive along with priority on housing and tax reflected the government’s goodwill gesture.

Centrist legislator Tik Chi-yuen described policies tabled for the welfare sector as “putting old wine into a new bottle.”

“It seems like the city leader copied and pasted welfare measures proposed by different parties and NGOs to his policy address. You cannot see a well-designed strategy, with timetable and priorities, presented inside the blueprint,” he said.

Independent lawmaker and a solicitor Doreen Kong Yuk-foon said John Lee performed better this year compared to last year’s policy address, as she felt he did his best to address issues that had not been touched on in 2022, such as financing arrangements for mega infrastructure projects and support to caregivers.

She said she was disappointed that Lee seemed to have cooked a big feast with all sorts of dishes thrown in, but had no particular theme for the overall menu.

Simon Lee concluded from Lee’s speech that the government could not go far on spending because of its financial health, with all the measures generating less income and incurring more expenditure.

Can Hong Kong ease property measures without hurting first-time and local buyers?

Simon Lee said it boiled down to the city’s narrow tax base.

Lawmaker Michael Tien Puk-sun questioned whether the government had enough budget to carry out all the policy address initiatives as these would inevitably result in higher expenditure.

For future growth, John Lee vowed Hong Kong would look for opportunities in the 10-member Asean economic bloc, Central Asia, and the Middle-East while involving itself greater in cross-border integration via the Belt and Road trade initiative, Greater Bay Area development, the Closer Economic Partnership Arrangement free-trade pact and eight centres of activity, such as finance, trade, aviation and shipping.

But was it a case of doing too much and would the government be able to execute, analysts asked.

“What is Hong Kong’s positioning? What is the core focus? The government needs to think of Hong Kong’s role in the international community in the next five years,” Simon Lee said.

He pointed out that Hong Kong would not be as familiar with the market of the Association of Southeast Asian Nations as Singapore, a founding member of the trade bloc.

“The seed to expand into Asean should have been sown decades ago,” Simon Lee said.

He added that the national policy of the Belt and Road Initiative was not yet mature as it would take a long time to get into steady state and yield acceptable returns with projects spread around the globe.

He said Hong Kong, as a global financial market, urgently needed to lift the quality of listed companies to attract investors even though the quantity might have improved.

Hong Kong to set aside HK$10 billion for new fund to support emerging industries

In the first half of this year, there were 30 initial public offerings on the stock exchange, an 11 per cent increase, compared with the same period last year. However, the amount raised was 14 per cent lower at HK$17 billion, accounting firm PwC said.

Market data showed Hong Kong stock market was ranked No 7 in terms of market capitalisation as of July, and even Shanghai and Shenzhen bourses ranked higher, at No 3 and No 6 respectively.

Hong Kong’s market capitalisation, at US$4.62 trillion, was only one-fifth of that of the New York Stock Exchange, which ranked No 1.

The combined size of the New York and Nasdaq stock markets is nearly three times bigger than the total of Hong Kong, Shanghai and Shenzhen stock markets.

“The measures are too many, too mild,” Simon Lee said.