Editorial | John Lee’s policy address must inspire faith in Hong Kong’s future
The chief executive needs to address the city’s immediate problems while also laying the foundations for better development
Lee is also expected to announce a wide range of initiatives, such as fine-tuning the controversial labour importation scheme to combat abuses. The creative industries could also receive a boost with the development of an ambitious high-end art trading hub on a par with New York, with measures supporting arts infrastructure, financing, tax incentives and manpower training.
The momentum in strengthening innovation and technology as the new engine for economic growth will also continue, as will the drive to turn the city into an international education hub.
The Lee administration, to its credit, has implemented an array of measures to rebuild the city. However, as more companies are registered here and the city’s GDP continues to grow, the economic fruit is arguably not shared by everyone. The unemployment rate rose to 3.7 per cent for the three months to July, up from 3 per cent in the same period last year. The property market remains sluggish, while the pace of recovery in retail still leaves much to be desired.
Externally, the uncertainties arising from geopolitical tension and Sino-US trade negotiations will add pressure to the intensifying economic restructuring. Internally, the changing consumer spending behaviour and growing elderly population call for more targeted government support and planning in the short and longer term.