2024 Policy Address (Related Extract)

III. Consolidate and Enhance Our Status as an International Financial, Shipping and Trade Centre

(A) International Financial Centre

Further Enhance Our Status as an International Asset and Wealth Management Centre

38. (i) collaborating with sovereign wealth funds in regions along the Belt and Road (B&R) – We will strive to collaborate with large‑scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions

(C) International Trade Centre

Expand Our Global Economic and Trade Networks

58. The global trade landscape is undergoing constant changes, with parts of the supply chains shifting to the Global South and B&R countries, while many Mainland enterprises are also actively establishing their presence abroad.

61. In addition to developing the European and American markets, we will continue to expand our economic and trade networks, especially with B&R countries. Relevant measures include:

1. further opening up of trade in services with the Mainland – Under the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) signed recently, further liberalisation measures have been introduced across several services sectors. These include the construction, testing and certification, financial services, film, and television sectors. In particular, the period requirement of substantive business operations in Hong Kong for three years has been removed in most services sectors. This will attract more Hong Kong start-ups, overseas enterprises, and talents from around the world to establish their presence in Hong Kong to tap the Mainland market.  We will implement the Amendment Agreement II, step up promotion and provide assistance to enterprises as needed;
2. reinforcing the interface of trade mechanisms – We will continue to seek early accession to the Regional Comprehensive Economic Partnership (RCEP). We are also in investment agreement negotiations with Bangladesh and Saudi Arabia, and plan to begin negotiations with Egypt and Peru. Our free trade agreement (FTA) negotiations with Peru have been concluded and we expect to sign the FTA this year. We will also expand the global network of our Economic and Trade Offices, focusing on establishing economic and trade ties with emerging markets; and
3. further exploring priority markets – We will continue to pay visits and lead business and professional services delegations to priority markets such as B&R countries. We will also organise the B&R Cross-professional Forum to promote Hong Kong's professional services.

(D) International Aviation Hub

Enhance Aviation Development Strategies

68. The Government will step up efforts in expanding our aviation network by supporting the HKIA to explore new destinations and flights, particularly enhancing co‑operation with civil aviation counterparts from B&R countries. In parallel, we will combine the strengths of our airport and Zhuhai Airport to improve the Fly‑Via‑Zhuhai‑Hong Kong direct passenger service and jointly develop international air cargo business for greater synergy.

V. Build Hong Kong into an International Hub for High‑calibre Talents

Promote Development of an International Hub for Post-secondary Education

Nurture Future Talents and Establish the “Study in Hong Kong” Brand

108. The Government is committed to developing Hong Kong into an international hub for post‑secondary education. Relevant measures include:

1. incentivising more local students to pursue advanced studies – We will set up the Hong Kong Future Talents Scholarship Scheme for Advanced Studies, beginning in the 2025/26 academic year, offering scholarships each year to up to 1 200 local students enrolling in designated postgraduate programmes;
2. creating the “Study in Hong Kong” brand – We will strive to host international education conferences and exhibitions. We will also encourage local post‑secondary institutions to enhance collaboration and exchange with their counterparts around the world in promoting the “Study in Hong Kong” brand on a global scale, and to attract more overseas students, especially those from the Association of Southeast Asian Nations (ASEAN) and other B&R countries, to study in our city through the provision of scholarships and other incentives; and
3. improving hostel facilities – We will launch a pilot scheme to streamline the processing of application in relation to planning, lands and building plans, so as to encourage the market to convert hotels and other commercial buildings into student hostels on a self‑financing and privately‑funded basis, increasing the supply of student hostels. The Government will also make available suitable sites for the private sector to build new hostels, having regard to market demand. The Development Projects Facilitation Office under the Development Bureau (DEVB) will provide one‑stop advisory and facilitation services for these projects.

Annex: Indicators for Specified Tasks (Extract)

(II) Ongoing and Valid Indicators for Specified Tasks Introduced in the 2023 Policy Address

International Trade Centre

22. The Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC) to further set up consultant offices along the B&R within 2024‑25. (CEDB)

24. Continue to promote Hong Kong as the functional platform for the B&R Initiative in 2025:

• Organise promotional programmes and networking sessions to be attended by no less than 7 500 persons in total;
• Reach out to no less than 560 professional and business associations, chambers and community groups; and
• Organise business missions to five B&R countries with about 120 participants in total. (CEDB)