Financial News
Policy Address by Hong Kong SAR’s Chief Executive John Lee: Improving People’s Livelihood in Pursuit of Happiness
October 19, 2024 at 00:00 AM EDT
"Over the past two years, my team and I have focused on economic growth and on improving people's livelihood through development, with the well‑being of the people of Hong Kong close to our hearts," Mr Lee said.
Hong Kong SAR's Chief Executive John Lee (second right) listened to local residents' views before formulating his Policy Address.
Noting that housing is an issue of great public concern, the Chief Executive announced various measures, including those to support home ownership, provide more public rental housing units and improve the quality of residential spaces.
To assist homebuyers, the Hong Kong Monetary Authority will relax the maximum loan-to-value ratio of property mortgage loans to 70%. The Government will also give young family applicants and one‑person applicants aged below 40 greater chance in applying for subsidised Home Ownership Scheme (HOS) flats. Mr Lee also announced detailed plans for the Government to legislate for a regulatory regime on the renting of subdivided units.
Meanwhile, the total supply of public housing units in the next five years will reach 189,000 units, and the waiting time for Public Rental Housing units will be reduced from the current 5.5 years to 4.5 years in 2026‑27.
"I attach great importance to building a harmonious and stable community, one that is caring and inclusive, providing targeted assistance to the underprivileged and families in need," Mr Lee said.
The Chief Executive announced that the total number of vouchers under the Residential Care Service Voucher Scheme for the Elderly will be increased by 20% to 6,000. This will allow more frail elderly persons to be admitted to Residential Care Homes for the Elderly (RCHEs) of their choice and receive subsidised care services without waiting.
For people choosing to retire in Mainland China, the Government will enhance the Residential Care Services Scheme in Guangdong Province to provide more choices and support for elderly persons who opt to stay in care homes in the province, including sharing part of the medical expenses of the participants. A three-year pilot scheme will be launched next year to subsidise elderly recipients of Comprehensive Social Security Assistance to reside in designated residential care homes in Guangdong. Under the scheme, each eligible elderly person will receive a monthly subsidy of HK$5,000, subject to a quota of 1,000.
The 2024 Policy Address overarches the priority of improving people’s livelihood and promoting a caring community.
On poverty alleviation, Mr Lee announced that the Strive and Rise Programme would be expanded with the launch of the third cohort of the programme this year to recruit 4,000 mentees. The Government will also extend the Pilot Programme on Community Living Room by setting up three additional ones next year, making it a total of seven. To support families in need, the School‑based After‑School Care Service Scheme will be enhanced by increasing the number of primary schools covered by the Scheme from 50 to over 110.
In addition, services for persons with disabilities will be further enhanced through the establishment of 14 Integrated Community Rehabilitation Centres across the city, providing some 1,280 additional service places. Also, about 1,040 additional places will be provided for day, residential and pre‑school rehabilitation services.
To support and encourage women to excel at work, the Chief Executive announced that the Government would launch a mentorship programme, "She Inspires", and establish a network run by women leaders from all occupations, which would enable female university students to be paired with mentors from the senior management of different sectors.
The Government will also establish one more support service centre for ethnic minorities to provide interpretation and translation services, and strengthen support for non-Chinese speaking students in learning Chinese.
"We must seize every opportunity to make progress and renew ourselves. I am confident that Hong Kong will continue to go from strength to strength and attain new heights, and our people will lead a better life," Mr Lee said.
More information about the Policy Address is available from www.policyaddress.gov.hk.
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