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BUSINESS7h agoHong Kong aims to raise innovation spending to 3% of GDP by about 2030Hong Kong will strive to raise its expenditure on innovation activities to a level equivalent to 3 per cent of gross domestic product (GDP) by around 2030, nearly double the current rate, according to the city’s first five-year plan. Chief Executive John Lee Ka-chiu unveiled the ambitious goal, together with measures to boost frontier technologies, including aerospace research, on Wednesday. Among the 22 indicators laid out in the plan, the government aims to raise the ratio of total domestic...South China Morning Post
BUSINESS7h agoHong Kong sets 5-year plan to double innovation spending, boost new industriesHong Kong’s leader has unveiled the city’s first five-year blueprint, aligned with China’s national development strategy, setting targets to nearly double innovation spending and raise the share of manufacturing and new industries to 5.5 per cent of the economy. In a historically significant new approach, Chief Executive John Lee Ka-chiu prefaced his annual policy address on Wednesday with a comprehensive set of binding and anticipatory or aspirational longer-term targets for Hong Kong up to the...South China Morning Post
POLITICS7h agoHong Kong leader vows support for media’s global reach, to review TV practice codeHong Kong’s leader has expressed renewed support for the local media industry, including strengthening its global reach and reviewing the code of practice for television to ensure it keeps abreast with the times. Chief Executive John Lee Ka-chiu made the pledges in both the city’s first five-year plan and the policy address he unveiled on Wednesday. In the section on “Develop an East-meets-West Centre for International Cultural Exchange” under the five-year plan, Lee said: “We will strengthen...South China Morning Post
POLITICS8h agoHong Kong to offer ‘attractive’ merger deals for schools beyond those strugglingHong Kong education authorities will offer a “very attractive” proposal and policy support to encourage schools without survival issues to merge amid the shrinking student population, according to official sources. The government said it might allow aided schools and semi-private Direct Subsidy Scheme (DSS) schools to merge and operate across two campuses, though all arrangements remained subject to the forthcoming announcement of further details. Chief Executive John Lee Ka-chiu announced that...South China Morning Post
BUSINESS8h agoHong Kong targets film tourism boom and higher-level tennis tournamentsHong Kong will introduce themed tourism routes showcasing the city’s most recognisable filming locations and explore upgrading Victoria Park’s Centre Court to host higher-level tennis tournaments, as authorities seek to significantly increase the sector’s economic contribution under the city’s first five-year development plan. The 2026-30 blueprint aims to raise the tourism industry’s value added from HK$86.2 billion (US$10.9 billion) in 2024 to HK$126 billion by 2030 – an increase of about 40...South China Morning Post
BUSINESS8h agoFirst building in Hong Kong’s university town project to be ready in monthsThe first building in the 1,000-hectare (2,472-acre) university town project in the Northern Metropolis will be completed by the end of this year, Hong Kong’s leader has said, revealing that the flagship tower is called Loop Academy One. Announcing Hong Kong’s first five-year plan on Wednesday, Chief Executive John Lee Ka-chiu also revealed the official names of the three Northern Metropolis developments: San Tin University Town, Hung Shui Kiu University Town and Ta Kwu Ling University Town. The...South China Morning Post
BUSINESS9h agoHong Kong to woo finance and tech firms with new tax breaksHong Kong will introduce various tax incentives for new finance and technology industries to attract businesses and reinforce the city’s role as a leading financial hub, the city leader has announced in his policy address. Tax concessions to draw intellectual property (IP) businesses and selected industries to the city were among the new measures Chief Executive John Lee Ka-chiu announced on Wednesday, while the halving of the profits tax rate for gold traders would be sped up. To speed up the...South China Morning Post
DISASTER10h agoHong Kong leader pledges building maintenance reforms after fatal Tai Po fireHong Kong’s leader has pledged to overhaul the city’s building maintenance regime and improve emergency response as part of the government’s response to last year’s fatal Tai Po fire, while authorities study criminalising bid-rigging and plan to submit a proposal later this year. The measures were outlined in Chief Executive John Lee Ka-chiu’s policy address on Wednesday, amid pressure on the government to strengthen oversight of renovation works after the city’s deadliest fire in decades at...South China Morning Post
SCI & TECH10h agoHong Kong to set up ‘AI city brain’ to boost disaster response and public safetyHong Kong will create an “AI city brain” system to strengthen its response to extreme weather events, major incidents and public order management, while creating the role of artificial intelligence commissioner to tackle emerging challenges. While the city’s first five-year plan set out a vision to advance technology development, Chief Executive John Lee Ka-chiu outlined seven key areas of AI risk governance in Wednesday’s policy address, including efforts to combat the use of AI in crime and...South China Morning Post
POLITICS10h agoHong Kong’s HK$30,000 bonus for second child among 11 new measures to boost birthsHong Kong authorities have rolled out 11 new initiatives to encourage residents to have children, including an expanded cash bonus scheme and a reduced down payment for subsidised housing for parents with newborns. In the latest policy address delivered on Wednesday, Chief Executive John Lee Ka-chiu announced that the HK$20,000 (US$2,550) newborn bonus scheme, expiring on October 24, would be extended for another three years. He added that the cash bonus for second and subsequent children would...South China Morning Post
WORLD10h agoHong Kong launching pilot scheme to bring in foreign carers for the elderlyHong Kong will introduce a pilot scheme next year to bring in foreign domestic carers to look after older residents as part of a broader package of measures announced in the policy address to deal with an ageing population. Chief Executive John Lee Ka-chiu said in his address on Wednesday that the government would admit carers under a scheme modelled on the city’s existing foreign domestic helper regime. “With reference to the existing regime for admitting foreign domestic helpers, the...South China Morning Post
SCI & TECH10h agoHong Kong aims to raise zero-carbon energy share of fuel mix to 30% by 2030Hong Kong has pledged to boost the share of zero-carbon energy in its electricity generation fuel mix to 30 per cent by 2030, up from the current 28 per cent – one of four binding environmental protection targets set out in the city’s first five-year plan on Wednesday. The binding goal aligns with existing climate protection strategies that target a zero-carbon energy share of between 60 and 70 per cent by 2035, as part of the city’s broader push towards carbon neutrality by 2050. “With these...South China Morning Post
SCI & TECH10h agoHong Kong Jockey Club to plough HK$3b into new research facility in Northern MetropolisThe Hong Kong Jockey Club has said it will funnel HK$3 billion to support the construction of a Life and Health Academic Research Building at the city’s new Northern Metropolis University Town. During his policy address on Wednesday, Hong Kong leader John Lee Ka-chiu announced the creation of an integrated teaching and scientific research building in the Northern Metropolis. In a statement issued soon after the chief executive’s speech, the club said its Charities Trust had made a donation that...South China Morning Post
POLITICS13h agoHong Kong’s first five-year plan seeks to boost innovationHong Kong Chief Executive John Lee Ka-chiu presented the city’s first ever five-year plan, including steps to bolster innovation, birth rates and financial activity. The city aims to raise spending on innovation to 3 per cent of gross domestic product after 2030 from 1.63 per cent in 2024, Lee said as he announced the plan on Wednesday alongside the traditional annual policy address. There were also steps to accelerate construction of the tech-focused Northern Metropolis megaproject on the...South China Morning Post
DISASTER14h agoHong Kong must prepare for the impact of heat-related work stoppagesAt the beginning of August, when temperatures in Hong Kong hit highs not seen for at least 140 years, the Labour Department’s Heat Stress at Work Warning system remained at the amber level, the lowest of three tiers. The controversy that followed raised a broader question: are our heat warnings adequately protecting people who work outdoors? The Labour Department has since announced changes that will lead to earlier heat-stress warnings. These improvements to worker protection are welcome. But...South China Morning Post
WORLD14h agoThe 50 Best Hotels 2026: Rosewood Hong Kong named No.1 as 21 European hotels included in rankingThe top rated property on the continent is Lake Como’s Passalacqua, coming in fifth overall on The 50 Best Hotels 2026 list.EuroNews [en]
BUSINESS14h agoUS crypto bill stumble sparks call for Hong Kong to seize ‘critical strategic window’The US Senate’s rejection of the Clarity Act – a landmark bill meant to regulate cryptocurrency market structure – has opened a window for Hong Kong to accelerate its digital asset ambitions, industry insiders say, even as the sector remains mired in a slump after a brief rally last month. Beijing’s ban on crypto remains in force in mainland China, but Hong Kong has received approval to develop itself as a digital asset hub, with the stalled push in Washington presenting the city with what...South China Morning Post
WORLD15h agoHong Kong court terminates trial after suspect in deadly 1991 hold-up dies of cancerA Hong Kong court has terminated a trial arising from a deadly shooting during a botched robbery three decades ago after the defendant died in custody earlier this week. The High Court on Wednesday discharged a seven-member jury presiding over the trial of Wen Wenye, who allegedly took part in the murder and attempted robbery at Shun Fat Company, a second-hand goods shop in Sham Shui Po, on June 9, 1991. A government statement on Monday said Wen, 62, died in hospital that afternoon after he was...South China Morning Post
BUSINESS16h agoHong Kong rated Asia’s top financial hub for 4th straight year: reportHong Kong has retained its status as Asia’s top financial hub for a fourth consecutive edition of the Global Financial Centres Index (GFCI), even as many of the world’s leading centres saw their scores slip slightly amid rising geopolitical headwinds. The city also ranked third globally in the 40th edition of the twice-yearly report, released on Wednesday amid a remarkably tight race at the top of global finance. Hong Kong scored 756, just one point behind London on 757 and a point ahead of...South China Morning Post
BUSINESS16h agoHong Kong unveils first five-year plan to cement position as global financial hubHong ⁠Kong leader ​John Lee on Wednesday unveiled the city's first five-year plan to boost its global position as a financial hub. The plan serves as a social and economic roadmap detailing the city-state's strategic priorities, including an aim to expand technology ties with mainland China.France 24 [en]
POLITICS20h agoHistoric moment for Hong Kong as John Lee set to deliver city’s first ever 5-year planThis live article is freely available to our registered users. Please log in or create an account. Hong Kong leader John Lee Ka-chiu will unveil the city’s first five-year plan at the legislature on Wednesday morning, followed by his annual policy address. The highly anticipated plan, which comes after a two-month public consultation, aims to align the city’s priorities with the nation’s 2026-30 development blueprint. Lee said in an op-ed on Monday that the blueprint will include both binding...South China Morning Post
POLITICS22h agoHong Kong policy address to unveil bold youth housing and mediation initiativesHong Kong’s leader will unveil two bold initiatives on housing and mediation in his policy address, the South China Morning Post has learned, with the government planning to boost home ownership rates among young couples and prioritise settling official commercial disputes through the city’s mediation body. The new measures, to be unveiled by Chief Executive John Lee Ka-chiu on Wednesday, aimed to strengthen the city’s status as a global mediation capital while improving livelihoods, government...South China Morning Post
BUSINESS22h agoSoutheast Asian buyers emerge as top non-local investors in Hong Kong commercial propertySoutheast Asian investors have emerged as the largest non-local buyers of Hong Kong commercial property, led by Singapore-based capital, according to Savills. As of Tuesday, local and non-local investors – including those from mainland China – were behind an estimated HK$30.36 billion (US$3.87 billion) in transactions involving commercial property deals above HK$50 million in Hong Kong so far this year, data compiled by the property consultancy showed. Southeast Asian investors contributed...South China Morning Post
BUSINESS1d agoHong Kong finance chief urges Cathay to keep fares attractive, add routesHong Kong’s finance chief has called on Cathay Pacific Airways to offer attractive fares and expand its route network, as China’s national development plan reinforces the city’s status as a global aviation hub. Speaking at Cathay’s 80th anniversary celebration on Tuesday, Financial Secretary Paul Chan Mo-po described the flag carrier as more than just a transport provider, calling it an ambassador for Hong Kong that reinforced the city’s status as a global aviation hub and “superconnector”. Chan...South China Morning Post
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