Policy Address 2020 – The Future of HK?

In the Policy Address 2020, the Government has proposed more than 200 new measures and initiatives. In the last article, WYND team has introduced some of the short term assistance to economy and enterprise. While there are a huge number of other measures, WYND team has selected some highlights of the future planning for you.

Policy Address 2020 - Furture
Revitalising Industrial Buildings

The Government has proposed a pilot scheme in early 2021 for charging land premium according to “standard rates” in respect of lease modification applications. Accelerating the redevelopment of the industrial building, many of the old districts can be redeveloped for better city planning.

Traffic and Transport Infrastructure

Obviously, the redevelopment of old districts needs supporting infrastructure. Therefore, the MTR Corporation Limited is planning and designing the extension of some lines.

The concept of “sustainable development” has been a trend in policymaking. The Government will start consultation on multi-modal Environmentally Friendly Linkage System (EFLS). The proposed development would be a travellators network and elevated landscape deck to connect the Kwun Tong MTR Station. Since Kwun Tong is expected to be the next CBD, enhancing accessibility of Kowloon East would be extremely essential.

To increase the economic interactions with the neighbour region, there would be preparation work for cross-boundary commercial helicopter services.

Policy Address 2020 - Public Transport
International Innovation and Technology Hub

While IT industry a popular industry in modern society, the policymaker must have a plan for this industry.

International Innovation and Technology Hub: There would be a 5 year Global STEM Professorship Scheme with $2 billion budget to attract outstanding R&D talent from overseas. In addition, the Government will release the plan of Smart City Blueprint for Hong Kong 2.0 with more than 130 initiatives.

A one-stop service platform, “iAM Smart” will be launched. In this platform, people can easily find out a number of government and public utility electronic services.

International Financial Centre

Being the International Financial Centre for a long history, the Policy Address 2020 will also consider to further enhance the competitiveness of Hong Kong.

Fintech Proof-of-Concept Subsidy Scheme: This scheme is to encourage partnership between traditional financial institutions with startup to conduct the projects.

Establishment of a licensing regime: Public Consultation will start regarding monitor virtual asset service providers.

Policy Address 2020 - Financial Centre

👉 Tips from WYND Team: After reading the furture planning in Policy Address 2020, do not forget to check out the short term measures.

To read the full highlights of Policy Address 2020, please visit the government website here.

Hope you can benefit

As the old saying goes, a coin has two sides. Given the current unstable situation, planning for the future can help you alleviate the risks. Also, you might be able to turn it as your business opportunities too. Follow WYND’s blog page, keep checking out our latest blogs and we will offer various useful information and tips for Startups, SMEs.

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