In his most comprehensive policy address yet, Hong Kong Chief Executive John Lee Ka-chiu mapped out dozens of policy measures to boost Hong Kong’s hub economy, help small and medium enterprises, shore up the property market, promote tourism, develop new tech-based industries, raise fertility and train talent, just to name a few.
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However, the emphasis on the economy should not divert attention from the key reforms outlined in Lee’s address, which – if successfully implemented – would have a transformative impact on Hong Kong’s economy and the city’s future.
The first key reform concerns the development of the Northern Metropolis, an area comprising almost a third of Hong Kong’s total area. Providing land for the development of two tech parks near Shenzhen, Guangdong province – China’s renowned innovation hub – the Northern Metropolis is intended to be a hub for innovation and the growth of technology-based industries that will transform and enhance Hong Kong’s economy. However, if existing developmental procedures persist, it could take decades and cost trillions for the project to come to fruition.
Talk of developing the small plot of land in Lok Ma Chau Loop bordering Shenzhen into a joint tech park goes back to the 1990s. Yet Hong Kong’s planning and development procedures are so cumbersome and costly that only three buildings, as part of phase one of the joint tech park, were completed earlier this year.
Decisive steps must be taken to put an end to high-cost and slow-paced development if Hong Kong’s technology dream is to become a reality.
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Soon after Lee took charge as chief executive, his administration took immediate steps to speed up procedures. In his first year in office, legislation was enacted to compress procedures in six ordinances covering town planning, land acquisition, land reclamation, roadworks and railways. Yet even with the best efforts, this legislation only sought to speed up land development by six years in the case of large plots of land and two years in the case of smaller plots.