December 6, 2022

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Chief executive John Lee’s maiden speech

John Lee, Hong Kong’s chief government, comes to produce his plan deal with at the Legislative Council in Hong Kong on Oct. 19, 2022.

Paul Yeung | Bloomberg | Getty Photos

Hong Kong Chief Govt John Lee on Wednesday introduced ideas to bring in talent and financial commitment to the town.

In his to start with policy address since he took office in July, Lee said the federal government would established apart billions to draw in companies to the town, and start a so-referred to as major expertise move plan to “entice abilities to pursue their occupations in Hong Kong.”

Hong Kong has missing countless numbers of residents because the pandemic began, worsening a “brain drain” from the international monetary hub.

“About the previous two several years, the neighborhood workforce shrank by about 140,000. Apart from actively nurturing and retaining local skills, the government will proactively trawl the environment for talents,” in accordance to an formal transcript of his speech.

People who make an once-a-year income of all over $318,000 or additional, and graduates from the world’s top 100 universities who have 3 yrs of do the job practical experience about the past five yrs, will be qualified for a two-calendar year pass “for checking out options in Hong Kong.”

Foreigners who enter Hong Kong under expertise attraction techniques, get a residential home and turn out to be long-lasting inhabitants will be equipped to apply for a refund of buyer’s stamp obligation and new residential stamp responsibility for their initial assets, Lee said.

“The arrangement applies to any sale and buy settlement entered from nowadays (19 October 2022) and thereafter,” he included.

What is Hong Kong's relationship with China?

The Dangle Seng index in Hong Kong highly developed slightly in early trade right before offering up individuals gains. In advance of the speech, it was down additional than .8%. It fell additional than 1% throughout the speech.

Shares of Hong Kong-shown authentic estate companies gave up before gains as Lee spoke. At the lunch split, China Overseas Land and Investment was up 2.25%, CK Asset gained 2.42% and Sino Land was 1.11% higher. Country Garden also extra .71%.

Lee, a Beijing loyalist, was the only candidate in the election in Might to swap his predecessor Carrie Lam. All over 1,500 customers of a mainly pro-Beijing election committee voted, and Lee gained 1,416 votes to grow to be Hong Kong’s best chief.

Hong Kong was a British colony ahead of it was handed to China in 1997 to be governed beneath a “one nation, two systems” framework. Hong Kong was promised autonomy for 50 yrs and has freedoms that other Chinese cities do not have, such as confined election legal rights.

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