Hong Kong leader John Lee Ka-chiu will deliver a major policy address on Wednesday to unveil the city’s first 5-year development plan and focus heavily on boosting the economy through technology. A central highlight is the Northern Metropolis, a massive 30,000-hectare project in the northern New Territories.
The HK government plans to cut red tape and relax business rules to help companies set up shop faster, though urban planning and safety rules will remain strict. This megaproject aims to diversify the economy, create skilled jobs, offer larger homes and build a brand-new university town.
To support this expansion, the government plans to increase funding for research postgraduate and doctoral places in universities. The goal of Hong Kong is also to consolidate its status as a global leading technology hub in addition to Shenzhen and Guangzhou. To do this, Hong Kong will adopt a “North-Central-South” approach to link its three major technology centres.
In addition, 5 leading research centres will venture into areas such as artificial intelligence, microelectronics and biotechnology. Artificial intelligence will be integrated into services in industries like tourism and finance. New legislation will address any crime committed using these technologies.
Business leaders want clear details and timetables to plan their investments effectively. Some have suggested flexible land payment models and joint partnerships between the private sector and industrial parks. Technology experts are also calling for relaxed rules to test driverless cars and drones in the less crowded Northern Metropolis.
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They also want a smoother cross-border flow of research data and equipment with mainland China. Observers believe this landmark address will shape the city’s long-term future.
