Hong Kong Policy Address 2023: Here’s what you need to know

In efforts to spike up the record-low birth rate in Hong Kong, the government will be offering a monetary incentive to encourage more Hongkongers to have children. 

Starting today, families with newborns will receive a one-off $20,000 handout from the government if at least one of the parents is a permanent resident of Hong Kong. This will be implemented for a period of three years, after which it will be reviewed. 

Additionally, the waiting time for public rental housing for these families will be reduced by a year, with 10 percent of government-subsidised flats reserved for them with priority access to purchase.

An action plan for the development of the Northern Metropolis will be released. The area is set to be divided into four zones: a professional services and logistics hub, an innovation and technology zone, a boundary commerce and industry zone, and a recreation, tourism, and conservation zone.

To encourage private sector investments and explore new markets, the government will dedicate $4.3 billion towards the film development fund and the CreateSmart Initiative. Furthermore, a new financing scheme will be implemented specifically for Hong Kong productions, enabling their distribution in the mainland market.

The waiting time for public housing applicants is set to be reduced to an average of four and a half years by 2026-27.

In the first half of next year, the advance allocation scheme will make over 2,000 public rental flats available five to eight months ahead of schedule. Additionally, a total of 2,100 simplified public rental housing flats will be ready by 2024-25, and the entire batch of 30,000 homes will be completed by 2027.

Starting 2024, the authorities will further open up the restricted areas in Sha Tau Kok to tourists (except Chung Ying Street). In the initial phase, visitors will have the opportunity to apply for permits online. Discussions will be held with the Shenzhen government to explore the feasibility of allowing tourists from both sides to enter the area.

By the first half of 2024, the government will unveil its plans for transitioning to green technology with the aim of achieving zero vehicle emissions by 2050. Approximately 700 electric buses and 3,000 electric taxis are set to be introduced by 2027, with a total of $50 million allocated to subsidise the purchase of wheelchair-accessible electric taxis.