The chief executive of Hong Kong Special Administrative Region, John Lee, announced that Hong Kong will utilize the Technology Enterprises Channel to help mainland Chinese tech companies secure funding in Hong Kong, thereby enhancing financial backing for China's goal of becoming a global technology leader.
During his yearly policy speech, Lee stated he would head a committee focused on the Northern Metropolis development, an initiative that plans to create a new information technology center and academic district close to Shenzhen, China's technology hub. The project targets the creation of 650,000 employment opportunities and accommodation for 2.5 million residents. This development concept was initially proposed in 2021 by former chief executive Carrie Lam.
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Lee explained that the administration plans to create various funding programs and pass laws that would enable the government to streamline processes for matters like establishing industrial park corporations and accelerating construction permit approvals.
The metropolitan area's economic output is projected to have increased by 3.1 percent during the second quarter of 2025, driven by robust export performance and enhanced consumer spending domestically. Throughout the initial six months of this year, Hong Kong secured the top position worldwide for capital raised through initial public stock offerings, as numerous Chinese enterprises pursued Hong Kong listings amid ongoing tensions between the US and China.
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However, empty storefronts persist across different neighborhoods. Consumer purchases from January through July experienced a decline this year. Dining establishments have shuttered. This downturn resulted from visitors reducing their expenditures and numerous local residents choosing to travel to mainland China for weekend activities due to lower costs and greater variety of options. The metropolitan area's most recent unemployment rate stood at 3.7 percent.
A key aspect of Lee's policy initiatives involved strengthening new industries within a metropolis traditionally known for its financial and legal services sectors.
Advancing the artificial intelligence and data analytics sector became a priority. Officials intend to offer for bidding a 10-hectare site this year to construct a data center complex and establish an AI research facility in the following year.
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Lee aims to advance additional sectors such as pharmaceutical and medical products along with new energy initiatives. According to Lee, his administration plans to increase the maximum number of international students allowed at publicly funded universities starting with the upcoming academic year and will designate new locations for building student dormitories.