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Policy Address

Mr President, Honourable Members and fellow citizens,

I. Foreword: Start a New Chapter Together

1. Today, I deliver the first Policy Address after my assumption of office as the Chief Executive. I deeply feel that I am charged with a heavy responsibility. I keep pondering the questions: What are the major concerns of our people? What is their vision for Hong Kong? And what are their expectations towards the Policy Address? Here, I express my gratitude to our people and all sectors of the community for offering me a wealth of suggestions over the past three months, and to my team for their concerted support. Together, we strive to build a better Hong Kong.

2. The world is undergoing profound changes unseen in a century. The pandemic and rapidly worsening global economic outlook, coupled with high inflation, interest rate hikes, tightening monetary policies, trade disputes and geopolitical tensions, have weakened the growth momentum of the global economy. This will affect the pace of our economic recovery.

3. Notwithstanding the challenges, Hong Kong has its own overriding advantages and enjoys abundant opportunities under the "One Country, Two Systems". With the strongest business environment worldwide, Hong Kong is an international financial, trade and shipping centre, as well as the world's largest offshore Renminbi (RMB) business centre. Apart from these, our emerging industries, such as innovation and technology (I&T), are thriving. Hong Kong has advanced infrastructure in both hardware and software, a sound legal system and top-notch talents from all over the world. Located at the heart of Asia, Hong Kong is the most preferred destination for multinational corporations to set up their operations in Asia. An open and diversified metropolis where old and new styles meet, Hong Kong is also an appealing city embracing both Chinese and Western cultures.