🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Hong Kong's Lam says restoring 'political system from chaos' is priority

Published 2020-11-24, 10:28 p/m
© Reuters. FILE PHOTO: Hong Kong Chief Executive Carrie Lam holds a news conference in Beijing

By Twinnie Siu and Clare Jim

HONG KONG (Reuters) - The Hong Kong government's priority is to "restore the political system from chaos", Chief Executive Carrie Lam said on Wednesday in her annual policy address, which did not deliver blockbuster steps to boost the economy or ease a housing crisis.

Lam's lengthy address to the semi-autonomous city's legislature was delayed by more than a month to accommodate her high-profile trip to Beijing for talks on how China can help with the finance hub's economic recovery.

But after briefly mentioning the city will contribute to efforts towards further integration of the Greater Bay area, a region that includes Hong Kong, Macau and nine cities in China's Guangdong province, she spent a large part of her address on the need to restore order and protect China's national security.

The central government's role in the former British colony has been in the spotlight, in particular with the imposition in June of a security law after months of pro-democracy protests - the most intense in decades - last year.

"In the past year or so, Hong Kong has experienced the most severe political challenges since its return to the motherland," Lam said. "One of our urgent priorities is to restore ... constitutional order and political system from chaos."

She accused foreign governments and legislatures of increasing interference in Hong Kong's affairs, which she said were China's internal affairs, and that their actions were jeopardising national security.

Lam said the government will introduce a bill to "enhance oath-taking" by civil servants and conduct widespread public education "to enhance the understanding of the rule of law".

The government will launch programmes to educate Hong Kong's youth, who were at the frontlines of last year's demonstrations, about respecting China's national flag and its anthem.

Lam spoke at length about prioritising "moral development" of youth and strengthening "their sense of national identity and awareness of national security."

Last year's protests were triggered in part by fears in Hong Kong that the central government was whittling away the freedoms granted when the city returned to Chinese rule in 1997 under a "one country, two systems" formula.

Lam, the city's least popular leader since the handover, presented her annual policy address via video last year after some opposition lawmakers disrupted the legislative session, jeering as she started her speech.

She did not face any opposition this year, after pro-democracy lawmakers resigned en masse after four of their colleagues were disqualified after China's parliament gave city authorities powers to oust lawmakers without court scrutiny.

LANTAU TOMORROW RELOADED

A plan to build vast artificial islands, estimated to cost at least HK$624 billion ($80.51 billion) -- the city's most expensive infrastructure project -- was expected to move further along in the coming year, Lam said.

The plan envisions building up to 400,000 housing units across 1,700 hectares of reclaimed land between Lantau island where the city's airport is located and the main Hong Kong island. It is backed by powerhouse property developers including New World Development and Henderson Land.

The Lantau Tomorrow Vision was first announced by Lam in her policy address in October 2018, but legislative discussions have been delayed by social unrest. At that time, residents were expected to move into new housing by 2032.

Additionally, Lam said the government will relax investment limits for Real Estate Investment Trusts and remove the double stamp duty for commercial property transactions. The government had no plan to remove stamp duty on residential properties.

Other economic measures included support for an iconic floating restaurant and offering dental treatment support for the elderly.

© Reuters. Hong Kong Chief Executive Carrie Lam delivers her annual policy address in Hong Kong

The protests and later the novel coronavirus pandemic have battered the city's economy, with full year gross domestic product (GDP) forecast to contract 6.1%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.