HONG KONG (Reuters) – Hong Kong’s leader began his annual policy speech on Wednesday with a promise to fix shortcomings, including a pledge to cut waiting times for public housing as authorities try to focus on citizens’ livelihoods.
John Lee, in his third speech as leader, said authorities would streamline procedures for companies wanting to list on the Hong Kong stock exchange and push for more international companies to be listed on the stock exchange.
The government also announced the establishment of an international commodity exchange and fuel bunkering center to tap green shipping and aviation opportunities.
Hong Kong’s small and open economy has been hit hard by the slowdown in China’s economy. It grew 3.3% in the second quarter compared to the previous year and is forecast to grow 2.5%-3.5% this year.
While tourist numbers have rebounded since the Covid-19 pandemic, with 46 million visitors expected this year, consumption and retail spending remain subdued, with stocks flat and capital flight remaining a challenge.
