Hong Kong Chief Executive John Lee Ka-chiu holds up copies of his third policy address at a press briefing on October 15, 2024. Lee said his third policy address, to be delivered on October 16, will focus on reforms aimed at enhancing the city's development and improving people's livelihoods. Photo: VCG

When Hong Kong Chief Executive John Lee Ka-chiu delivered on Wednesday his annual policy address, he outlined measures to boost the region's economy, improve livelihoods and further elevate the city's status as a global financial and commercial hub, while highlighting the city's unique institutional advantages of "One Country, Two Systems." 

The policy address comes as the central government has stepped up support for the Hong Kong Special Administrative Region (HKSAR) in a wide range of areas from financial markets to trade. With the support of the mainland, Hong Kong's economic development has a bright future despite certain challenges arising from global uncertainties, Hong Kong officials and experts said. 

Hong Kong will create a commodity trading ecosystem to attract relevant enterprises to establish a presence in the city, turning it into an operation center for international commodity trading, storage and delivery, shipping and logistics, risk management, and more, Lee said. 

To reinforce and enhance Hong Kong's status as an international financial hub, the city plans to deepen mutual market access and enrich the offshore yuan business, including setting up a central clearing system for yuan-denominated bond repurchase transactions, making yuan sovereign bonds issued in Hong Kong a more popular choice for collateral in offshore markets. 

To attract more stock market listings, the city will announce specific measures to provide greater certainty regarding the time required for vetting of listing applications, Lee said.

Liang Haiming, chairman of the Hong Kong-based China Silk Road iValley Research Institute, said that the HKSAR's proactive policy measures will  promote the development of new emerging industries such as green financing. 

"With the central government's continued solid backing and the HKSAR government's continued policy support and innovation, Hong Kong is expected to continue to play a key role in the global financial market," Liang told the Global Times on Wednesday.