"The well-being of our people is intimately linked to the health of our economy, making economic growth the key driver of livelihood improvement," Mr Lee said.

Entitled "Deepening Reforms for Our People Leveraging Our Strengths for a Brighter Future", the Policy Address initiatives are well aligned with the city's competitive advantages under the "One Country, Two Systems" principle, Mr Lee said.

"With an ever‑expanding influence internationally, Hong Kong is rated the world's freest economy, as well as an advanced and business‑friendly city. These fully demonstrate the notable institutional strengths and great vitality of 'One Country, Two Systems'," he added.

The Chief Executive said the development of the Northern Metropolis, an area that borders the Mainland and accounts for about one-third of Hong Kong's total area and population, was a "new engine for Hong Kong's economic development and holds immense potential."

To accelerate its development, a new Committee on Development of the Northern Metropolis will be set up, chaired by the Chief Executive, with a view to raising the level of decision-making. Administrative workflows will be streamlined, while unnecessary barriers and restrictions will be removed. Additionally, dedicated legislation will be introduced to empower the Government to devise simplified statutory procedures for accelerating the development of the Northern Metropolis.

On industry development, Mr Lee said that artificial intelligence (AI) was "a key driving force".

"With our advantages in scientific research, capital, data and talent, together with abundant use cases, Hong Kong is poised to become a global hub for AI development," Mr Lee said.

The Government has launched the HK$3 billion (about US$386 million) Frontier Technology Research Support Scheme to help funded universities attract international top‑notch scientific researchers in AI and other fields to Hong Kong to spearhead basic research in frontier technologies, Mr Lee added.

Hong Kong has an advantage in internationalisation and possesses strong scientific research capabilities, with various universities participating in national aerospace projects. This, coupled with financing advantages, allows Hong Kong to promote the development of aerospace science and technology, supporting the space economy.

To attract more investment from the Mainland and overseas, Mr Lee announced that the Government would formulate preferential policy packages, that would include incentives such as land grants, land premiums, financial subsidies, and tax incentives, to attract high value‑added industries and high‑potential enterprises to set up in Hong Kong.

New industrialisation-related industries, such as aircraft recycling and new energy, will also be attracted and developed. The Government will foster the development of the life and health technology industry and set up the Hong Kong Centre for Medical Products Regulation, helping pharmaceutical companies bring innovative drugs to the market.

To consolidate Hong Kong's status as an international hub and integrate into overall national development, the Policy Address proposed a range of initiatives to support development of core industries.

Regarding financial services, the Government will expedite the building of a premier international gold trading market by supporting more institutions to establish gold storage facilities in Hong Kong, with a target gold storing capacity of over 2 000 tonnes in three years, propelling Hong Kong into a regional gold reserve hub. The Government will also encourage gold traders to set up or expand refineries in Hong Kong, establish a central clearing system for gold in Hong Kong, and offer a greater variety of gold investment vehicles.

Hong Kong is expected to become the world's largest cross-boundary wealth management centre in the next few years. The Government will enhance the New Capital Investment Entrant Scheme to attract more investors by lowering the transaction price threshold for residential properties from HK$50 million (about US$6.43 million) to HK$30 million (about US$3.86 million).

To propel Hong Kong towards becoming an international hub for post-secondary education and high-calibre talents, the Government will construct the Northern Metropolis University Town and establish the Task Force on Study in Hong Kong to promote the "Study in Hong Kong" brand.

Hong Kong is among the world's top three art trading centres. The Government will step up efforts to build Hong Kong into a global premium arts trading hub by developing an arts ecosystem at the Airport City, deepening collaboration with Art Basel, and engaging the industry to carry out studies on taxation, financing, talent, and related areas of art trading.

Mr Lee concluded, "Hong Kong faces challenges and is also presented with continuing opportunities amid the changing world. Our country, the world's second-largest economy, is our staunchest supporter and the source of our biggest opportunities. Combined with Hong Kong's international prospects, our opportunities far outweigh the challenges. By working together, innovating, and embracing reform, we will turn our beloved Hong Kong into an even better home for everyone. The Pearl of the Orient will keep shining brighter than ever before."

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