This undated photo shows Hong Kong Financial Secretary Paul Chan Mo-po giving an interview. (PHOTO / CHINA DAILY)

Financial Secretary Paul Chan Mo-po said on Wednesday that the latest Policy Address underscores the ongoing commitment to synergizing “a proactive government with efficient markets”, and integrating Hong Kong into the national development framework.

He made his remarks at a news conference following Chief Executive John Lee Ka-chiu’s Policy Address, the second of his tenure. 

When it comes to alleviating the housing supply, Chan noted the Policy Address promises to expedite the process of land creation to ensure a steady and ample supply of both private and public housing, Chan said

The Policy Address 2023 is “built on past achievements and charts an innovative course forward”, Chan said. “It seeks to stimulate economic growth across all sectors, enhance the standard of living, and establish proactive strategies for Hong Kong’s future development.”

ALSO READ: CE unveils policy to boost childbirth, eases property curbs

In terms of advancing the city’s economy, it opens up opportunities for international cooperation and plans to establish various dedicated offices to promote the development of various sectors, he said.

When it comes to alleviating the housing supply, Chan noted the Policy Address promises to expedite the process of land creation to ensure a steady and ample supply of both private and public housing, Chan said.

Hong Kong’s new blueprint shows that there will be a land reserve of at least 1,000 hectares after taking into account the projected land demand.

The finance chief struck an upbeat note on the Policy Address as he believes it injects great momentum into the short-, medium-, and long-term development of the international financial hub.

READ MORE: Policy push

He said that as an open economy, Hong Kong’s short-term economy is easily affected by changes in the external environment, and warned that the economic environment will impact local financial markets.

Chan pledged to “fully implement” the various measures proposed in the Policy Address by allocating necessary funding and resources while carefully balancing the fiscal account.

tianyuanzhang@chinadailyhk.com