Hong Kong’s largest political party on Tuesday urged the special administrative region government to offer more favorable policies in its first Policy Address next month to attract foreign investment and enterprises, so that the city can better seize opportunities under a changing international landscape.

The Democratic Alliance for the Betterment and Progress of Hong Kong submitted over a hundred proposals to Chief Executive John Lee Ka-chiu.

It advised the new government to actively attract leading international and Chinese mainland enterprises, especially inno-tech firms and funds, with favorable land grants and fiscal policies. By attracting them to develop businesses in the city, Hong Kong’s local industries will get boosted and more diverse and quality jobs will be offered.

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It is also necessary to expedite the signing of arrangements with other countries and regions to avoid double taxation, and to provide one-stop application and follow-up services for enterprises establishing their presence in Hong Kong, according to the party.

Other proposals put forward by the DAB include promoting the strategic development of trade and economic relations between Hong Kong and the Association of Southeast Asian Nations to a higher level, optimizing various talent admission schemes, and offering more quarantine exemption quotas for Hong Kong professionals and businesspeople who need to go to the Chinese mainland urgently.

Also on Tuesday, representatives from the Hong Kong Quality And Talent Migrants Association submitted their proposals on attracting talents and other aspects for the Policy Address.

The association warned that travel restrictions under the COVID-19 pandemic and the city’s current talent policies have caused a serious brain drain and labor shortage, especially in the construction and IT sectors.

The group has suggested that the SAR government review the needs of talent in different industries and formulate a comprehensive policy to attract experts and professionals from the Chinese mainland and overseas. 

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Suggested directions include giving subsidies and tax reductions to new talents to help with their settlement, providing comfortable and affordable living spaces for incoming talents and making it easier for their children to go to school in Hong Kong, according to the group.