In celebration of the 27th anniversary of Hong Kong’s return to Chinese rule, Beijing will gift two giant pandas to the city. Chief Executive John Lee announced this during the handover ceremony on Monday, marking the start of his third year in office.

Focus on Economic Growth and Livelihoods

Lee emphasized the importance of economic development and improving residents’ quality of life. He outlined plans to enhance the light public housing scheme, aiming to reduce the waiting time for public housing from six years to 4.5 years by 2026-27.

Strengthening Competitive Edge

To bolster Hong Kong’s competitive position, Lee highlighted the development of the “headquarters economy,” financial services integration with mainland China, and growth in sectors such as innovation, technology, and pharmaceutical research. The completion of Kai Tak Sports Park is also expected to enhance the city’s status as a hub for international arts and cultural exchanges.

Leveraging National and Global Opportunities

Lee’s third focus is to align with national strategies, leveraging projects like the Northern Metropolis for growth. He also aims to strengthen Hong Kong’s role as a global city, exploring new markets in ASEAN, the Middle East, Europe, and the West.

New Travel Permit for Non-Chinese Residents

Following Lee’s speech, Beijing announced a new travel permit for Hong Kong’s non-Chinese permanent residents, allowing five-year entry into mainland China with stays of up to 90 days each.