Hong Kong Chief Executive Mrs Carrie Lam delivered her maiden policy address since taking office on July 1 last Wednesday (Oct 11). Breaking the tradition, Mrs. Lam delivered her speech in just over 40 minutes - saying she preferred to save the time to address questions from media and lawmakers since the full text would be available online.
Among other things, she announced her plans to put more investment in developing Hong Kong to become a smart city. The Chief Executive delivered her campaign promises by announcing tax benefits. In order to help smaller businesses thrive, profits tax is going to be slashed by half for the first HK$2 million. Businesses that invest in research and development (R&D) would also benefit from up to 300% tax deduction. Mrs Lam also addressed Hong Kong's long-standing housing issues, promising to build more homes to accommodate families struggling in one of the world's most expensive property market.