It is important that the megaproject, expected to be Hong Kong’s engine of growth, proceeds expeditiously while adhering to high standards and monitoring
In a welcome step announced on Wednesday in the penultimate policy address of his current term, Chief Executive John Lee Ka-chiu is to raise the level of decision-making for the project with the establishment of a committee under his leadership. There will be three government working groups to oversee the development and statutory bodies or corporations to manage industrial estates within the project. Preferential policy packages, such as land grants and tax concessions, will also be considered to attract strategic industries.
Separately, a specific law will be enacted to enable the government to simplify statutory procedures. It will cover, among other things, the rules for managing the cross-border flow of data and capital. The law will also provide for the establishment of new bodies and funding channels so the government will not have to seek the Legislative Council’s approval each time.
The escalation of oversight and responsibility to the top level is a positive response to Beijing’s growing concern over the slow progress since the project was first floated in 2021. But as the new commander, Lee is directly accountable for any setbacks to the development, under which 30,000 hectares near the border will be revamped into a new economic powerhouse of the city in the next two decades.
