What Expats Should Know about the 2024 Policy Address
Chief Executive John Lee’s 2024 Policy Address outlined various actions Hong Kong’s residents could expect from its government in the year to come. For expats, certain reforms might catch your attention including talent admission, healthcare, housing, and elderly and childcare.
In this Pacific Prime Hong Kong article, we will unpack Hong Kong’s vision for the coming year and what this could mean to expats coming to or living in this island city.
Hong Kong 2024 Policy Address
Chief Executive John Lee delivered his 2024 Policy Address on 16 October, 2024. This year, the address covers a wide array of developments including:
- The implementation and strengthening of the ‘One Country, Two Systems’
- Enhancement of Hong Kong’s status as an international trade and financial hub
- Development of new productive forces, especially in innovation and technology industries
- Hong Kong as a hub for high-caliber talents
- Integrated development of culture, sports, and tourism
- Lowering the ladder for home ownership
- Deepening reform on the healthcare system
- Creating an inclusive community
However, among the several policies announced, expats coming to or living in Hong Kong might want to focus on specific reforms such as talent admission mechanisms, housing, healthcare, elderly care, and childcare.
We will expand more on what you can expect from the Hong Kong government in these key areas in the following sections.
Hong Kong as an International Hub for Talents
To make Hong Kong an attractive destination for global high-caliber talents, the government has announced several reformations to the island’s talent admission mechanisms, including:
Expand the List of Universities Under the Top Talent Pass Scheme (TTPS)
The TTPS allows graduates from top universities in the eligible university list and high-income talents to stay and explore their opportunities in Hong Kong for 24 months.
The expansion of the universities list means more opportunities might become available for new graduates and young professionals to secure their professional opportunities in Hong Kong.
Proactive Invitation for Top-Notch Talents through the Quality Migrant Admission Scheme (QMAS)
The QMAS allows highly skilled or talented individuals to settle and work in Hong Kong without a prior job offer. Applicants must pass a certain minimum passing mark in one of the two point-based tests to be considered for this stream.
The two point-based tests include the General Points Test and the Achievement-based Points Test.
Talent List Update
The Talent List is a list of in-need professions targeted by Hong Kong for its economic development. The change to the Talent List will be crucial for expats and talents entering Hong Kong through the General Employment Policy (GEP) and the QMAS.
Under the GEP stream, employers will be exempted from proving the difficulties in finding local recruits if their job vacancy is under the Industry Segments and Occupations (ISOs) on the Talent List. This means it will be easier for them to hire foreign talents to fulfill the position.
Under the QMAS stream, applicants will be awarded 30 bonus points in the General Points Test if their profession is on the Talent List.
As of 2023, the list comprises 51 professions in 9 industry segments.
Lower the Ladder for Home Ownership
Housing has long been a pressing issue for the land-limited Hong Kong. The 2024 policy Address outlined the government’s ambitious plan to lower the ladder of homeownership for young families and individuals as well as improve the quality of housing.
For Young families and individual applicants below the age of 40, the government will issue extra ballot numbers for buying property under the Home Ownership Scheme as well as extra quotas for subsidized homes in the second-hand market.
Foreign citizens might be eligible to apply for public housing if they have the right to land in Hong Kong, have lived in Hong Kong for at least seven years, and are still living in Hong Kong. For the full list of eligibility, please visit Hong Kong Housing Authority website.
Aside from lowering the housing ladder for young generations, the government also aims to phase out the low-quality subdivided flats that have fallen under local and international criticisms for poor quality of life.
Owners must ensure that their housing units meet the legal requirements of:
- Having windows
- Having toilets
- Having a minimum size of 89 sq ft.
Owners whose housing units do not meet the aforementioned requirement might face criminal charges, while tenants will not be subjected to these penalties.
Healthcare Reform
With growing senior populations and straining public healthcare systems, the government of Hong Kong has announced more support for the primary healthcare system such as through the community pharmacy program.
The community pharmacy program will allow patients with chronic but stable conditions like diabetes or high blood pressure to get their prescriptions from community pharmacies without a trip to the hospital.
The government will also aim to step up more preventative healthcare measures such as the risk-based screening trial program for prevalent cancers and integrated medical-educational-social collaboration model for mental health to lighten the load of the public healthcare system,
Creating an Inclusive Society
As mentioned earlier, with the Hong Kong population turning more silver, the government aims to step up subsidized elderly care as well as childcare services to create a society inclusive of all ages.
Measures introduced in the 2024 Policy Address include a coverage expansion for the Residential Care Services Scheme (RCSS) in Guangdong as well as increasing the number of vouchers in the Residential Care Service Voucher Scheme for the Elderly by 20%
The Residential Care Service allows the elderly who may not be able to receive necessary care or assistance at home to receive the personal and medical care they need at a dedicated assisted-living facility.
Meanwhile, to support childcare and working parents, the government also pledges to increase daycare service places in aided standalone childcare centers and the Neighbourhood Support Child Care Project.
Conclusion
The 2024 Policy Address demonstrated the Hong Kong government’s commitment to keep the island competitive amidst the changing demographics and troubled economic and geopolitical landscape.
Several policies addressed the government’s commitment to strengthening the island’s governance as well as enhancing its position as the international financial and trade hub, among others.
However, for expats coming to or living in Hong Kong, reforms in the areas of global talent admission, housing improvement, and subsidized elderly and child care could be of note as these reforms could impact your entry to or your stay in Hong Kong.
Pacific Prime Hong Kong has always been committed to making your stay in this vibrant city pleasant. For over 20 years, we assisted worldwide expats in securing health insurance plans that suit their needs and budgets in Hong Kong.
Whether you are a digital nomad always on the move or global talent looking to settle somewhere new with your family, we can help you.
Contact us today to compare your plans and quotes, free of charge.
Coming to Pacific Prime, she is ready to utilize her experience for the new pursuit. With a strong passion for storytelling and writing, she hopes her words could help bring people closer to the best international health insurance plan that works for them. After all, as a writer, there is no greater honor than when one’s words can add clarity to the world of the readers.
Apart from writing, she is an avid planespotter. On the weekends, you can expect to find her loitering around the airport, gawking at all the aircrafts taking off and landing. When the weather does not permit planespotting, you can find her huddling on her cozy couch, watching ballet and figure skating as well.
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