2024 Policy Address: Gov’t to strengthen trade, aviation and legal services

The validity period of multiple-entry visas for foreigners will increase to five years.

The government said it plans to strengthen its trade, aviation and legal services to serve global enterprises and facilitate their establishment of trading headquarters in Hong Kong.

Whilst delivering the 2024 Policy Address, Chief Executive John Lee said that the statutory maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation will be raised to 95%.

“It also includes extending the validity period of multiple-entry visas to the Mainland for foreign staff of companies registered in Hong Kong to five years,” he said.

Additionally, Lee said the government aims to promote electronic trade financing by experimenting with tokenised electronic bills of lading through its Project Ensemble Sandbox. 

“The Hong Kong Monetary Authority (HKMA) will work with other jurisdictions on a pilot basis to develop mechanisms for trade information transmission, promoting cross-boundary data transfers and the digitalisation of international trade,” Lee said. 

He added that HKMA expects to connect its Commercial Data Interchange with the system of the Land Registry next year.

The chief executive also stressed that the government will continue to expand Hong Kong’s economic and trade networks with Belt & Road countries by opening up trade in services with the Mainland. 

As for aviation, he said that Hong Kong will fully utilise the capacity of the Three-Runway System and will plan with the Airport Authority Hong Kong to expand the scale of the Airport City.

Moreover, he emphasised expanding cargo capacity in the bay area with the development of a sea-air intermodal cargo‑transhipment mode, collaborating with Dongguan.