The Hong Kong government unveiled its annual budget on Wednesday, earmarking HK$6.5 billion to develop the Northern Metropolis, a key project in the government’s long-term strategy to diversify the economy and create a more livable city.
The Northern Metropolis, encompassing the New Territories North and Yuen Long, is envisioned as a vibrant and sustainable hub for innovation, technology, and creativity. The government aims to transform the area into a world-class economic powerhouse while preserving its unique natural and cultural heritage.
The HK$6.5 billion funding will support a wide range of initiatives within the Northern Metropolis, including infrastructure development, urban renewal projects, and talent attraction programs. Key projects include the construction of new roads, bridges, and railways to enhance connectivity within the region and with the rest of Hong Kong.
The budget also includes a significant investment in cycling infrastructure, with plans to build 65 kilometers of dedicated cycle tracks across the city. This is part of the government’s broader goal to promote sustainable transportation and encourage healthy lifestyles. The new cycle tracks will connect major residential, commercial, and recreational areas, making it easier and safer for people to cycle around the city.
Another key focus of the budget is on improving healthcare services. The government has allocated additional funding to expand hospital capacity, enhance primary healthcare services, and invest in new medical technologies. The aim is to ensure that all Hong Kong residents have access to high-quality healthcare, regardless of their financial means or background.
The budget also includes measures to support businesses, particularly small and medium-sized enterprises (SMEs). The government will provide tax concessions, subsidies, and other forms of assistance to help SMEs grow and create jobs. Additionally, the budget invests in education and training programs to equip Hong Kong’s workforce with the skills needed to succeed in the 21st-century economy.
Overall, the 2023-2024 budget reflects the government’s commitment to building a more prosperous, sustainable, and inclusive Hong Kong. By investing in key areas such as the Northern Metropolis, cycling infrastructure, healthcare, and business support, the government aims to improve the lives of all Hong Kong residents and secure the city’s long-term success..
