Hong Kong's Chief Executive John Lee Ka-chiu is set to deliver a policy address that will focus on change and reform, following three months of public consultation aimed at tackling the city's economic and social challenges.

Despite signs of economic growth and new business registrations, Hong Kong continues to face issues such as rising unemployment at 3.7%, a sluggish property market, and a slow recovery in retail, highlighting ongoing economic disparities.

The government is expected to introduce initiatives including refining the labor importation scheme, developing a high-end art trading hub to boost creative industries, and strengthening innovation, technology, and international education sectors.

External pressures from geopolitical tensions, US-China trade relations, and internal demographic shifts like an aging population and changing consumer behaviors are prompting the government to adopt targeted policies for sustainable development.

Central to Hong Kong's future growth is the development of the Northern Metropolis, which relies on legal and administrative reforms and broader support from the business community to move forward.