HONG KONG, Sept. 18 (Xinhua) -- John Lee, chief executive of China's Hong Kong Special Administrative Region (HKSAR), delivered his fourth policy address during his term on Wednesday, vowing to improve residents' livelihoods as the "ultimate objective in governance" of his administration.

The nearly three-hour address, titled "Deepening Reforms for Our People and Leveraging Our Strengths for a Brighter Future," came after three months of preparation and more than 40 consultation sessions.

In his speech outlining the city's strategic priorities for the year ahead, Lee unveiled a series of initiatives aimed at boosting the economy and enhancing residents' quality of life. Key measures include plans to establish an international gold trading market, expedite development in the Northern Metropolis, reinforce Hong Kong's position as an international hub, and foster a more inclusive society.

A major highlight of his policy address, Lee announced the establishment of the Committee on Development of the Northern Metropolis under his leadership with the aim of speeding up the development of the area.

"The Northern Metropolis, our city's strategic development area bordering Shenzhen, covers a land area and planned population intake accounting for about one-third of Hong Kong's total," Lee said, while delivering his policy address, adding that the area represents a substantial source of economic value and development potential.

Lee said that the committee, under which three working groups will be set up, will be tasked with streamlining administrative workflows and removing unnecessary barriers and restrictions.

Dedicated legislation will be introduced to speed up development of the Northern Metropolis, empowering the HKSAR government to devise simplified statutory procedures for a number of issues, he added.

In a bid to drive economic growth, Hong Kong will step up the development of artificial intelligence (AI) and data science industries. Lee detailed plans to facilitate an extensive and deep integration of AI across sectors, aiming for both "industries for AI" and "AI for industries."

To promote scientific research and leverage the city's talents, the HKSAR government has earmarked 1 billion Hong Kong dollars (about 128.62 million U.S. dollars) for the establishment of the Hong Kong AI Research and Development Institute in 2026, Lee said.

Hong Kong will capitalize on its advantages under "one country, two systems" and promote the early establishment of a mechanism for cross-boundary data flow from the Chinese mainland for scientific research purposes, supporting AI application testing and innovation, according to Lee.

AI application will also be scaled up. In terms of governance, the HKSAR government will set up an AI Efficacy Enhancement Team to coordinate and steer government departments to apply AI technology effectively to their work, explore process re-engineering and promote technological reform in departments, the chief executive said.

Lee also outlined plans to expedite the development of new growth areas to solidify Hong Kong's standing as an international financial center, including the establishment of an international gold trading market.

Additionally, the HKSAR will leverage the Technology Enterprises Channel to help Chinese mainland tech firms raise funds in Hong Kong, enhancing financial backing for China's development as a science and technology powerhouse, Lee said.

Lee also announced initiatives to refine the New Capital Investment Entrant Scheme (CIES), aimed at attracting talent and new capital and bolstering the city's asset and wealth management sector.

"Improving people's livelihood" emerged as a key theme in Lee's policy address, reflecting his commitment to prioritize this issue. He announced a range of initiatives aimed at enhancing the quality of life for residents, focusing on education, employment, poverty alleviation, and family support.

"Improving people's livelihood is my key policy priority. The economy and people's livelihood are mutually reinforcing," Lee said.

To expand educational opportunities, Hong Kong universities will be allowed to admit self-financing non-local students up to 50 percent of local student places starting from the 2026/27 school year, announced Lee in his address.

The current cap of non-local student intake stands at 40 percent of local places. Meanwhile, the over-enrolment ceiling for self-financing places in funded research postgraduate programs will be increased from 100 percent to 120 percent, he said.

To attract more international teaching and research talents and students, the Education Bureau of the HKSAR government will establish the Task Force on Study in Hong Kong, implementing measures to showcase the region's academic resources, scientific research, and international collaboration.

Lee emphasized the government's commitment to prioritizing local workers' employment, strengthening labor protections, including protecting digital platform workers, and enhancing occupational safety and health.

The HKSAR government has agreed to the new mechanism of adopting a formula for implementing the annual review of the Statutory Minimum Wage (SMW) rate proposed by the Minimum Wage Commission. The first SMW rate derived under the new mechanism is expected to take effect on May 1, 2026, according to Lee.

In its efforts to alleviate poverty, the HKSAR government will continue to adopt a targeted approach by directing resources to those most in need. Key measures include injecting 180 million Hong Kong dollars (about 23.14 million U.S. dollars) into the Child Development Fund to continue implementing projects promoting the long-term development of upper primary students from disadvantaged communities.

The HKSAR government will implement further measures under the multipronged policy approach to promote fertility, by extending the claim period of the additional child allowance for newborns from one year to two years, and further enhancing infant and child day care services.

Other measures to improve residents' livelihoods include increasing housing supply, enhancing care for the elderly, and supporting people in rehabilitation.

In the realm of international cooperation, Lee announced plans to establish a task force aimed at assisting Chinese mainland enterprises in their overseas expansion.

The HKSAR government will also establish a one-stop platform by mobilizing Hong Kong's overseas offices, as part of efforts to encourage mainland firms to use Hong Kong in expanding overseas business. Measures to be introduced include encouraging banks to establish regional headquarters and attracting mainland enterprises to set up corporate treasury centers in Hong Kong, Lee said.

On the front of global governance, Lee pledged full support for the work of the International Organization for Mediation (IOMed). The HKSAR government will organize international conferences, professional training, internships and other programs to help Hong Kong's young people and legal professionals work with the IOMed, nurturing more international mediation professionals for Hong Kong, Lee said.