However, the emphasis on the economy should not divert attention from the key reforms outlined in Lee’s address, which – if successfully implemented – would have a transformative impact on Hong Kong’s economy and the city’s future.

Talk of developing the small plot of land in Lok Ma Chau Loop bordering Shenzhen into a joint tech park goes back to the 1990s. Yet Hong Kong’s planning and development procedures are so cumbersome and costly that only three buildings, as part of phase one of the joint tech park, were completed earlier this year.

Decisive steps must be taken to put an end to high-cost and slow-paced development if Hong Kong’s technology dream is to become a reality.

Soon after Lee took charge as chief executive, his administration took immediate steps to speed up procedures. In his first year in office, legislation was enacted to compress procedures in six ordinances covering town planning, land acquisition, land reclamation, roadworks and railways. Yet even with the best efforts, this legislation only sought to speed up land development by six years in the case of large plots of land and two years in the case of smaller plots.