Chief Executive John Lee said in the Government’s quest to further improve governance, he will set up the Chief Executive’s Policy Unit (CEPU) and establish a new investment company to further optimise the use of fiscal reserves.

Delivering his debut Policy Address speech today, Mr Lee noted that he has instructed the Financial Secretary to set up a new Hong Kong Investment Corporation (HKIC) to get the most out of the use of fiscal reserves for promoting the development of industries and the economy.

The HKIC will be tasked with consolidating the Hong Kong Growth Portfolio, the Greater Bay Area Investment Fund, the Strategic Tech Fund and the Co‑Investment Fund, pooling together such resources under the Government’s steer to invest in strategic industries, he explained.

The aim is to attract and support more enterprises to develop their businesses in Hong Kong.

In addition, Mr Lee pointed out that he will set up the CEPU within this year to enhance the Government’s capabilities in research and advocacy on long‑term and strategic issues.

The unit will conduct in‑depth studies and analyses on Mainland policies and developments as well as international trends and report the outcomes to the Chief Executive.

It will also put in place a mechanism for regular internal deliberations to assist the Government in formulating forward‑looking policies.

In the Government’s day‑to‑day decision‑making process, the Chief Executive has introduced the “red team” concept. The team is charged with playing the role of critics and opponents in order to facilitate a thorough review of the effectiveness of policy decisions and execution plans.

Mr Lee said he is confident that the “red team” will help plug any loopholes and improve the policies.

The Chief Executive has also set about 110 various indicators, including key performance indicators, for monitoring the progress and effectiveness of specified tasks and making timely improvements.

On the civil service front, the Government will update the Civil Service Code to clearly spell out the core values and standards of conduct that present‑day civil servants should uphold, including having a strong awareness of safeguarding national sovereignty, security and development interests.

Furthermore, the Chief Executive’s Award for Exemplary Performance will be launched next year to recognise meritorious and exemplary teams or colleagues on a regular basis, while the civil service disciplinary mechanism will also be enhanced.

Mr Lee stated that another key measure to strengthen the civil service management system is the introduction of the “government‑wide mobilisation” level to boost the existing mobilisation protocol.

Rosters will be drawn up in advance to include designated personnel from various departments who will stand ready to cope with major incidents that require deployment of considerable manpower, he added.