John Lee, chief executive of China's Hong Kong Special Administrative Region (HKSAR), delivered his fourth policy address on Wednesday, which he said is anchored in two pillars: the economy and people's livelihood.
Noting that this year marks the conclusion of China's 14th Five-Year Plan period and the preparatory year for the 15th Five-Year Plan, Lee said, the policy address serves as a roadmap for Hong Kong to strive for a vibrant economy, pursue development, and improve people's livelihood, accelerating advancement from stability to prosperity. It also outlines a strategic plan for Hong Kong to proactively align with national development strategies and achieve breakthroughs in forging a new landscape.
Lee stressed that his ultimate objective in governance is to improve people's livelihood.
Lee also announced plans to accelerate the development of the Northern Metropolis, establishing a "Committee on Development of the Northern Metropolis" under his leadership.
Furthermore, under "one country, two systems," Hong Kong enjoys the unique advantages of attracting overseas enterprises and assisting Chinese mainland enterprises to go global, Lee noted.
In the past, Hong Kong focused primarily on bringing in enterprises, achieving remarkable growth and success. The new opportunities ahead for Hong Kong, however, will come from helping Chinese mainland enterprises expand abroad, he said.
To strengthen governance, Lee said he will establish an accountability system for Heads of Department (HoDs) as well as an AI Efficacy Enhancement Team.
Lee indicated that the policy address will elaborate on the policy objectives, key measures and key performance indicators, and a supplement offering more details on the policy measures and related matters has also been compiled.
HKSAR chief executive delivers 2025 Policy Address
Farmers across the U.S. Midwest, a major agricultural hub with over 200 million acres of cropland, are facing unprecedented challenges as the cost of essential agricultural inputs, particularly diesel and fertilizer, has surged in recent weeks.
This sharp increase is largely attributed to the ongoing U.S.-Israeli war with Iran, which began in late February, and its ripple effects on global markets. The rising expenses are casting a shadow over the upcoming planting season, threatening to erode profitability for many.
At a farm in southern Illinois, preparations for planting season are underway, a process that critically relies on the application of fertilizer. However, the cost of this vital resource has escalated dramatically.
Brian Duncan, a farmer in Illinois, highlighted the global nature of the impact.
"The Strait of Hormuz is very important for transit of fuel and fertilizer, and it's a global market. So even if the shipments that were coming here are not impacted, what we will see is a global rise in price because of that insecurity, and it will impact us here," he said.
With many U.S. farmers locking in fertilizer prices last year, the full impact on farmers is only likely to be felt later in the year, if the conflict continues and fertilizer prices remain high.
Robb Ewoldt, a farmer in the neighboring state of Iowa, echoed these concerns. He noted that while farmers have faced high costs before, the current situation is compounded by depressed commodity prices for crops like soybeans and corn, meaning farmers face the prospect of producing at a loss this year.
"We have higher cost, and that's the biggest thing. We have had our costs be higher in the past, but right now, our commodity prices are a little bit depressed, and so it's making it very challenging to be profitable and make a positive cash flow for the year," said Ewoldt.
As fertilizer prices skyrocket, concerns are growing for many farmers. In the longer term, if input costs including fertilizer remain high, the consequences for farmers could be dire.
"The sentiment is, you know, when I go to meetings, we think, well, there's going to be, some of us aren't going to be here next year because we're not going to be in business," said Ewoldt.
"I'd say it's a time of concern, perhaps a time of survival mode, where we're looking to cut costs, not make any new expenditures, and try to hang on for either a better marketplace dynamic or a significant lowering of our input costs," said Duncan.
As the planting season commences, the inherent optimism of farmers will be put to the test against a backdrop of economic uncertainty and geopolitical volatility.
Soaring diesel, fertilizer costs hit US farmers
Soaring diesel, fertilizer costs hit US farmers
Soaring diesel, fertilizer costs hit US farmers
