At noon on October 16, Li Jiachao, the Chief Executive of the Hong Kong Special Administrative Region of China, released the “Chief Executive's 2024 Policy Address”. Li Jiachao said that currently Hong Kong levies 100% of the import price on spirits. In order to promote the development of high-value-added industries such as alcohol trade, animal distribution and storage, tourism and high-end food and beverage consumption, the HKSAR Government refers to the successful experience of abolishing the red wine tax. From now on, the tax rate for spirits with an import price of HK$200 or above will be reduced from 100% to 10%, while the tax rate will remain unchanged for the portion above HK$200 and below, and spirits with an import price of HK$200 or less. Hong Kong media pointed out that lowering the spirits tax will boost the consumption of premium alcohol and promote Hong Kong's economy and trade. It can have a positive effect on restaurants in the short term. It will also help promote Hong Kong to become a spirits trading and auction center, or it will replicate the path that Hong Kong quickly became an Asian wine hub after lifting wine tariffs in 2008. A number of liquor industry insiders pointed out to Surge News on the 16th that Hong Kong's reduction in the spirits tax has significant benefits for the liquor industry, especially domestic liquor going overseas.

At noon on October 16, Li Jiachao, the Chief Executive of the Hong Kong Special Administrative Region of China, released the “Chief Executive's 2024 Policy Address”. Li Jiachao said that currently Hong Kong levies 100% of the import price on spirits. In order to promote the development of high-value-added industries such as alcohol trade, animal distribution and storage, tourism and high-end food and beverage consumption, the HKSAR Government refers to the successful experience of abolishing the red wine tax. From now on, the tax rate for spirits with an import price of HK$200 or above will be reduced from 100% to 10%, while the tax rate will remain unchanged for the portion above HK$200 and below, and spirits with an import price of HK$200 or less. Hong Kong media pointed out that lowering the spirits tax will boost the consumption of premium alcohol and promote Hong Kong's economy and trade. It can have a positive effect on restaurants in the short term. It will also help promote Hong Kong to become a spirits trading and auction center, or it will replicate the path that Hong Kong quickly became an Asian wine hub after lifting wine tariffs in 2008. A number of liquor industry insiders pointed out to Surge News on the 16th that Hong Kong's reduction in the spirits tax has significant benefits for the liquor industry, especially domestic liquor going overseas.