That was delivered in the wake of the SAR losing about 140,000 people in the past two years to emigration amid the Covid pandemic and the political environment.

Lee spent two hours and 45 minutes delivering his address at the Legislative Council, which covered a wide range of topics.

The talent measures include refunding extra stamp duty paid by eligible incoming talent in purchasing homes in Hong Kong after they have resided here for seven years and become permanent residents.

Lee also launched the two-year Top Talent Pass Scheme for people who earn HK$2.5 million or more annually and for those who graduated from the world's top 100 universities with at least three years of work experience over the previous five years to apply.

Still, people who lack three years' work experience but graduated from top universities in the past five years could still apply for the scheme - subject to an annual quota of 10,000.

Applicants will not need a work offer when heading to Hong Kong, but they must be employed when they apply to extend a working visa for three more years, with Lee also extending the limit of stay for overseas talent.

Government sources said the scheme will launch in December, and the aim is to process applications within a few weeks. The first batch of talented people is expected by the first quarter of 2023.

Also eligible for the scheme will be graduates from some 160 universities that appear in four top listings: QS World University Rankings, Times Higher Education World University Rankings, Shanghai Jiaotong University's Academic Ranking of World Universities, and the US News & World Report Best Colleges Ranking.

Lee also relaxed requirements of current visa schemes covering the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals as well as suspending the annual quota of the Quality Migrant Admission Scheme for two years.

And non-local graduates will be allowed to stay in Hong Kong for two years rather that the present one year.

Additionally, the administration will expand the scope of arrangements to cover people graduating from the Greater Bay Area campus of a Hong Kong university on a pilot basis for two years.

Chief Secretary for Administration Eric Chan Kwok-ki and Financial Secretary Paul Chan Mo-po will lead the Talents Service Unit and the Office for Attracting Strategic Enterprises, respectively. Both offices will be established this year.

Further, Lee will set aside HK$30 billion from the Future Fund to establish the Co-Investment Fund led by Paul Chan for attracting enterprises to set up in Hong Kong and to invest in their businesses.

Speaking after his address, Lee said people should not underplay Hong Kong's competitiveness in competing for overseas talent.

"We have our own unique advantages and environments, and Hong Kong itself is attractive," Lee declared, noting that it appealed before the anti-fugitive protests and the Covid pandemic.

"The attractiveness is like DNA," he added, "and it will never change."

Despite neighboring countries launching similar visa schemes for high earners, including Singapore, which is often seen as Hong Kong's main Asian rival, human resource consultants agreed Hong Kong enjoys unique advantages.

"We cannot make the comparison simply on the scheme itself as it depends on the nature of different industries or professionals and matching facilities provided by governments," said Lawrence Hung Yu-yun, president of the Hong Kong Institute of Human Resource Management.

But he said the HK$2.5 million threshold for the Top Talents Pass may be too high as small to medium-sized enterprises that need outstanding people may not have the resources to hire management level individuals.

Hung also said the seven-year line on refunding the extra stamp duty could hinder mobility and skills exchanges involving talented people.