Hong Kong will lower its stamp duty on stock transfers and reduce bourse market data fees, part of efforts to boost the competitiveness of one of Asia’s largest stock markets.

The Asian financial hub will reduce stamp duty on stock transfers to 0.10% of the value of the trade for both the buyer and seller, from the current 0.13%, Hong Kong Chief Executive John Lee said in an annual policy address Wednesday.

Officials intend to complete legislative procedures for the change by the end of November, he said.

“A vibrant stock market is vital for upholding Hong Kong’s status as an international financial centre and maintaining our competitiveness,” Mr. Lee said.

The Hong Kong Exchange will also lower some market data fees later this year, and review the fee structure of its real-time data services, he said. The bourse and financial regulators also plan to consider reducing minimum trading spreads, with market consultations to take place in the second quarter of 2024.

The local exchange will also roll out new listing rules for research-and-development-focused companies in the first quarter next year, he added.

In a bid to strengthen the offshore yuan business, the chief executive said his government will continue to promote the inclusion of yuan counters under the Southbound Trading of Stock Connect to facilitate the trading of Hong Kong stocks in yuan.

“We will take forward the introduction of offshore Mainland government bond futures and enrich the variety of RMB investment products, with a view to strengthening Hong Kong’s position as an offshore RMB centre,” he said.

Write to Ben Otto at ben.otto@wsj.com