With the trade war between Mainland China and the United States dragging on for months, the future is still an unknown. But no matter how it ends up, Hong Kong should make comprehensive and long-term plans, as the dispute will have an impact on a wide range of local industries in various ways. 

Meanwhile, with the Mainland marking the 40th anniversary of its reform and opening up, Hong Kong should grasp the significant opportunities arising from the country’s future development, and get on board the express train of national development to diversify investment risks.

In the past six months, I have met with the Chief Executive, Secretaries and Bureau Directors many times to express concerns from the business community. I would like to take this opportunity to thank the Government for adopting a number of our proposals. These include offering a premium discount under the Small Business Policy scheme and raising the credit limits on American buyers by the Hong Kong Export Credit Insurance Corporation.

In face of the rate hikes and tightening of credit facilities by banks, I hope the Government will re-launch the Special Loan Guarantee Scheme and enhance the protection offered by the SME Financing Guarantee Scheme. 

On the other hand, Hong Kong can continue to capitalize on its unique advantages and role and take the practice of “one country, two systems” to a new level to inject new impetus to the local economy. 

Not only is Hong Kong a facilitator and contributor in the country’s reform, but it is also a beneficiary. In promoting the development of the Greater Bay Area and the development of Hong Kong as an international innovation and technology centre, we can play to our financing strengths to support Mainland enterprises to “go global” via Hong Kong so as to continue to contribute to the country’s reform and opening up.

On the calculation of the Mainland’s new individual income tax, effective next year, I have expressed many times to government officials and relevant Mainland authorities Hong Kong people’s concerns. I am confident that good news will be delivered soon which will further encourage Hong Kong people to expand their market in the Mainland. 

Since the outbreak of the U.S.-China trade war, changes in the global landscape have affected various industries in Hong Kong. While the SAR Government should put in place relief measures to cushion the impact of the trade war on Hong Kong, it should also continue its effort to promote “one country, two systems,” to give full play to Hong Kong’s unique strengths to expand our domestic market.