Mini-Budget Measures Will Cushion Economic Downturn

For Immediate Release

The Hong Kong General Chamber of Commerce (HKGCC) welcomes the Financial Secretary’s package of measures announced on 15 August to support businesses during the worsening domestic and global economic downturn.

“Many of our members have been telling us the U.S.-China trade dispute and local demonstrations are starting to bite into their bottom line,” said HKGCC Chairman Aron Harilela. “Large businesses will be able to absorb the effects of the downturn, but smaller businesses, many of whom depend on their business turnover for their livelihood, will no doubt be very relieved about the support measures.”

Sectors badly hit, particularly the retail, tourism, catering and logistics sectors, are expected to get relief from the waiving of 27 groups of government fees and charges for 12 months.  Similarly, SME trading and service companies having cash flow challenges will be able to take advantage of the HKMC Insurance Limited’s new loan guarantee product under the SME Financing Guarantee Scheme (SFGS).

“We hope the Government will also take this opportunity to work with lending institutions to see what can be done to minimize bureaucracy to make sure SMEs who require the loans manage to get them in a timely manner,” said HKGCC CEO Shirley Yuen.

The Chamber’s members do utilise the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) and the SME Export Marketing Fund (EMF) to explore new markets and opportunities, especially in emerging markets.

“The Chamber had been lobbying the Government to raise the EMF cap, so the doubling of the cumulative funding ceiling to $800,000 will encourage more SMEs to explore new markets,” said Harilela.





Media inquiries: Please contact Mr Anthony Cheng at 2823 1250 /