Submissions and Reports

The Chamber welcomes measures which are conducive to the development of international trade such as the proposal to apply the UN Convention on CISG to Hong Kong. While there are apparent benefits of doing so, a proper cost-benefit analysis should be conducted to better assess the impact this may have on the Hong Kong business community and our status as a leading international trading centre.

The Chamber has made a follow-up response to the Financial Services and the Treasury Bureau based on the latest draft of the Companies (Corporate Rescue) Bill. The response provides further suggestions on the appointment of a provisional supervisor during the corporate rescue procedure and reiterates points made in the Chamber’s earlier submission.

The Chamber supports the Government’s proposal to provide tax concession for carried interest as this could further strengthen Hong Kong’s status as an international asset management hub and has put forward views on the proposed measures in response to an invitation from the Financial Services and the Treasury Bureau.

In response to the Financial Services and the Treasury Bureau’s invitation, the Chamber has submitted its views on the Government’s latest proposals to introduce a statutory corporate rescue procedure and insolvent provisions in Hong Kong. The Chamber believe there is a pressing need to provide companies in financial difficulties with an alternative to liquidation especially under the sustained difficulties that Hong Kong has been experiencing since the middle of last year.

The Chamber supports the government’s continuing efforts to expand Hong Kong’s CDTA network and, to that end, has put forward a number of suggested jurisdictions in response to an invitation from the Financial Services and the Treasury Bureau.

The Chamber welcomes the opportunity to respond to the public consultation regarding the review of Statutory Minimum Wage rate. We recommend the Minimum Wage Commission to keep the Statutory Minimum Wage rate unchanged at the current level of $37.5 per hour in consideration of Hong Kong’s economic outlook and pressure facing by local businesses.

The Chamber has made a number of recommendations to the government on providing tax relief measures to further assist businesses that have been hard-hit by the effects of COVID-19. Although the government has rolled out two rounds of anti-epidemic relief measures, in addition to those announced in this year’s Budget, we believe more could be done in the area of taxation policy to help companies weather the severe economic downturn.

In response to an invitation by the LegCo Panel on Commerce and Industry to submit views on innovation and technology development and re-industrialization policy in Hong Kong, the Chamber has put forward a number of recommendations. These include, among other things, enhancing existing regulations and funding programmes, grooming local and attracting international talent, and creating synergies within the Greater Bay Area through a division of labour approach.

The Chamber welcomes the opportunity to comment on the HKEX’s proposed introduction of corporate WVR structures. Prior to committing our support for this proposal, we recommend that the HKEx provide further elaboration on the necessity for establishing such a regime as well as the effectiveness of investor safeguards raised in the consultation paper.