Lobbying the Government in support of Hong Kong’s business community is the core function of the Chamber. To that end, we regularly put together proposals across a wide range of topics, from developments affecting businesses to the regulatory changes in various industries. 

These past few months, we have been busy connecting with members and committees to solicit their views for our all-important annual submission: the Policy Address 2023/24. The submission comprises proposals that we believe will help businesses, and Hong Kong, stay buoyant in a weakened economy, while planning for the medium-term.

The labour shortage, a lingering side-effect of the pandemic that still plagues critical industries, is one of the city’s most pressing problems. Our policy recommendations include providing more support to hire female and elderly workers, enhancing existing importation schemes, and upgrading the education system to cater to the needs of a digitally driven economy, among others.  

Equally important is the need to improve housing and land supply, a hot-button topic in Hong Kong. To stabilize the property market, authorities should consider lifting anti-cyclical measures that curb demand, as they no longer apply in the current economic climate. Priority should also be given to streamlining development processes for developable land, and stimulating urban regeneration by expediting the lowering of compulsory sales threshold.

The submission also incorporates measures to boost Hong Kong’s standing as an international financial hub by attracting diverse investors such as hedge funds and sovereign wealth funds. In green and sustainable finance, purposeful investments and targeted policy measures are required for positive environmental outcomes. Family offices looking to set up in Hong Kong would benefit from greater clarity on tax incentives and the advantages of operating in the city.

Hong Kong’s SMES, which account for 45% of the private sector workforce, have been battered by the Covid outbreak and need continuous support. To help in their development, the Government can consider extending the validity of the SME Financing Guarantee Scheme, and raising the cumulative funding ceiling for the SME Export Marketing Fund. 

Tourism is one of our most important pillar industries. Arrival numbers were at nearly 13 million in the first six months of 2023, but are still below pre-pandemic figures. To boost Hong Kong as a competitive tourist hub, we suggest turning the spotlight on our country parks and rich cultural heritage through cultural events and providing easy access to parks and recreation zones in the New Territories and outlying islands.

Also vital to recovery is the trade and logistics sector, which makes up about a fifth of the economy, and is still grappling with supply-chain disruptions. Measures such as implementing smart technology, working closely with the Mainland on cross-border movement of goods, and policy support in the form of subsidies would go a long way towards overhauling operations to meet the needs of a world greatly changed by the pandemic.  

These are just some of the many proposals listed in the Chamber’s submission; you can read a detailed summary on page 8 of this issue. Meanwhile, we look forward to hearing Chief Executive John Lee’s Policy Address later this month, and hope that it brings good tidings for the business community and Hong Kong.

Betty Yuen
chairman@chamber.org.hk