Aptly titled “A Vibrant Economy for a Caring Community,” Chief Executive John Lee’s second Policy Address is a comprehensive blueprint for Hong Kong’s development. The raft of measures include initiatives to help the community and economy, while improving our integration with the Greater Bay Area and the nation.
High among the Chief Executive’s priorities are measures to tackle manpower shortages by including more countries, as well as allowing non-local residents in the Vocational Training Council to seek jobs in Hong Kong after graduation. Of note is the decision to simplify Mainland visa applications for foreign staff working for companies registered in Hong Kong.
We also commend the move to strengthen the competitiveness of the stock market by lowering the rate of Stamp Duty on Stock Transfer from the current 0.13% to 0.1%, reviewing the stock trading spread, and reforming the Growth Enterprise Market or GEM.
To cement our position as an offshore RMB centre, the Chief Executive has placed emphasis on ramping up offshore RMB business with the introduction of offshore Mainland government bond futures and enriching the variety of RMB investment products.
We are pleased that the Chief Executive took on board our suggestion to loosen harsh measures on property purchases. Shortening the Special Stamp Duty (SSD) period for housing from three to two years and halving the Buyer’s Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) w1ill no doubt encourage talent to buy a home and live in Hong Kong.
We also welcome plans to revitalize the tourism sector with a revised tourism blueprint 2.0 next year, which will inject vitality into this important pillar industry. We hope the Government can expand the city’s current flight network to include more destinations and frequencies, giving travellers better accessibility and more options.
Also commendable are the plans to support Hong Kong’s development into a global innovation and technology centre, by establishing the Hong Kong Microelectronics Research and Development Institute and introducing initiatives supportive of R&D from start-ups and universities.
Leveraging our advantages in legal, taxation and professional services to enhance our intellectual property (IP) regime will also enhance our status as a regional IP centre.
To support struggling SMEs, the Government will allow flexible repayments under the SME Financing Guarantee Scheme to ease their cashflow constraints. An E-commerce Development Task Force will be established to help SMEs tap into the broader digital economy, supported by the launch of “E-commerce Easy” and up to $1 million for e-commerce projects.
Going forward, we hope that the Chief Executive’s strategies to stimulate the economy and capitalize on Hong Kong’s competitive advantages will pave the way for high-quality and sustainable development.
Betty Yuen
chairman@chamber.org.hk