Patrick Yeung, CEO of HKGCC
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Putting together proposals for the Chief Executive’s annual policy address is one of the Chamber’s biggest tasks as the Government works to rejuvenate the economy, propel development and enrich the lives of the people of Hong Kong.
The city’s current economic landscape is fraught with challenges, creating a demanding environment for businesses across various industries.
During a private meeting at the Chamber in September, the Chief Executive was presented with our submission for his Policy Address. The comprehensive raft of proposals, resulting from months of collaboration with our members and committees, urgently tackles pressing obstacles hindering growth.
Advising and lobbying the Government on behalf of the business community is not just one of our core functions but a crucial role we play. To support struggling SMEs, the backbone of our economy, we have suggested measures such as reinstating the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme and restoring the Pre-approved Principal Payment Holiday Scheme.
We also urge the Government to address land and housing issues by proactively planning for new development areas while embracing green building practices, which will accelerate the city’s transformation into a liveable, green and smart metropolis. Simultaneously, tax relief and low-interest loans would help the real estate sector mitigate potential damage from significant downward adjustments.
Human capital is crucial to economic growth and high-quality development. While Hong Kong is renowned for its diverse and skilled talent pool, the declining population of young professionals and an ageing workforce require far-reaching policies to attract talent, upskill the workforce and enhance retirement benefits to attract and retain employees.
Tourism, our traditional pillar industry, would greatly benefit from showcasing our beautiful city through enhanced cultural experiences and targeting high-value-added visitors. This approach not only promotes our unique cultural heritage but also boosts local consumption, uplifting the F&B sector and night economy, which have been adversely affected by changing consumption patterns.
Other proposals include bolstering Hong Kong’s competitiveness in its portfolio of financial services by building a comprehensive family office system, preparing companies for nature-related disclosures to enhance transparency and capitalizing on the growing carbon markets. Strengthening Hong Kong’s role as an international trade and maritime hub is also integral to maintaining our position in the global value chain.
Hong Kong can benefit significantly from enhanced collaboration within the Greater Bay Area. Facilitating the smooth flow of resources and promoting the use of e-CNY in cross-boundary payments will further boost regional connectivity and integration.
The Chamber hopes the 2024 Policy Address will pave the way for a new era of prosperity, instilling a sense of optimism in our collective future.
Patrick Yeung
[email protected]