For Immediate Release
The Hong Kong General Chamber of Commerce (HKGCC) welcomes the Chief Executive’s second Policy Address today, which provides a vast range of initiatives to address Hong Kong’s challenges, boost the economy, support people’s livelihoods, and generally improve the well-being of citizens and the city.
The Chamber agrees with Chief Executive John Lee on the importance of improved integration of Hong Kong’s economy and services with those in the Greater Bay Area and the wider motherland.
With manpower shortages continuing to dog many companies, the Chamber is pleased to see the Chief Executive put significant emphasis on addressing the shortages. Although recent projects have enjoyed a strong start, the Chamber supports the continued expansion of manpower enhancement efforts by including more countries and allowing non-locals studying the Vocational Training Council to seek jobs in Hong Kong after graduation.
The Chamber also lauds the decision to allow foreign staff of companies registered in Hong Kong to apply for multiple-entry visas valid for two or more years to the Mainland.
As a leading international financial hub, the Chamber supports plans to strengthen the competitiveness of the stock market by reducing the rate of Stamp Duty on Stock Transfer from the current 0.13% to 0.1%, reviewing the stock trading spread, reducing market data fees, as well as reforming the Growth Enterprise Market or GEM.
Deepening our offshore RMB business by strengthening our position as an offshore RMB centre with the introduction of offshore Mainland government bond futures and enriching the variety of RMB investment products, will bring wider benefits to the whole economy.
The decision to shorten the Special Stamp Duty (SSD) period for housing from three to two years, in addition to halving Buyer's Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) from 15% to 7.5% will stimulate the economy and boost the city’s appeal for talent to buy a flat and live in Hong Kong.
The Chamber also welcomes plans to revitalize the tourism industry with the drafting of its tourism blueprint 2.0 next year. Plans to introduce new travel products and services to highlight Hong Kong’s uniqueness should inject new vitality into the sector. To reinforce our position as a global aviation hub, the Chamber hopes the Government can expand Hong Kong’s current flight network to include more destinations and frequencies, which will boost accessibility and give travellers more options.
Hong Kong’s ambitions to develop into an international innovation & technology (I&T) centre and integrate products, services and transportation with the GBA are positive strategies for honing and future competitiveness and growth. As such, plans to establish the Hong Kong Microelectronics Research and Development Institute, together with initiatives to leverage and support R&D outcomes from start-ups and universities are welcomed.
Similarly, leveraging our advantages in legal, taxation and professional services to enhance our intellectual property (IP) regime will enhance our reputation as a regional IP centre, which will be further boosted with “patent box” tax incentives.
The establishment of the Digital Policy Office is a positive step towards overseeing policies on digital government, data governance and information technology. Consolidating information technology-related resources within the Government will facilitate plans to collaborate with the Guangdong Provincial Government to develop the "Digital Bay Area," as well as provide greater access to digital services for Hong Kong residents.
The E-commerce Development Task Force will help SMEs develop e-commerce business and tap into the broader digital economy, supported by the launch of "E-commerce Easy" and up to $1 million for e-commerce projects.
Reducing the risk for businesses looking to break into new markets, the Chamber supports the expanded scope of the Hong Kong Export Credit Insurance Corporation to provide free credit check services for policyholders regarding buyers from the 10 ASEAN member states.
With many businesses yet to fully recover from the pandemic, coupled by the weak international economic outlook, providing SMEs with more flexible repayments under the SME Financing Guarantee Scheme of 10%, 20% or 50% of the original principal amount payable each month during the specified period, should help to ease their cashflow constraints.
While the Chamber welcomes support measures for SMEs, it is also crucial that SMEs be properly supported and equipped to explore new business development amid the ongoing geopolitical difficulties, in addition to the digitalization and decarbonization of the global economy.
Media inquiries: Please contact Ms Ally Wan at 2823-1266 / ally@chamber.org.hk