For Immediate Release
The Hong Kong General Chamber of Commerce (HKGCC) welcomes Chief Executive John Lee’s third Policy Address today, which provides a host of initiatives to enhance Hong Kong’s development, boost the economy, support people’s livelihoods and generally improve the well-being of citizens and the city.
HKGCC supports Lee’s emphasis on reinforcing and enhancing our competitiveness as well as attractiveness through various services and initiatives. We believe embracing new developments and ideas is essential to adapt to changing and increasingly complex times.
“We were pleased to see the Chief Executive put a lot of emphasis on raising Hong Kong’s competitiveness in key industries, backed by financial and policy support,” said HKGCC Chairman Agnes Chan. “These include building on the potential of our traditional finance, trade, logistics and tourism pillar industries, as well as new growth areas like biomedical research, low-altitude economy and emerging industries of strategic importance, supported by a $10 billion I&T fund.”
Lee tied in many of this year’s proposals with developing and attracting high-calibre talent, expanding into new markets and industries, and speeding up the growth of the digital economy and services. The accelerated development of the Northern Metropolis is a welcome announcement as it will drive forward Hong Kong’s goals for the new economy and closer collaboration within the Greater Bay Area (GBA). Extending the validity period of multiple-entry visas to the Mainland for foreign staff of companies registered in Hong Kong for up to five years will also help promote the development of a headquarters economy here.
Given Hong Kong’s irreplaceable position as an international financial centre, we welcome plans to develop the city into an international gold and commodity trading hub. Establishing accredited warehouses and offering preferential taxes to attract enterprises and talent will also bring ripple benefits to many sectors. Further deepening of policies to grow our offshore RMB business by providing more denominated investment products is welcomed, which will help speed up RMB internationalisation.
HKGCC was pleased to see the Chief Executive took on board our suggestions to help the tourism sector. Diversifying our tourism offerings, taking advantage of our countryside and coastal beauty, as well as cultural and culinary uniqueness, will help encourage new and repeat visitors. We are also glad that the address included our suggestions to cater to the growing number of visitors from the Middle East and other Muslim nations by providing more information in Arabic as well as Halal dining and entertainment options.
To support SMEs, we laud the decision to relaunch the principal moratorium under the SME Financing Guarantee Scheme, allowing businesses to apply for principal moratorium for up to 12 months, and extending the guarantee period to 10 and eight years for 80% and 90% guarantee products, respectively.
An injection of $1 billion into the Branding, Upgrading and Domestic Sales Fund (BUD Fund) and expanding the coverage to e-commerce to ASEAN countries is a welcome measure. Plans for the HKTDC to help promote Hong Kong pavilions in the Mainland and overseas, as well as to restructure the Hong Kong Design Centre to assist companies, will be well appreciated by SMEs.
Hong Kong’s ambitions to develop into an international innovation & technology (I&T) centre, develop a low-altitude economy, and integrate products and services to facilitate transportation with the GBA are positive strategies for honing future competitiveness and growth.
This will help build increasingly diverse and resilient supply chains, which are crucial in reinforcing Hong Kong’s position as a global trade hub and becoming a green maritime centre. Lee highlighted promoting the green transformation of registered ships with cash incentives to meet international decarbonisation standards, as well as a green maritime fuel bunkering centre and the construction of a green shipping corridor with major trading partners.
The Chamber believes the measures presented in the Chief Executive’s third Policy Address emphasize a new focus on wider collaboration and an improving economy. This blueprint charts a practical course forward for Hong Kong with policies that also assist in attracting talent and investors to pursue development in the city.
Media inquiries: Please contact Mr Jonathan Man at 2823-1229 / [email protected]