The 2019 Policy Address set out core principles and strategies for overcoming the social and economic challenges facing Hong Kong. A number of initiatives which might be of interest to the business and international communities are summarised below.
Innovation and Technology
- Extend the coverage of the Technology Talent Admission Scheme to companies outside the Hong Kong Science and Technology Parks Corporation and Cyberport and to cover new technology areas
- Extend the coverage of the Researcher Programme, Postdoctoral Hub and Public Sector Trial Scheme to all technology companies conducting research and development activities
- Inject $500 million into the Social Innovation and Entrepreneurship Development Fund to further promote social innovation
Transportation and Logistics
- Provide tax concession for ship lessors and leasing managers to develop ship leasing business; and plan to introduce tax concessionary measures to encourage more commercial principals of the maritime industry to establish a presence in Hong Kong
Trade and Investment
- Inject $1 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales and significantly increase the funding ceiling per enterprise under its Mainland Programme and Free Trade Agreement Programme to $2 million
- Inject $1 billion into the Export Marketing and Trade and Industrial Organisation Support Fund to double the cumulative funding ceiling for each enterprise under the SME Export Marketing Fund to $800,000
- Provide a 90% guarantee under the SME Financing Guarantee Scheme for approved loans
- Extend the application period of the special concessionary measures under the SME Financing Guarantee Scheme and the validity period of the three enhancement measures to 30 June 2022
- Introduce a relief measure under the SME Financing Guarantee Scheme and the SME Loan Guarantee Scheme where enterprises may apply for principal moratorium of up to 6 months, during which only interest repayments have to be made
Full details of the 2019 Policy Address can be found here.