HONG KONG POLICY ADDRESS 2022 HIGHLIGHT

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2022-10-22

Hong Kong Chief Executive Mr. John Lee delivered his first Policy Address on 19th October, 2022. The Policy Address mentioned Hong Kong is undergoing profound changes unseen in a century. Notwithstanding the challenges, Hong Kong still the strongest business environment worldwide. As Hong Kong has own overriding advantages and enjoys abundant opportunities under the “One Country, Two System”.

Hong Kong Business Policy Address Highlights:

Support enterprises Relieve people’s burden

  • Extend the Convention and Exhibition Industry Subsidy Scheme to end-June next year. Launch a new $1.4 billion scheme thereafter to stage over 200 exhibitions in Hong Kong over three years.
  • Extend the Pre-approved Principal Payment Holiday Scheme for another six months; reduce water and sewage charges for non-domestic accounts for another eight months; and provide rental or fee concessions to tenants of government premises and short-term tenancies for another six months.
  • Raise the funding ceiling per enterprise under the Dedicated Fund on Branding, Upgrading and Domestic Sales and the SME Export Marketing Fund to $7 million and $1 million.
  • Extend the special measure of Public Transport Fare Subsidy Scheme for another six months.
  • Extend the interest-free deferral of loan repayment under student financial assistance schemes for local post-secondary students for another one year.

Reinforce traditional advantages Develop emerging industries

  • Enhance competitiveness in financial services by facilitating large-scale advanced technology enterprises to list in Main Board, promoting the launch of more Renminbi-denominated investment tools, strengthening mutual market access, developing green and sustainable finance, etc.
  • Promote innovation and technology (I&T) development Facilitate commercialisation of research and development (R&D) outcomes:
    • Not only, attracting 100 high-potential I&T enterprises to set up operations in Hong Kong in next five years. Target to include at least 20 top-notch I&T enterprises.
    • As well as setting up the $10 billion “Research, Academic and Industry Sectors One-plus Scheme” (RAISe+ Scheme). In order to support commercialisation of R&D outcomes by university research teams.
    • Moreover, enhance existing technology talent schemes. By building more accommodation facilities for I&T talents.
    • Create the post of Commissioner for Industry to be responsible for co-ordinating and steering re-industrialisation strategies.
    • In addition, press ahead with construction of the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop and development of San Tin Technopole.

Reinforce and develop on arts, cultural and creative industries

  • Showcase our soft power
    • Set up Culture Commission to formulate the Blueprint for Arts and Culture and Creative Industries Development.
    • Promote Hong Kong’s pop culture to go global through three media of film, TV and streaming platforms.
    • Establish the Mega Arts and Cultural Events Fund to support staging of international arts and cultural events in Hong Kong.
    • Provide financial support to promising and budding small and medium-sized arts groups and artists, and launch internship programmes for students studying arts and cultural programmes in post-secondary institutions.
    • Map out a 10 – year development blueprint to build more and expand arts and cultural facilities.
    • Enhance Asia IP Exchange portal to promote copyright trading and development of arts, cultural and creative industries.

For further information, please contact us.

You may want to read: 2021 POLICY ADDRESS HIGHLIGHT ON THE HONG KONG ECONOMY

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