Hong Kong Business News

Financial Secretary Paul Chan today announced a series of measures on finance, trade and the maritime and aviation sectors, and vowed to develop Hong Kong into a multinational supply chain management centre that provides consulting services, trade financing and corporate training to enterprises.

Delivering his Budget, Mr Chan said the Government will look at establishing a single window to provide one-stop trade services, in addition to stepping up efforts to attract Mainland manufacturing enterprises to set up offices in the city.

The Government is also planning to issue $70 billion worth of retail bonds, including $50 billion in Silver Bonds and $20 billion in green bonds and infrastructure bonds, to achieve financial inclusiveness and a sense of participation in the city’s infrastructure and sustainable development among the public.

To press ahead with the development of an offshore renminbi ecosystem in Hong Kong, the Government will continue to deepen mutual-market access schemes. It will also promote the introduction of block trading, the inclusion of renminbi counters under the Southbound Stock Connect, and the expansion of the mutual-market access regime to cover real estate investment trusts.

The Financial Secretary added that the Hong Kong Monetary Authority and Mainland regulatory authorities will continue to build a collaborative framework on cross-boundary credit referencing, to help enterprises secure financing in the Greater Bay Area more easily.

Through such collaboration, banks in both places, upon consent from corporate customers, will be allowed to access the credit data of those customers, thereby facilitating greater security and efficiency in credit assessments.

To explore new markets, the Government is considering establishing an Economic & Trade Office in Riyadh, Saudi Arabia, and another in Kuala Lumpur, Malaysia, while the Hong Kong Trade Development Council will set up two consultancy offices along the Belt & Road.

Besides hosting the annual Belt & Road Summit in September, Hong Kong will also organise a new Belt & Road Festival to promote collaboration with relevant countries. 

Mr Chan also pointed out that the Government will further enhance preferential tax regimes for single family offices, funds and carried interest, extend the Grant Scheme for Open-ended Fund Companies & Real Estate Investment Trusts for three years, and set up a task force to formulate measures to further develop the asset and wealth management industry.

With the aim of developing high value-added maritime services, the Government will this year commence studies on further enhancements to tax concession measures for the maritime industry. It also plans to offer block registration incentives to attract ship-owners to register ships in Hong Kong.

Meanwhile, commissioning of the three-runway system project at the Hong Kong International Airport is targeted for this year. The Government also seeks to expand Hong Kong’s aviation network, including through examining potential routes along the Belt & Road.

---

PREVIOUSNEXT