CEDB briefs Trade and Industry Advisory Board on Policy Address
The Secretary for Commerce and Economic Development, Mr Algernon Yau, briefed members of the Trade and Industry Advisory Board on major initiatives related to promoting economic and trade developments and supporting small and medium-sized enterprises (SMEs) in "The Chief Executive's 2025 Policy Address" at a meeting today (October 2).
Mr Yau said that the Policy Address has set out a series of initiatives to better leverage Hong Kong's unique advantages of being closely connected to both the Mainland and the world under the "one country, two systems" principle to actively explore new economic growth areas. To more proactively support Mainland enterprises going global, the Government will establish a one-stop platform by mobilising Hong Kong's overseas offices, including those under Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC), as well as Hong Kong offices on the Mainland, and set up the Task Force on Supporting Mainland Enterprises in Going Global to encourage Mainland enterprises to use Hong Kong in expanding their businesses overseas and to formulate proposals for them. The target is to discuss strategies and work plan of the Task Force, and organise the first large-scale promotion event by the end of this year.
Mr Yau stressed that the Government is committed to expanding international economic and trade networks, and deepening international exchanges and co-operation to consolidate and enhance Hong Kong's status as an international trade centre. The Hong Kong Economic and Trade Office (ETO) in Kuala Lumpur will come into operation progressively by the end of this year, and the Government will expand the coverage of the current ETOs in the Association of Southeast Asian Nations (ASEAN) to deepen economic and trade promotion in ASEAN and neighbouring countries, and plan to expand the ETO coverage to more markets with potential. In addition, the Government will continue to proactively take forward the work on free trade agreements and investment agreements.
Mr Yau highlighted that the Policy Address has strengthened relevant support for SMEs in view of the challenges facing them due to external influences. The application period for the 80% Guarantee Product under the SME Financing Guarantee Scheme will be extended for two years, and the principal moratorium arrangement will be further extended for one year. In addition, to assist SMEs in expanding into more diversified markets, the Government will inject $1.43 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) and expand its geographical scope to cover eight more economies, including Belt and Road countries. Meanwhile, the Government will enhance promotion and facilitate the participation of enterprises in exhibitions and export marketing activities through "Easy BUD".
The Government will also assist SMEs in developing cross-border e-commerce business, including supporting the continued organisation of the Hong Kong Shopping Festival, covering the Mainland and ASEAN e-commerce markets over the next three years, implementing the "Creativity • Ecommerce – Beyond Limits" programme and providing one-stop business matching and referral services. The Hong Kong Export Credit Insurance Corporation (HKECIC) will also increase financing support for local e-commerce businesses on different e-commerce platforms and further expand the coverage of free buyer credit checks to all markets insured by the HKECIC.
Mr Yau added that the Government will set up the "Economic and Trade Express", joining the efforts of ETOs and overseas offices of InvestHK and the HKTDC to form a functional platform to enhance synergy, encouraging local SMEs and start-ups to conduct overseas visits to explore more business opportunities.
On intellectual property (IP), the Government will assist innovative enterprises in leveraging IPs for financing to enhance the IP trade ecosystem. This includes launching an IP financing sandbox pilot project, providing patent evaluation for enterprises, launching a pilot programme to subsidise patent valuations and promoting IP financing in the Business of IP Asia Forum, as well as providing training on IP for practitioners in the banking sector.
Mr Yau also briefed the members on the Government's work in promoting digital trade. On business-to-government trade documents, the Government is pressing ahead with the development of the information technology system of Phase 3 of the Trade Single Window, and will continue its work on connecting the single windows of Hong Kong and the Mainland, as well as exploring the connectivity with the ASEAN Single Window. The Government is also drawing reference to the Model Law on Electronic Transferable Records to consider legislative amendments to provide a legal basis for the digitalisation of business-to-business trade documents.
Mr Yau said that in the face of the complex and ever-changing global trade landscape and geopolitics, the series of measures will enable Hong Kong to strengthen its dual role as a "super connector" and a "super value-adder", actively integrating into the overall national development while tapping international new markets and creating new impetus for Hong Kong's economy, thereby promoting high-quality economic developments.
CEDB briefs Trade and Industry Advisory Board on Policy Address Source: HKSAR Government Press Releases
CEDB briefs Trade and Industry Advisory Board on Policy Address Source: HKSAR Government Press Releases
