2019 Policy Address (Related Extract)

47. Apart from giving continuous support to our four traditional pillar industries, namely, financial services, tourism, trading and logistics, as well as professional and other producer services, we strive to promote the development of innovation and technology, cultural and creative industries and environmental industries. While maintaining a free market economy, the Government proactively plays the role of “facilitator” and “promoter”, making every effort to increase land supply, invest in nurturing talent, promote external affairs, improve the business environment and implement tax concession measures with a view to enhancing the competitiveness of Hong Kong. In parallel, the Government capitalises on the opportunities brought by the Belt & Road (B&R) Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, with the aim of creating new growth areas for our economy and opening up more markets for Hong Kong’s enterprises and professional services. While the Hong Kong economy is facing both external and internal challenges, I believe our efforts in the past two years will help us brave the difficulties ahead.

48. In the face of an increasingly austere economic situation, apart from rendering assistance to Hong Kong enterprises in the promotion of products and services to the Mainland market, the Government is also seeking the policy support of the relevant Central authorities for, among other things, tax concessions for Hong Kong enterprises wishing to shift from exports to domestic sales and streamlining of the approval process, with a view to enhancing their competitiveness in the Mainland domestic market.

49. Meanwhile, we will continue to explore overseas markets. To assist local enterprises and professional services to explore the B&R markets, we will organise delegations and invite Mainland and Hong Kong enterprises to conduct joint promotional activities in the B&R economies; and seek the policy support of the relevant Central authorities to extend the incentives and facilitations currently enjoyed by Mainland enterprises to Hong Kong enterprises intending to set up businesses in the Mainland’s overseas Economic and Trade Co-operation Zones (ETCZs).