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A Supportive Government

Hong Kong will capitalise on the opportunities arising from the national Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development proactively and holistically. The government shall play the role of a “facilitator” and “promoter”.

Key economic initiatives announced in the 2022 Policy Address include:

Attract enterprises, investment and talent 

  • New Office for Attracting Strategic Enterprises, offering special facilitation measures and services
  • Establish the HK$30 billion Co-Investment Fund to attract enterprises to Hong Kong and invest in their business 
  • Set up Talents Service Unit to enhance recruitment and support for talents from outside Hong Kong
  • Dedicated Teams to be set up in Mainland Offices and overseas Economic and Trade Offices to reach out to enterprises and talents 
  • Launch Top Talent Pass Scheme to widely entice top-notch talents to Hong Kong 

Create impetus for growth 

  • Attract not less than 100 high-potential I&T enterprises to set up operations in next five years 
  • $10 billion Scheme to support commercialisation of R&D outcomes by university research teams 
  • Amend the legislation to facilitate expansion of 5G network
  • Facilitate fund-raising of pre-profit advanced technology enterprises on Main Board of HKEX
  • Promote the launch of more Renminbi-denominated investment tools
  • Further strengthen cross-boundary mutual market access
  • Tax concession to attract family offices to set up or expand operations in Hong Kong
  • Launch a new HK$1.4 billion scheme to support the convention and exhibition industry in staging over 200 exhibitions over three years
  • Invest over HK$100 billion (US$12.8 billion) annually on capital works over next few years 

Healthy and vibrant city 

  • Revamp healthcare system to focus on prevention and early treatment; set up the Primary Healthcare Authority
  • Commissioner for Chinese Medicine (CM) Development to strengthen development of CM
  • Develop a “Round-the-Island Trail” of about 60km on Hong Kong Island
  • Promote urban sports and explore eco-tourism opportunities
  • 10-year development blueprint to provide about 30 diversified sports and recreation facilities
  • Enhance the “M” Mark System to support major international sports events
  • New Mega Arts and Cultural Events Fund to support international arts and cultural events
  • Promote Hong Kong’s pop culture globally through film, TV and streaming platforms
  • 10-year development blueprint for arts and cultural facilities 
     

Key initiatives announced in the 2022-23 Budget include:

Investment Promotion

  • Provide recurrent provision of around $90 million to InvestHK to strengthen its work on investment promotion
  • Organise a high-level Global Financial Leaders’ Investment Summit in Hong Kong, inviting representatives of Mainland and international financial institutions to attend to learn more about the unique advantages and investment environment of Hong Kong

Relieving People’s Hardship

  • Issue $10,000 electronic consumption vouchers to each eligible Hong Kong permanent resident and new arrival aged 18 or above
  • Tax Deduction for domestic rental expenses subject to a deduction ceiling of $100,000 for a year of assessment from the year of assessment 2022/23
  • 100% Personal Loan Guarantee Scheme for Individuals

Support Enterprises

  • Prohibit landlords from terminating the tenancy of or not providing services to tenants of specified sectors for failing to settle rents on schedule, or taking relevant legal actions against them. Valid for three months, the legislation automatically lapsing after three months
  • Special 100% Loan Guarantee for Enterprises and increase the maximum loan amount to 27 months of employee wages and rents, with the loan ceiling raised to $9 million
  • Reduce profits tax for the year of assessment 2021/22 by 100%, subject to a ceiling of $10,000
  • Provide rates concession for non-domestic properties for 2022/23, subject to a ceiling of $5,000 per quarter in the first two quarters and a ceiling of $2,000 per quarter in the remaining two quarters
  • Waive the business registration fees for 2022/23
  • Continue to waive 75% of water and sewage charges payable by non-domestic households for eight months, subject to a monthly ceiling of $20,000 and $12,500 respectively
  • Extend the waivers/concessions of the existing 34 groups of government fees and charges for 12 months
  • Continue to grant the 75% rental/fee concession to eligible tenants of government premises/short-term tenancies and waivers for six months (100% concession for those closed at the Government’s request)

Innovation and Technology

  • Increase the funding allocated to the Hong Kong Growth Portfolio under the Future Fund set up a $5 billion Strategic Tech Fund to invest in technology enterprises and projects which are of strategic value to Hong Kong
  • Earmark $10 billion to further promote the development of life and health technology
  • Double the subsidy amount to $440 million to strengthen support to the R&D activities of 16 State Key Laboratories and six Hong Kong Branches of Chinese National Engineering Research Centres in Hong Kong
  • Double the subsidy amount under the Technology Startup Support Scheme for Universities to $16 million
  • Set up a Digital Economy Development Committee to accelerate the progress of digital economy
  • Earmark $600 million to conduct a comprehensive e-government audit

Financial Services

  • Increase the funding allocated to the Hong Kong Growth Portfolio under the Future Fund to set up a $5 billion GBA Investment Fund to focus on investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”)
  • Plan to issue no less than $15 billion of inflation-linked retail bonds (iBond), no less than $35 billion of Silver Bond and no less than $10 billion of retail green bonds in the next financial year
  • Explore ways to enhance the prospectus requirements, in order to make it easier for retail investors to participate in bond market
  • Examine the revision of the listing requirements to meet the fundraising needs of technology enterprises
  • Make preparation to allow stocks traded via the Southbound Trading of Stock Connect to be denominated in RMB
  • Explore enhancement measures for the Cross-boundary Wealth Management Connect Scheme in the GBA
  • Propose to provide tax concessions for the eligible family investment management entities managed by single-family offices
  • Continue to issue green bonds totalling about US$4.5 billion or equivalent, and enhance the Green and Sustainable Finance Grant Scheme
  • Implement a pilot scheme on infrastructure financing securitisation to offer infrastructure financing securitisation products with a total value of US$450 million
  • Allocate $10 million for launching a new round of the Fintech Proof-of-Concept Subsidy Scheme
  • Explore the introduction of more commercial data sources to the Commercial Data Interchange

Arts and Culture

  • Allocate $42 million for organising the Hong Kong Performing Arts Market designed for the performing arts industry
  • Allocate $40 million to facilitate the application and development of arts technology

Tourism

  • Earmark $1.26 billion to support and develop the tourism industry, including to provide incentives to develop and launch tourism products, sponsor the training of practitioners, and support the work of the Hong Kong Tourism Board to revive the tourism industry

Trade

  • Allocate $135 million to the Hong Kong Trade Development Council for the introduction of the Support Scheme for Pursuing Development in the Mainland to facilitate Hong Kong people and entrepreneurs in seizing opportunities in the Mainland

Aviation and Maritime

  • Continue to develop sea-air cargo transhipment between the Hong Kong International Airport and the rest of the GBA
  • Explore concrete proposals to promote the development of “Smart Port” and propose to provide half-tax concession to attract more maritime enterprises to establish a presence in Hong Kong

Agriculture and Fisheries

  • Inject $1 billion to launch pilot schemes to support the development of the industry by adopting new technologies


The Government of Hong Kong SAR is also committed to driving local business through a variety of initiatives. For details of government funding schemes, please visit here.

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