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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 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

 

Key economic initiatives announced in the 2021 Policy Address include:

Enhancing Hong Kong’s Status as an International Financial Centre

  • To establish a listing regime for special purpose acquisition companies in Hong Kong after consulting the market
  • Expand further the channels for the two-way flow of cross- boundary RMB funds and developing offshore RMB products and tools, including looking into specific measures to enhance demand for the issuance and trading of RMB securities and allow stocks traded via the southbound trading under Stock Connect to be denominated in RMB
  • Further attracting family offices to establish a presence in Hong Kong by considering the provision of tax concessions, thereby enhancing Hong Kong’s status as an international asset and wealth management centre
  • Support the HKEX to promote co-operation with the Guangzhou Futures Exchange in financial product development related to the areas of carbon emission trading, and assessing the feasibility of developing Hong Kong into a regional carbon trading centre, thereby strengthening Hong Kong as a regional green and sustainable finance hub
  • Promote cross-border FinTech and actively explore with the Mainland the formation of a one-stop sandbox network to facilitate financial institutions and information and technology companies from Guangdong, Hong Kong and Macao to test cross-border FinTech applications

Enhancing Hong Kong’s Status as an International Transportation Centre

  • Develop a "Smart Port" and grow high value-added logistics and maritime businesses
  • Tax concessions will be introduced to attract members of the maritime industry to establish a business presence in Hong Kong 
  • The governments of Hong Kong and Shenzhen have established the “Task Force for Hong Kong-Shenzhen Co-operation on Cross-Boundary Railway Infrastructure” to jointly develop the “GBA on the Rail”
  • The governments of Guangdong and Hong Kong are pressing ahead with the “Quota-free Scheme for Hong Kong Private Cars Travelling to Guangdong via the Hong Kong- Zhuhai-Macao Bridge

 Enhancing Hong Kong’s Status as an International Trade Centre

  • Seek to join the Regional Comprehensive Economic Partnership (RCEP) as soon as possible
  • Seek to create more favourable conditions for Hong Kong enterprises to enter the Mainland market under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).
  • To cope with the impact of the pandemic, the Government is implementing the Convention and Exhibition Industry Subsidy Scheme with a commitment of over $1 billion to provide impetus for the convention and exhibition industry. The Government will further extend the validity of the Scheme to the end of next year, and will enhance its implementation details to provide timely and more targeted assistance to the industry.
  • Improve SME access to bank financing through commercial data interchange

Developing into a Centre for International Legal and Dispute Resolution Services in the Asia-Pacific Region

  • Attract reputable dispute resolution institutions to set up in offices in the HK Legal Hub

Developing into an International Innovation and Technology Hub

  • Provide more land and infrastructure to further boost HK's strengths and achievements in I&T and R&D
  • Support re-industrialisation and university research

Consolidating Hong Kong’s Status as an International Aviation Hub

  • Take forward Airport City development and enhance co-operation with Zhuhai in aviation industry

Developing into an East-meets-West Centre for International Cultural Exchange

  • Develop world-class cultural facilities and a pluralistic cultural environment
  • Strengthen the connections with overseas arts and culture organisations
  • Enhance cultural exchange and co-operation with the Mainland
  • Leverage technology
  • Nurture talent

Developing into a Regional Intellectual Property Trading Centre

  • To promote the development of IP trading in Hong Kong including further promoting and developing the “original grant patent” system by building up the substantive examination capability of the Intellectual Property Department (IPD)
  • Explore with the Mainland authorities on broadening the scope of application of the Patent Co-operation Treaty to cover the “original grant patent” system, and extending other major international IP treaties to Hong Kong

Continuous Investment in Infrastructure

  • Invest HK$100 billion (US$12.8 billion) annually on infrastructure over next few years

Supporting Tourism

  • Deepen co-operation with the GBA cities, establishing the GBA tourism brand, and attracting more events and convention and exhibition activities to Hong Kong through various funding and promotion programmes


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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