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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 2020-21 Budget include:
Support Enterprises

  • $10,000 cash payout to Hong Kong permanent residents aged 18 or above
  • Introduce a concessionary low-interest loan with 100% guarantee for enterprises, which will be open for application for six months. Maximum loan of $2 million with repayment period up to three years. Moratorium on principle repayment for first six months
  • Reduce profits tax for 2019-20 assessment year by 100% subject to a $20,000 ceiling
  • Waive business registration fees for 2020-21
  • Waive registration fees for company annual returns for two years


Financial Services

  • Launch a $1 billion pilot scheme for fixed-rate mortgages to help reduce risks of interest rate volatility for homebuyers
  • Issue inflation-linked retail bonds and Silver Bonds totalling not less than $13 billion
  • Issue green bonds totalling $66 billion in next 5 years


Innovation and Technology 

  • Earmark $3 billion to take forward Phase 2 of the Science Park Expansion Programme
  • Explore the establishment of a third InnoHK research cluster
  • Increase the grant ceiling under the Technology Voucher Programme to $600,000 and raise the Government’s funding ratio to 75%
  • Inject $345 million for a pilot subsidy scheme to encourage the logistics industry to enhance productivity through the application of technology


Tourism

  • Additional funding of over $700 million for the Hong Kong Tourism Board to step up external promotion after the epidemic


Trade

  • Additional funding of $150 million for the Hong Kong Trade Development Council to assist Hong Kong enterprises in exploring business opportunities


Professional Services

  • Earmark about $450 million to implement the “Vision 2030 for Rule of Law” project to strengthen the Hong Kong community’s understanding of the concept of the rule of law and its implementation


Cultural and Creative Industries

  • Additional $900 million to the Art Development Matching Grants Scheme to further promote sponsorship of culture and arts from all sectors


Nurture Talents

  • Expand the Researcher Programme and Postdoctoral Hub to cover all technology companies conducting R&D activities in Hong Kong


Key initiatives announced in the 2019 Policy Address include:

  • Extend coverage of Technology Talent Admission Scheme to cover new technology areas
  • Inject $500 million into Social Innovation and Entrepreneurship Development Fund
  • Inject $1 billion into the BUD Fund scheme and increase funding limits to $2 million for enterprises under the Mainland Programme and Free Trade Agreement Programme
  • Inject $1 billion into the Export Marketing and Industrial Organisation Support Fund
  • Tax concessions for ship lessors and leasing managers
  • Enhance the SME Financing Guarantee Scheme
     

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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