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 2024-25 Budget include:

Green Future
Green Finance

  • Assist companies and financial institutions in sustainability reporting and data analysis
  • Green and Sustainable Finance Grant Scheme: extended to 2027
  • Green and Sustainable Fintech Proof of Concept Subsidy Scheme: to be launched in the first half of 2024
  • Co-host a Joint Climate Finance Conference in Hong Kong with Dubai

Green Shipping

  • Allocate HK$65 million to concessionary measures for Hong Kong-registered ships that have attained a high rating under international standards of decarbonisation
  • Study green-methanol bunkering for local and ocean-going vessels

Green Aviation

  • Promote use of Sustainable Aviation Fuel in Hong Kong
  • Photovoltaic technology: Launch a pilot scheme to explore applications on facades of government buildings
  • Electric vehicles: Extend the first registration tax (FRT) concessions for electric vehicles to March 2026 with concessions reduced by 40%
    •         Maximum FRT concession under the “One for One Replacement” Scheme:
    •          HK$172,500Concession ceiling for general electric private cars: HK$58,500
    •          Not applicable to electric private cars valued at over HK$500,000 before tax

Innovation and Technology

  •          AI Supercomputing Centre: First phase facility to operate in 2024 earliest. Allocate HK$3 billion to support local universities, R&D institutes and enterprises to leverage its computing power, etc
  • Establish the Hong Kong Microelectronics Research and Development Institute in 2024 to facilitate research collaboration on third-generation semiconductors
  • HK$6 billion for universities to set up life and health technology research institutes
  • Set up the Greater Bay Area International Clinical Trial Institute in Hetao Shenzhen Hong Kong Science and Technology Innovation Co-operation Zone in 2024
  • Launch the New Industrialisation Acceleration Scheme in 2024 and provide enterprises with up to HK$200 million on a matching basis
  • Publish a White Paper on the Development Plan for Hong Kong Park of Hetao in 2024
  • HK$2 billion to support presence of InnoHK research clusters in Hetao
  • HK$200 million to support incubation and acceleration programmes to Hetao startups engaging in life and health technology
  • HK$3 billion earmarked to launch a Frontier Technology Research Infrastructure Support Scheme
  • Provide up to HK$16 million to each Technology Transfer Office of 8 UGC-funded universities


  • Issue HK$70 billion worth of retail bonds:
    •          Silver bonds: HK$50 billion
    •          Green bonds and infrastructure bonds: HK$20 billion
  •          Promote introduction of block trading, RMB counters under Southbound Stock Connect, and expansion of the mutual access regime to Real Estate Investment Trusts (REITs)
  •          Host the 10th Anniversary of Mutual Access Forum and stage a series of roadshows in the Mainland
  •          Extend the Grant Scheme for Open-ended Fund Companies and REITs for 3 years
  •          Enhance preferential tax regimes for family office funds, etc.
  •          Continue to build collaborative framework on cross-boundary credit referencing
  •          HK$100 million to promote sustainable development of financial services

Assisting Small and Medium Enterprises

  • SME Financing Guarantee Scheme: extend application period for 80% and 90% Guarantee Products till end March 2026
  • BUD Fund: inject HK$500 million with launch of “E-commerce Easy". Provide up to HK$1 million per enterprise for implementing e-commerce projects in the Mainland
  • Digital Transformation Support Pilot Programme: SMEs in the F&B and retail industries to be invited to select ready-to-use solutions starting in early 2024


  •    Multinational supply chain management centre:
    •       Provide consulting services, trade financing and corporate training
    •          Study the establishment of trade single window to provide one-stop services for enterprises
    •           Attract Mainland manufacturing enterprises to set up offshore trading management headquarters in Hong Kong
  •    Explore new markets:
    •           Consider establishing Economic and Trade Offices in Riyadh, Saudi Arabia and Kuala Lumpur, Malaysia
  •          Organise “Belt and Road Festival” and “Belt and Road Initiative Tax Administration Cooperation Forum” in 2024

Intellectual Property Trading

  •           Introduce legislative proposal to implement “patent box” tax incentive. Profit tax rate to be reduced to 5%
  •           HK$45 million to support Hong Kong Productivity Council in establishing and operating WIPO Technology and Innovation Support Centre


  •          Study enhancements to tax concession measures for maritime industry
  •          Offer block registration incentive to shipowners for extensive registration of ships in Hong Kong


  •          Strengthen aviation services with current major routes and routes along the Belt and Road, in support of “Air Silk Road”

Legal and Dispute Resolution Services

  •          Headquarters of the “International Organization for Mediation” to be hosted in Hong Kong
  •          Continue to promote Hong Kong’s legal and dispute resolution services in the Mainland, the Middle East and ASEAN member states

International Cultural Exchange

  •           Inject HK$1.4 billion into Film Development Fund, HK$2.9 billion into CreateSmart Initiative
  •           Organise Hong Kong Fashion Design Week annually from 2024 onwards
  •           Devise key arrangements of Signature Performing Arts Programme Scheme in first half of 2024 to support long running of large-scale programmes
  •           Organise the first Hong Kong Performing Arts Expo


Key economic initiatives announced in the 2023 Policy Address include:

Trawl for enterprises, attract and retain talents

  • Develop a "Headquarters Economy" to attract enterprises from outside Hong Kong to set up headquarters or corporate divisions in Hong Kong; attract companies to re-domicile to Hong Kong
  • Expatriates, including foreign staff of companies in Hong Kong, can travel to the Mainland on "multiple-entry visas", with priority visa processing; entries of Vietnamese, Laotian and Nepalese talents are relaxed
  • Establish the physical office of Hong Kong Talent Engage, expand the coverage of universities under the Top Talent Pass Scheme, and implement the Capital Investment Entrant Scheme
  • Establish the Hong Kong International Legal Talents Training Academy and the Hong Kong International Academy Against Corruption, developing Hong Kong into a talent nurturing base
  • Implement the Capital Investment Entrant Scheme – Under the scheme, eligible investors who make investments of HK$30 million or above in assets such as stocks, funds, bonds, etc. (excluding real estate) can apply for entry into Hong Kong

Reinforce our advantages and build a diversified economy

  • Reinforce our status as international financial centre – enhance stock market liquidity, expand offshore Renminbi business, deepen GBA collaboration and venture into green finance
  • Expand our global economic and trade networks and our reach to new markets; set up more consultant offices to attract businesses and investment
  • Publish the Action Plan on Modern Logistics Development to promote smart development, modernisation, green and sustainability, internationalisation and facilitation of logistics
  • Strengthen support to SMEs by providing flexible repayment arrangements, tapping into e-commerce, expediting digital transformation, and reinforcing export credit insurance
  • Accelerate growth of the innovation and technology (I&T) ecosystem
    • Set up the New Industrialisation Development Office to support development of strategic enterprises, facilitate upgrading and transformation of manufacturing sector and assist start-ups
    • Establish the Hong Kong Microelectronics Research and Development (R&D) Institute and commission the Microelectronics Centre to facilitate R&D of microelectronics and industry development
    • Expedite establishment of a supercomputing centre to foster development of artificial intelligence
    • Set up a HK$10 billion New Industrialisation Acceleration Scheme to provide matching fund for promoting downstream development of new industrialisation
  • Develop cultural and creative industries
    • Establish the Cultural and Creative Industries Development Agency to promote the arts, culture and creative sectors as industries
    • Inject HK$4.3 billion to the Film Development Fund and the CreateSmart Initiative
    • Launch the Signature Performing Arts Programme Scheme to fund and nurture representative and large-scale major performing arts productions to be staged as long-run performances
    • Organise the Hong Kong Fashion Design Week as a flagship initiative to promote Hong Kong's fashion and textile design brands
  • Publish the Action Plan on Maritime and Port Development Strategy to develop Hong Kong into a leading international maritime centre, promote high value-added maritime services and facilitate GBA maritime collaboration
  • Northern Metropolis as the new engine for growth
    • Adopt an "industry-driven" approach
    • Integrate deeply with Shenzhen and other GBA cities
    • Leverage market forces to expedite the development
  • Formulate the Development Blueprint for Hong Kong's Tourism Industry 2.0, develop signature tourism products, and enhance development of cruise tourism economy
  • Promote new energy transport – develop bunkering of green maritime fuel and supply of sustainable aviation fuel, formulate strategy for hydrogen development, and promote green transformation of public land transport

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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