Policy Address
46. Sustained economic growth is essential for our society to make steady progress and will enable the Government to continue investing in the future and meeting public needs. Over the past two years, we have been actively expanding overseas markets: we doubled the number of free trade agreements (FTAs) signed with other economies, and established in Bangkok, Thailand, Hong Kong’s 13th overseas Economic and Trade Office. We have also made substantial efforts to attract foreign investment. According to the latest annual survey conducted by Invest Hong Kong and the Census and Statistics Department, the number of business operations in Hong Kong with parent companies overseas or in Mainland China has exceeded 9 000. Among them, 1 541 have set up regional headquarters in Hong Kong, representing a 9.1% increase over 2017. The number of startups in Hong Kong has seen an even more encouraging growth of 42.8% to 3 184 during the two-year period between 2017 and 2019.
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.
