Multiple measures taken by Hong Kong to boost economy

By Chai Yifei, People’s Daily Overseas Edition

A number of measures have been taken by the government of China’s Hong Kong Special Administrative Region (HKSAR) to support enterprises, ensure employment and alleviate the pressure of local people, according to Chief Executive of the HKSAR Carrie Lam Cheng Yuet-ngor.

The HKSAR government pays great attention to economic pressure felt by Hong Kong citizens and small and medium-sized enterprises (SMEs) amid the sluggish economy. These measures were issued to tackle the challenges currently faced by the special administrative region, Lam said in a recent public event.

Lam also received supports from many Hong Kong officials, who posted supporting messages on the internet, saying that the HKSAR is inputting huge amount of resources to improve people’s livelihood and promote economic development.

Enterprises are major players in market economy, and their fate is under direct influence of the economic condition. The HKSAR government, considering the impacts faced by the SMEs in the region, has issued multiple measures to relieve their stress.

Not long ago, the HKSAR government offered a 12-month exemption for 27 categories of administrative charges to help reduce costs for enterprises, benefiting many sectors such as the maritime, logistics, retailing, catering, tourism, construction, fishery, and agriculture industries.

Besides, tenants of short-term land leasing, street-side market stalls, restaurants, retail stores, cargo handling berths, and booths in wholesale produce and fish markets can also enjoy a 50-percent discount in the rent for half a year.

To help SMEs find accessible and affordable financing, the HKSAR government extended the application period of the Special Concessionary Measures under the SME Financing Guarantee Scheme and the validity period of three “Enhancement Measures” the government rolling out last year to June 30, 2022.

There were about 40 government funds available with funding worth HK$35 billion (about $4.46 billion) up for grabs, said Edward Yau Tang-wah, Hong Kong Secretary for Commerce and Economic Development.

The government will streamline the procedures and eligibility requirements of these funds so as to help more SMEs ride out the storm, said Yau. 

In order to expand employment, Hong Kong government has intensified its efforts to launch small construction projects, including the Pier Improvement Programme, Lift Modernisation Subsidy Scheme, and Fire Safety Improvement Works Subsidy Scheme. These projects all help create new jobs for Hong Kong citizens.

Moreover, the HKSAR government are planning to initiate special training programs to help those who lost their jobs to the current recession.

To enhance the competitiveness of Hong Kong’s human resources, the Development Bureau established the Centre of Excellence for Major Project Leaders this July. The first two batches of students from the center have started taking courses at Oxford University this August and September respectively.

Infrastructure construction and cultivation of talents for project management are important investment for Hong Kong’s future, said Hong Kong’s financial secretary Paul Chan Mo-po, noting that the HKSAR government will make great efforts to boost progress in these areas and promote continuous development of Hong Kong.  

A series of relief measures worth HK$ 13 billion were recently rolled out by the HKSAR government, issuing subsidies to social security recipients and students from kindergarten to secondary school.

Besides, the government will grant each eligible residential electricity account a electricity charges relief of HK$2,000, and provide one-off subsistence allowance for eligible low-income residents.

In addition, the government of HKSAR has adopted a proposal put forward by the Hong Kong Commission on Poverty, and is going to raise the subsidies for low-income families living subdivided flats.

Two new types of family structures, families with three and families with four or more, will be included in the subsidy scheme, and they will receive up to HK$11,500 and HK$13,000, respectively. It’s estimated that about 24,000 citzens will benefit from the scheme.  

Meanwhile, under the efforts of the HKSAR government, a series of new measures and moves targeting the housing problem in the city are being introduced and put into practice, such as gazetting the proposal of vacancy tax on properties, resuming land for urban renewal projects, and paying one month’s rent for lower income public rental housing tenants. 

The HKSAR government is preparing a platform for dialogue, which is expected to bring Chief Executive Lam and heads of government departments and bureaus to communities in an effort to hold discussions with citizens on solutions to long backlogged issues concerning such aspects as economy, society, and people’s livelihood, said Chan.

It is hoped that various sides can work together in a peaceful, rational and mutually respectful atmosphere, so that the HKSAR government can draw on the wisdom of everyone and formulate more powerful measures, Chan added.