2020 Policy Address – Key Points

COVID-19 has dealt a heavy blow to Hong Kong and the global economy.  Economic recovery under the new normal has become a top priority for governments around the world. The 2020 Policy Address announced by the Chief Executive introduces a range of measures to support enterprises and reboot the economy. Follow this link to a full description of policy address 2020.

Below are the highlights of policy initiatives driven by the Commerce and Economic Development Bureau (CEDB):

1)        Market development riding on the “Dual Circulation” strategy of the Mainland 
-        HKTDC will launch a one-stop “GoGBA” platform to help Hong Kong enterprises access the Mainland domestic market and market on Mainland e-commerce platforms; 
-        Support Hong Kong business in five Economic and Trade Co-operation Zones established between the Mainland and four ASEAN markets: Thailand, Malaysia, Cambodia and Indonesia; 
-        Launch a Mainland Enterprises Partnership Networking and Exchange Programme for the professional service sector; 
-        Expand the network of Economic and Trade Offices (ETOs) with the launch of a new ETO in Dubai in 2021; and 
-        Seek accession to RCEP. 

2)        Invest in infrastructure for economic development 
-        Tourism: with the new plan of “Invigorating Island South”, support the rebirth of Ocean Park, open Water World for operation, revitalise Jumbo Floating Restaurant, and develop new cultural and green tourism products; provide an additional relief package of $600 million to the trade; 
-        Convention & exhibition (C&E): redevelop C&E facilities in Wan Chai North and commence construction of AsiaWorld Expo Phase II, adding 40% of C&E floor space in Hong Kong; launch the Convention and Exhibition Industry Subsidy Scheme with a $1 billion commitment; and 
-        Telecommunications: provide more spectrum in different frequency bands for 5G services in 2021. 

3)        Increase funding support 
-        Expand the funding scope of the SME Export Marketing Fund for two years to include exhibitions targeting the local market and virtual exhibitions, and to enable all non-listed companies to apply; 
-        Inject another $1 billion to the CreateSmart Initiativeto support the creative industries; 
-        $80 billion of loan guarantee remains open for application under the SME Financing Guarantee Scheme; and 
-        Under the Professional Services Advancement Support Scheme, set aside $50 million for major professional bodies to join exchange, promotional, and capacity building activities in GBA and overseas; 

Please check out the following references for more information: 

Click here to see the infographics on CEDB’s key initiatives 
Click here to review policies for a New Impetus to the Economy 
Click here to review the whole 2020 Policy Address