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Hong Kong Policy Address 2018

The Chief Executive of the Hong Kong Special Administrative Region Government, Mrs Carrie Lam, has delivered her second Policy Address at the Legislative Council and said Hong Kong must pursue a diversified economy to enhance its capability to withstand external shocks.
11th October, 2018

Measures she outlined included:

  • Issue the first batch of virtual banking licences by the end of 2018 or early 2019
  • Inject $20 billion into the Research Endowment Fund of the Research Grants Council
  • Launch a $3 billion Research Matching Grant Scheme
  • Introduce fellowship schemes for outstanding academics to strengthen the pool of talent in research and innovation and technology in Hong Kong
  • Expedite re-industrialisation by establishing a $2 billion re-industrialisation funding scheme to subsidise manufacturers to set up smart production lines in Hong Kong and allocating $2 billion for building manufacturing facilities required by the advanced manufacturing sector in industrial estates
  • Promote technology transfer by increasing the funding support to the Technology Transfer Offices of universities, the Technology Start-up Support Scheme for Universities, as well as the State Key Laboratories and Hong Kong branches of the Chinese National Engineering Research Centre
  • Announce annual plans to open up data by government departments
  • Launch pro-innovation government procurement policies.

The Chief Executive said she would aim to further enhance the status of Hong Kong as an international commerce and trading centre by negotiating and concluding more bilateral and multilateral agreements. She also committed Hong Kong to fully participate in and contribute to the Belt & Road Initiative to generate new impetus for economic development. To this end, she announced the establishment of a Steering Committee for the development of the Guangdong-Hong Kong-Macao Greater Bay Area for overall co-ordination of participation and to identify opportunities for Hong Kong in the region. Mrs Lam said she would be closely monitoring the impact of the trade friction between China and the United States on Hong Kong and introduce supportive initiatives for various sectors in a timely manner.

The Government will implement a series of measures to support and enhance the development of high value-added maritime services, which include:

  • Formulating tax measures to foster ship leasing business
  • Providing tax concessions for the marine insurance sector
  • Supporting Hong Kong to provide dispute resolution services to the global maritime industry
  • Injecting $200 million into the Maritime and Aviation Training Fund
  • Further expand the network of Comprehensive Double Taxation Agreements to attract more international marine and maritime service providers to set up offices in Hong Kong.

To boost the development of Hong Kong's film industry in the next few years, the Chief Executive also proposed to make a one-off injection of $1 billion into the Film Development Fund.

Managing director of ILS World's Hong Kong office Lilian Cheung said: "These latest announcements further strengthen Hong Kong's reputation as a progressive place to do business and the preferred platform for those seeking a gateway into Asia. Together with the new regulatory regime introduced into Hong Kong this year we believe these new measures will only increase the advantages of working in this jurisdiction."

For further information on doing business in the Hong Kong please contact managing director Lilian Cheung at enquiries@ils.com

Managing Director Hong Kong

Lilian Cheung
Lilian Cheung
Managing Director Hong Kong