Times flies, it is already 1 year since the last year Policy Address. Different from the last year, the Chief Executive, Carrie Lam decides to postpone her speech from mid-October to November. To gain support from the Central Government, she visited Shenzhen, where President Xi was, in order to consult the Policy Address 2020.
Coming across the COVID-19, Hong Kong’s real GDP has sharply dropped by 9.0% in the second quarter, compared to last year. Furthermore, the vacancy rate of Hong Kong office has hit a 10-years high. In addition, the unemployment rate has reached a peak over the past 15 years, with 6.2%. With a historically poor economic development, the Government has proposed more than 200 new measures and initiatives for Policy Address 2020. While there are a huge number of measures, WYND team has selected some highlights of the short term policy for SMEs.
CREATING EMPLOYMENT AND RELIEVING UNEMPLOYMENT
Apart from the ten-thousand of civil service job openings and three-thousand of time-limited jobs under the second round of the Anti-epidemic Fund this financial year, the Government will create more sector-specific job opportunities for young people. Industries include environmental protection, innovation and technology, legal, creative industries, etc.
Love Upgrading Special Scheme: starting from next year, the Government will provide twenty thousand of places with training allowance.
Supporting Business Development & SMEs
To support entrepreneurs, the Government will implement different scheme to assist in the economic integration of Mainland China to seek economic recovery.
Small and Medium Enterprises Export Marketing Fund: The Government will expand the scope of subsidy for 2 years. As a matter of fact, enterprises affected by the epidemic can fully utilise both online and offline sale channels.
Professional Services Advancement Support Scheme: The Government will provide $50 million to subsidise professional bodies to step up publicity and promotion in the Great Bay Area (GBA) and overseas.
“GoGBA” Platform: The HKTDC will launch a one-stop platform in collaboration with the Guangdong Province and relevant chambers of commerce to provide policy advisory, training and matching services. Therefore, Hong Kong enterprises can explore opportunities in the Mainland’s domestic market. Apart from it, there would be a chance for the large-scale e-commerce platforms in the Mainland.
Financial Support to Several Industries
While the global economy is suffering from COVID-19, some industries are in trouble. For instant, the travel bubble we introduced has been suspended due to the 4th wave of COVID-19 in Hong Kong. Hence, financial support could be the most useful mean to help them.
Creative Industry: There would be a billion injection into the CreateSmart Initiative. In addition, they will seek to provide state-of-the-art venues and complementary facilities.
Convention and Exhibition Industry: There will be redevelopment of 3 governments tower into convention and exhibition facilities, hotels and offices. Moreover, they will make use of Convention and Exhibition Industry Subsidy Scheme to subsidise exhibitors.
Tourism Industry: The Government will provide an additional 600 million funding for tourism industry.
To read the full highlights of Policy Address 2020, please visit the government website here.
It’s no doubt that we are experiencing a difficult time, we hope these measures can help you overcome the obstacles. Follow WYND’s blog page, keep checking out our latest blogs and we will offer various useful information and tips for Startups, SMEs.
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