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January 2020 Issued by the Hong Kong Economic NEWS January 2020 Issued by the Hong Kong Economic and Trade Office in Brussels The Financial Secretary, Mr Paul Chan, attended the opening ceremony of the Annual Meeting of the Asian Infrastructure Investment Bank in Luxembourg. (page 7) The Hong Kong Museum of Art has reopened after a major renovation. A glass facade presents a transparent design, making the museum stand out on the Tsim Sha Tsui waterfront. (page 17) The Chief Executive, Mrs Carrie Lam (right), attended a meeting of the Leading Group for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area as a member in Beijing. Measures to promote the Greater Bay Area development were announced after the meeting. (page 11) Copies of the Policy Address are distributed to citizens. Chief Executive’s 2019 Policy Address “Treasure Hong Kong: Our Home” - housing and land supply as top priorities Titled “Treasure Hong Kong: Our Home”, the 2019 from opposition to the now-withdrawn Government’s Policy Address announced on 16 October 2019 has put amendment of the Fugitive Offenders Ordinance have forward over 220 new initiatives addressing a range become more extensive.” of community concerns. The focus on housing and land supply, improvement of people’s livelihood and Apart from curbing illegal acts, supporting law economic development underlines the Hong Kong enforcement by the Hong Kong Police Force and ensuring Special Administrative Region (HKSAR) Government’s that government departments and public organisations determination to bring benefits to Hong Kong’s economy will make full effort to reduce the impact on citizens, the and people, especially at a time when Hong Kong is HKSAR Government strives to pursue other courses of facing difficulties of an unprecedented degree. action with a view to getting out of this impasse together with the community. In September 2019, the Chief Referring to the current social unrest, the Chief Executive announced the introduction of four actions, Executive, Mrs Carrie Lam, said, “Hong Kong has always which included launching a diversified dialogue platform been one of the safest cities in the world, and being with a view to finding a way out for Hong Kong. Later, the civilised, law-abiding, free, pluralistic and inclusive, Chief Executive has invited community leaders, experts and paying mutual respect are the characteristics that and academics to conduct an in depth and independent this Asia’s world city takes pride in. Yet in just a few examination of the social conflicts in Hong Kong and the months, the areas affected by the social conflict arising deep seated problems that must be addressed. 2 HONG KONG NEWS January 2020 January 2020 Contents CHIEF EXECUTIVE’s 2019 POLICY ADDREss “TrEASURE HONG KONG: OUR HOME” Chief Executive identified housing and land supply as top priorities 2 Policy Address measures to diversify economy 5 Policy Address aims to enhance people’s livelihoods 6 INTERNatioNAL CO-OPERatioN The Financial Secretary visited Luxembourg to attend the Annual Meeting of the Asian Infrastructure Investment Bank 7 BUSINESS OPPORTUNITIES OFFERED BY HONG KONG Fourth Belt and Road Summit successfully held 9 Measures to promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area 10 BUSINESS EVENTS Promoting Hong Kong’s start-up ecology at the South Summit Business Conference in Madrid 13 Belgian business community updated on Hong Kong 13 Roundtable session in Milan to update Italian entrepreneurs on the latest situation in Hong Kong 14 Meeting Spanish start-ups at the TechCity in Barcelona 14 The Chief Executive set out following three Business Seminar in Plovdiv to promote the Greater Bay Area Development 15 principles for handling the current crisis and Promoting business opportunities offered by the Greater Bay Area to Dutch companies 15 discharging governance responsibilities - CAREERS First, we will adhere to “One Country, Seeking overseas talents: HKETO, Brussels reached out to students in Greece 16 Two Systems” and safeguard the rights and freedoms protected by the Basic Law. UPCOMING EVENTS In the 22 years since Hong Kong returned Don’t miss the “Legends of Lion Dance” exhibition in Antwerp (10 January to 2 to the Motherland, the “One Country, Two February 2020) 16 Systems” principle has proven to be the best system for ensuring the long-term CUltURE AND SPORTS prosperity and stability of Hong Kong. Renovated Hong Kong Museum of Art opens 17 Hong Kong films showcased at seven international film festivals in Italy, Spain, France Second, the rule of law, which is the and Greece 18 cornerstone of our success, is a core Thousands joined Hong Kong Dragon Boat Festival in Antwerp 20 value of paramount importance to Oxfam Trailwalker in Belgium’s Saint-Hubert 21 Hong Kong. Hong Kong showcased its street food culture at Lyon Street Food Festival 22 Belgian students were amazed by young rope skippers from Hong Kong 22 Third, Hong Kong’s institutional strengths are built up over time by different bodies NEWS IN BRIEF and organisations including the executive Hong Kong pupils excel in PISA global test 23 authorities, the legislature, the judiciary, New Special Representative for Hong Kong Economic and Trade Affairs to the the civil service, law enforcement and European Union 24 regulatory agencies, public service bodies, Ed van der Elsken exhibition of photos of Hong Kong in 1960 24 media organisations, etc. Each and every one of us has the responsibility to protect these strengths and prevent them from being eroded. HONG KONG NEWS January 2020 3 Housing and land supply are top priorities. Housing and Land In her 2019 Policy Address, the Chief Executive has identified housing and land supply as top priorities. The HKSAR Government is determined to increase the supply of land for housing development in a persistent manner and with a multi-pronged strategy. Key initiatives announced in the 2019 Policy Address include – Invite the Hong Kong Housing Authority to explore Announce a proposed framework for the Land Sharing the feasibility of redeveloping its factory estates for Pilot Scheme with the target of accepting applications public housing use in early 2020 Raise the mortgage cap under the Mortgage Insurance Establish a platform for professionals and young Programme of the HKMC Insurance Limited for first- people to take part in the development of the Kau time home buyers with the value of property eligible Yi Chau Artificial Islands under the Lantau Tomorrow for 90% loan-to-value ratio doubled to HK$8 million Vision, and to explore how to link up the housing (EUR 0.92 million). For 80% loan-to-value ratio the cap development plans on the artificial islands with the on value will be raised from HK$6 million (EUR 0.69 housing needs of Hong Kong people million) to HK$10 million (EUR 1.16 million) Re-plan the coastal development of Tuen Mun West, Expedite planning work and invoke the Lands including exploring the feasibility of developing the Resumption Ordinance to resume about 400 hectares coastal areas which also cover the River Trade Terminal of private land in the next five years (which is into residential areas significantly more than the 20 hectares resumed in the past five years) 4 HONG KONG NEWS January 2020 Policy Address measures to diversify economy The Hong Kong Special Administrative Region Government is determined to boost the development of new and emerging industries in addition to the traditional industries, and considers that both innovation and technology and the creative industries have a competitive edge and much potential. They will not only promote a diversified economy, but also create more quality employment opportunities for our young people. Measures in the 2019 Policy Address to diversify economy of Hong Kong include – Innovation and Technology Trade and Investment Extend the coverage of the Technology Talent Admission Inject HK$1 billion (EUR 0.12 billion) into the Dedicated Scheme to companies outside the Hong Kong Science Fund on Branding, Upgrading and Domestic Sales and Technology Parks Corporation and Cyberport and and significantly increase the funding ceiling per to cover new technology areas enterprise under its Mainland Programme and Free Trade Agreement Programme to HK$2 million (EUR Extend the coverage of the Researcher Programme, 0.23 billion) Postdoctoral Hub and Public Sector Trial Scheme to all technology companies conducting research and Inject HK$1 billion (EUR 0.12 billion) into the Export development activities Marketing and Trade and Industrial Organisation Support Fund to double the cumulative funding ceiling Inject HK$500 million (EUR 57.75 million) into the for each enterprise under the SME Export Marketing Social Innovation and Entrepreneurship Development Fund to HK$800,000 (EUR 92,400) Fund to further promote social innovation Provide a 90% guarantee under the SME Financing Transportation and Logistics Guarantee Scheme for approved loans Provide tax concession for ship lessors and leasing Extend the application period of the special managers to develop ship leasing business; and plan concessionary measures under the SME Financing to introduce tax concessionary measures to encourage Guarantee Scheme and the validity period of the three more commercial principals of the maritime industry enhancement measures to 30 June 2022 to establish a presence in Hong Kong Introduce a relief measure under the SME Financing Guarantee Scheme and the SME Loan Guarantee Scheme where enterprises may apply for principal Hong Kong’s Cyberport, a creative digital community
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