More Support For Businesses

(To watch the video with sign language interpretation, click here.)

Chief Executive Carrie Lam said the Government will help enterprises and the public tide over difficult times amid the economic downturn.

She made the remarks in her Policy Address today and stressed that escalating trade tensions between the Mainland and the US have triggered sluggish global economic growth.

Mrs Lam pointed out that during the first half of 2019, Hong Kong’s economy recorded its worst performance since the 2009 recession.

She made it clear that violent acts in recent months have aggravated the situation and put Hong Kong’s economy in an extremely challenging position.

Mrs Lam said the economic downturn impact on the labour market has surfaced gradually.

The jobless rates of the more affected sectors such as retail, hotels and catering services have been rising progressively, while labour demand in the import/export trade sector has weakened considerably. The local labour market will soon face layoffs.

Mrs Lam said the Government is very concerned about the pressure borne by small and medium enterprises and the public amid the economic downturn, adding measures will be introduced to help them when necessary.

The Government is also seeking the policy support of relevant Central authorities. This includes tax concessions for Hong Kong enterprises wishing to shift from exports to domestic sales, and streamlining the approval process to enhance competitiveness in the Mainland domestic market.

The Chief Executive asserted that recent violent incidents have seriously marred Hong Kong’s reputation and undermined its attractiveness to overseas investors.

Once peace is restored, the Government will rebuild confidence in Hong Kong by devoting more effort and resources, she added.