HK to diversify economy

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HK to diversify economy

Hong Kong’s economy in the first half of this year grew strongly by 4% in real terms compared to the previous year, riding on the broadly positive global economic environment.

Chief Executive Carrie Lam made the statement while unveiling her Policy Address today.

However, she warned there are increasing uncertainties in the global economy, in light of the trade friction between China and the US.

The Government will closely monitor changes in the economic environment so it can respond swiftly, including providing support for affected enterprises.

Meanwhile, Mrs Lam said Hong Kong is full of development potential.

The Government will be proactive and seize opportunities stemming from the Belt & Road Initiative and the Greater Bay Area development to provide new drive for the city’s economy. 

She also laid out initiatives to support the maritime, insurance, film, and innovation and technology industries.

They include tax measures to foster the ship leasing business in Hong Kong, tax concessions for the marine insurance sector, facilitating Hong Kong’s provision of dispute resolution services to the global maritime industry, and an injection of $200 million into the Maritime & Aviation Training Fund.

For the film industry, Mrs Lam proposed a one-off injection of $1 billion into the Film Development Fund to nurture talent, enhance local production, expand markets and build up audiences.

Measures include enhancing the First Feature Film Initiative by increasing the number of winning teams and prize sponsorship, expanding the scope of the fund to cover mid-budget films along with raising the Government’s investment ceiling to enhance Hong Kong films’ competitiveness in local and overseas markets, promoting the brand of Hong Kong Films through film festivals and other publicity activities on the Mainland and overseas, and  encouraging more cinemas to screen local film productions.

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