Diversified Economy
Financial Services Industry
- Issue the first batch of government green bonds to promote the development of green finance
- Consider establishing a limited partnership regime and introducing tax arrangement to attract private equity funds to set up and operate in Hong Kong
- Promote mutual recognition of funds with other jurisdictions to broaden the distribution network of local fund products
- Provide tax concessions for marine insurance and underwriting of specialty risks, and facilitate them to issue insurance-linked securities
- Promote the use of Faster Payment System for payment of government fees and charges
- Issue virtual bank licences
- Establish the Academy of Finance in mid-2019 to promote financial leadership development
- Provide a $400 million seed capital for the Financial Reporting Council and enable it to waive levy in the first two years under the new regulatory regime
Tourism
- Allocate $353 million for the continued implementation of the Development Blueprint for Hong Kong’s Tourism Industry
Innovation and Technology
- Set aside $5.5 billion for the development of Cyberport 5 to accommodate more technology companies and start-ups
- Set aside $16 billion for universities to enhance or refurbish campus facilities, in particular those for R&D
- Inject $20 billion into the Research Endowment Fund of the Research Grants Council under the University Grants Committee to provide research funding
- Establish two innovative clusters in the Science Park focusing on “A.I. and robotic technologies”and “healthcare technologies”, pooling top-notch universities and institutions to collaborate and undertake R&D activities
- Launch the $2 billion Re-industrialisation Funding Scheme in 2019
- Expand the Corporate Venture Fund of the Science Park to $200 million
- Allocate $800 million to support R&D work and the realisation of R&D results by universities, key laboratories and engineering research centres
- Double the annual funding ceiling for each university under the Technology Start-up Support Scheme for Universities to $8 million
- Increase the monthly allowance for researchers under the Researcher Programme to attract local graduates to join the I&T sector
- Extend the funding period under the Researcher Programme and the Postdoctoral Hub Programme
Creative Industries
- Inject $1 billion into the Film Development Fund
- Commence the works for the Sham Shui Po Design and Fashion Project
Professional Services
- Allocate $150 million to support the development of an online international dispute resolution platform by NGOs
Construction Industry
- Promote the digitisation of works supervision system to enhance the standard of and efficiency in public works monitoring
- Implement Construction 2.0 to improve productivity, quality, safety and environmental impact
- Upgrade the Project Cost Management Office under the Development Bureau to strengthen cost management of public works projects
- Earmark $40 million for the first three years of operation of the Centre of Excellence for Major Project Leaders to enhance public officers’ capability in delivering public works projects
International Transportation Centre
- Consider introducing tax and related measures to attract ship finance companies to develop ship leasing businesses in Hong Kong
- Provide a 50% profits tax concession to marine insurance businesses
