Gov't unveil plans to reinforce HK's status as a financial and trade centre

Increasing trade with markets involved in the Belt & Road initiative will be a priority. 

Hong Kong plans to strengthen its status as an international trade and financial centre by increasing trade with markets in the Belt & Road Initiative, said Chief Executive John Lee in his Policy Address.

Hong Kong will organise more outbound missions involving Hong Kong and Mainland enterprises and visits to the GBA for overseas operations.

The Hong Kong SAR will also set up additional offices for business and trade along the Belt & Road to consolidate cooperation with ASEAN markets and the Middle East.

Lee said the government will also sign an investment agreement with Turkey. A free trade agreement with Peru and more investment agreements with Bahrain, Bangladesh, and Saudi Arabia are also under negotiation.

An Action Plan on Modern Logistics Development will be published this year. It will focus on smart development, internationalisation, and green and sustainable modernisation.

Hong Kong’s convention and exhibition (C&E) industry will be further promoted by expanding facilities at the Asia World-Expo and building new C&E facilities in Wan Chai North, raising the city’s C&E space by 40% to 220,000 sqm.

The government will establish a task force to support SMEs in the Mainland e-commerce industry. A flexible repayment option will be provided to SMEs by the end of this year.

In addition, Cyberport will launch a digital support program by the end of the year to subsidise SMEs in the retail and food sectors applying for e-payments and other digital packages.

On markets, Lee said stamp duty on stock transfers will be reduced from 0.13% to 0.1% by the end of November. HKEX will explore reducing minimum trading spreads and revising listing rules on 1Q2024.

In 1Q24, Hong Kong will also launch a green fintech scheme.