Tsang: $1bn fund to boost enterprises

The chief executive also aims to consolidate the city’s position as Asia’s creative hub.

To help Hong Kong enterprises tap the Mainland market, Chief Executive Donald Tsang proposes forming a dedicated fund of $1 billion to encourage firms to move up the value chain and build brands by leveraging Hong Kong’s strengths in design.

Announcing the 2011-12 Policy Address on Wednesday, Mr Tsang said the Government will seek to sign Supplement VIII of the Mainland & Hong Kong Closer Economic Partnership Arrangement by year's-end.

The Government plans to strengthen and deepen its multi-faceted co-operation with the Chengdu-Chongqing area and Fujian by setting up dedicated liaison units in Chongqing and Fujian.

It is also preparing for the establishment of the Hong Kong Economic, Trade & Cultural Office in Taiwan.

In addition, Mr. Tsang plans to designate 2012 as Hong Kong Design Year, featuring large events on design to consolidate the city’s position as Asia’s creative hub.

He also pledged to allocate more resources to enhance support for the Hong Kong Design Centre, according to a government report.

The Government will also allocate resources to the Arts Development Council for the provision of art space at suitable industrial premises, for rent by artists at concessionary rates.

The Arts Capacity Development Funding Scheme launched this year will provide annual funding of $30 million to subsidise promising art groups and art practitioners as well as large-scale, long-duration activities.