Gov’t mulls establishment of one-stop trade services window

Hong Kong wants to attract Mainland manufacturing to set up offices in the city.

The government is considering a one-stop trade services window to encourage more Mainland manufacturing enterprises to set up offices in Hong Kong.

In his budget speech, Financial Secretary Paul Chain said Hong Kong aims to be a supply chain management centre that provides consulting services, trade financing and corporate training to enterprises.

In improving consulting services, Chan said the government plans to establish an Economic & Trade Office in Saudi Arabia and Malaysia and two consultancy offices along Belt & Road.

On trade financing, Hong Kong plans to collaborate with Mainland authorities to establish a framework for cross-boundary credit referencing to help enterprises secure financing in the Greater Bay Area.

The government also plans to issue $70b worth of retail bonds, with $50b in silver bonds and $20 in green and infrastructure bonds for financial inclusivity and sustainability.

To promote an offshore renminbi ecosystem in Hong Kong, the government will deepen mutual-market access schemes by introducing block trading, establishing renminbi counters, and covering real estate investment trusts under the access scheme.

In addition, the government will enhance preferential tax regimes, extend grant schemes for OFCs and REITs for three years, and set up a task force to formulate measures to develop the asset and wealth management industry.