The Chief Executive of the Hong Kong SAR Government, Mr Donald Tsang, set out strategies for Hong Kong to break new grounds in economic development and sustainable growth in his 2009-10 Policy Address delivered on Oct 14. Among them, he announced new initiatives to develop six industries where Hong Kong enjoyed “clear advantages”: education services, medical services, testing and certification services, environmental industries, innovation and technology, and cultural and creative industries.
To encourage enterprises to invest in high technology and scientific research, the Government will allocate some HK$200 million (CAN$25.6 million) to launch an “R&D Cash Rebate Scheme”. Under the scheme, eligible enterprises will enjoy a cash rebate equivalent to 10% of their research and development investments.
The Chief Executive also set out a series of objectives for Hong Kong’s financial services sector. These include: attracting more international capital, financial institutions, products and talent; strengthening Hong Kong’s role as a testing ground for Renminbi products and the internationalisation of the Mainland currency; to serve as a preferred capital raising centre for Mainland enterprises; and strengthen links between Hong Kong and Mainland financial markets.
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