Gov't To Diversify Economy

The Government will diversify Hong Kong's economy to create wealth and provide more development opportunities.

Delivering his 2018-19 Budget at the Legislative Council today, Financial Secretary Paul Chan said the administration will examine Hong Kong's standing amid fierce global competition.

"The current-term Government will examine Hong Kong's competitiveness, our economy as well as the current state and direction for development of our industries from a forward-looking and strategic perspective.

"Playing the role as a 'facilitator' and a 'promoter', we will introduce timely and appropriate measures to support industries where we have strengths and development potentials, and tap new markets."

The Government will set aside $500 million to develop the financial services industry.

It will launch a Pilot Bond Grant Scheme to attract local, Mainland and overseas enterprises to issue bonds in Hong Kong, and continue the issuing of Silver Bonds over the next financial year.

A green bond issuance programme for the Government's green public works projects will also be introduced.

To develop Hong Kong into a world-class tourism destination, the administration will allocate an additional $396 million to the tourism industry in the new financial year.

The Tourism Board will receive $226 million to implement the Development Blueprint for Hong Kong's Tourism Industry to broaden markets and draw high value-added overnight visitors.

Ocean Park will be allocated $310 million to prop up education and tourism projects.

To enhance Hong Kong's standing as a trading hub, the Government will cap the trade declaration charge at $200.

To help small and medium enterprises, $1.5 billion will be injected into the Dedicated Fund on Branding, Upgrading & Domestic Sales.

Mr Chan said the construction industry must continue to upgrade and proposed establishing a $1 billion Construction Innovation & Technology Fund to encourage the sector to tap into innovative technology.

"The Government will focus in particular on removing land and manpower constraints.

"Under the present macro environment in which opportunities abound, I am confident that we can find more drivers for growth to support the development of our society."