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Bolstering Confidence

Attracting Enterprises, Capital and Talent

  • Strategic enterprises: more than 40 strategic enterprises have set up or expanded their businesses in Hong Kong, or will do so. Total investment of over $40 billion, creating 13 000 jobs
  • Hong Kong Investment Corporation Limited: implement the first batch of direct investment and co-investment projects in the first half of this year, covering life technology, green technology, semiconductors, chips, etc.
  • Organise “Roundtable for International Sovereign Wealth Funds” and “Summit on Start-up Investment and Development in Hong Kong”
  • Submit legislative proposal to implement re-domiciliation mechanisms in first half 2024
  • Prepare to list an Exchange Traded Fund (ETF) in the Middle East tracking Hong Kong stock indices
  • Review arrangements of Top Talent Pass Scheme in mid-2024 and host a Global Talent Summit

Property Market

  • Cancel Special Stamp Duty, Buyer's Stamp Duty and New Residential Stamp Duty for residential properties with immediate effect
  • Further relax countercyclical macroprudential measures for property mortgage loans and adjust other supervisory policies for property lending

Stock Market

  • Actively take forward recommendations by Task Force on Enhancing Stock Market Liquidity
  • Introduce treasury share buy-back regime and maintain trading operations under severe weather: targeting to implement in mid 2024
  • Explore measures to enhance listing regime, improve transaction mechanism, boost investor services, step up market promotion, etc.
  • Waive stamp duties payable on transfer of Real Estate Investment Trust (REIT) units and jobbing business of option market-makers

Assisting Small and Medium Enterprises

  • SME Financing Guarantee Scheme: extend application period for 80% and 90% Guarantee Products till end March 2026
  • BUD Fund: inject $500 million with launch of “E-commerce Easy”. Provide up to $1 million per enterprise for implementing e-commerce projects in the Mainland
  • Digital Transformation Support Pilot Programme: SMEs in the F&B and retail industries to be invited to select ready-to-use solutions starting early this year

Building the Hong Kong Brand

  • Allocate over $1.09 billion to strengthen tourism development and organise events. Highlights include:
    • Splendid Victoria Harbour: Monthly pyrotechnic and drone shows; and revamping “A Symphony of Lights”. Pilot scheme on F&B, retail and entertainment facilities at the harbourfront
    • Immersive and in-depth tourism: based on themes such as “Citywalk”
    • Young-adult focused activities: hiking, cycling, stand-up paddleboarding, trail running and stargazing
    • Local characteristics: continue to hold “Sai Kung Hoi Arts Festival” and “Design District Hong Kong”
    • Launch a new Hong Kong tourism brand
    • Promote multi-destination tourism in collaboration with GBA cities
    • Quality tourism services: Launch new round of publicity to promote Hong Kong as a hospitable city
  • Earmark $100 million to boost mega-event promotions over next 3 years
  • Continue to organise thematic financial forums, such as the Global Financial Leaders’ Investment Summit and the Wealth for Good in Hong Kong Summit
  • Launch a new Sponsored Overseas Speaking Engagement Programme to sponsor renowned scholars and industry leaders in promoting Hong Kong overseas

Supporting People and Enterprises

  • Rates concession for domestic properties for the first quarter of 2024/25, subject to a $1,000 ceiling
  • Rates concession for non-domestic properties for the first quarter of 2024/25, subject to a $1,000 ceiling
  • Reduce salaries tax and tax under personal assessment for the assessment year 2023/24 by 100%, subject to a $3,000 ceiling
  • Reduce profits tax for the assessment year 2023/24 by 100%, subject to a $3,000 ceiling
  • Provide extra half-month allowance of standard CSSA payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance. Similar arrangements for Working Family Allowance

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