Hong Kong’s latest Budget, unveiled yesterday by Financial Secretary Paul Chan, included a variety of measures to bolster the city’s position as an international centre for finance, innovation and technology (I&T) and trade, among other areas, while helping businesses capture new opportunities arising from China’s 15^th Five-Year Plan.

Mr Chan highlighted how Hong Kong, with its large talent pool, can help enterprises open up new markets by leveraging the city’s global ties and close connectivity with the Chinese Mainland.

The Hong Kong Trade Development Council (HKTDC) welcomed the Budget, which also included plans to formulate Hong Kong’s first five-year plan.

The BUD Fund, a dedicated resource to help Hong Kong-based businesses expand into new markets, will also receive an additional HK$200 million (~US$26 million).

“These initiatives demonstrate the HKSAR Government’s commitment to supporting Hong Kong SMEs and facilitating economic transformation and high-quality development,” said HKTDC Chairman Prof Frederick Ma.

The HKTDC will actively align with the government’s policy direction, implement the national Five-Year Plan and help Hong Kong to consolidate and enhance its status as an international hub, Prof Ma added.

The Council will also extend its global business network, including deeper ties with ASEAN and the Middle East while exploring more emerging markets, to further enhance Hong Kong’s pivotal role in China’s Belt and Road Initiative.

“As a superconnector and super value-adder, Hong Kong enjoys the unique edge of linking the mainland and global markets,” Prof Ma noted.

“We successfully bring in international capital, technology, talents and advanced management expertise, helping mainland and local enterprises upgrade and innovate, while supporting mainland companies to go global via Hong Kong’s professional services platform.”

The HKTDC will also further leverage its network of 51 offices worldwide, as a member of the GoGlobal Task Force – a new initiative to help mainland enterprises to expand overseas – to help businesses explore global markets, diversify risks and grow.

At the same time, Hong Kong enterprises, especially SMEs, will continue to benefit from value-added services from HKTDC to help these firms enhance their competitiveness, upgrade their digital operations and capitalise on e-commerce opportunities.

Stronger ecosystems for innovation, finance

The Council will also align with a range of measures set out in the Budget to promote Hong Kong’s development as an international I&T hub through its exhibitions, conferences and events.

These platforms will help showcase Hong Kong’s strengths and ecosystem advantages in I&T as well as IP, while fostering cross‑industry and cross‑regional collaboration.

The annual innovation fair InnoEX will once again take place in April, featuring cutting‑edge technologies and global breakthroughs, while helping accelerate technology commercialisation.

InnoEX is the flagship event of the Business of Innovation and Technology Week, a series of tech-related exhibitions, conferences, seminars, roundtables and networking events jointly organised by the Hong Kong SAR Government’s Innovation, Technology and Industry Bureau and the HKTDC.

In his Budget speech, Mr Chan also noted that next year’s Asian Financial Forum (AFF), an annual gathering of influential financiers, business leaders and policymakers co-organised by the Hong Kong SAR Government and the HKTDC, will mark its 20th anniversary.

The Council will work closely with the Government to further strengthen AFF’s focus on how finance can empower business.

The Global Business Summit, a new signature event, made its debut as part of AFF earlier this year to help the financial sector better serve the real economy and industries with a competitive edge.