Hong Kong Government Budget to Assist SMEs
The Hong Kong Trade Development Council (HKTDC) welcomed the latest budget from the Hong Kong government which features several measures aimed at bolstering the city’s small- and medium-sized enterprises (SMEs). The 2012 budget warned of an uncertain global economic outlook and included promises to: waive business registration fees, reduce charges for import and export declarations and profits taxes.
According to the HKTDC’s economists, the total value of the territory’s exports will be limited to 1 percent growth this year. The HKTDC will increase its efforts in promoting Hong Kong’s businesses to mainland Chinese enterprises as well highlighting the Hong Kong’s business platform and encouraging cross-border cooperation.
Acting executive director of the HKTDC, Margaret Fong, said, “The government has proposed a host of timely measures for the benefit of business operators. Such measures, including … offering a new loan-guarantee product with a higher ratio of 80 percent, and supporting the Hong Kong Export Credit Insurance Corporation in offering special concessions for SMEs, will tide local SMEs over difficult times by enhancing their competitiveness and easing their financial pressure.”