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Economy

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Key measures
Diversified economy
  • Issue inflation-linked retail bonds and Silver Bonds totalling not less than HKD 13 billion
  • Issue green bonds totalling HKD 66 billion in next 5 years
  • Additional funding of over HKD 700 million for Hong Kong Tourism Board to step up external promotion
  • Additional funding of HKD 150 million for the Hong Kong Trade Development Council to assist Hong Kong enterprises in exploring business opportunities
  • Inject HKD 345 million for a pilot subsidy scheme to encourage the logistics industry to enhance productivity through the application of technology
Support enterprises
  • Introduce a concessionary low-interest loan with 100% government guarantee for enterprises (maximum HKD 2 million)
  • Waive business registration fees for 2020-21
  • Waive 75% of electricity charges for 4 months in 2020-21 with a monthly cap of HKD 5,000
  • Waive 75% of water and sewage charges for 4 months in 2020-21 with a monthly cap of HKD 20,000 and HKD 12,500 respectively
  • Provide a new round of rental subsidy for 6 months to local recycling enterprises
  • 50% reduction on rental for government properties/properties covered by short-term and temporary waivers for 6 months
  • 50% reduction for hire charges for civic centres for 6 months
  • Reduction of fees and rent for cruise lines and cruise terminal tenants for 6 months
tax waive
pocket money
utilities
plane
Diversified economy
  • Issue inflation-linked retail bonds and Silver Bonds totalling not less than HKD 13 billion
  • Issue green bonds totalling HKD 66 billion in next 5 years
  • Additional funding of over HKD 700 million for Hong Kong Tourism Board to step up external promotion
  • Additional funding of HKD 150 million for the Hong Kong Trade Development Council to assist Hong Kong enterprises in exploring business opportunities
  • Inject HKD 345 million for a pilot subsidy scheme to encourage the logistics industry to enhance productivity through the application of technology
Support enterprises
  • Introduce a concessionary low-interest loan with 100% government guarantee for enterprises (maximum HKD 2 million)
  • Waive business registration fees for 2020-21
  • Waive 75% of electricity charges for 4 months in 2020-21 with a monthly cap of HKD 5,000
  • Waive 75% of water and sewage charges for 4 months in 2020-21 with a monthly cap of HKD 20,000 and HKD 12,500 respectively
  • Provide a new round of rental subsidy for 6 months to local recycling enterprises
  • 50% reduction on rental for government properties/properties covered by short-term and temporary waivers for 6 months
  • 50% reduction for hire charges for civic centres for 6 months
  • Reduction of fees and rent for cruise lines and cruise terminal tenants for 6 months

Smart city

smart city icon
Key measures

Launch the “iAM Smart”, a one-stop personalised digital service platform

Launch a territory-wide 3D digital map in phases from this year. Earmark HKD 60 million to establish the first Geospatial Lab to promote the application of spatial data

Allocate HKD 100 million to develop an integrated digital platform for data integration and information exchange to strengthen project supervision

Allocate HKD 1 billion for the Smart Traffic Fund to subsidise research and application on vehicle-related IT

GPS
GPS
GPS
  • Launch the “iAM Smart”, a one-stop personalised digital service platform
  • Allocate HKD 1 billion for the Smart Traffic Fund to subsidise research and application on vehicle-related IT
  • Launch a territory-wide 3D digital map in phases from this year. Earmark HKD 60 million to establish the first Geospatial Lab to promote the application of spatial data
  • Allocate HKD 100 million to develop an integrated digital platform for data integration and information exchange to strengthen project supervision

Community development and infrastructure

community icon
Key measures
Strengthen healthcare system
  • Establish a HKD 10 billion public healthcare stabilisation fund and enhance medical services
  • Earmark about HKD 500 billion for the two 10-year Hospital Development Plans; provide over 15,000 additional hospital beds and more than 90 operating theatres
  • Provide sufficient financial support for the Hospital Authority (HA) and the Department of Health for anti-epidemic efforts Provide recurrent funding of HKD 75 billion to the HA in 2020-21
  • Allocate HKD 180 million to universities to enhance facilities and strengthen professional healthcare training
  • Provide an additional HKD 3.6 billion to the HA to retain talent in the 5-year period starting from 2021-22
healthcare dashboard
doctor, nurse and patient
doctor, elder and family
Strengthen healthcare system
  • Establish a HKD 10 billion public healthcare stabilisation fund and enhance medical services
  • Earmark about HKD 500 billion for the two 10-year Hospital Development Plans; provide over 15,000 additional hospital beds and more than 90 operating theatres
  • Provide sufficient financial support for the Hospital Authority (HA) and the Department of Health for anti-epidemic efforts Provide recurrent funding of HKD 75 billion to the HA in 2020-21
  • Allocate HKD 180 million to universities to enhance facilities and strengthen professional healthcare training
  • Provide an additional HKD 3.6 billion to the HA to retain talent in the 5-year period starting from 2021-22

Caring society

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Key measures

Launch a HKD 1 billion scheme for fixed rate mortgages to help homebuyers

Allocate HKD 200 million for training allowance for workers, subsiding SME contractors with a ceiling of HKD 20,000 each

Allocate over HKD 300 million to provide 3000 home care services and issue 1,000 community care service vouchers

Extra 1-month allowance of standard CSSA, Old Age Allowance

HKD 10,000 cash payout to Hong Kong permanent residents aged 18 or above

Lower minimum entry age of HKMC annuity plan from 65 to 60

HKD 75 million funding to subsidise elderly service units

cash payout
elder card
  • HKD 10,000 cash payout to Hong Kong permanent residents aged 18 or above
  • Launch a HKD 1 billion scheme for fixed rate mortgages to help homebuyers
  • Allocate HKD 200 million for training allowance for workers, subsiding SME contractors with a ceiling of HKD 20,000 each
  • Extra 1-month allowance of standard CSSA, Old Age Allowance
  • Allocate over HKD 300 million to provide 3000 home care services and issue 1,000 community care service vouchers
  • Lower minimum entry age of HKMC annuity plan from 65 to 60
  • HKD 75 million funding to subsidise elderly service units

Land and housing

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Key measures

Start receiving applications of Land Sharing Pilot Scheme in the first half of 2020 to increase supply of public and private housing in short and medium term

Private Housing - estimated annual production from 2020 to 2024 is about 19,600 units on average

Continue to pursue new development area projects, rezone sites for housing development, develop brownfield clusters and urban squatter areas, etc. to provide land to increase housing supply

Announce the latest land forecast in the second quarter of 2020 to provide a blueprint of future land research and creation for the Government

2020-21 land supply is expected to provide 15,700 units

Public Housing - estimated production from 2019-20 to 2023-24 is about 100,400 units, comprising about 74,400 public rental housing/ Green Form Subsidised Home Ownership Scheme units and 26,000 subsidised sales units

  • 2020-21 land supply is expected to provide 15,700 units
  • Start receiving applications of Land Sharing Pilot Scheme in the first half of 2020 to increase supply of public and private housing in short and medium term
  • Public Housing - estimated production from 2019-20 to 2023-24 is about 100,400 units, comprising about 74,400 public rental housing/ Green Form Subsidised Home Ownership Scheme units and 26,000 subsidised sales units
  • Private Housing - estimated annual production from 2020 to 2024 is about 19,600 units on average
  • Continue to pursue new development area projects, rezone sites for housing development, develop brownfield clusters and urban squatter areas, etc. to provide land to increase housing supply
  • Announce the latest land forecast in the second quarter of 2020 to provide a blueprint of future land research and creation for the Government

© 2020 KPMG Tax Services Limited, a Hong Kong limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

© 2020 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.