The Hong Kong General Chamber of Commerce (HKGCC) has submitted its proposals to the HKSAR Government for the Financial Secretary’s upcoming Budget to tackle pressing issues, stimulate the economy and maintain Hong Kong’s edge as Asia’s leading financial hub.
Although Covid restrictions have been axed and travel normalized, it will take some time for the economy to feel the benefits and recover to pre-pandemic levels. Therefore, the Chamber has proposed several short-term relief measures, including continue to provide rent/rate rebates, although measures should be more targeted to assist owner-occupiers, introducing subsidies to defray higher energy costs, and extending the Principal Payment Holiday Scheme and the SME Financing Guarantee Scheme. To raise public confidence and stimulate the economy, we propose issuing another round of electronic consumption vouchers of not less than HK$5,000 for each eligible recipient.
In addition to the above short-term relief measures, we also made substantial recommendations for longer-term development. The 12 key areas of our submission are as follows: