HONG KONG (Reuters) -Hong Kong’s chief kicked off his annual coverage deal with on Wednesday with pledges to reform shortcomings together with decreasing wait instances for public housing as authorities give attention to livelihood points and launched a string of measures to spice up the financial system.
John Lee, in his third coverage deal with as chief, mentioned officers will streamline procedures for firms in search of to listing in Hong Kong and attempt for extra worldwide firm listings on its inventory change.
The federal government mentioned it is going to create a commodity buying and selling ecosystem, set up a gasoline bunkering centre, in search of to faucet alternatives in inexperienced transport and aviation.
Hong Kong’s small and open financial system has felt the ripple results of a slowdown within the Chinese language financial system. It grew by 3.3% within the second quarter from a yr earlier, and is forecast to develop 2.5%-3.5% for the yr.
Though tourism numbers have rebounded since COVID, with 46 million guests anticipated this yr, consumption and retail spending stay sluggish, whereas inventory listings have dried up and capital flight stays a problem.
The obligation on liquor will likely be lower to 10% from 100% above HK$200 ($26), Lee mentioned. It can solely be relevant to liquor with an alcoholic power of greater than 30%.
The transfer will assist Hong Kong, which has among the highest duties on liquor globally, “promote liquor commerce and enhance growth of excessive worth added industries together with logistics and storage, tourism in addition to excessive finish meals and beverage consumption,” he mentioned.
It could assist town into turning right into a spirits buying and selling hub in the way in which that it grew to become an Asian wine buying and selling hub after wine duties have been abolished in 2008.
The transfer might also profit native bars and eating places which have struggled since COVID, with many native residents now opting to journey throughout the northern border to the Chinese language metropolis of Shenzhen to dine extra cheaply.
Retail gross sales have been down 7.7% for the primary eight months of 2024 in contrast with the identical interval a yr earlier than.
New authorities committees will even be set as much as discover the event of recent tourism areas, a low altitude financial system with companies like supply drones and companies and companies catered on the aged, Lee mentioned.
($1 = 7.7684 Hong Kong {dollars})
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