5
Commerce and Industry
economy, Hong Kong has benefited significantly. Its competitive edge and the government's 'appropriately proactive' approach make Hong Kong well placed to diversify its industries to meet the needs of its people for start-up initiatives, investment, business operation and employment. The government's aim, as part of its efforts to develop an industrial policy, is to increase business volume, diversify the products and services of existing industries, and identify new areas for development.
Established in January 2013, the Economic Development Commission (EDC), led personally by the Chief Executive, has been studying and considering the overall strategy and policy to broaden Hong Kong's economic base and to enhance Hong Kong's economic growth and development. The EDC's four working groups (responsible for transportation; convention and exhibition industries and tourism; manufacturing industries, innovative technology, and cultural and creative industries; and professional services) have submitted specific recommendations. for the related industries for the government's consideration.
Small and Medium Enterprises
Small and Medium Enterprises (SMEs) refers to those manufacturing businesses employing fewer than 100 people in Hong Kong, or non-manufacturing businesses employing fewer than 50 people in Hong Kong. There are over 320,000 SMEs in Hong Kong, representing over 98 per cent of all local enterprises and employing over 1.3 million people. The Trade and Industry Department operates three SME funding schemes to help SMEs secure loans from lending institutions, expand export markets and enhance their competitiveness.
With the continued support of the government's $100 billion total loan guarantee commitment, the Hong Kong Mortgage Corporation Limited further extended the application period for the special 80 per cent loan guarantee product under its SME Financing Guarantee Scheme for one year until 28 February 2015 to continue to assist enterprises in obtaining loans. in the commercial lending market.
Promotion of Innovation and Technology
Innovation and technology development is a key driver of economic growth. To facilitate the growth of this industry in which Hong Kong enjoys clear advantages and to help develop Hong Kong into a regional innovation hub, the government provides infrastructural and financial support, develops human resources, collaborates with economies outside Hong Kong, and fosters an innovation culture in the community.
Innovation and Technology Commission
The Commerce and Economic Development Bureau's Innovation and Technology Commission spearheads Hong Kong's drive to become a world-class, knowledge-based economy. It formulates and implements policies and measures to promote innovation and technology development and promotes internationally-accepted standards and conformity assessment services to underpin technological development and international trade in Hong Kong.
92