108 Commerce and Industry
the information and tools to expand internationally by using Hong Kong as their platform. The campaigns in Shandong and Fujian were completed by the end of 2008, featuring a series of high-level seminars, workshops and study missions supported by advertising and public relations campaigns.
Small and Medium Enterprises
Small and Medium Enterprises (SMEs) refers to those manufacturing businesses in Hong Kong employing fewer than 100 people, or non-manufacturing businesses with fewer than 50. They are the driving force of economic growth. There are about 266 000 SMEs in Hong Kong, representing over 98 per cent of all local enterprises and employing more than 1.2 million people. To provide assistance to SMEs, three SME funding schemes the Loan Guarantee Scheme, the Export Marketing Fund and the Development Fund have been set up to help them secure loans from financial institutions, expand overseas markets and enhance overall competitiveness.
A series of enhancement measures for the SME Funding Schemes was implemented in March and November to provide greater support to SMEs. In response to the global financial crisis, the Government launched a Special Loan Guarantee Scheme on December 15 to provide a guarantee of up to 70 per cent for loans granted by the Participating Lending Institutions. The total Government commitment is $100 billion. The scheme further supports enterprises, particularly SMEs, in obtaining immediate cashflow relief from the commercial lending market.
Promotion of Innovation and Technology
Innovation and Technology Commission
The Innovation and Technology Commission (ITC) is responsible for spearheading Hong Kong's drive to become a world-class, knowledge-based economy. The commission, which forms part of the Commerce and Economic Development Bureau (CEDB), formulates and implements policies and measures to promote innovation and technology; supports applied research and development (R&D); supports technology transfer and applications; promotes technological entrepreneurship; promotes the wider use of design; facilitates the provision of innovation and technology infrastructure and development of human resources; and promotes internationally accepted standards and conformity assessment services to underpin technological development and international trade. The commission works closely with its partners in the Government, industry, business, tertiary education institutions and industrial support organisations.
To make Hong Kong a regional centre for innovation and technology, the Government has been implementing various initiatives to drive forward innovation and technology. It offers a wide range of infrastructural and funding support for applied R&D activities and design-related projects.
Innovation and Technology Fund
A $5 billion Innovation and Technology Fund was established in 1999. It supports projects that help upgrade the technology and promote innovation in the
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