Hong Kong 2024 policy speech: John Lee will consider more aid to SMEs amid rising closures

Hong Kong’s leader will consider implementing more measures to help small and medium-sized enterprises cope with major changes in the economy, amid an increasing trend of business closures over the past two years.

Chief Executive John Lee Ka-chiu, who will deliver his annual policy address next week, said on Thursday that his government has been supporting SMEs, including through an inter-departmental e-commerce task force set up in January to increase awareness of local brands and help them expand in the mainland China market.

“During discussions with SME representatives, I gained an in-depth understanding of the various challenges that different industries face during economic transitions, periods of transformation and restructuring phases, as well as their transformation needs,” he said on his social media account .

“I appreciate the valuable insights they provided and my team and I will consider them carefully.”

His post included a video of him meeting with SME representatives to understand their views on the current business environment as part of consultations for the policy speech he will give on Wednesday.

A baby bottle manufacturer told Lee that he felt that dealing in person with several maternity and baby stores on the mainland was too time-consuming and expensive.