{"id":647,"date":"2020-03-18T09:11:00","date_gmt":"2020-03-18T09:11:00","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=647"},"modified":"2021-01-22T10:05:04","modified_gmt":"2021-01-22T02:05:04","slug":"hong-kongs-2020-2021-budget-set-to-boost-technology-and-innovation","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/trend\/hong-kongs-2020-2021-budget-set-to-boost-technology-and-innovation\/","title":{"rendered":"Hong Kong\u2019s 2020\/2021 Budget Set To Boost Technology And Innovation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"647\" class=\"elementor elementor-647\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5969149e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5969149e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5600f626\" data-id=\"5600f626\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10aee4ba elementor-widget elementor-widget-text-editor\" data-id=\"10aee4ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>In its latest\nbudget for 2020\/2021, the HKSAR Government seeks to stabilise the economy by\nnurturing closer ties with the Greater Bay Area, thereby boosting innovation\nand technology throughout China.<\/p>\n\n\n\n<p>\u201cHong Kong is\npositioned in the Greater Bay Area not only as an international financial,\ntransportation and trade centre and an international aviation hub, but also as\na global offshore Renminbi business hub and an international asset management\ncentre and risk-management centre,\u201d said HKSAR Financial Secretary Paul Chan. <\/p>\n\n\n\n<p>Given Hong\nKong\u2019s existing assets, as well as strong potential for the wealth-management\nsector, the updated budgeting plan will establish new fund structures\n(including legislation on creating limited partnership regimes) and tax\nconcessions to lure more private equity funds to the city. Greater financial\ninterest in Hong Kong would attract capital, talent and expertise for many\nbusiness entities, technology companies and start-ups \u2013 which would\nsubsequently raise demand for professional services and related service\nindustries such as conferences and exhibitions, hotels and tourism.<\/p>\n\n\n\n<p>As research\nand development (R&amp;D) is integral for innovation and technology, the new\nbudget also introduces tax deductions and subsidies for R&amp;D enterprises\nthrough the Innovation and Technology Fund. Technology companies with R&amp;D\nprojects in Hong Kong will also receive extended support from the government\u2019s\nPublic Sector Trial Scheme.<\/p>\n\n\n\n<p>For a deeper\nlook at Hong Kong\u2019s new budget and how it can benefit your business, <a href=\"https:\/\/hkmb.hktdc.com\/en\/1X0AK0R9\/market-spotlight\/Makeover-budget\">click here<\/a>.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In its latest budget for 2020\/2021, the HKSAR Government seeks to stabilise the economy by nurturing closer ties with the Greater Bay Area, thereby boosting &hellip; <\/p>\n","protected":false},"author":2,"featured_media":4784,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,2],"tags":[19,205,20,204],"class_list":["post-647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","category-trend","tag-hong-kong","tag-innovation","tag-technology","tag-the-budget"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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