DAB submits policy proposal to increase the proportion of R&D expenditure to promote re-industrialization and I&T

The DAB will meet with Chief Executive Lee Ka-chiu in September on the 2022 Policy Address and submit recommendations.

Legislative Councillors Chan Chung-ni, Wong Chun-seok, Wong Ying-ho, Chow Ho-ding and Ge Peifan today (16th) released relevant proposals on "consolidating and enhancing Hong Kong's status as an international financial, innovation, technology and economic and trade center", including promoting innovation and technology, re-industrialization, and promoting electronic business development, optimization of the "Quality Talent Admission Scheme", etc.

Legislative Councillors Chan Chung-ni, Wong Chun-seok, Wong Ying-ho, Chow Ho-ding and Ge Peifan today (16th) issued relevant proposals on "consolidating and enhancing Hong Kong's status as an international financial, innovation, technology and economic and trade centre".

(Provided by DAB)

Promote local R&D spending to 2% of GDP

Legislative Councilor Chow Ho-ting pointed out that it is necessary to increase the ratio of total local R&D expenditure to GDP to 2% as soon as possible, and actively attract international leading companies to come to Hong Kong to promote the selection of specific industries, including the new generation semiconductor industry, food technology High value-added manufacturing industries, such as health technology and green technology, concentrate resources to promote the development of innovation and technology and "re-industrialization".

Advocating the establishment of a cross-border fast payment system with FPS

Chen Zhongni pointed out that the authorities are speeding up the promotion of the "New Stock Connect" through the Shanghai-Shenzhen-Hong Kong Stock Connect channel, allowing the mainland and Hong Kong to invest in the initial public offering (IPO) of each other's markets, and actively strive to use the Greater Bay Area as a pilot program to transfer Hong Kong's "digital exchange". Express" is connected to the Mainland's online real-time transfer payment system to establish a cross-border fast payment system, allowing Hong Kong residents to enter the payee's name and mobile number through Hong Kong's online or mobile banking to conduct cross-border transactions to the Mainland , Free real-time transfer and remittance across banks.

Zhou Haoding pointed out that it is necessary to raise the ratio of total local R&D expenditure to GDP to 2% as soon as possible.

(screenshot of online meeting)

Chen Zhongni pointed out that the implementation of the Greater Bay Area insurance after-sales service center should be accelerated, as well as the cooperation between mainland and Hong Kong insurance companies to develop cross-border insurance products, such as medical insurance.

Huang Junshuo suggested that the Ministry of Finance should seek full recognition of the professional qualifications of Hong Kong accountants, or set up a practicing exam for Hong Kong professional accountants to help them practice in the Greater Bay Area.

The Financial Reporting Council will be restructured into the Accounting and Financial Reporting Council at the end of the year. Wong Chun-shuo suggested that more resources should be allocated to the Accounting and Finance Bureau, so as to exempt the relevant levies that the Accounting and Finance Bureau will impose on the entire accounting industry for the next three years.

Huang Yinghao suggested that a "Digital Economy Development Committee" should be established in 2022, and consider setting up a matching fund or strengthening other support measures to support relevant companies to speed up the construction of 5G base station networks in areas in need.

Zhou Haoding pointed out that Hong Kong's manufacturing industry should be set as a percentage of GDP and production-related types of work, including design, R&D, testing, etc., should be reclassified as manufacturing industries to better promote the development of "re-industrialization" 4.0.

Huang Yinghao pointed out that it is recommended to set up a "Digital Economy Development Committee" in 2022 and consider setting up a matching fund or strengthening other support measures.

(screenshot of the meeting)

Strengthening I&T development and advocating allowing Mainland DNA to "cross the river" to Hong Kong

Ge Peifan suggested relaxing the restrictions on foreign investment in biological samples, genetic diagnosis and treatment in the country's "Negative List", allowing Hong Kong permanent residents of Chinese nationality to act as major shareholders and companies registered in Hetao to directly enter the mainland market, allowing mainland biological DNA data to cooperate in cooperation. To move within the district, remove restrictions for R&D purposes, and set up a branch of the Genetics Office in Shenzhen Yifang Park to optimize entry-exit inspection and quarantine procedures.

The DAB also made other proposals, including helping to promote the internationalisation of the renminbi; allowing companies outside the biotech industry without income or profits to list in Hong Kong, and reforming the GEM version to attract compliance with Environmental, Social and Governance (ESG) standards of innovative companies in different industries are listed on GEM.

Accelerate the signing of double taxation avoidance arrangements between Hong Kong and other countries and regions to attract overseas investment and holding activities to Hong Kong, and optimize the "Quality Talents Entry Program"; expand the scope of zero-tariff Hong Kong-origin goods under CEPA, including reducing the proportion of Hong Kong-made goods ; Concentrate resources to promote I&T and "re-industrialization" development, etc.

Promoting relaxation of 3+4 quarantine measures DAB: To maintain international status, overseas customs clearance "3+4" quarantine should be implemented as soon as possible + green code will be implemented in the first 15 minutes from landing to testing Leung Mei-fen, White Paper, points out that "One Country, Two Systems" was established for the reunification of Taiwan