A restaurant is closed during the unrest in south China's Hong Kong, Aug. 20, 2019. (Xinhua)
The government of China's Hong Kong Special Administrative Region (HKSAR) will implement new measures to support small and medium-sized enterprises (SMEs) on Jan. 1, 2020, including a face-to-face service and enhancements to two funds designed to help the SMEs transform their businesses and explore new markets.
The HKSAR government said on Sunday that a service team entitled "SME ReachOut" will be dispatched to the SMEs to help them identify funding schemes and better utilize the support provided by the government.
As new capital has been injected into the two funds - the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) and the SME Export Marketing Fund (EMF), the funding ceilings for each enterprises will be doubled to 4 million Hong Kong dollars (about 510,000 U.S. dollars) and 800,000 Hong Kong dollars (about 100,000 dollars) respectively and the ratio of initial payments will also be significantly improved to 75 percent.
Besides, the coverage of the BUD Fund will be expanded to all economies that have signed free trade agreements with Hong Kong.
"The measures to be launched will more effectively and flexibly support enterprises in expanding markets, while enhancing their competitiveness to help them capture new business opportunities," said Edward Yau, secretary for Commerce and Economic Development of the HKSAR government.
The HKSAR government has announced several rounds of support measures since August this year to help the SMEs weather out economic hardships.