No need for Hong Kong to be ‘overgenerous’ to lure foreign firms: finance chief
Following on from policy address, Financial Secretary Paul Chan says guiding principle is to ensure the city remains competitive
Hong Kong will not be “overgenerous” with taxpayers’ money to lure foreign investments and ventures to the city, even though there is competition with other jurisdictions for their contributions, the finance chief has said.
The benefits to attract high-potential and high-value-added industries to the city included land grants, subsidies and tax discounts, Chief Executive John Lee Ka-chiu said in his policy blueprint.
Sources earlier said that the preferential policies included tailor-made benefit packages for businesses.
“In terms of incentives we offer, we do not need to be overgenerous,” Chan said.
“This is public money; I will be very careful.”
He added that the guiding principle was to ensure the city remained competitive and that it was important to understand who it was competing with.