Following is the transcript of remarks by the Financial Secretary, Mr Paul Chan, and the Secretary for Commerce and Economic Development, Mr Edward Yau, at a media session on further measures to support small and medium enterprises today (September 4):
 
Reporter: Sir, how helpful do you think the new measures will be to boost the economy and bring down maybe the unemployment rate? And my second question is will you consider rolling out measures to help tourism and also the retail industry? Thank you.
 
Financial Secretary: Thank you. This round of measures mainly aim at liquidity support to the SMEs, including principal repayment moratorium under the existing loan guarantee scheme and the new product guaranteeing up to 90 per cent of loans to the SMEs up to the maximum of $6 million each. These two measures are mainly to provide liquidity support. The various funding schemes as mentioned by the Secretary for Commerce and Economic Development are to facilitate the channelling the various funding to the SMEs to support them. We will continue to monitor the situation and roll out measures as necessary. The last announcement on the August, 15 already involved quite a number of measures aiming at helping them. We’ll continue to monitor the situation. At the moment, in terms of the tourism sector and private consumption, we are having targeted plans. Perhaps on the tourism side, I may invite the Secretary for Commerce and Economic Development to give you some more information.
 
Secretary for Commerce and Economic Development: As I said before, tourism industry and retail businesses are hard hit because they are at the forefront. The latest statistics for the last week of August show that the year-on-year arrival figure of tourists from all over the world dropped by (about) 45 per cent.
 
     Measures are needed to help these industries, and we keep talking to retail and tourism industries. For instance, we are talking to the Hong Kong Tourism Board to see if they can roll out schemes to support overseas promotion for tourists to come again by sponsoring travel agencies to take part in overseas promotion. We are also discussing with the Travel Industry Council of Hong Kong to see if there could be subsidies to give certain relief to practitioners within the trade.
      
     But in a wider context, I think Hong Kong’s economy does not just suffer in these two areas. In fact, all the measures that we have rolled out just now are targeted at all enterprises, particularly those small and medium-sized, or micro-sized, ones. We hope that these measures could help them ride out of this storm.
      
     Having looked at the situation week by week, and talked to people, it gives me a perception that certain sectors are hard hit, but there are sectors that businesses are basically as usual. I toured the convention centre (Hong Kong Convention and Exhibition Centre) just now, and saw two major trade fairs there. The (presence of) local participants, I mean the exhibitors, remains very strong; basically there is no difference in their participation. But overseas buyers are slightly fewer, for some worry more. The sense that I got is companies or businessmen who have been to Hong Kong or have some local connections, those in the know, would feel more relaxed and comfortable in carrying on the plan. But first timers, people who come to Hong Kong for the first time, they may puzzle a bit. So it all depends on whether we are able to put a stop to the disturbances. I think the sooner the better it will help the business. Thank you.
      
(Please also refer to the Chinese portion of the transcript.) 
 
 

     Police today (September 4) appealed to the public for information on a man who went missing in Sheung Shui.

     Mok Lau-man, aged 86, went missing after he was last seen inside a restaurant on Chi Cheong Road on September 2 morning. His family made a report to Police on the same day.

     He is about 1.55 metres tall, 55 kilograms in weight and of medium build. He has a round face with yellow complexion and short white hair. He was last seen wearing a black, white and red jacket as well as black and white trousers.

     Anyone who knows the whereabouts of the missing man or may have seen him is urged to contact the Regional Missing Person Unit of New Territories North on 3661 3112 or 6273 5787, or email to rmpu-ntn-1@police.gov.hk, or contact any police station.

  

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the opening reception of Centrestage Elites 2019 today (September 4):

Lawrence (Chairman of the Hong Kong Trade Development Council Garment Advisory Committee, Mr Lawrence Leung), Margaret (Executive Director of the Hong Kong Trade Development Council, Ms Margaret Fong), distinguished guests, ladies and gentlemen,

     Good evening. I am very pleased to join you all today for this fourth edition of Centrestage.

     The name speaks for itself: Centrestage puts talented designers from Hong Kong and around the world in the international fashion spotlight. It is an effective platform for them to launch and promote their collections right here in the heart of Asia. This year, Centrestage gathers some 240 fashion brands from over 20 countries and regions. We especially welcome first-time participants from Cambodia, Colombia, Denmark, the Netherlands, Malaysia, Nepal, Nigeria and Turkey, further reinforcing Centrestage's reputation as a premier international fashion event.

     As always, Centrestage promises to be a spectacular fashion extravaganza. This four-day gala covers a wide range of fashion happenings, including the Hong Kong Young Fashion Designers' Contest; the two-day Fashion Summit, bringing together fashion gurus to discuss latest sustainable trends; and the Hong Kong in Fashion programme, which comprises citywide fashion parades, a photo exhibition and workshops.

     An annual highlight is, of course, Centrestage Elites. I am delighted that this year's "Elites" include acclaimed local designer Anais Mak, whose brand made its runway debut in the prestigious Paris Fashion Week last year. We are also pleased to welcome US designer Joseph Altuzarra, who has come all the way from New York to present his latest collection. 

     Hong Kong is never short of fashion talent. And we are determined to provide them with more opportunities to shine. We have funded the Redress Design Award, which advocates sustainable fashion. Its final runway show and alumni showcase is part of the Centrestage programme.

     The Hong Kong SAR Government places strong emphasis on nurturing local design talent. We started the Fashion Incubation Programme two years ago and have already supported 15 emerging fashion designer brands. The programme will soon enter its Phase II next year.

     We will also invest in the Sham Shui Po Design and Fashion Project, situated in a district with a long and fascinating history as a base for the garment and apparel trades. The project, expected to be completed in 2023-24, will provide another platform to inspire and nurture our fashion designers.

     Finally, I would like to thank members of our fashion design industry for their unfailing support of Centrestage and of our thriving fashion industry as a whole. I also thank the Hong Kong Trade Development Council and many other parties for organising this Centrestage and its concurrent events. I wish Centrestage 2019 a resounding success, and all of you an enjoyable and memorable evening.

     Thank you.

      

     The following is issued on behalf of the Hong Kong Monetary Authority:
      
     HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited (HKMC), announces today (September 4) that a new relief measure will be introduced for the 80% Guarantee Product of the SME Financing Guarantee Scheme (SFGS), to provide immediate support to SMEs which are facing weakening cash flow amidst the current economic uncertainties. 
      
     Under the new relief measure, SME borrowers may apply to their lenders under the SFGS for principal moratorium of up to 6 months which is renewable, subject to a maximum of 12 months in total. During such period, only interest payments have to be made. The guarantee period can be extended correspondingly, but should not exceed the maximum guarantee period of 7 years, with guarantee fee payable to cover the extension of the guarantee period. The new measure is applicable to both existing and new SME borrowers under the SFGS.
      
     The Chairman of the HKMC and Financial Secretary, Mr Paul Chan, said, "The global economic outlook is darkened by heightened uncertainties, and the Hong Kong economy is facing significant downward pressure. The Government believes that the new relief measure for the SFGS can timely help SMEs ease their cash flow pressure. We also hope that lenders can make use of the new measure to assist SMEs in getting through difficult times."
      
     The new relief measure takes immediate effect and will last for one year.

     To provide effective support and assistance to small and medium enterprises (SMEs), the Commerce and Economic Development Bureau held a symposium for SMEs titled "New measures in facing economic downturn" today (September 4), providing an overview of various government funding schemes and new support measures for SMEs. The symposium was attended by more than 300 SME representatives.

     The symposium comprised three panel sessions with the themes of "Exploring New Markets and Opportunities", "Financing Strategies for SMEs" and "Technological Application and Upgrading", in which relevant speakers introduced various government funding schemes targeting the needs of SMEs, including the Dedicated Fund on Branding, Upgrading and Domestic Sales (the BUD Fund), the SME Financing Guarantee Scheme (SFGS) and the Innovation and Technology Fund, followed by sharing from the trade on their successful experiences.

     The Secretary for Commerce and Economic Development, Mr Edward Yau, said at the symposium that a lot of funding schemes have been set up by the Government and non-government organisations to provide enterprises and relevant organisations with all-round support on exploring export markets, obtaining financing, application of technology, recruiting professionals and more. The Government will enhance the utilisation and effectiveness of these funding schemes through raising awareness, implementing facilitation measures, as well as capital injections. The Government will also stay alert to the needs and difficulties of SMEs, and continue to review and improve the existing funding schemes.

     On raising awareness, Mr Yau said that the Government will consolidate the services of existing SME centres, including the "Support and Consultation Centre for SMEs" under the Trade and Industry Department (TID), the "SME Centre" under the Hong Kong Trade Development Council (HKTDC), "SME One" under the Hong Kong Productivity Council (HKPC) and "TecONE" under the Hong Kong Science and Technology Parks Corporation (HKSTP), to provide "four-in-one" integrated services starting from October 1 so that SMEs can obtain the necessary information of all funding schemes at any service point. A one-stop referral system will also be set up to answer enterprises' enquiries with a view to providing a more tailored service. A dedicated service team to provide support on funding applications will also be established. The service team will reach out to SMEs by visiting local trade and industrial associations to promote the funding schemes. It will also soon launch a new initiative to provide an advisory service on funding applications to enterprises. In addition, the HKPC will hold the SME One Fund Fair 2019 from September 16 to 17 to introduce relevant funding schemes managed by the Government and non-government organisations.

     On implementing facilitation measures, the Government will further enhance various funding schemes to better meet the needs of SMEs by simplifying the application procedures, removing barriers, relaxing the limitations set on the projects (including relaxing the funding cap of individual expenditure items and expanding the scope of business missions for funding), and providing a large proportion of upfront payments and online application services.

     On capital injections, the Financial Secretary announced a series of new measures to support enterprises on August 15, including an additional $1 billion allocated to the BUD Fund and the SME Export Marketing Fund respectively to better support enterprises in exploring business opportunities, promoting sales and more. A new loan guarantee product will also be introduced under the SFGS of the HKMC Insurance Limited to provide for a 90 per cent guarantee for approved loans to help individuals looking to set up new businesses, businesses with relatively less operating experience, as well as professionals seeking to set up their own practices to obtain financing. In addition, the Government will extend the application period of the special concessionary measures under the SFGS (i.e. Government to provide for an 80 per cent guarantee for approved loans) and the validity period of the three enhancement measures introduced last year to June 30, 2022.

     The speakers of the panel sessions included the Permanent Secretary for Innovation and Technology, Ms Annie Choi; the Chairman of the HKTDC, Dr Peter Lam; the Chairman of the HKPC, Mr Willy Lin; the Executive Director and Chief Executive Officer of the Hong Kong Mortgage Corporation Limited, Mr Raymond Li; and the Chairman of the Board of Directors of the HKSTP, Dr Sunny Chai.

     On-site consultation services were also available to participating SMEs at the symposium, with representatives from the Commerce and Economic Development Bureau, Innovation and Technology Commission, TID, Hong Kong Export Credit Insurance Corporation, HKPC and the HKMC Insurance Limited present to provide details of various government funding schemes and new initiatives, and answer enquiries from SMEs.