The Development History of Smes in Hong Kong

Topics: Debt, Private sector, People's Republic of China Pages: 2 (396 words) Published: May 11, 2012
SMEs are an important driving force in Hong Kong’s economic development. At December 2010, there were about 296 000 SMEs in Hong Kong. They constituted over 98 per cent of the territory’s business units and accounted for about 48 per cent of private sector employment. The Government attaches great importance in supporting SMEs at various stages of development. The Small and Medium Enterprises Committee (SMEC) was appointed by the Chief Executive (CE) to advise him on issues affecting the development of SMEs and suggest measures to support and facilitate their development and growth. The SMEC comprises businessmen, professionals, bankers, academics, representatives from organizations that provide support to SMEs, jaw crusher industry and government officials. The Trade and Industry Department has three funding schemes established to support the SMEs in Hong Kong: the SME Loan Guarantee Scheme (SGS), the SME Export Marketing Fund (EMF) and the SME Development Fund (SDF), which help SMEs secure loans, expand overseas markets and enhance overall competitiveness. The total funding provision and government commitment of the schemes are $5.25 billion and $33.75 billion respectively. To help enterprises during the global financial crisis, a time-limited $100 billion Special Loan Guarantee Scheme (SpGS) was introduced in mid-December 2008 to help Hong Kong enterprises tide over the liquidity problem arising from the credit crunch. The application period of the scheme was closed in end 2010. The Support and Consultation Centre for SMEs (SUCCESS) is an information and advisory centre for SMEs run by the Trade and Industry Department. It collaborates with various industrial and trade organizations, professional bodies, private enterprises and other Government departments to provide SMEs with a comprehensive range of free business information and consultation services. On business information, SUCCESS provides comprehensive information on business licensing and...
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