No need for Hong Kong to be ‘overgenerous’ to lure foreign firms: finance chief

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.

Financial Secretary Paul Chan Mo-po’s remarks on Thursday came after the city’s leader delivered the penultimate policy address of this term of government the previous day, focusing on providing incentives to encourage enterprises to invest in Hong Kong.

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.