Speech at Policy briefing cum meeting of Panel on Economic Development

Proposed dedicated tax regime to develop aircraft leasing business in Hong Kong

Benefits to Hong Kong

Mr CHAN Chun-ying declared that he worked for a bank whose parent company owned a Singapore aircraft leasing corporation listed in Hong Kong. Although supporting the proposal, he considered it essential to admit talents of various fields from outside Hong Kong so as to develop this new business locally and compete with other market players. In this regard, he asked if the Administration would devise measures to encourage talent admission in this respect.

STH said that Hong Kong had been providing various manpower training programmes and opportunities for different industries. The education sector would review and revise the respective curriculum pursuant to the Government’s policy directions. The Administration noted the need to strengthen the manpower development of different professions varying from legal, banking, insurance, aircraft engineering, accounting and taxation, etc., should Hong Kong take forward the promotion of aircraft leasing business and it would liaise with the education sector on this matter. If the new tax regime was adopted, it was expected that Hong Kong could capture up to about 18% of the global market share gradually in 20 years’ time.