Financial Secretary Paul Chan said on Sunday that he supports the Hong Kong Monetary Authority's new measures to help small and medium-sized enterprises, adding that many SMEs have faced challenges in their operations due to a change in spending habits in Hong Kong.

The HKMA announced nine new measures on Thursday to help SMEs stay afloat, including not requiring early repayments from borrowers who make their mortgage payments on time, and expediting the handling of applications for the 80 percent and 90 percent Guarantee Products under the SME Financing Guarantee Scheme.

Writing in his blog, he wrote that the measures would alleviate the pressure on SMEs in many aspects and create greater business space for them. He said local economic growth needs to be strengthened, with many Hong Kongers choosing to spend in the mainland, and the consumption patterns of tourists also changing.

Chan added that in addition to assisting SMEs in meeting the needs of capital turnover, it is important to gather more people in the territory to create business opportunities for enterprises.

He said the many arts and culture, and financial events held in the SAR are conducive to attracting more business and increasing tourism consumption, including the Financial Mega Event Week, Art Basel and ComplexCon.

He said that it is estimated that every 1.5 million tourists can bring about HK$3 billion of revenue to Hong Kong.