Legislators from the Business and Professionals Alliance (BPA) on Wednesday urged the government to roll out support measures for Hong Kong's business sector amid the ongoing trade war.

The lawmakers said authorities should help companies obtain financing from banks and keep up with their cashflow, such as by allowing small and medium enterprises (SMEs) to defer loan repayments.

Jeffrey Lam said the sector is having a hard time.

"Some people are thinking of moving their production facilities out of Hong Kong into Asean countries," he said.

"But it's not easy. They need to find land or a factory space, then equip it with their machines, train people.

"It will take months... So what's everybody going to do during this time when the factory is setting up, paying a high price for merchandise? It is not fair to the people."

Lam said SMEs are the "lifeline" of Hong Kong's economy and important driving forces of economic growth in the SAR.

The lawmakers said the government should also work harder to attract foreign companies to Hong Kong, which includes setting up a fund to provide grants to leading enterprises.