Chief Executive John Lee on Wednesday announced a series of measures to help about 360,000 small and medium-sized enterprises cope with Hong Kong’s economic restructuring.

To help businesses access funds more easily, the government will extend for two years a scheme which provides an 80 percent guarantee for credit facilities. The government will also encourage banks to continue adopting a flexible and accommodating approach in handling the credit needs of businesses with good repayment ability.

Businesses will also benefit from fee concessions to ease operational pressure. This includes reductions in water and sewage charges, and fees for the first issue or renewal of licences and permits.

To support the construction industry, an additional HK$30 billion will be spent over the next two to three years on public works projects, Lee said.

For the catering industry, restaurant licensing will be streamlined to help new operators start business faster. Approval processes for outside seating areas will also be expedited.

To help businesses grow and export their products, the government will inject HK$1.43 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales. The fund’s geographical coverage will be expanded to include eight more overseas economies.

Other measures include launching a platform to promote overseas business and investment, providing subsidies for AI and cybersecurity adoption, promoting Hong Kong brands via the Hong Kong Shopping Festival, strengthening training, mentorship, and business-matching services for cross-border e-commerce, and a two-year pilot to support small and medium I&T enterprises with patent evaluation.