As one of the key priorities at this year’s Asia-Pacific Economic Cooperation Finance Ministerial Meeting, the Hong Kong Special Administrative Region continues to promote financial inclusion, extending the benefits of financial services to more small and medium-sized enterprises.

Efforts to support SME development also align with Hong Kong’s strengths and help it contribute actively to the region, according to the city’s senior officials.

The 33rd APEC Finance Ministerial Meeting, held on Tuesday and Wednesday in Hong Kong, focuses on four main areas: fiscal policies that support people’s livelihoods, financing for digital infrastructure, financial inclusion, and exchanges and cooperation among young professionals in economics and finance.

“Governments need to provide predictable, investment-friendly policies and modernize regulatory frameworks, giving businesses the confidence to innovate and invest,” Hong Kong Financial Secretary Paul Chan Mo-po said on Tuesday at a plenary session of the meeting.

As the bedrock of the city’s economy, SMEs numbered nearly 360,000 in Hong Kong in mid-2026, accounting for over 98 percent of all local enterprises, according to the city’s Census and Statistics Department.

Hong Kong has prioritized supporting SMEs and cross-border trade by strengthening trade finance and supply chain finance as a part of its “Finance + Trade” vision, which was set out in the city’s inaugural Five-Year Plan for Economic and Social Development (2026-30), Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in his opening remarks at the meeting’s seminars on Tuesday.

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“Under ‘Finance + Trade’, we are stepping up support for small and medium-sized enterprises,” Hui said. “The Hong Kong Monetary Authority (HKMA) has been playing a pivotal role through various initiatives and innovative financing solutions,” he added.

Aiming to simplify the loan application process, HKMA launched the Commercial Data Interchange in 2022. It allows SMEs to authorize banks in advance to access their operational data from different sources, improving the efficiency of loan approvals and helping ease financial difficulties.

By the end of June, the platform had facilitated more than 108,000 loan applications, with approved credit totaling nearly HK$90 billion ($11.5 billion), according to the HKMA.

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In April, the HKMA rolled out a new round of measures to help local SMEs gain better access to financing amid a fast-changing market environment. These included increasing the dedicated funds set aside for SMEs provided by the 18 participating banks in the Taskforce on SME Lending to over HK$450 billion.

The HK$10 billion Innovation and Technology Industry-Oriented Fund was introduced in the city’s 2026-27 Budget to invest in strategically important fields, such as life and health technology, artificial intelligence and robotics, and future industries.

Aiming to address the challenges local startups face in accessing early-stage growth capital and commercialization opportunities, the Hong Kong Science and Technology Parks Corp (HKSTP), the city’s largest innovation and technology ecosystem, provides funding and industry connections.

“The city’s common law system, intellectual property protection, financial infrastructure, and professional services help enterprises make the leap from technical promise to internationally investable business,” Terry Wong, CEO of HKSTP, told China Daily.

“I believe the next eight to 10 years will be a golden era for Hong Kong to produce more high-quality, large-scale tech enterprises,” he said.

In a separate interview, Sunny Tan, chairman of the Hong Kong Productivity Council, added, “With the rapid development of artificial intelligence and the digital economy, policy support should help SMEs accelerate their digital, intelligent, and innovation-driven transformation — effectively translating technology into tangible gains in productivity and competitiveness.”

Contact the writer at rayjia@chinadailyhk.com