Chief Executive John Lee Ka-chiu is also expected to extend and resume some support measures for small and medium-sized enterprises (SMEs), under the theme of deepened reforms, economic growth and enhanced livelihoods, while leveraging the city’s strengths.

“There will be a strategy to help the small businesses with some well-known measures, but more focus will be put on developing new industries to diversify and inject new impetus into the economy,” a government source said on Tuesday.

The source added that authorities would extend the principal moratorium, loan repayment periods and reduce or waive licence fees to lower operational costs for SMEs.

Lee is also expected to introduce measures to strengthen the development of new industries, specifically new energy, AI, local agriculture and the pet economy.

Finance chief Paul Chan Mo-po already announced earlier this year that HK$1 billion (US$128.5 million) would go towards establishing the Hong Kong Artificial Intelligence Research and Development Institute and driving AI research, development and industrial application.