Hong Kong’s leader will consider rolling out more measures to help small and medium-sized enterprises cope with major changes in the economy amid a rising trend of firms closing down in the past two years.

Chief Executive John Lee Ka-chiu, who will deliver his annual policy address next week, said on Thursday his administration had been supporting SMEs, including through an interdepartmental task force set up in January.

“[The work] has included hosting the Hong Kong Shopping Festival on mainland Chinese e-commerce platforms to enhance the recognition of local brands and expand to the mainland market, paving the way for local businesses to transform,” Lee said.

The interdepartmental E-commerce Development Task Force was announced in Lee’s policy blueprint last year.

“During discussions with representatives from SMEs, I have gained a deep understanding of the various challenges that different industries face during economic transitions, transformation periods and restructuring phases, as well as their needs for transformation,” he said.

“I appreciate the valuable insights they have provided, and my team and I will carefully consider them.”