Author Archives: hksar gov

     The Chief Executive’s Council of Advisers on Innovation and Strategic Development held its fifth meeting today (March 26) to deliberate on the economic outlook of Hong Kong. Members were also briefed on the findings and recommendations of the study on “Creating the Greater Bay Area of the Future – Opportunities for Hong Kong” undertaken under the auspices of the 2022 Foundation with participation of some members of the Council. 

     At the meeting, members reviewed the recent performance of the Hong Kong economy, and were also updated on the short-term and medium-term outlook of Hong Kong’s economy. In anticipation of likely slower global economic growth and external challenges in 2019, members deliberated on measures to safeguard the stability of the economy and how Hong Kong can better leverage the opportunities brought about by the continuous eastward shift of global economic activities. Members also provided suggestions on how Hong Kong can strengthen its conventional sectors and promote new growth areas such as innovation and technology. 

     On the study on “Creating the Greater Bay Area of the Future – Opportunities for Hong Kong” (the Study), members generally agreed to the recommendations of the Study which are in line with the directions set out in the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. The Chief Executive, Mrs Carrie Lam, thanked the 2022 Foundation for sharing its insights on the development of the Greater Bay Area and said that the Government would make reference to the Study in formulating policies and pursuing co-operation initiatives with other cities in the Greater Bay Area. She told members that she, together with the Governor of Guangdong Province and the Chief Executive of the Macao Special Administrative Region, was invited to speak on the Greater Bay Area in this year’s high-level China Development Forum held in Beijing. She was pleased to note the strong interest among the forum participants who are senior representatives of major international enterprises. She said the three governments would continue to encourage wide participation in the development of the Greater Bay Area under the market-based principles. She told members a joint promotion event would take place in Tokyo, Japan, in April. 
 
     “There are a number of risk factors which may adversely affect Hong Kong’s economy, including the US-China trade tensions, uncertainties surrounding the US monetary policy and a hard Brexit. That said, the emerging Asian economies will continue to be an important growth engine for the global economy. The Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development will definitely bring enormous opportunities for Hong Kong. The Government will implement precautionary measures to mitigate the risks of a potential downturn of the global economy and strengthen its role as the facilitator and the promoter to further enhance the development of the Hong Kong economy,” Mrs Lam said.

     The Council is a high-level body to advise the Chief Executive on Hong Kong’s future development and strategies for driving innovation. It gives advice on Hong Kong’s strategic positioning in the global and regional contexts and directions of economic development with an aim of enhancing Hong Kong’s competitiveness and growth potential, provides guidance on evidence-based research and studies on related issues with a view to enhancing policy formulation to meet changing development needs, and advises on stakeholder engagement and public participation in the policy formulation and consensus building process.
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The following is issued on behalf of the Legislative Council Secretariat:
 
     The agenda of the Legislative Council (LegCo) meeting, scheduled for tomorrow (March 27) at 11am in the Chamber of the LegCo Complex, has been revised.  The Secretary for Transport and Housing has withdrawn his notice of “Motion on implementing the Toll Adjustment Proposal”.  The item has therefore been deleted from the agenda.
 
     For the latest agenda items of tomorrow’s LegCo meeting, please refer to the LegCo Website www.legco.gov.hk/yr18-19/english/counmtg/agenda/cm20190327.htm.
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The following is issued on behalf of the Hong Kong Monetary Authority: 
 
     The Hong Kong Monetary Authority (HKMA) Infrastructure Financing Facilitation Office (IFFO) and the Insurance Authority (IA) jointly held a seminar today (March 26) on the strategic roles of insurance and guarantee in project risk management. The seminar attracted over 80 senior representatives comprising largely IFFO partners such as export credit agencies, financiers, investors, multilateral financial agencies and project owners, as well as members from the IA’s Belt and Road Insurance Exchange Facilitation (BRIEF) specialised in risk management including insurers, reinsurers, captive insurers and insurance brokers.
 
     The one-day seminar covered infrastructure case studies featuring viewpoints of both insurers and the insured on political and commercial risk insurances. Seasoned speakers elaborated on their key strengths and advantageous propositions in political risk insurance and guarantee. Various risk management experts from the Hong Kong insurance industry illustrated how insurance brokers and insurers customised insurance solutions to address the corresponding risk management needs during the project planning, construction and operation phases.
 
     At the seminar, attendees were also illustrated with case studies of infrastructure projects in emerging economies that involved both public and private entities of different nationalities, with a view to bringing out the importance of risk management in facilitating project investment and financing in the region.
 
     “Investing and financing complex projects in emerging markets involve a multitude of specialty risks,” said the Executive Director of the Policy and Development Division of the IA, Mr Raymond Tam. “Insurance industry can offer solutions to address these risks, not only by granting of loss payments but sharing of technical knowhow on how to mitigate or avoid these risks. Hong Kong is well-positioned as a global risk management centre and a regional insurance hub to provide support in this regard.”
 
     The Executive Director (External) of the HKMA and Deputy Director of IFFO, Mr Vincent Lee, said, “Risk management is crucial to the success of infrastructure investments and financing. The seminar deepens the participants’ understanding on the products offered by public and private insurers, and knowledge on applying suitable risk mitigation measures to further enhance project bankability. This event further showcases Hong Kong’s unique role in facilitating infrastructure investments and financing through providing full-fledged services including project advisory and risk management.”
 
     This seminar marked the first collaboration between IFFO and the IA. It also demonstrated Hong Kong’s advantages as a comprehensive infrastructure financing and risk management centre. Both organisations will continue to explore co-operation opportunities in promoting the significance of risk management in infrastructure investments and financing.
 
About IFFO

     As part of the HKMA, IFFO’s mission is to facilitate infrastructure investments and their financing by working with a cluster of key stakeholders. The functions of IFFO are:

• providing a platform for information exchange and experience sharing;
• building capacity and knowledge on infrastructure investments and financing;
• promoting market and product development; and
• facilitating infrastructure investment and financing flows.

 
     By establishing IFFO, the HKMA can play a valuable role as a catalyst in the facilitation of infrastructure investments and their financings with its mandate to promote Hong Kong as an international financial centre.
 
     For more information about IFFO, please visit www.iffo.org.hk.
 
About IA

     The IA is the independent insurance regulator in Hong Kong responsible for regulating and supervising the insurance industry, for the promotion of the general stability and sustainable development of the industry, and for the protection of existing and potential policy holders.
 
     To help enterprises from the Mainland, Hong Kong and overseas that participate in projects and other commercial activities related to the Belt and Road Initiative identify and create feasible risk management solutions, the IA announced in December 2018 the launch of BRIEF platform. BRIEF aims to bring together a cluster of key stakeholders and provide a platform for exchanging intelligence on risk management and insurance, forging alliances and facilitating networking. For details please visit www.ia.org.hk/brief. read more

     Police today (March 26) appealed to the public for information on a man who went missing in Western District.        Tan Dexiang, aged 72, went missing after he left his residence in K… read more

     A woman was fined $2,000 at the Eastern Magistrates’ Courts today (March 26) for contravening the Hotel and Guesthouse Accommodation Ordinance.
      
     The courts heard that in August last year, officers of the Office of the Licensing Authority (OLA), the Home Affairs Department, inspected a suspected unlicensed guesthouse on Queen’s Road East in Wan Chai. During the inspection, the OLA officers posed as lodgers and successfully rented a room in the guesthouse on a daily basis.
      
     According to the OLA’s records, the guesthouse did not possess a licence under the Ordinance on the day of inspection. The woman responsible for managing the premises was charged with contravening section 5(1) of the Ordinance.
      
     A department spokesman stressed that operating or managing an unlicensed guesthouse is a criminal offence and will lead to a criminal record. Upon conviction, the offender is liable to a maximum fine of $200,000 and two years’ imprisonment.
           
     The spokesman appealed to anyone with information about suspected unlicensed guesthouses to report it to the OLA through the hotline (Tel: 2881 7498), by email (hadlaenq@had.gov.hk), by fax (2504 5805) using the report form downloaded from the OLA website (www.hadla.gov.hk), or through the mobile application “Hong Kong Licensed Hotels and Guesthouses”. read more