Author Archives: hksar gov

     Special traffic arrangements will be implemented in Happy Valley today (January 23). The arrangements will come into effect one and a half hours before the start of the first race and will last until the crowds have dispersed after the race meeting.

A. Traffic arrangements before the commencement of the first race

1. Road closure

     Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp outside Hong Kong Jockey Club (HKJC) will be closed except for vehicles heading for Aberdeen Tunnel.

2. Traffic diversions

– Southbound Wong Nai Chung Road between Village Road and the up-ramp outside HKJC will be re-routed one way northbound;
– Vehicles from eastbound Queen’s Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
– Traffic along Queen’s Road East cannot turn right to Wong Nai Chung Road except for vehicles heading to Aberdeen Tunnel;
– Traffic from Cross Harbour Tunnel heading for Queen’s Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen’s Road East; and
– Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.

B. Traffic arrangements before the conclusion of race meeting

1. Road closure
     
     The following roads will be closed from 35 minutes before the start of the last race:

– The up-ramp on Wong Nai Chung Road outside HKJC leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Village Road and the Public Stands of HKJC;
– Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
– Southbound Morrison Hill Road between Leighton Road and Queen’s Road East.

     In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of HKJC will be closed from about 10 minutes before the start of the last race.

2. Traffic diversions

     The following traffic arrangements will be implemented from 35 minutes before the start of the last race:

– Eastbound Queen’s Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
– Vehicles from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
– Vehicles from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
– Traffic on southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
– Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.

C. Learner drivers prohibition

     Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time:

– Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
– Village Road between its upper and lower junctions with Shan Kwong Road;
– Percival Street between Hennessy Road and Leighton Road;
– Canal Road East; and
– The service road leading from Gloucester Road to Canal Road flyover.

D. Suspension of parking spaces

     Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm during day racing, from 4.30pm to 11.59pm during evening racing, and from 5pm to 11.59pm during night racing.

     Any vehicles found illegally parked within the precincts of the above affected areas will be towed away without prior notice.

     Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of Police on site. read more

Attention TV/radio announcers: Please broadcast the following as soon as possible: Here is an item of interest to swimmers.      The Leisure and Cultural Services Department announced today (January 23) that due to big… read more

     The Financial Secretary, Mr Paul Chan, today (January 22, Davos time) joined two fora to discuss cities’ readiness for artificial intelligence (AI) and the opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) while attending the World Economic Forum Annual Meeting in Davos, Switzerland.
      
     This morning, Mr Chan attended a breakfast forum organised by a global consultancy firm, focusing on the impact of AI on development of a city. As one of the panelists at the session, he said that a major direction of Hong Kong’s technological development would be AI, which can help promote the developments of smart city and various industries.
      
     Ahead of this forum, Mr Chan yesterday (January 21, Davos time) met with the senior management of the organiser. They exchanged views on the development of Hong Kong’s finance, accounting and insurance industries.
      
     In the evening, Mr Chan addressed a forum on starting businesses in the Greater Bay Area organised by a finance group based in Hong Kong.
      
     He said that the Greater Bay Area offers limitless opportunities for new idea and inventions. Hong Kong has the know-how, experience and connection to help the next generation of entrepreneurs to explore opportunities in the area.
      
     Later, Mr Chan met with the senior management of a Swiss reinsurance company with a business history of over a century.
      
     Apart from updating them on the latest measures launched by the Hong Kong SAR Government in enhancing the competitiveness of the insurance industry and strengthening Hong Kong’s status as an international financial centre, he encouraged them to leverage the city’s unique advantages to tap into the opportunities under the development of the Greater Bay Area.
      
     In the next two days in Davos, Mr Chan will call on finance officials from other countries and regions to strengthen Hong Kong’s ties with these places.

      

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Greater Bay Entrepreneurship Day today (January 22, Davos time) in Davos, Switzerland:

Calvin (the Chairman and President of AMTD Group, Mr Calvin Choi), Mayor Chen (the Executive Vice Mayor of Guangzhou Municipality, Mr Chen Zhiying), Mr Leung (the Chairman of the Chamber of Hong Kong Listed Companies, Mr Francis Leung), Ms Chao (the Executive Chairman of Wah Kwong Maritime Transport Holdings, Ms Sabrina Chao), Distinguished Guests, Ladies and Gentlemen,

     Good evening! A very warm welcome to you all to this Greater Bay Entrepreneurship Day.

     First of all, I congratulate AMTD Group on organising this event, which shines a light on the exciting potential of the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

     We are fortunate to have a number of leading entrepreneurs – people who know what it takes to succeed in Hong Kong, in the Mainland of China and internationally – to share their insights and experiences with us today.

     The Greater Bay Area is a huge and wide-ranging initiative with great potential for our region and for local and international entrepreneurs alike.

     So let me begin by putting the scale of the Greater Bay Area into perspective:

     Covering more than 56 000 square kilometres, it is larger than the Tokyo and San Francisco Bay Areas combined.

     The Greater Bay Area has a total population of nearly 70 million, similar to that of the United Kingdom, and generates GDP of about US$1.5 trillion, which is similar to that of Korea and roughly double that of Switzerland (US$679 billion in 2017).

     What’s more, Greater Bay Area GDP is forecast to reach US$4.6 trillion by 2030, which is close to that of Japan in 2017 (Japan GDP in 2017 – US$4.87 trillion).

     In other words, this is a globally significant economic cluster. It covers nine major cities in Guangdong Province plus the Special Administrative Regions of Hong Kong and Macao. Each of these cities has their own strengths, in manufacturing, technology, tourism, finance and so on.

     The challenge is to harness the collective economic power of the region, and what’s most exciting for entrepreneurs is that we are just getting started! Opportunities for new ideas and inventions are limitless.

     Here’s how Hong Kong can help you connect and excel in the Greater Bay Area.

     As a Special Administrative Region of China guided by the principle of “one country, two systems”, our city offers several unique and deeply ingrained advantages. These include free flows of capital, people and information and a level playing field for all businesses. Our tried and trusted common law system, underpinned by an independent judiciary, gives entrepreneurs peace of mind whether in getting started, raising capital, mergers and acquisitions or resolving disputes.

     Capitalising on these strengths, Hong Kong is a global financial centre, ranked alongside New York and London. Last year, we led the world again in terms of IPO funds raised (approximately US$37 billion). We serve as a fund management, insurance and offshore Renminbi business hub for the region and the world. So if you choose to raise capital or settle trade using the Chinese currency, you can do that easily and efficiently in Hong Kong.

     Perhaps the most valuable asset for entrepreneurs taking the plunge in any new market is know-how. Hong Kong has been doing business with the Mainland for decades, and especially since China implemented its opening up and reform policies 40 years ago.

     We know the language, the culture, the people and the way of doing business in the Mainland, and the next generation of entrepreneurs can use this knowledge to their advantage when they explore Greater Bay Area opportunities.

     Our cross-boundary connectivity – close links with both the Mainland and the rest of the world – has helped to attract more than 8 700 Mainland and overseas companies to operate in Hong Kong. Nearly half of them have their regional headquarters or regional offices in our city, according to the latest report by Invest Hong Kong.

     In the past few years, the local start-up scene has also shifted into high gear. Currently, there are over 2 600 start-ups in Hong Kong, representing an increase of 18 per cent compared to 2017. A closer look reveals that 35 per cent of the founders are from outside Hong Kong with the leading countries of origin being the UK, the US, Mainland China and Australia.

     That also means that just over 60 per cent of start-up founders are from Hong Kong, reflecting our entrepreneurial spirit that is part of our city’s DNA.

     The Government is supportive of youth innovation and entrepreneurship. We have set up a $300 million Youth Development Fund to support business ventures by young people. To further enhance support for youth business start-ups, we will inject another $300 million into the Fund.

     Elsewhere, InvestHK launched the StartmeupHK programme in 2013 to attract innovative and scalable entrepreneurs to Hong Kong. The programme serves as a one-stop service platform to support entrepreneurs and enhance our start-up ecosystem.

     And the Hong Kong Trade Development Council provides start-ups and SMEs with a competitive edge in such areas as market insights, effective networking and trade promotion opportunities, to name just a few.

     We encourage collaborative efforts between the Government and various community resources to help young entrepreneurs grasp opportunities in the Greater Bay Area.

     Echoing this spirit of collaboration, we applaud the establishment of the Greater Bay Young Entrepreneurs Association.

     Working together, I believe that we can spur the Greater Bay Area to achieve its full potential, and, in doing so, create new and exciting opportunities for start-up entrepreneurs.

     I wish you all a fruitful Greater Bay Entrepreneurship Day and the best of business in 2019. Thank you. read more

The following is issued on behalf of the Legislative Council Secretariat:         Legislative Council (LegCo) Members conducted a site visit to Tai O today (January 22) to follow up on a complaint put forth by a deputati… read more