Author Archives: hksar gov

     Forty-four convictions were recorded in October 2024 for breaches of legislation enforced by the Environmental Protection Department.        Six of the convictions were under the Air Pollution Control Ordinance… read more

     The Hong Kong Film Archive (HKFA) of the Leisure and Cultural Services Department will stage the “City Portraits: Hong Kong Film and Literature” exhibition at the Exhibition Hall of the HKFA from November 29, 2024 to May 4, 2025. The exhibition combines film excerpts, oral history segments, photographs and videos on the transformation of written words into moving images in films to explore the interaction between film and literature in Hong Kong from the mid-20th century to the new millennium in a multifaceted manner.
 
     The creation of a film often starts with a script, which is usually inspired by literature. While local directors and screenwriters constantly seek inspiration from novels or stage plays and turn them into touching films full of Hong Kong characteristics, many novelists and playwrights are also active in the film industry, adapting works of themselves or others for the screen or collaborating with directors to write new stories and scripts. This cross-disciplinary collaboration between filmmakers and writers, bringing inspiration to each other through interactions, is a distinctive feature of Hong Kong’s film culture.
 
     This exhibition is comprised of four zones, recounting films related to Hong Kong urban literature from the 1930s to the new millennium. It demonstrates the long-lasting and close relationship between Hong Kong’s films and literature, as well as the changes in the daily lives of local people over the decades.
 
     The first zone, “Footprints”, features photos of early writers and filmmakers, along with relevant film stills through which visitors can learn about the interaction, fusion and mutual inspiration between Hong Kong films and literature.
 
     Two programmes of videos will be shown in the second zone “Screening Room: Time Flows Like a Song”. “Programme One: Writers and Movies” showcases excerpts from films of masterpieces from various writers and screenwriters such as “The Rich House” (1942), adapted from Lui Lun’s novel “Clara” by himself; and “The Greatest Wedding on Earth” (1962), adapted from Qin Yifu’s original work and scripted by Eileen Chang. “Programme Two: Lyricists and Songs” features an array of memorable songs from films to highlight how lyricists put the stories of films into words and add more charm to the film. The songs include “Selling Wonton” from the film “It’s Always Spring” (1962) with lyrics by Evan Yang, composed by Yao Min and sung by Li Mei, as well as “The Last Rose” from “Lost Romance” (1986) with lyrics by Cheng Kok-kong, composed by Lam Man-yee and sung by Jenny Tseng.
 
     In the third zone, “From Words to Images”, films including “The Seaman and the Dancing Girl” (1961) and “Diary of Monita” (1968) are taken as examples to illustrate how filmmakers extract the essence of literary works, and turn stories into scripts to create unique films with images.
 
     The fourth zone, “Oral History Excerpts: Stories Behind Screenwriters”, concludes the entire exhibition with invaluable interview excerpts of screenwriters from different eras including clips from interviews with several legendary figures in the past, such as Chen Dieyi, who was also a lyricist, and wildly talented broadcaster Li Ngaw on their creative insights. There are also more recent interview excerpts, including novelist, lyricist, screenwriter and director Erica Li and Kong Ho-yan, who became a screenwriter after creating an online novel under the pseudonym “Mr. Pizza”; and more.
 
     To tie in with the exhibition, the HKFA will present the screening programme “Dancing Between Words and Images – Hong Kong Film and Literature” from December 1, 2024, to February 23, 2025, screening 17 Hong Kong films adapted from or inspired by literary works at the Cinema of the HKFA to show the intricate ties between film arts and literature.
 
     This exhibition is one of the programmes of the Muse Fest HK 2024. Admission is free. For details of the exhibition, please visit www.filmarchive.gov.hk/en/web/hkfa/2024/literature-exhibition/pe-event-2024-literature-exhibition.html or call 2739 2139.

            

     The Electrical and Mechanical Services Department (EMSD) today (November 22) gazetted the 2024 Edition of both the Code of Practice for Energy Efficiency of Building Services Installation (BEC) and the Code of Practice for Building Energy Audit (EAC), pursuant to section 40 of the Buildings Energy Efficiency Ordinance (BEEO), to enhance the energy efficiency of buildings’ services installations and promote decarbonisation of buildings.
      
     Following the enactment of the BEEO in 2012, the BEC and the EAC were promulgated in the same year and are reviewed once every three years. In the course of the review process, the EMSD examines the global development of relevant technology and energy efficiency standards to keep the Codes of Practice abreast of the times.
      
     The new edition of the BEC uplifts the energy efficiency standards with an improvement of more than 20 per cent as compared with the 2015 edition. By 2035, the estimated annual energy saving is expected to be around 5.4 billion kWh from buildings in Hong Kong (compared with 2015), which will help Hong Kong achieve the carbon neutrality target before 2050 as set out in the Hong Kong’s Climate Action Plan 2050.
      
     The new editions of the BEC and EAC will take effect on August 23, 2025. For more details about the BEEO and the two Codes of Practice, please visit the EMSD’s website (www.emsd.gov.hk/beeo). read more

     The 2024 Honours and Awards Presentation Ceremony will be held tomorrow (November 23) at the ballroom of Government House. The Chief Executive, Mr John Lee, will present honours and awards at the ceremony.

     The first session of the ceremony will be broadcast live from 9.30am tomorrow. Members of the public can view it on the website of the Information Services Department (webcast.info.gov.hk) and the news.gov.hk’s Facebook page (www.facebook.com/govnews.hk). Radio Television Hong Kong TV 32 will also broadcast the first session of the ceremony.

     For the 2024 Honours List, please visit www.info.gov.hk/gia/general/202407/01/P2024063000273.htm and www.info.gov.hk/gia/general/202411/22/P2024112100381.htm?fontSize=3. read more

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Private Wealth Management Association Wealth Management Summit 2024 today (November 22):

Amy (Chairman of the Executive Committee of the Private Wealth Management Association (PWMA), Ms Amy Lo), ladies and gentlemen, 

     Good morning. It gives me great pleasure to join you all again at the annual PWMA Wealth Management Summit. 

     The theme of today’s Summit, “Navigating New Norms: Drive, Connect, Transform”, aptly summarises the investment environment we are in, and what we need to do in the face of uncertainty and potential headwinds. 

     Here we will hear the perspectives on many pertinent issues from prominent private bankers, asset and wealth management specialists and many other professionals. Today’s summit is truly timely. 

Hong Kong’s strong fundamentals

     For friends who are coming from abroad, I’m happy to report that Hong Kong’s fundamentals as an international financial centre have remained as strong as ever. Recently, Hong Kong returned to the top three global financial centres, along with New York and London. The Fraser Institute has once again ranked Hong Kong the world’s freest economy.

     Yet from time to time, we come across misperceptions about Hong Kong, such as those on the outflow of funds.  

     A few important facts will illustrate that international investors remain highly confident in Hong Kong. 

     First, bank deposits. Since the beginning of 2023 till September this year, bank deposits soared by around 11 per cent. That was equivalent to around HK$1.7 trillion.  

     Second, the stock market, which gradually regained growth momentum and rose by about 15 per cent year to date. And this year, we have raised about HK$70 billion in IPOs (initial public offerings), ranking fourth in the world. 

     Third, a vibrant private equity and venture capital ecosystem. With total capital under management of over US$230 billion, Hong Kong is in the second position in Asia, only behind the Mainland. We are Asia’s No. 1 hedge fund base.   

     Fourth – and you must know better than I do – asset and wealth management. Despite having gone through some challenging years, we continue to see solid overall growth of the asset and wealth management sector. At last count, the AUM (asset under management) of the sector stood at US$4 trillion. That represented some 30 per cent growth compared to 2018.

     Our unparalleled access to the Mainland capital markets, and strategic location within the Greater Bay Area, have instilled strong confidence in international financial institutions in the outlook for Hong Kong’s asset and wealth management business. Many of them are expanding their operations in Hong Kong, renting more floor space and relocating their senior executives to this city.  

     And there have been more encouraging developments for the industry. Let me explain.

Greater Bay Area Opportunities

     The first is the enhancement of the GBA (Greater Bay Area) Cross-boundary Wealth Management Connect. The Scheme, since first launched in September 2021, has provided a convenient channel for residents in the region to invest in wealth management products in Hong Kong.  

     With the steadfast support of the Central Authorities, the scheme was further enhanced in February this year. That included enlarging the scope of investment products covered, increasing the investment quota of individual investors, relaxing the scope of investment products, and more. 

     The enhancement was warmly received by GBA residents. In just a few months’ time, up to September this year, the cumulative amount of cross-boundary flow of funds went up six-fold, to reach over RMB 91 billion. The majority of the fund flow was from the GBA cities to Hong Kong. This has demonstrated the appeal and quality of the diversified investment product offerings by Hong Kong. 

     The insurance sector, meanwhile, presents good opportunities. The value of new business life insurance premiums from Mainland visitors stood at some HK$60 billion last year, and HK$30 billion for the first half of this year. That represented a jump of some 25 per cent compared to 2018. 

Family Offices

     The second is about family office. The Government has worked on all fronts to create a conducive and vibrant ecosystem for family offices. Hong Kong has the largest number of ultra-high-net-worth individuals in Asia. We are home to some 2 700 single family offices.

     Over the past two years, the Wealth for Good Summits held in Hong Kong have brought together influential family office owners and decision-makers to explore strategies for effective wealth succession. As part of the effort to nurture a vibrant family office ecosystem, last year, we launched a network of Family Office Service Providers, and established the Hong Kong Academy for Wealth Legacy to share knowledge, facilitate talent training and provide networking opportunities. 

     Last month, in partnership with Bloomberg, we also established the Hong Kong Family Office Nexus that will engage in community building, knowledge sharing, technology support and philanthropic collaboration.

     Building on the current tax exemption for eligible investments by single family offices, we will consult the industry on enhancing the related tax regimes with additional exemptions.  

Capital Investment Entrant Scheme

     Third, the new Capital Investment Entrant Scheme. Launched in March this year, the Scheme has garnered an encouraging response. At mid-November, it has received more than 670 applications, potentially bringing in capital of over HK$20 billion.

More opportunities ahead

     Looking ahead, Hong Kong will present increasingly attractive investment opportunities for the asset and wealth management sector. Allow me to share a few observations. 

     First, connectivity. The role of Hong Kong in connecting different financial markets of the world is expanding.  

     Hong Kong has long served as a vital link between the capital markets of the Mainland and advanced economies. The Connect Schemes, initiated a decade ago, provide a trusted channel for both Mainland and international investors to access each other’s markets. The schemes have continually expanded in both breadth and depth, encompassing stocks, bonds, exchange-traded funds(ETFs), derivatives, and real estate investment trusts as recently announced. As more products and investment channels emerge, the Connect Schemes will drive more capital and liquidity into Hong Kong. 

     On the other hand, we are committed to expanding our financial ties with emerging markets and promote two-way capital flows, particularly with economies in ASEAN (Association of Southeast Asian Nations) and the Middle East. Last year, we witnessed the listing of an ETF on the Hong Kong Stock Exchange that invests in the Saudi market. Just weeks ago, two ETFs investing in Hong Kong were listed on the Saudi Exchange, one of which has become the largest ETF in the Middle East. Through expanding into these new markets, we will attract more capital and investors from around the globe to Hong Kong. 

     My second observation is that Hong Kong holds a bright future with vast potential. One promising area is financial services, which I have discussed at length.  

     Another promising area is being a headquarters economy and a supply chain management hub. Shifting global dynamics are prompting more Mainland companies to go global and re-align their manufacturing and supply chain networks. In support of their expansion, many will set up regional or global headquarters in Hong Kong for coordinating trade financing, overseeing corporate treasury functions as well as logistics. Our vision is to develop Hong Kong into a hub for regional and international headquarters, and a high value-added supply chain management centre to serve these enterprises.  

     Then, it is innovation and technology. Rapid advancements in technology have opened the door to a bright future for our city. Over the years, we have invested some HK$200 billion in innovation and technology, focusing on four strategic areas: AI (artificial intelligence) and data analytics, biotech, fintech, and new materials and new energy. To accelerate development in these areas, we established the Office for Attracting Strategic Enterprises at the end of 2022. Our concerted efforts have successfully attracted over 100 innovative enterprises to Hong Kong, which are expected to invest more than HK$50 billion in investments and create 17 000 jobs, many of which will be research and management positions. Notably, these companies will also bring along with them networks of companies in the up, middle and down streams of the industry chain. 

     In tandem with our efforts to support technological growth and economic development, we are dedicated to attracting talent from all over the world. Our various talent admission schemes have proven to be highly popular. Nearly 400 000 applications have been received to date. We have approved more than 250 000 of them, and more than 160 000 people have already relocated to the city. Many of them are professionals who are bringing their families, too.

     All these encouraging developments will undoubtedly attract more top executives, professionals, entrepreneurs and high income individuals to Hong Kong. They are valuable sources of wealth that will contribute to the robust business growth of your sector.  

Concluding remarks

     Ladies and gentlemen, while our asset and management sector holds great promise, more needs to be done to realise its full potential.   

     One that requires our collaborative effort is the promotion of Hong Kong. As your Hong Kong Private Wealth Management Report has rightly put it, “[T]his year’s survey showed that Hong Kong continues to face perception challenges. Continued efforts through public-private partnerships will be required to receive feedback and address concerns from clients on some of the misinformation that may affect their perceptions of the city.”

     The mission of sharing the true Hong Kong story is one that we would count on you as valuable partners. Whether you live here or are just here for a visit, it helps every bit that you bring back and share what you see in this city with your clients and friends. Invite them to come. Hong Kong will always remain open, welcoming and vibrant – both for business and the many pleasures of life. 

     Finally, I wish you all a rewarding Summit and the best of business in the coming year. Thank you.