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The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA), Hong Kong Cyberport Management Company Limited (Cyberport), the Hong Kong Association of Banks and the Chinese Banking Association of Hong Kong successfully co-organised the SME Digital Technology Solution Day today (November 11). Over 100 participants from small and medium-sized enterprises (SMEs) in the food and beverage and retail sectors, bank representatives as well as technology solution providers gathered to exchange views on how the banking sector can support SMEs’ digital transformation through big data and technology. Technology service providers also showcased various digital technology solutions for SMEs at the event.
      
     The HKMA introduced five new measures together with the banking sector in October this year to further support the continuous development of SMEs, including the launch of more credit products and services to assist SMEs’ transformation. Amongst various initiatives, to actively support the Digital Transformation Support Pilot Programme (DTSPP) (Note) operated by the Cyberport and the Government’s other SME funding schemes, seven banks have committed to offering fast-approval loan products for SMEs that have applied for these schemes. Such loans can be approved within five working days, so as to meet the upfront financing needs of SMEs for adjusting their business operations and developing new businesses and markets. Other banks that are active in SME lending are also contemplating to launch similar products.
      
     Bank representatives at the event shared cases of assisting SME clients to use technology and digitalise their operations (see Annex), such as digital payment solutions and shopfront sales, online promotion as well as customer management and loyalty solutions, for business development and enhanced efficiency. These cases demonstrated the multifaceted support provided by banks to SMEs through financing and advisory services.
      
     The HKMA will continue to maintain close communication with the banking and commercial sectors, fostering a mutually beneficial virtuous cycle that promotes development, upgrade and transformation of SMEs as well as the banking sector and the overall economy.

Note: DTSPP, which is funded by the Government, provides local SMEs with subsidies on a one-to-one matching basis in applying ready-to-use basic digital technology solutions.

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     â€‹The Secretary for Innovation, Technology and Industry, Professor Sun Dong, led a Hong Kong delegation to begin their visit to Xi’an today (November 11).

     Professor Sun called on the Secretary of the CPC Shaanxi Provincial Committee, Mr Zhao Yide, and both sides exchanged views on the development of innovation and technology (I&T) in Hong Kong and Shaanxi. At the meeting, Professor Sun introduced the Hong Kong Special Administrative Region Government’s plan and latest work on leading the development of the city’s I&T industry. He also learned about Shaanxi Province’s achievements in I&T and high-tech industrialisation, particularly its strengths in industries which enjoy advantages such as electronics information, new materials and equipment manufacturing. He said the Innovation and Technology Commission and the Shaanxi Provincial Department of Science and Technology signed the “Memorandum of Understanding on Launching Innovation and Technology Co-operation” in September this year, noting that the two sides would continue to explore ways to further enhance co-operation and exchanges between Shaanxi and Hong Kong in R&D and I&T industries development on this basis.

     Professor Sun and the Hong Kong delegation also visited iHARBOUR of Xi’an Jiaotong University, which is a national project jointly established by the Ministry of Education and the Shaanxi Provincial People’s Government. Comprising a platform area, a college area and an incubation area, the project has established several research institutes, large platforms as well as scientific research bases. He was briefed that the project has served the function of being an innovation engine by pooling together innovation resources and promoting the economic development of industry, thereby establishing a new paradigm for facilitating the Western Development Programme.

     Members of the Hong Kong delegation include the Permanent Secretary for Innovation, Technology and Industry, Mr Eddie Mak; the Commissioner for Innovation and Technology, Mr Ivan Lee, as well as representatives from universities, I&T parks, and research and development institutes.

     Professor Sun will continue the visit to Xi’an tomorrow (November 12) and co-host the 18th meeting of the Mainland/Hong Kong Science and Technology Co-operation Committee with the Ministry of Science and Technology.

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     Following are the closing remarks by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, under the theme “Advancing Transition Finance and Cross-Border Green Financing – Engaging the Public to Achieve a Net-Zero Economy” at the China Pavilion’s Side Event of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) co-organised by Friends of the Earth (HK) and the Financial Services Development Council in Baku, Azerbaijan today (November 11, Azerbaijan time):
 
Secretary Tse (Secretary for Environment and Ecology, Mr Tse Chin-wan), Plato (Secretary General of the Treelion Foundation and Chairperson of Friends of the Earth (HK), Mr Plato Yip), Daniel (Vice-Chairman of the Financial Services Development Council, Mr Daniel Fung), distinguished guests, ladies and gentlemen,
 
     A big thank you to Friends of the Earth (HK) and the Financial Services Development Council for hosting this event on the first day of COP29 here in Baku in the China Pavilion.
 
     My deep appreciation also goes to the Ministry of Ecology and Environment for its continued support to the Hong Kong Special Administrative Region (HKSAR)’s participation in COP related activities where we can share Hong Kong’s perspectives in contributing to the global efforts in combating climate change.
 
     We gather here to discuss the pressing issue of scaling up transition finance in the journey to achieve net zero for the global economy. The discussions just now have given us much food for thought. I, for one, have been much enlightened by the valuable views expressed by speakers from the perspectives of financial institutions, civil societies, the academia and green technology enterprises. This fully demonstrates that we need concerted efforts from all sectors of the society to deliver the goal for the sustainable growth and ultimately survival of the global village.
 
     Harnessing our strength as an international financial centre with robust capital markets, Hong Kong can definitely help advance transition finance and cross-border green finance. We have main-streamed green finance in our financial services policy formulation and implementation. The results have been encouraging. To name but a few:
 

• The issuance of a total of HK$220 billion under the Government Green Bond Programme has helped finance more than 110 eligible green public projects. The bonds with tenure ranging from one to 30 years and denominated in different currencies, including RMB, Euro and USD, have been well received by international institutional investors and, where applicable, local retail investors with over subscriptions. Mainland municipal/provincial governments including Shenzhen, Hainan and Guangdong have also used Hong Kong as the platform to issue offshore RMB bonds, including green and blue bonds. And after two tranches of tokenised bond issuance, we are set to deepen the technological application in issuing future tokenised bonds.
• Separately, we now have over 230 authorised ESG (environmental, social, and governance) funds with assets under management over HK$1.3 trillion. We will soon consult the industry on proposals to expand the tax concession arrangements for funds and single family offices to cover emission derivatives and emission allowance.
• On market infrastructure, the Hong Kong Taxonomy for Sustainable Finance, published in May, provides a clear classification of green activities in sectors of power generation, transportation, construction, and water management. We will be consulting the industry on the expansion of the Taxonomy to cover transition activities as well.
• Our carbon trading marketplace, or Core Climate, provides access to quality carbon credits from over 50 certified projects across Asia, South America, and West Africa. These projects span vital initiatives in forestry, solar, wind, biomass, and we are more open to exploring co-operative initiatives in this space.
• On sustainability disclosure, we published a vision statement in March this year, outlining Hong Kong’s vision to align the Hong Kong requirements fully with the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards). For this, the Hong Kong Institute of Certified Public Accountants completed a public consultation last month on the Exposure Drafts for “Hong Kong Standards”. We will launch a roadmap on the full adoption of the ISSB Standards within this year, making Hong Kong one of the very first jurisdictions to align its local requirements with the ISSB Standards.
• For the bankers in the room, you would also be aware that the Hong Kong Monetary Authority has just issued a Sustainable Finance Action Agenda mandating all banks to strive to achieve net zero in their own operations by 2030 and in their financed emissions by 2050. And we are going to lead by example. The Exchange Fund aims to achieve net-zero emissions for its investment portfolio by 2050 and deepen its dedicated focus on transition finance opportunities.
• Lastly, we organised a very successful Hong Kong Green Week in 2024. We are planning a re run with participants from public and private sectors around the world.

     â€‹The list goes on. In essence, the building of a greener future hinges upon an enabling policy environment, robust market infrastructure, and determining efforts to align with international standards. To take this forward, the HKSAR Government, under “one country, two systems”, has been taking multi-pronged measures to consolidate Hong Kong’s strength as an international green finance hub. We will continue to co-ordinate actions to provide an ecosystem with necessary knowledge, data, and technological support to the industry and society at large. On this opening day of COP29, I wish everyone meaningful discussions in the days ahead. Hong Kong stands ready to combine our pool of liquidity with portfolio management needs to serve the global green finance goals.

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     The Centre for Health Protection (CHP) of the Department of Health is today (November 11) investigating a case of severe paediatric influenza A infection and reminded the community to heighten vigilance against influenza. The 2024/25 Seasonal Influenza Vaccination Programmes have started on September 26, and the CHP urged the public to receive the seasonal influenza vaccination (SIV) to better protect themselves during the coming influenza season.
     
     The case involves a 7-year-old girl with underlying illnesses. She developed a fever, cough and runny nose since November 1. She was brought to Hong Kong Adventist Hospital – Tsuen Wan on November 3 and admitted for treatment on the same day. She was transferred to the paediatric intensive care unit of Princess Margaret Hospital on November 6 due to worsening symptoms. Her respiratory specimen was positive for influenza A (H1) virus upon laboratory testing. The clinical diagnosis was influenza A infection complicated with sepsis and pneumonia. She is now in serious condition.

     Initial enquiries by the CHP revealed that the patient had not received SIV for this season and had no travel history during the incubation period. Her home contacts have been asymptomatic. The CHP’s investigations are ongoing.

     A spokesman for the CHP said, “Influenza can cause serious illnesses in high-risk individuals and even healthy persons. SIV is one of the most effective means to prevent seasonal influenza and its complications, as well as reducing influenza-related hospitalisation and death. SIV is recommended for all persons aged 6 months or above except those with known contraindications. Persons at higher risk of getting influenza and its complications, including the elderly and children, should receive SIV early. As it takes about two weeks to develop antibodies, members of the public are advised to receive SIV early for protection against seasonal influenza. Please see details of the vaccination schemes on the CHP’s website.”

     The CHP is concerned that some schools still have not arranged any SIV outreach activities so far. It strongly urges schools that have yet to enrol in the SIV outreach programme to arrange SIV outreach activities as soon as possible to protect students and reduce the chance of influenza outbreaks in schools. For eligible children not receiving SIV through school outreach activities, parents should arrange vaccination for their children at clinics of private doctors enrolled in the Vaccination Subsidy Scheme.

     As of November 10, the vaccination coverage rate for children aged 6 months to under 2 years was at a low level of about 11.5 per cent. To strengthen vaccination services and boost the SIV coverage rate among children aged 6 months to under 2 years, the DH’s Maternal and Child Health Centres (MCHCs) are open to all children aged 6 months to under 2 years for SIV this year. Children aged 6 months to under 2 years can receive SIV services at any MCHCs when they are attending appointments. Parents may also book an appointment for their children to receive vaccinations at designated MCHCs via the online booking system: booking.covidvaccine.gov.hk/forms/sivfhs/index.jsp. Parents are advised to arrange SIV for their children as early as possible to protect health of their children.

     A person who gets influenza and COVID-19 at the same time may be more seriously ill and would have a higher risk of death. It is important to receive both SIV and COVID-19 vaccination as soon as possible, in particular for children and elderly persons residing in the community or residential care homes. The public should also maintain good personal and environmental hygiene against influenza and other respiratory illnesses, and note the following:
 

• Surgical masks can prevent transmission of respiratory viruses from ill persons. It is essential for persons who are symptomatic (even if having mild symptoms) to wear a surgical mask;
• For high-risk persons (e.g. persons with underlying medical conditions or persons who are immunocompromised), wear a surgical mask when visiting public places. The public should also wear a surgical mask when taking public transport or staying in crowded places. It is important to wear a mask properly, including performing hand hygiene before wearing and after removing a mask;
• Avoid touching one’s eyes, mouth and nose;
• Wash hands with liquid soap and water properly whenever possibly contaminated;
• When hands are not visibly soiled, clean them with 70 to 80 per cent alcohol-based handrub;
• Cover the mouth and nose with tissue paper when sneezing or coughing. Dispose of soiled tissue paper properly into a lidded rubbish bin, and wash hands thoroughly afterwards;
• Maintain good indoor ventilation;
• When having respiratory symptoms, wear a surgical mask, refrain from work or attending classes at school, avoid going to crowded places and seek medical advice promptly; and
• Maintain a balanced diet, perform physical activity regularly, take adequate rest, do not smoke and avoid overstress.

 
    â€‹The public may visit the CHP’s influenza page and weekly COVID-19 & Flu Express for more information.  read more