Following is the speech by the Financial Secretary, Mr Paul Chan, at the IWF 50th Anniversary Cornerstone Conference today (November 21):

Carolyn (Global President of the International Women's Forum (IWF), Ms Carolyn Carter), Vivian (President of the IWF Hong Kong and Co-Chair of the 2024 Cornerstone Conference, Ms Vivian Lau), distinguished ladies, 

     Good morning. It is a great pleasure to join you today at the 50th Anniversary Cornerstone Conference of the International Women's Forum, the IWF.

     Today's venue feels all too familiar. Just two days ago, we hosted the Global Financial Leaders Investment Summit right here, with approximately 300 participants, including around 100 group chairpersons and CEOs (Chief Executive Officers) from leading international financial institutions.

     As we gather to celebrate the remarkable milestone of 50 years of the IWF, I am truly impressed by the journey you have undertaken together. When the IWF was established in 1974, women leaders were breaking through glass ceilings across different professional sectors, where their voices could be heard and their leadership recognised.  

     At that time, there arose a clear need for a network, dedicated to uplifting women leaders, empowering them to succeed, and inspiring countless others to embark on their own journeys of leadership. The IWF was born from this vision where women could connect and forge paths together.

     Your value, "Leadership has no gender", resonates deeply and is profoundly relevant, and it is a principle we should all strive to embrace and promote.

     Over the years, this city has witnessed remarkable strides in women's leadership. The influence of women in both the economy and society is flourishing. For instance, in 2023, women comprised 52 per cent of solicitors and 51 per cent of certified public accountants. Also encouraging is the notable increase of women in managerial positions, which has increased from about 20 per cent to 38 per cent over the past two decades.

     The presence of many high-profile speakers at this forum underscores the growing importance of women as leaders, innovators, and change makers.  

     During this two-day forum, you will address a wide range of critical issues of regional and global significance, from the future of financial markets to shifting supply chains, tackling demographic challenges and developing medical systems.

     Now, allow me to contribute to the discussion by sharing with you all Hong Kong's advantages, vision, and progress in some of these areas.

     Fundamentally, Hong Kong's strengths are underscored by our unique position within China. Under the "one country, two systems" principle, we enjoy convenient, and at times priority, access to the Mainland market. But what truly sets Hong Kong apart is our steadfast commitment to maintaining our defining character, which includes a common law system, a judiciary exercising powers independently, the free flow of capital, information, goods, and people, and regulations and business practices that align with the best international standards.

     The principle of "one country, two systems" is here to stay. This is a solemn commitment from the Central People's Government, reiterated by President Xi Jinping on multiple occasions.

     With this strong foundation, Hong Kong is resolutely focused on excelling in eight areas that align with our national development strategies. These areas are finance, shipping, trade, aviation, innovation and technology, legal and dispute resolution services, intellectual property trading, and cultural exchange.

     Here, I would like to highlight two pivotal areas which we see as Hong Kong's main engines of growth, namely financial services and innovation and technology.

Financial services

     Hong Kong is the prime international financial hub in Asia, consistently ranking as among the top three global financial centres, alongside New York and London. In the upcoming panel, I am sure Luanne (Chief Executive Officer of HSBC Hong Kong, Ms Luanne Lim ) and Vanessa (Co-Chief Operating Officer and Group Chief Financial Officer of the Hong Kong Exchanges and Clearing Limited, Ms Vanessa Lau) will provide valuable insights into our banking sector, stock market, and financial markets in general.

     So I would like to highlight only three points here: first is that with shifting geopolitics and intense international competition, while continuing to enhance areas with traditional strength, there is a need to adopt a more vigorous and proactive development approach, exploring new growth areas.

     We are opening up new horizons for our financial services. The recent Policy Address announced our vision to develop Hong Kong into an international gold trading centre. Leveraging our strategic geographic position, robust logistics networks and facilities, as well as top-notch professional services, we can build a comprehensive ecosystem for both physical and financial gold trading, and offer a wide range of related financial products such as funds, forwards, swaps and futures. The Government will set up a working group within this year to formulate specific action plans.

     Separately, to enhance the storage and delivery of commodities, in particular non-ferrous metals, in Hong Kong, and to provide better services to Mainland enterprises engaged in international commodity trade, we will facilitate the relevant international commodity exchange to set up accredited warehouses in Hong Kong. We will also enhance associated financial services and assist in building a robust commodity trading ecosystem.

     The second point is that the global effort to tackle climate change presents Hong Kong with unique opportunities, particularly on the green and sustainable finance front.

     We stand as Asia's leading green financing hub. Over the past three years, we issued an average of over US$63 billion in green bonds and debts annually. The number of ESG (environmental, social and governance) funds authorised by the Securities and Futures Commission has also been on the rise. As of June this year, there were over 230 such funds, managing assets exceeding US$160 billion, representing a 60 per cent growth compared to three years ago. 

     On green standards setting, we participate in the global efforts in developing taxonomies to delineate permissible activities. In May this year, our Hong Kong Monetary Authority published the Hong Kong Taxonomy for Sustainable Finance, aiming to facilitate informed investment decisions on green and sustainable finance and thereby scaling up relevant investments. Our Taxonomy was devised to be compatible with the two mainstream taxonomies, the Mainland and the European Union.
 
     In March this year, we issued a statement, which sets out our vision to be among the first jurisdictions to align local sustainability disclosure requirements with the standards set by the International Sustainability Standards Board, the ISSB. In this regard, our Hong Kong Stock Exchange also announced in April that it would implement amended listing rules with new climate requirements starting 2025.

     The third point is how we should continue to expand market connectivity to bolster our status as the international financial centre. 

     On the one hand, we work to consolidate and further deepen the connectivity with the Mainland. The Connect Schemes, which allow mutual access for international investors to the Mainland market through Hong Kong, and vice versa, have continued to expand, from stocks, bonds, exchange-traded funds (ETFs), derivatives, to the recently announced real estate investment trusts. This ongoing interconnected development of the Hong Kong and Mainland markets has further enhanced Hong Kong's unique and attractive role in the international arena.

     What we have been trying to do, however, is not just connecting to the Mainland, but connecting with the emerging markets, particularly the Global South. Shifting economic dynamics reveal immense business opportunities in the Global South. And we are proactively expanding our financial connections with these emerging markets and encouraging two-way capital flows, including countries in the Gulf Region and ASEAN (Association of Southeast Asian Nations). For example, last year, an ETF investing in the Saudi market was listed in Hong Kong. And just a few weeks ago, two ETFs investing in Hong Kong were listed on the Saudi Exchange. And we have formed a strategic co-operation consensus with them to bring their business to this part of the world, to capture the opportunities provided by the Greater Bay Area, the Mainland and ASEAN market. At the same time, we will bring delegations and encourage businesses here to go to Saudi Arabia to set up their manufacturing and other facilities, in order to support Saudi Arabia's realisation of their Vision 2030, which includes diversification of their economic structures, promoting innovation and technology (I&T), and nuturing startups. 

Innovation and technology

     In fact, I&T, innovation and technology, is very central to Hong Kong's economy. We take a multipronged strategy in this regard – supporting basic research, encouraging commercialisation of outcomes, strengthening new industrialisation, providing funding and practical support to start-ups, and more.  

     We focus on four strategic areas: artificial intelligence and big data analytics, biotechnology, fintech, and new materials and new energy. To expedite their development, we established the Office for Attracting Strategic Enterprises at the end of 2022. With concerted efforts, we have successfully attracted over 100 innovative enterprises partners to Hong Kong. Altogether, they are expected to bring in more than US$6 billion in investments and create 17 000 quality jobs.

     In tandem with our quest for strategic enterprises is our strengthened endeavour in attracting talent from all over the world. Our various talent admission schemes have been highly popular. Nearly 400 000 applications have been received so far. We have approved more than 250 000 of them, with more than 160 000 people having already arrived in the city. 

     To further accelerate our I&T development, we have also set up the HKIC – the Hong Kong Investment Corporation. As "patient capital", the HKIC has a dual mission: to pursue reasonable financial returns, while enhancing Hong Kong's competitiveness and economic vitality through strategic investment. By investing and co-investing in projects, it plays a key role of nurturing Hong Kong's strategic industries and the development of various components within the industry ecosystem. Moreover, it helps channel private capital into these sectors, fostering a vibrant landscape of growth and innovation. 

     In terms of hardware, we are developing the Northern Metropolis, which borders Shenzhen, as the hub for Hong Kong's innovation future. It includes a 87-hectare Hong Kong segment of a joint innovation and technology park with Shenzhen. This Park will be a prime spot of tech co-operation with Shenzhen, and host many of the world's strategic innovation and technology enterprises. 

     Just yesterday, we released the Development Outline for the Park, outlining the key directions in which we will develop Hong Kong into a testing ground for experimenting with institutional and policy innovation, where the flow of data and capital, and even biodata for specific research, drug development purposes and clinical trials, will be facilitated. The Park will be a very attractive hub for housing global pharmaceutical companies and biotech research institutes. 

Greater Bay Area opportunities

     And of course, a discussion on Hong Kong's future economic growth would not be complete without mentioning the Greater Bay Area (GBA).
 
     Our unparalleled access to the Mainland capital markets, and strategic location within the GBA, which has an affluent population of 87 million and a GDP (Gross Domestic Product) of approximately US$2 trillion, about the size of Italy. The vision for this area is to develop it into a region powered by financial services as well as innovation and technology, and let this region rise to become one of the key global innovation and technology hubs, combining the strengths of the San Francisco Bay Area and the New York Bay Area. 

     Other than this, the Wealth Management Connect is also one special feature of the GBA, because people in this area are more affluent, and they see the need to allocate certain portions of their assets offshore. This is an opportunity for us to offer investment, asset and wealth management products. If you are in related businesses, this is another exciting area that is worth looking into. 

Concluding remarks

     Distinguished ladies, I would like to conclude by highlighting an area in Hong Kong with immense potential: our diverse and vibrant culture. 

     Hong Kong is more than just business. This city, a true tapestry of diverse traditions, blends East and West seamlessly, creating a rich cultural mosaic. The enchanting contrast between the Hong Kong Palace Museum and M+ contemporary art museum, both in the West Kowloon Cultural District, serves as a testament to this harmonious fusion.

     And there's more. Every year, we host many world-class arts and cultural events like Art Basel. And the Business of Design Week, Asia's largest annual design event, opens early next month. And not to be missed are, of course, some 200 Michelin-recommended restaurants. Not all are in the five-star hotels, there are quite a significant number located in various districts offering local delicacies. Go and try.

     Finally, take some time to explore our hiking trails. I know it is raining, but with your presence here, I hope the sun will shine soon. Thank you very much. 

    

     Following is the speech by the Secretary for Labour and Welfare, Mr Chris Sun, at the opening ceremony of the Gerontech and Innovation Expo cum Summit 2024 hosted by the Government and the Hong Kong Council of Social Service today (November 21):
 
　　I just want to say a few words to welcome friends from Japan and Europe, for the support they have given to us over the years. Every year we do witness improvement and new features at the GIES (Gerontech and Innovation Expo cum Summit). Right now we are at the eighth edition of the GIES Expo. We hope through the Expo, we could showcase some of the best technologies and ideas, not just here in Hong Kong, but from all over this region. It is going to benefit our elderly population here in Hong Kong. We do hope by making use of Hong Kong as a springboard, your products and ideas, the solutions you are going to provide, are not just relevant to Hong Kong but also radiate farther within this region. I hope gradually we will also be getting the attention of users elsewhere including in Europe and America. Once again, a warm welcome to you all, and I wish the Expo every success.

(Please also refer to the Chinese portion of the speech.)

     Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the 7th Belt and Road Conference – Legal Professionals Joining Efforts in Advancing Eight Major Steps to Build High Quality Belt and Road Cooperation today (November 21):
 
President of the Law Society of Hong Kong, Mr Roden Tong, Deputy Director Mr Liu Guangyuan (Deputy Director of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region), Deputy Commissioner Mr Fang Jianming (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region), distinguished guests, ladies and gentlemen,
 
     Good morning. During his keynote speech at the third Belt and Road Forum for International Cooperation held in Beijing in October 2023, President Xi Jinping announced that China will take eight major steps to support the joint pursuit of high-quality Belt and Road co-operation. These wide-ranging steps span from supporting an open world economy to promoting green development and advancing scientific and technological innovation. Today, I wish to share with you my views in respect of the role of Hong Kong's legal services in supporting the development of the Belt and Road co-operation.
 
Open world economy
 
     Hong Kong ranks as the world's freest economy among 165 economies in the Economic Freedom of the World 2024 Annual Report, up by one place from last year. Among the five areas of assessment, Hong Kong ranks top in "Freedom to trade internationally" and "Regulation". Hong Kong retained high overall ranking in the Rule of Law Index. Our efficient and transparent market, one of the most corruption-free places in the world, as well as a world recognised regulatory regime that adheres to international standards, all contribute to a conducive environment for doing businesses.
 
     Hong Kong's distinction is attributable to our "one country, two systems" principle. Being the only common law jurisdiction in China, Hong Kong is renowned for having a sound and mature legal system, supported by the independent exercise of judicial power by our courts and a strong rule of law tradition. Hong Kong is uniquely positioned to bridge the gaps between different jurisdictions along the Belt and Road. As a "super connector" and "super value-adder", Hong Kong provides world-class legal services that facilitate businesses between China and the rest of the world.
 
     Hong Kong has a lot of talented legal professionals with a strong Chinese legal and business background, as well as expertise in international law and practice. The Department of Justice (DoJ) has also been proactive in cultivating these legal professionals. The Hong Kong International Legal Talents Training Academy, officially launched earlier this month, will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talent in regions along the Belt and Road. It will also provide trainings for talent in the practice of foreign-related legal affairs for the country, and nurture legal talent conversant with international law, common law, civil law and the country's legal system.
 
     With our wide range of legal expertise, services and talent, Hong Kong continues to maintain and strengthen our status as an international legal and dispute resolution services centre in the Asia-Pacific region. Since 2015, Hong Kong has been ranking among the top five preferred seats for arbitration globally, and was among the top three in the latest international arbitration survey conducted by Queen Mary University, London. In May this year, Hong Kong hosted the 26th International Council for Commercial Arbitration Congress, with a record-breaking attendance of over 1 400 professionals from over 70 jurisdictions. The arbitral awards made in Hong Kong are enforceable in over 170 contracting parties under the New York Convention. At the same time, Hong Kong has entered into various mutual legal assistance arrangements with the Mainland authorities on mutual enforcement of arbitral awards as well as in interim measures agreements, which allow parties to arbitral proceedings seated in Hong Kong and administered by qualified institutions to apply to relevant Mainland courts for interim measures for preservation of property, evidence and conduct.
 
     With the staunch support of the Central Government, we will proactively integrate into the overall national development plan, align with national development strategies, maintain and improve a free and open business environment, and continue to serve as a springboard for attracting international enterprises to Hong Kong and supporting Mainland enterprises to go global.
 
Green development
 
     One major step to bolster high-quality co-operation under the Belt and Road Initiative is green development. Hong Kong is actively promoting sustainable investment by issuing a record number of green bonds and has in place a series of environmental protection policies, including the Climate Action Plan 2050, to strive to achieve carbon neutrality before 2050. As set out in the Chief Executive's 2024 Policy Address, we will support issuance of more green and sustainable offshore RMB bonds in Hong Kong.
 
     With the rapid growth of green development in Hong Kong, the Hong Kong Exchanges and Clearing Limited, the Hong Kong Monetary Authority and the Hong Kong Securities and Futures Commission introduced a range of policy measures and regulatory requirements on environmental, social and governance (ESG) and green and sustainable finance and banking. Regulatory requirements include enhanced ESG reporting requirements for listed companies, supervisory guidance for authorised institutions on climate risk-management, and requirements on Hong Kong fund managers on the management and disclosure of climate-related risks. Our legal expertise in banking, finance and ESG are all invaluable for these green projects, hence playing a significant role in supporting green development.
 
Technological innovation
 
     Regarding technological innovation, the Government has also been actively promoting the use of artificial intelligence and is committed to keeping the law with fast-changing technological developments. In July this year, the Intellectual Property Department launched a two-month public consultation on enhancing the Copyright Ordinance (Cap. 528) to protect AI technology development.
 
     Our legal sector has also been supporting the use of lawtech. Early this year, The Law Society of Hong Kong published a Position Paper on the Impact of Artificial Intelligence on the Legal Profession. Subsequently, the Judiciary also issued guidelines in July on the use of generative AI among judges, judicial officials and support staff.  
 
     Meanwhile, the DoJ will set up the Consultation Group on LawTech Development, comprising representatives from the legal and dispute resolution sector, law schools and lawtech solutions providers, to help the Government formulate policies and measures on lawtech, thereby encouraging the legal sector to enhance its efficiency and competitiveness with lawtech. The Group members coming from different fields can discuss how to promote the application of lawtech in the legal and dispute resolution sector, in particular for small and medium-sized law firms, as well as render advice on relevant policy measures in the promotion of lawtech development, standard and application, so as to support the Hong Kong legal profession in improving efficiency and competitiveness.
 
Hong Kong as a legal hub for Belt and Road co-operation
 
     To complete the picture, Hong Kong also has reputable mediation services. It is evidenced by the selection of the city as the headquarters for the International Organization for Mediation (IOMed) intended to be established pursuant to ongoing negotiations between China and other state parties, signifying a strong vote of confidence from the international community. The IOMed will be the world's first intergovernmental international legal organisation dedicated to resolving international disputes through mediation. It is important for the implementation of settling international disputes by peaceful means and offers a new option to all countries, including Belt and Road countries, for peaceful resolution of international disputes. The negotiations on the relevant international convention have been successfully completed. After the signing ceremony in 2025, we expect that the IOMed could start operation soon afterwards.
 
     The DoJ has also taken steps to proactively tell good stories of Hong Kong, particularly with visits to countries along the Belt and Road. I personally led Hong Kong delegations this year to visit Saudi Arabia and the United Arab Emirates in May, as well as Vietnam and Malaysia in September, sharing with them the information concerning Hong Kong's legal and dispute resolution services in future.
 
Conclusion
 
     Ladies and gentlemen, Hong Kong's legal services are well-positioned to support the Belt and Road Initiative. This is also echoed by Mr Xiao Weiming, Deputy Secretary General of the National Development and Reform Commission of China. At his speech given at the Ninth Belt and Road Summit held in Hong Kong in September this year, he reiterated that the Commission supports Hong Kong to reinforce and enhance its status as the international legal and dispute resolution services centre in the Asia-Pacific region, and to assist in perfecting foreign-related legal services for the joint construction of the Belt and Road. In fact, Hong Kong's unique blend of Chinese and Western culture and expertise in international law and in dispute resolution make us an indispensable partner in the Belt and Road Initiative.  
 
     On this note, I wish you all a very fruitful and constructive conference today.  

  

The following is issued on behalf of the Office of The Ombudsman:
 
     The Ombudsman, Mr Jack Chan, today (November 21) announced the completion of a direct investigation operation into the handling of obstructions to passageways by bicycles owned by operators of bicycle rental services of the Leisure and Cultural Services Department (LCSD), and made eight recommendations to the Department.
      
     A total of 14 recreational venues managed by the LCSD have bicycle rental services provided by operators engaged by the Department for members of the public to rent bicycles for leisure or short-distance travel.
      
     Contract terms of the relevant business permit (permit) issued by the LCSD explicitly forbid placing bicycles and articles relating to bicycle rental services outside the permit area. However, Ombudsman investigations have revealed that it is common for operators to place their bicycles outside the permit area in violation of contract terms. The Ombudsman also found that the existing enforcement mechanism of the LCSD against operators is not consistent.
      
     Mr Chan said, "The LCSD, as the venue manager and permits issuer, is duty-bound to monitor the operators of bicycle rental services. Operators placing their bicycles outside the permit area in violation of regulations not only causes an obstruction to passageways and affects members of the public to access and use recreational facilities, but may also pose safety hazards. Our multiple site inspections found that it seems to be a common practice for operators to leave bicycles lying around in contravention of the regulations, and this has invited doubts as to whether the LCSD had reminded the operators of the irregularities or has taken enforcement action against them in the past."
      
     LCSD staff issue reminders or warning letters to operators based on the gravity of the irregularities found. If no improvement is evident after the third warning letter, the LCSD can consider suspending the operator's business or terminating the contract. However, the current guidelines do not clearly specify how many verbal and written reminders would warrant a warning letter, or whether written reminders and warning letters have a validity period. The Ombudsman is of the view that in order to carry out enforcement more efficiently and fairly, the LCSD should enhance the current enforcement regime and the relevant guidelines, for example, by specifying clearly that the Department will issue a warning letter if a cumulative number of verbal or written reminders are given within a certain period of time, and that the criteria for the issuance of a warning letter should be made public.
      
     On the other hand, it has been noted that operators display bicycles of various models outside bicycle kiosks for customers to choose and try. This is not unreasonable, and may even have a practical need. The Ombudsman considers that while the LCSD has a duty to monitor compliance with permit contract terms, it should, as the department responsible for promoting recreational activities, also conduct a review on whether the current regulatory regime is too restrictive for the operators in the business. If necessary, the Department should examine whether operators can be allowed to use the space outside the permit area as long as the relevant regulations are complied with. In the long run, the LCSD should consider including part of the venue as the permit area when drafting new contracts for bicycle rental services in the future for better management.
      
     The Ombudsman has made a total of eight improvement recommendations to the LCSD, including:
 

• keep monitoring the operator concerned closely. Should it continue to occupy the space outside the permit area in violation of contract terms, decisive enforcement action must be taken;
• strengthen monitoring of bicycle rental services operators, and take decisive enforcement action against irregularities pursuant to permit contract terms;
• step up staff training on the enforcement of permit contract terms and relevant procedures to ensure that enforcement actions are taken rigorously, accurately and effectively;
• examine how to enhance the current enforcement regime and relevant guidelines to carry out enforcement work in a more efficient and fairer manner in accordance with consistent standards;
• conduct a comprehensive review on the operation of bicycle rental services at venues under its purview, and to examine the feasibility of allowing operators to use areas outside the permit area for placing bicycles, subject to compliance with the relevant requirements;
• consider revising the terms of future permit contracts to suitably include a certain area outside the bicycle kiosk as part of the permit area for better management;
• collect information on the performance of operators (especially irregularities and their approach to complying with reminders and warning letters, etc) and include such information into the LCSD database as the basis of reference in approving new permits in the future; and
• step up publicity to encourage members of the public to monitor operators' performance and report irregularities to the LCSD at once.             

     The Office is pleased to note that the LCSD has accepted all the improvement recommendations made.
             
     The full investigation report is available on the website of the Office of The Ombudsman at www.ombudsman.hk for public information.

  

     The Greater Bay Area International Clinical Trial Institute (GBAICTI), established and wholly owned by the Hong Kong Special Administrative Region (HKSAR) Government, was officially opened today (November 21) in the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (HTCZ). The Greater Bay Area International Clinical Trials Center of the Shenzhen Municipality was also officially opened in the Shenzhen Park on the same day. The establishment of "one institute, one center" marked the first benchmark for co-ordinated development under "one zone, two parks" of the HTCZ.

     The Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing; the Secretary for Health, Professor Lo Chung-mau; Deputy Director of the Public Hygiene and Health Commission of Shenzhen Municipality Mr Li Jieyun; and the Vice-President and Pro-Vice-Chancellor (Health), Dean of Medicine of the University of Hong Kong (HKU) and representative of the GBAICTI's operator, Professor Lau Chak-sing, officiated at the opening ceremony of the GBAICTI.

     Mr Cheuk said that the National 14th Five-Year Plan indicated clear support to develop Hong Kong into an international innovation and technology hub. The Development Plan for Shenzhen Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone also expressed staunch support for the co-ordinated development of technological innovation of Shenzhen and Hong Kong. With its strategic location in the Hetao area, the GBAICTI officially opened today will bring into full play Hong Kong's unique advantages of a high degree of internationalisation, high-level healthcare professions and scientific research. Joining hands with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the GBAICTI will spare no effort to develop new quality productive forces tailored to local conditions by promoting clinical trials and development of the biomedical technologies industry, hence serving the nation's needs with the strengths of Hong Kong.

      The Director General of the Public Hygiene and Health Commission of Shenzhen Municipality, Ms Wu Hongyan, in her video speech congratulated on the official establishment of the GBAICTI in Hong Kong, and expressed her hope for close integration between Hong Kong and Shenzhen to capitalise on the strengths of the two places in the areas of industry, translation, market, talent and scientific research through the establishment of "one institute, one center", building together a high-level clinical trial service platform.

     The GBAICTI will co-ordinate clinical trial resources in local public and private sectors, including those from the Hospital Authority (HA), private healthcare institutions and universities, serving as a one-stop clinical trial support platform for medical research institutions while streamlining workflow, driving training for talent and collaboration across the GBA on all fronts. Multiple projects will be rolled out in phases, including establishing the Hong Kong Clinical Trial Digital Portal, founding the Clinical Trial Academy, collaborating with the Department of Health (DH) and the HA to have the time for approval and application of drugs reduced to a level with competitiveness in the world. At the same time, the GBAICTI will establish strategic partnerships with healthcare and biomedical institutions, including the Hong Kong Genome Institute, to leverage its genome database primarily acquired from the Southern Chinese population, spur the opening up of the HA's medical databases to support clinical trials, and attract enterprises of advanced biomedical technologies (such as gene therapy, cell therapy, radioligand therapy and new vaccine technology platforms) within and outside of Hong Kong to set up their operations in Hetao for research and development (R&D), and translation.

     The GBAICTI will be a key hub for clinical trial network co-operation between Hong Kong and the Mainland. The GBAICTI will establish the GBA Clinical Trial Collaboration Platform under the "one zone, two parks" model together with the Greater Bay Area International Clinical Trials Center, which was officially opened today in the Shenzhen Park under the operation of the Shenzhen Medical Academy of Research and Translation, to extend the research and development network and expedite clinical trials. With a population base of over 86 million within the GBA, the platform will provide support to medical research institutions within and outside Hong Kong and co-ordinate the launch of multicentre cross-boundary clinical trials that can meet both national and international standards.

     Through open tender, The HKSAR Government has designated the LKS Faculty of Medicine of the HKU, which has extensive international experiences in clinical trials, to operate the GBAICTI. The temporary office of the GBAICTI is located at the Central Government-Aided Emergency Hospital in the Hetao area, covering nearly 7 000 square feet and equipped with an affiliated biobank managed by the HA and the Chinese University of Hong Kong (CUHK). Having two liquid nitrogen storage systems and 11 ultra-low temperature freezers set up, the biobank has a capacity to store over 400 000 samples (such as tissues, blood, cells and DNA).

     In the days to come, the GBAICTI is expected to move into one of the wet laboratory-enabled buildings in the Hong Kong Park (i.e. the Hong Kong-Shenzhen Innovation and Technology Park) to provide a platform with more diverse and comprehensive clinical trial facilities and services. The GBAICTI will have a better integration with the complete biomedical technologies R&D and technology industry chain in the GBA, and capitalise on the nation's special policy initiatives that are favourable to Hong Kong, such as the measure of using Hong Kong-registered drugs and medical devices used in Hong Kong public hospitals in the GBA and relevant cross-boundary facilitation measures. That will help Hong Kong to fully leverage its role as a "super connector" enjoying strong support of the Motherland and being closely connected to the world, and promote the Hetao area as a window for translation of innovative biomedical research results to attract overseas enterprises and facilitate Mainland enterprises to go global, thus expediting patients' access to advanced treatments in the GBA and promoting new quality productive forces.

     Also attending today's opening ceremony were the Permanent Secretary for Health and Director of the GBAICTI Limited, Mr Thomas Chan; the Under Secretary for Health, Dr Libby Lee; the Chairman of the HA, Mr Henry Fan; the Chief Executive of the HA, Dr Tony Ko; and the Acting Dean of the Faculty of Medicine of the CUHK, Professor Allen Chan.