Author Archives: hksar gov

     â€‹The People’s Bank of China, the Securities and Futures Commission and the Hong Kong Monetary Authority issued a joint announcement today (May 13) on a series of measures to enhance the mutual access arrangements between the Mainland and Hong Kong interest rate swap markets (Swap Connect). The Hong Kong Special Administrative Region (HKSAR) Government warmly welcomes the decision.
      
     A Government spokesman said, “The HKSAR Government strives to deepen and expand mutual access between the Mainland and Hong Kong financial markets, complementing our country’s economic development strategy. The Central People’s Government attaches importance to Hong Kong’s financial market and actively promotes the concerted development of the financial markets of both places, providing solid policy protection and broad scope for us to take forward the relevant work. The measures announced by the regulators of the two places today constitute the second batch of enhancements publicised within a month following the China Securities Regulatory Commission’s announcement last month of the five measures to support the expansion of mutual access between the capital markets of the two places and the listing of leading Mainland enterprises in Hong Kong. The newly announced measures further foster the collaborative development of the derivatives markets in the two places. The HKSAR Government would like to express gratitude to the Central People’s Government and relevant authorities for their strong support.”
      
     The spokesman continued, “Since implementation in May 2023, Swap Connect has been operating smoothly with increasing investor participation. As of April 2024, the average daily turnover calculated on a monthly basis had nearly tripled from the first month of its launch to over RMB 12 billion in notional amount, providing investors with a convenient and efficient risk management tool. The current round of enhancement measures will expand the choice of products under Swap Connect, enhance the efficiency of the mechanism and reduce participation costs, thereby further addressing the diverse risk management needs of domestic and foreign investors as well as promoting trading. We will closely collaborate with the relevant Mainland institutions and seek to implement the arrangements at full speed, sparing no effort in continuing to contribute to the development of our country as a financial powerhouse and consolidate Hong Kong’s status as an international financial centre.”
      
     According to the joint announcement, the enhancement measures include (i) accepting interest rate swap contracts with payment cycles based on the International Monetary Market dates for clearing to enrich the product types and align with mainstream products traded globally; (ii) introducing compression service and the clearing of backdated swap contracts as the associated supporting arrangement to improve the ancillary services and facilitate participating institutions to manage the notional amount outstanding as well as lower capital costs; and (iii) rolling out other system enhancements and incentive programmes to reduce the participation costs of Mainland and overseas investors. The Mainland and Hong Kong regulators will guide the financial market infrastructure institutions in the two places to continue to promote business collaboration under Swap Connect in a steady and orderly manner, and improve the various operational arrangements. read more

     Following is the speech by the Chief Executive, Mr John Lee, at the Welcome Dinner for the Global Prosperity Summit 2024 today (May 13):
 
Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region), Mrs Regina Ip (Convenor of the Non-official Members of the Executive Council and Chairperson of Savantas Policy Institute), Professor Yang Jiemian (Chairman of Shanghai Institutes for International Studies Academic Advisory Council), distinguished guests, ladies and gentlemen,
 
     Good evening. I’m pleased to join you, this evening, for the Welcome Dinner of the Global Prosperity Summit.
 
     A first for Hong Kong, this three-day Summit puts an astute and timely spotlight on geopolitics. Prestigious speakers from Hong Kong, the Mainland and around the world will highlight the proceedings and its five thematic panels tomorrow (May 14) and Wednesday.
 
     Geopolitics is a critical concern for us all. We are no longer facing a world focused on growth and development, as we were in the early decades following the establishment of the World Trade Organization (WTO). The continuous liberalisation in trade and investment under the WTO brought prolonged growth and prosperity to the global economy.
 
     Today, however, we are facing economic fallout, due largely to escalating trade tensions and increasing fragmentation.
 
     President Xi Jinping has pointed out that in today’s world, transformations unseen in a century are accelerating. This view is shared globally by many.
 
     Earlier this week, the IMF (International Monetary Fund) published a discussion paper, “Geopolitics and its Impact on Global Trade and the Dollar”. The article noted, and I quote: “Global economic ties are changing in ways we have not seen since the end of the Cold War”.
 
     And the World Economic Forum’s “Global Risks Report 2024” speaks of a world “plagued by a duo of dangerous crises: climate and conflict”.
 
     Countries are increasingly re-evaluating their trading partners based on considerations beyond the economic. That is a growing threat to the world economy. And that’s why we need to talk about geopolitics.
 
     China supports the United Nations’ Global Sustainable Development Agenda. Our country’s Global Development Initiative urges the international community to prioritise development, to promote people-centred, innovation-driven, inclusive and sustainable growth.
 
     Similarly, Hong Kong believes in co-operation. Co-operation, rather than de-globalisation, is the only way realistic forward for the global economy – and global progress in general.
 
     This gathering comes together under the theme of “Global Prosperity”. That, ladies and gentlemen, is the road to success that Hong Kong has long followed.
 
     As a small and open trading economy, and one of the world’s leading financial and trading hubs, we will continue to do everything we can to promote dialogue, collaboration and inclusive prosperity.
 
     Hong Kong’s “one country, two systems” framework enables our constructive approach. Thanks to that singular guiding principle, Hong Kong enjoys bountiful support from our country, China, while maintaining unparalleled connectivity with the world. We are the world’s “super connector”.
 
     It is a course we will always continue to follow, one that will bring long-term prosperity to our economy and our community. And that means mutually rewarding prosperity for the economies and the companies that work with Hong Kong.
 
     Hong Kong has long been a steadfast supporter of international free trade and investment, and the rules-based multilateral trading system of the WTO. We are, after all, a founding member of the WTO and a member of APEC, the Asia-Pacific Economic Cooperation. I can tell you that our support towards multilateralism will stay unchanged.
 
     Many of our closest trading partners are strong believers in multilateralism, and they, of course, include ASEAN (Association of Southeast Asian Nations), our second largest trading partner.
 
     Our connections with ASEAN have only grown since the ASEAN-Hong Kong, China Free Trade Agreement came into force in June 2019. And they will continue to grow once Hong Kong becomes a member of RCEP, the Regional Comprehensive Economic Partnership, which includes all 10 ASEAN member states.
 
     The Summit’s Young Leaders’ Forum, taking place on Wednesday, will feature young business leaders from ASEAN and Hong Kong.
 
     But Hong Kong’s unwavering belief in the blessings of multilateralism, of co-operation, extends well beyond trading.
 
     We are now living through the complexities of the post-pandemic economy, with much of the world working hard to revive economic growth. Many economies are competing in the global hunt for talent, a strategic driving force for economic growth.
 
     And that, too, is a central priority of the Hong Kong SAR Government. We welcome with open doors, and open arms, companies, entrepreneurs, start-ups and bright young graduates from all over the world. Let me give you some updates.
 
     Since we launched a series of talent admission programmes about 18 months ago, we have welcomed more than 120 000 talents from all over the world. These talented individuals have settled in Hong Kong, and look to Hong Kong for their future. And I’m confident that many more will follow.
 
     And, through the joint efforts of Invest Hong Kong and the Office for Attracting Strategic Enterprises, as many as 45 strategic life and health tech enterprises have set up or expanded in Hong Kong since last year. They are expected to bring US$830 million in investment, as well as 3 200 jobs. It is a positive and truly global response to our efforts to make Hong Kong a life and health innovation hub.
 
     That’s Hong Kong. We fly the flag of free and open trade, and we look endlessly outward for opportunities and co-operation with like-minded businesses and economies. That, ladies and gentlemen, is our response to de-globalisation and the many other ills spread by geopolitics.
 
     It has worked, remarkably well, for Hong Kong over the years and the decades. And I am confident it will work for the global economy. As this week’s IMF paper on geopolitics notes: “The path forward will depend on policymakers”.
 
     You know where this policymaker stands.
 
     My thanks to the organisers of this week’s Global Prosperity Summit – Mrs Regina Ip and her Savantas Policy Institute, together with the Shanghai Institutes for International Studies – for bringing to Hong Kong such a brilliant collection of world leaders in science and technology, economics, international relations, sustainable development and more.
 
     Ladies and gentlemen, I am sure you will all have a rewarding Summit. Find good time, too, to enjoy all that Hong Kong – the world’s East-meets-West centre for international cultural exchange – has to offer. Visit the Palace Museum and M+, Asia’s first global museum of contemporary visual culture. Enjoy one of our nearly 80 Michelin-star restaurants or discover one of our local pubs. There’s something happening everywhere you look in Hong Kong.
 
     Thank you very much.

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     Police today (May 13) appealed to the public for information on a man who went missing in Kwai Chung.      Wong Yau-shing, aged 87, went missing after he left his residence in Lai King Estate ye… read more

     The Centre for Health Protection (CHP) of the Department of Health is today (May 13) investigating a case of severe paediatric influenza B infection and reminded the community to heighten vigilance against influenza. The CHP appealed to members of the public to receive seasonal influenza vaccination (SIV) in a timely manner to better protect themselves during the influenza season.

     The case involves a 12-year-old girl with underlying diseases. She developed a fever on May 6, followed by a cough with sputum and respiratory distress on May 9. She was brought to the accident and emergency department of Queen Mary Hospital on the same day and was admitted for management. Her condition deteriorated and she was transferred to the paediatric intensive care unit of the hospital on May 11. Her respiratory specimen was positive for influenza B virus upon laboratory testing. The clinical diagnosis was influenza B infection complicated with pneumonia. She is now in serious condition.

     Initial enquiries by the CHP revealed that the patient had no travel history during the incubation period. Two of her home contacts were earlier diagnosed with influenza B infection and had recovered. Other home contacts are currently 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.”

     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

     The Transport Department (TD) today (May 13) reminded members of the public that, to facilitate the celebration of Tam Kung Festival to be held on Hong Kong Island this Wednesday (May 15), the following special traffic and transport arrangements will be implemented in Eastern District and Wan Chai District on Hong Kong Island.
 
Road closures
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     Road closures and the corresponding traffic diversions will be implemented on roads in the vicinities of Shau Kei Wan Road, Shau Kei Wan Main Street East and Tam Kung Temple Road from 6.30am to 6.30pm that day. Intermittent road closures will be implemented on roads in the vicinity of Tai Hang in Wan Chai District from 8.30am that day until crowds disperse and roads are reopened. Vehicular access to and from car parks within the affected areas may not be allowed during the period of road closures.

Public transport services arrangements
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(i) In connection with the road closure arrangements in the vicinities of Shau Kei Wan Road, Shau Kei Wan Main Street East and Tam Kung Temple Road, Citybus route No. 82X (Siu Sai Wan bound) will be temporarily diverted via Chai Wan Road, and the bus stops at Aldrich Bay Road, Tung Hei Road and outside Chai Wan Park will be temporarily suspended;
 
(ii) The public light bus stand at Kam Wah Street between Shau Kei Wan Main Street East and Mong Lung Street will be temporarily suspended from 8am on May 14 to 6.30pm the next day;
 
(iii) All on-street parking spaces within closed road sections in Shau Kei Wan (including metered parking, motorcycle parking and disabled parking spaces) will be temporarily suspended from 10pm on May 14 to 6.30pm the next day; and

(iv) Six metered parking spaces at Wun Sha Street will be temporarily suspended from 4pm on May 14 to 6pm the next day.

     For details of the special traffic and public transport arrangements, members of the public may visit the TD’s website (www.td.gov.hk) or its mobile application “HKeMobility”. Passengers may also refer to the passenger notices displayed by the relevant public transport operators.
      
     The TD and the Police will closely monitor the traffic situation and implement appropriate measures when necessary. The public should pay attention to the latest traffic news through radio, television or “HKeMobility”. read more