Author Archives: hksar gov

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 toda… read more

    Special traffic arrangements will be implemented in Happy Valley tomorrow (May 1). 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 the 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;
– Traffic along 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 for 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 about 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 diversions will be implemented from about 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;
– Traffic from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
– Traffic from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
– Traffic along 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

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, attended the 2024 Zhongguancun Forum Fintech Parallel Forum in Beijing today (April 29). 

     Mr Hui also called on the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, on the same day. Mr Hui reported to Director Xia on the latest developments and the way forward for Hong Kong financial market and key areas of work under the Financial Services and the Treasury Bureau (FSTB), which include offshore Renminbi businesses, securities, asset and wealth management, fintech and green finance. Director Xia fully recognised the work of the FSTB. He said that the Hong Kong and Macao Work Office of the Communist Party of China Central Committee will give full support to Hong Kong in pursuing economic growth and advancing development. He hoped that the HKSAR Government will publicise, leverage and make good use of its unique edges and roles, so as to attract more enterprises and talents to develop in Hong Kong.

     Mr Hui expressed his gratitude for Director Xia’s encouragement. Mr Hui was especially grateful for the country’s announcement on April 19 about a series of measures to further expand the mutual access between the capital markets of the Mainland and Hong Kong. He also looked forward to liaising closely with the relevant Mainland ministries and institutions to implement the measures as early as possible, with an aim to jointly contribute to the country’s development as a financial powerhouse and high-quality financial development.

     Mr Hui delivered a keynote speech on how Hong Kong’s financial sector addresses the opportunities and challenges brought by artificial intelligence (AI) at the Parallel Forum this morning. Developing AI has become a major global trend. Hong Kong, as an international financial centre, should certainly look into its impact on the financial industry. In this regard, Mr Hui shared his three judgements.

     Mr Hui said, “Firstly, as a data-driven industry, the financial sector is suitable for embracing AI to enhance its efficiency and competitiveness significantly. Secondly, AI is like a double-edged sword, and improper use can bring considerable risks. Thirdly, as AI will become more and more prevalent, the amount of investment it attracts in the future will continue to increase, creating new businesses that will revamp the industry ecosystem.”

     “Being an international financial centre, Hong Kong’s financial market is open and inclusive towards the application of AI. We are committed to building a healthy and sustainable market environment, encouraging the financial sector to seize the opportunities brought by AI, and at the same time, safeguarding the overall financial security with responsible use of AI,” Mr Hui added.

     Mr Hui said that the HKSAR Government will issue a policy statement later this year, setting out its policy stance and approach on the application of AI in the financial market. He also looked forward to maintaining close exchanges and co-operation between Beijing and Hong Kong in the areas of AI and digital economy in the future, as well as exploring new development opportunities together.

     Organised by the Haidian District People’s Government, the Xicheng District People’s Government, the Asian Financial Cooperation Association, and Tsinghua University PBC School of Finance, the Parallel Forum invites guests to discuss the prospects of integrated development of digital finance and AI under the theme “AI for Digital Finance Development”. At the Parallel Forum, those joining Mr Hui to deliver keynote speeches included the Nobel Laureate in Economic Sciences of 2001, Professor Michael Spence; academician of the Chinese Academy of Sciences and professor of the Department of Computer Science and Technology of Tsinghua University, Professor Zhang Bo; and former vice-president of the Renmin University of China Professor Wu Xiaoqiu.

     Mr Hui will return to Hong Kong tomorrow (April 30). Before concluding his visit to Beijing, Mr Hui will meet with the leadership of the China Development Bank and the Bank of China.

    

     â€‹â€‹The Commissioner for Tourism, Ms Vivian Sum, joined by the Travel Industry Authority, visited the Hong Kong Palace Museum and the Garden Road Peak Tram Station today (April 29) to monitor the preparatory work for rec… read more

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the GreenWay 2024 The Dialogue today (April 29):

Thomas (Head of European Union Office to Hong Kong and Macao, Mr Thomas Gnocchi), Iñaki (Chair of European Chamber of Commerce in Hong Kong, Mr Iñaki Amate), Betty (Chairman of the Hong Kong General Chamber of Commerce, Mrs Betty Yuen), Consuls-General, distinguished guests, ladies and gentlemen,

     I have great pleasure in joining the Green Way Dialogue once again. It appears to me that this event, now in its third edition, is becoming an annual event where Hong Kong and the EU (European Union) engage in high-level and cross-sectoral dialogues on how we could work better together for a greener and more sustainable future. A very much welcome initiative indeed!

     This afternoon, the Chief Executive gave an overview of Hong Kong’s green vision and policy priorities and our enormous room of green co-operation with the EU. The Under Secretary for Environment and Ecology also shared this Government’s efforts to reduce waste and promote the circular economy. 

     Just now, the European Chamber of Commerce and the Hong Kong General Chamber of Commerce have handed to us this year’s Green Way Recommendations. I thank you for the thoughtful efforts in producing them. I have taken a look at the recommendations in advance, and found many of them in congruence with this Government’s directions in pursuing sustainable development, and building Hong Kong as an international green tech and green finance centre.

Green tech and start-ups

     Take, for example, your recommendation on bolstering start-ups and supporting an innovation-friendly eco-system. Start-ups are a powerhouse for many green innovative solutions, fully reflecting our younger generation’s passion for the environment and a sustainable future. 

     Last Friday, an innovative start up from Munich, Germany, won the championship of Hong Kong Science Park’s annual Elevator Pitch Competition, or EPiC. The competition is a launch pad for start-ups, which showcased to investors here and around the world their tech solutions in the areas of fintech, proptech and mobilitytech. The winner from Germany plans to establish a plant in Europe to recycle different types of lithium-ion batteries and recover the critical materials from them. I have to say I see good potential for it to secure investments from the city’s venture capitalists! 

     The winner of EPiC 2021 is in the business of making underwater clay reef tiles to help restore coral reef, an effort to support carbon sequestration through eco-engineering. Now it has expanded to the Middle East, with a production base in Abu Dhabi.

     The start-up scene in the city is indeed promising. Hong Kong is home to more than 4 200 start-ups. The Government, as well as our two innovation and technology flagships, Science Park and Cyberport, is keenly providing seed capital and other incubation support to them. There is strong investment appetite in green ventures from private equity and venture capital investors in Hong Kong, who together manage around US$220 billion of assets. 

     The Hong Kong Investment Corporation Limited, or HKIC, which manages government funds to attract strategic companies and support tech innovation in Hong Kong and the Greater Bay Area, has also joined the effort to build the green tech ecosystem in the city. As I mentioned in the Budget speech, the first batch of the HKIC’s direct investment and co-investment projects will be implemented in the first half of this year, covering green tech and finance. With its pivotal role to channel capital and leverage market resources, I am sure the HKIC will bring further impetus to the ecosystem.

Green and sustainable finance

     On green and sustainable finance, beyond being Asia’s No. 1 in issuing green bonds and debts, there is much more that Hong Kong can and needs to do. 

     One important dimension is the alignment of green standards. We have been developing a prototype green classification framework – in other words, a Hong Kong green taxonomy – that aligns with the Common Ground Taxonomy by China and the EU. Our taxonomy will initially encompass 12 economic activities across the four sectors that contribute to climate change mitigation, namely power generation, transportation, buildings, and water and waste management. Phase one of the taxonomy will be published very soon.

     We are also fast-tracking the adoption of international standards on sustainability disclosure. We plan to launch a roadmap this year to implement disclosure standards of the International Sustainability Standards Board. We are striving to be among the world’s first jurisdictions to adopt them. In this connection, we have set out, in a recent policy statement, our vision to create a comprehensive ecosystem on sustainability disclosure. That includes developing sustainability assurance standards, capacity building to support the reporting by the financial industries and listed companies, facilitating the use of technological solutions in sustainability reporting, and more.

     Another area that is gathering momentum is transition financing. That is, to assist high-emitting sectors and carbon intensive industries to switch to clean production and achieve net zero. Identifying transition activities and setting reduction targets are important for mainstreaming transition finance. That’s why in the next phase of the Hong Kong green taxonomy which I mentioned just now, we will expand the coverage of sectors and activities to cover transition activities. Meanwhile, in this year’s Budget, we have extended our subsidy scheme for green bond issuers and loan borrowers to cover also transition finance.

Green mobility

     On green mobility, as you may know, we are committed to supporting green transportation and logistics. In the Policy Address and the recent Budget, we have set out concrete steps to support the adoption of sustainable aviation fuel in the city, provide maritime green bunkering, and incentivise Hong Kong-registered ships to decarbonise.

     I note an interesting recommendation from you too – applying technology like sensors to promote fuel-saving driving habits among professional drivers. This is indeed an area where AI and big data analytics could be of great assistance. I have seen many such innovative solutions on the Mainland. For instance, in my recent visit to Hangzhou and Suzhou, I met with a young entrepreneur. His company specialises in using AI and big data that not only help truck drivers enhance driving safety, but also boost truck energy efficiency by more than 8 per cent. 

     Many of these Mainland companies and start-ups are looking to Hong Kong to establish their international headquarters. We are keen to help them connect with users and partners in the EU and the world beyond.

Green supply chain management

     Finally, on your recommendation to utilise Hong Kong’s role as a trading and sourcing hub to drive the global adoption of sustainable supply chains. I agree we can play an active role. In light of our country’s high-level opening up, and shifting landscapes of the international industrial and supply chains, I have envisioned Hong Kong to become a multinational supply chain management centre for Mainland manufacturing enterprises. The world is certainly looking to more environmentally responsible production. Hong Kong can certainly contribute.

     Our financial and professional services are resourceful and familiar with the international market and standards. We are in the best position to help Mainland enterprises better embrace ESG (environment, social and governance) standards and comply with international rules. We will work to provide one-stop ESG consulting, corporate training and other support services to help these enterprises prevail in an international market that is increasingly demanding on the environmental front.

Concluding remarks

     Ladies and gentlemen, in the above endeavours, and in waste management, in improving the built environment, in education and nurturing talent, and many more areas, Hong Kong and the EU have a lot to collaborate. More than contributing to the global sustainable development and humanity’s shared future, we will create vast and boundless business opportunities together. We warmly welcome our EU friends and partners – whether they come from the government, business, academic institutions or NGOs – to join us and build this bright green future together.

     I wish you all the best of health and sustainability in the years to come. Thank you very much.