Tag Archives: China

     Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Closing Ceremony of the ICAC’s Professional Development Programme on Financial Investigation and Asset Recovery today (February 27):
 
Danny (Commissioner of the ICAC, Mr Danny Woo), Ricky (ICAC’s Deputy Commissioner and Head of Operations, Mr Ricky Yau), Consuls-general, anti-corruption professionals from around the world, distinguished guests, ladies and gentlemen,
  
     Good afternoon. It is my great pleasure to join you at the Closing Ceremony of the Professional Development Programme on Financial Investigation and Asset Recovery (the Programme), an inaugural course of the Hong Kong International Academy Against Corruption (the Academy). The closing ceremony today marks the achievements and success of this flagship international course of the ICAC (Independent Commission Against Corruption).
 
     The comprehensive training programme conducted by the Academy, in partnership with the United Nations Office on Drugs and Crime, underscores the importance of international co-operation in the realm of anti-corruption. By bringing together professionals from about 20 jurisdictions and focusing on various key topics, from fund tracing and anti-money laundering to asset recovery, we not only enrich the collective expertise but also foster a network of collaboration that transcends borders.
 
     As Hong Kong continues to evolve as an international financial centre, pursuing advancements in green and sustainable finance, digitalisation and other sectors, such global exchanges and collaborative efforts are vital for reinforcing our ability to maintain market integrity. The Government remains steadfast in its commitment to combating fraud and corruption, ensuring that these malpractices do not compromise the integrity and credibility of our markets, which are essential to our ongoing development efforts.
 
     Our resolve in upholding global financial integrity can be exemplified by our unwavering support for the Financial Action Task Force (FATF). We have fostered a robust, mature, and effective anti-money laundering (AML) and counter-terrorist financing (CTF) regime over the years, fully aligned with the FATF’s recommendations. We are fully committed to fostering closer co-operation with other jurisdictions to combat cross-border money laundering and terrorist financing activities. Our law enforcement agencies and the Department of Justice work closely with their global counterparts in respect of these enforcement, prosecution, mutual legal assistance, asset recovery and confiscation efforts.
 
     Reinforcing our dedication to this cause, Hong Kong has completed the fourth round mutual evaluation (ME) conducted jointly by the FATF and the Asia-Pacific Group on Money Laundering in 2018-19. The ME concludes that Hong Kong has a strong legal foundation and effective system for combatting money laundering/terrorist financing. Hong Kong’s AML/CTF system has been assessed to be compliant and effective overall, making us the first jurisdiction in the Asia-Pacific region assessed by the FATF to have achieved an overall compliant result. Our AML/CTF system is assessed to be particularly effective in the areas of risk identification, law enforcement, asset recovery, counter-terrorist financing and international co-operation.
 
     As threats evolve and new challenges arise, we remain steadfast in our commitment to rigorously implement our AML/CTF policies and to continuously enhance our regime, taking into account the latest developments in FATF recommendations and the ever-changing security landscape.
 
     Ladies and gentlemen, the Academy’s role extends beyond today’s celebration. It aspires to elevate the professional standards and competencies of anti-fraud professionals and raise public awareness of business fraud and corruption. As a hub for training, research, and international exchange, the Academy will not only empower graft fighters in Hong Kong and beyond but will also boost our city’s reputation as a centre of anti-corruption, fostering a culture that values integrity, stability, and the rule of law – pillars that are vital to our success as an international financial centre.
 
     We look forward to the continued contributions and enduring impact of the Academy. Together, we will forge ahead, ensuring that our financial systems are robust, thriving and just. Thank you. read more

The following is issued on behalf of the Transport Advisory Committee:        The Transport Complaints Unit (TCU) of the Transport Advisory Committee received 11 500 complaints and suggestions in the third quarter o… read more

     The Census and Statistics Department (C&SD) released today (February 27) the external merchandise trade statistics for January 2024. In January 2024, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 33.6% and 21.7% respectively. The trade flows in January and February of each year tend to show considerable volatilities due to the difference in timing of the Lunar New Year holidays.
 
     In January 2024, the value of total exports of goods increased by 33.6% over a year earlier to $388.7 billion, after a year-on-year increase of 11.0% in December 2023. Concurrently, the value of imports of goods increased by 21.7% over a year earlier to $385.1 billion in January 2024, after a year-on-year increase of 11.6% in December 2023. A visible trade surplus of $3.6 billion, equivalent to 0.9% of the value of imports of goods, was recorded in January 2024.
 
     Comparing the three-month period ending January 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 4.2%. Meanwhile, the value of imports of goods increased by 2.3%.
 
Analysis by country/territory
 
     Comparing January 2024 with January 2023, total exports to Asia as a whole grew by 45.7%. In this region, increases were registered in the values of total exports to most major destinations, in particular the mainland of China (the Mainland) (+54.2%), India (+51.0%), Malaysia (+48.1%), Taiwan (+46.8%) and Thailand (+45.6%).
 
     Apart from destinations in Asia, increases were registered in the values of total exports to most major destinations in other regions, in particular France (+38.7%) and the USA (+11.5%). On the other hand, a decrease was recorded in the value of total exports to the Netherlands (-45.7%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Thailand (+42.6%), the USA (+38.9%), the Mainland (+38.6%), Vietnam (+34.0%) and Korea (+28.3%). On the other hand, a decrease was recorded in the value of imports from the Philippines (-25.6%).
 
     Comparing the three months ending January 2024 with the three months ending January 2023, year-on-year increases were registered in the values of total exports to some major destinations, in particular Thailand (+44.4%), India (+37.7%), Taiwan (+25.2%), the Mainland (+23.2%) and Vietnam (+23.1%). On the other hand, a decrease was recorded in the value of total exports to the Netherlands (-27.7%).
 
     Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Vietnam (+51.9%), the USA (+18.5%), the Mainland (+18.4%), Korea (+18.2%) and Thailand (+15.3%). On the other hand, a decrease was recorded in the value of imports from the Philippines (-27.1%).
 
Analysis by major commodity
 
     Comparing January 2024 with January 2023, increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $55.7 billion or +42.8%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $10.2 billion or +25.1%).
 
     Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $27.8 billion or +20.6%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $12.5 billion or +32.5%).
 
     Comparing the three months ending January 2024 with the three months ending January 2023, year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $81.7 billion or +17.2%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $15.4 billion or +11.4%).
 
     Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $47.5 billion or +9.7%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $26.7 billion or +20.4%).
 
Commentary
 
     A Government spokesman said that the value of merchandise exports jumped in January 2024 against a very low base of comparison a year ago, which was partly caused by the timing of the Lunar New Year. It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the underlying situation. Exports to the Mainland soared in January. Those to the United States rose notably, while those to the European Union fell. Those to most other major Asian markets recorded increases.
 
     Looking ahead, slow global economic growth and geopolitical factors will continue to affect Hong Kong’s export performance in the near term. The Government will monitor the situation closely.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for January 2024. Table 2 presents the original monthly trade statistics from January 2021 to January 2024, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for January 2024 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
 
     Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for January 2024.
 
     All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for January 2024 will be released in mid-March 2024.
 
     The January 2024 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in January 2024 and will be available in early March 2024. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230).
 
     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel.: 2582 4691).
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     The Financial Secretary, Mr Paul Chan, will deliver the 2024-25 Budget at the Legislative Council at 11am tomorrow (February 28). The full text of the Budget Speech and other related materials will be released simultaneously on… read more

The following is issued on behalf of the Transport Advisory Committee:      The Transport Advisory Committee (TAC) was briefed today (February 27) by the Highways Department (HyD) in respect of its contingency measures and recovery wo… read more