Tag Archives: China

     â€‹Hong Kong Customs on January 22 seized about 115 kilograms of suspected scheduled dried shark fins, with an estimated market value of about $300,000, at Hong Kong International Airport. 

     Through risk assessment, Customs officers on that day inspected an air consignment, arriving from Bahrain and declared as carrying dried coconuts. Upon inspection, Customs officers found three carton boxes of suspected scheduled dried shark fins, with a total weight of about 115kg, inside the consignment.

     After a follow-up investigation, Customs officers yesterday (January 23) arrested a 33-year-old male director of the consignee company suspected to be connected with the case. 

     An investigation is ongoing and the arrested man has been released on bail pending further investigation.

     Under the Protection of Endangered Species of Animals and Plants Ordinance, any person found guilty of importing or exporting an endangered species without a licence is liable to a maximum fine of $10 million and imprisonment for 10 years.

     Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).

  

     Following is a question by the Hon Chan Pui-leung and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (January 24):
 
Question:
 
     The first modern waste-to-energy incinerator I·PARK1, located on the artificial island near Shek Kwu Chau, is expected to commence operation in 2025. In addition, the Government has also proposed to construct the second facility of its kind I·PARK2 in the Tsang Tsui middle ash lagoon in Tuen Mun. In this connection, will the Government inform this Council:
 
(1) whether it has estimated the annual electricity consumption of I·PARK1 in waste incineration, and whether the electricity generated in the incineration process will enable I·PARK1 to achieve self-sufficiency in energy consumption; of the plans in place to reduce the energy consumption and increase the power supply of I·PARK1;
 
(2) whether it has set respective indicators for the effectiveness of I·PARK1 and I·PARK2 (such as those in respect of waste disposal, energy utiliation and pollution control); if so, of the details, and how it will follow up the situation that the indicators are not met; if not, the reasons for that;
 
(3) whether I·PARK1 and I·PARK2 will first screen and segregate waste according to the calorific value of different types of waste during incineration before proceeding with incineration, so as to reduce additional energy consumption for incinerating waste with low calorific values; of the measures in place to avoid the problem of incomplete combustion during waste incineration; and
 
(4) as it is learnt that many countries with waste incineration plants have high incineration rates but low recovery rates, and some environmental groups are also worried that Hong Kong will put more emphasis on incineration than waste reduction and recycling in the future, of the authorities’ plans in place to continuously encourage members of the public to reduce waste at source after the commissioning of I·PARK1?
 
Reply:
 
President,
 
     Currently, about 11 100 tonnes of municipal solid waste (MSW) are generated in Hong Kong per day. To reduce the total amount of waste, the Environmental Protection Department (EPD) is promoting waste reduction and recycling at full steam in accordance with the Waste Blueprint for Hong Kong 2035 (the Blueprint) announced in 2021, such as progressively installing smart food waste collection facilities in public housing estates across the territory and implementing MSW charging to encourage waste reduction and recycling, as well as resources circulation. In addition, we are working at full steam on developing an advanced and efficient network of modern waste-to-energy (WtE) facilities to move away from the reliance on landfills for waste disposal. These include the Integrated Waste Management Facilities Phase 1 (I·PARK1) currently under construction near Shek Kwu Chau, which is expected to commence operation in 2025 for handling 3 000 tonnes of MSW per day. We are also actively planning for the development of the Integrated Waste Management Facilities Phase 2 (I·PARK2), with an expected MSW handling capacity of about 6 000 tonnes per day. The reply to the question raised by the Hon Chan Pui-leung is as follows:
 
(1) and (2) In accordance with the contract requirements, the contractor of I·PARK1 shall treat up to 3 000 tonnes of MSW per day using incineration technology and recover the heat released from the incineration process to generate electricity for meeting on-site needs, while the surplus electricity generated can be exported to the power grid of the power company. It is estimated that about 480 million kilowatt-hours of surplus electricity can be exported to the power grid per year, which is equivalent to the electricity consumption of about 100 000 households. 
 
     The contractor shall design and construct the buildings within the I·PARK1 facility for meeting the requirements of the Building Environmental Assessment Method Plus certification on energy use. These requirements include the installation of energy efficient equipment, optimisation of facilities operations and monitoring of energy consumption. Besides, I·PARK1 shall apply renewable energy, such as installing solar photovoltaic systems on buildings for use by the facilities. In the future, work will also be conducted to assess and optimise energy efficiency through continuously improving and upgrading technologies and enhancing the energy efficiency of the facilities, thereby reducing energy consumption and increasing electricity supply.
 
     According to the Environmental Impact Assessment Ordinance (Cap. 499), I·PARK1 is classified as a designated project, of which the contractor is required to apply for an environmental permit in accordance with the Ordinance and install advanced air pollution control systems as mandated to treat the emitted flue gas. The contractor must comply with A Guidance Note on the Best Practicable Means for Incinerators (Municipal Waste Incineration) issued by the EPD to control air pollutant emissions.
 
     Furthermore, according to the Air Pollution Control Ordinance (Cap. 311), the contractor is required to apply for a Specified Process Licence as stipulated by the Ordinance and comply with the treatment and emission requirements for the incineration flue gas as specified in the licence. At the same time, the contractor is required to continuously monitor the flue gas emissions by on-line monitoring equipment, and the relevant environmental monitoring data will be made available to the public through a dedicated website. If the aforementioned flue gas emissions fail to meet the standards, the Government will require the contractor to take appropriate follow-up actions according to the contract requirements. In the event that the contractor fails to comply with the relevant requirements, the Government will deduct the corresponding operating fees payable to the contractor as stipulated in the contract.
 
     The future I·PARK2 will also adopt the same arrangement as I·PARK1.
 
(3) I·PARK1 adopts advanced incineration technology, strictly controlling temperature, time and high turbulence flow. Within the specially designed incinerator, waste is combusted at temperatures above 850 degrees Celsius with sufficient air supply. The flue gas is required to stay at this high temperature for at least two seconds. Combined with the high turbulence flow technology, this ensures thorough combustion of the waste and complete destruction of organic pollutants including dioxins. Therefore, during the incineration process of MSW, I·PARK1 does not require the segregation and separation of waste based on different calorific values. 
 
     The future I·PARK2 will also adopt the same incineration technology as I·PARK1, which could likewise address the above situation effectively.
 
(4) The Government sets out the strategies, goals and measures to tackle the challenge of waste management up to 2035 in the Blueprint. We aim to gradually reduce the per capita MSW disposal rate by 40 to 45 per cent and raise the recovery rate to about 55 per cent by implementing measures such as MSW charging, and will develop adequate WtE facilities to move away from the reliance on landfills in the long run, so as to achieve the vision of “Waste Reduction‧Resources Circulation‧Zero Landfill”. Therefore, promoting waste reduction and recycling is a continuous effort, say launching producer responsibility schemes for more products, regulating disposable plastic products, continuously expanding the community recycling network GREEN@COMMUNITY and providing outreaching recycling support services in the community through the Green Outreach, etc. Developing modern WtE facilities will not affect the progress of these initiatives. read more

     The electronic map “e-HongKongGuide” 2024 edition produced by the Lands Department (LandsD) is available for free download today (January 24).
           
     This year’s edition features the new town development in the Northern Metropolis. Three new towns, namely Tin Shui Wai, Yuen Long and Fanling/Sheung Shui, are located within this area. The public can learn about the topographic, demographic and developmental changes of these new towns over the past decades, as well as the future development of their surrounding areas through the new interactive storytelling map.
      
     In addition, the “e-HongKongGuide” provides 119 detailed maps of Hong Kong in A3/A4 sizes, gazetteers of street and place names, and indexes of estates and buildings. These maps cover the whole territory of Hong Kong, with those for urban areas and other built-up areas depicted on a larger scale.
           
     The maps, in GeoPDF format, can be read on desktop computers and applications on mobile devices in offline mode. Users can easily locate their positions on the “e-HongKongGuide” maps with satellite positioning functions. Button links are provided on the maps and indexes for easy browsing on desktop computers. Maps in A3/A4 sizes can also be printed out.

     The new “e-HongKongGuide” is available for browsing and free download on the LandsD’s website (www.landsd.gov.hk/mapping/en/download/ehkg.htm). For enquiries, please call 2231 3187.
      
     LandsD ceased the annual publication of the printed edition of “Hong Kong Guide” starting from 2023. Special edition of paper-based map book or photo book will be published as and when necessary.  

        

     Firing practice will take place at two military sites, namely the San Wai/Tai Ling Firing Range and the Tsing Shan Firing Range, next month (February).        Red flags or red lamps will be hoisted at… read more

     Following is the speech by the Chief Executive, Mr John Lee, at the Asian Financial Forum today (January 24):

The Honourable Minister Li Yunze (Minister of the National Financial Regulatory Administration), Acting Commissioner Li Yongsheng (Acting 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), honourable ministers and senior officials from around the world, Dr Peter Lam (Chairman of the Hong Kong Trade Development Council), distinguished guests, ladies and gentlemen,

     Good morning. I’m delighted to welcome you all to Hong Kong, and to this 2024 Asian Financial Forum (AFF). 

     This is the first time for the Forum to be held entirely in person since 2020. Yes, we are back to business and finance, to deal-making, and day-to-day and day-to-night networking – today, tomorrow and, I’m sure, long down the road.

     And when I say “we”, I mean not only Hong Kong, but also the world. I’m told that more than 3,000 of you are here for this 17th Asian Financial Forum. That you come from over 40 countries and regions. That you’re high-profile financiers and investors, international policymakers and business leaders, technology innovators and entrepreneurs, academics and professionals, and more.

     You’re here to get informed intelligence and insight on the global and regional economies, on investment prospects, on a world that can sometimes seem to be rotating faster than we can imagine. You will also join the AFF Deal-making sessions, which focus on such industries of immense potential as fintech, environment, clean technology, medical technology and more.

     With more than 130 high-profile speakers participating, and an exhibition zone bringing together some 140 exhibitors from around the globe, I’m confident we’ll all come away better informed, and better prepared, for the opportunities and the challenges of 2024 – and well beyond. 

      “Multilateral Cooperation for a Shared Tomorrow” is the theme of this year’s Forum. In a world of escalating de-globalisation and decoupling, international co-operation has never been more essential. 

     International market fragmentation can only lead to rising costs, reduced market liquidity and, ultimately, a diminished and destabilised financial system.

     To foster a global community of development with a shared future, President Xi Jinping proposed the Global Development Initiative in 2021. The initiative promotes a mutually beneficial model based on open, and inclusive, co-operation. The initiative, I’m pleased to note, is gaining substantial support from the international community. 

     Under the “one country, two systems” principle, Hong Kong can create opportunities for companies, and economies, in Asia and around the world. We can, and we will, contribute to realising a bright and shared future for the global community. 

      “One country, two systems”, and the far-reaching opportunities it brings to us, has enabled Hong Kong’s financial sector to thrive despite the considerable challenges we face.

     Hong Kong has long been a major listing platform for companies worldwide. We are also a pre-eminent biotech fundraising hub. Last year, the market capitalisation of Hong Kong’s listed companies totalled some 4 trillion US Dollars. 

     Mutual market access between Hong Kong and the Mainland of China, from stocks to bonds and derivatives, continues to expand. It has firmly established Hong Kong’s indispensable role as the capital bridge between the Mainland and international financial markets. 

     We are a key bond market, too. Consider this: for the past seven years, Hong Kong has been the largest centre arranging bonds issued internationally by Asian-based entities. In 2022, our bond volume exceeded 100 billion US Dollars, capturing 30 per cent of the Asian market. 

     For first-time international bond issuances by these entities, Hong Kong handled over 80 per cent of them in the regional market. 

     A prime asset and wealth management centre, Hong Kong managed close to 4 trillion US Dollars in assets as at the end of 2022. Two-thirds of that funding was sourced from non-Hong Kong investors. That makes us a leading international asset management hub in Asia. And, let me add, that we are also the cross-border private wealth management centre in Asia, and the second largest private equity centre in Asia, only after Mainland China.

     In 2022, Hong Kong was home to more than 12,500 ultra-high-net-worth individuals, more than any other city in the world. 

     In Asia, we are the region’s biggest hedge fund centre, as well as its green and sustainable finance capital. One-third of Asia’s green and sustainable bond issuance was arranged in Hong Kong in 2022, tops in the region. 

     Over the past two years or so, Shenzhen and Hainan, both bustling hubs of growth in southern China, have issued offshore Renminbi government bonds in Hong Kong. The bonds totalled 25 billion Renminbi, including green, blue, social and sustainability bonds.

     Beyond bonds, the Mainland’s continuing reform and opening up have brought immeasurable benefits to Hong Kong. 

     Hong Kong continues to hold the world’s largest offshore pool of Renminbi funds. As of October, our Renminbi deposits, including outstanding Certificates of Deposit, amounted to more than one trillion Renminbi. I’d say that’s more than ample liquidity to support offshore Renminbi transactions and financial activities. And that’s why, as much as three quarters of global offshore Renminbi payments are processed right here in Hong Kong.

     In recent months, the Hong Kong Special Administrative Region (SAR) Government has responded to the evolving needs of market participants and investors. Allow me to highlight some of those developments.

     Expanding mutual access between the financial markets of the Mainland and Hong Kong is a key policy priority. Last year, we broadened the scope of eligible stocks under Stock Connect, including the addition of stocks of foreign companies primary-listed in Hong Kong, as well as more than 1,000 stocks listed on the Shanghai and Shenzhen exchanges.

     That, of course, greatly expands investment choices via Stock Connect. It also attracts international corporations to list in Hong Kong, boosting our fundraising competitiveness. 

     Last June, we launched a “dual counter model” that offers investors a choice between the Hong Kong Dollar and Renminbi in security trading. It facilitates the issuance and trading of Renminbi-denominated stocks here in Hong Kong.

     To bolster liquidity of our stock market, we reduced the stamp duty on stock transfers last November.

     This month, HKEX implemented revised Listing Rules to reform GEM, a board of our Stock Exchange dedicated to helping SMEs raise funds. 

     HKEX will also complete a consultation this month, on keeping our securities and derivatives markets operational during severe weather conditions. It would ensure that our investors can continue to manage their portfolios in regular trading hours even when we’re hit by typhoons and heavy rainstorms.

     In green finance, we issued a one-year, tokenised green bond last year that amounted to over 100 million US Dollars. 

     It was the first tokenised green bond issued by a government anywhere. It has attracted widespread attention from investors and the financial media. It also showcased Hong Kong’s ability to combine the bond market, together with green and sustainable finance and fintech, too. We are now planning a second tokenised green bond issuance. 

     This underlines our strong commitment to digital assets and Web3. And our commitment, as a responsible economy, includes the necessary guardrails to mitigate risks. Rest assured, they will be put in place in accordance with international standards. To that end, a licensing regime for virtual asset service providers began operation last June. 

     We are, in short, working to ensure that Hong Kong builds on its status as, concurrently, China’s leading financial centre and one of the world’s major financial centres. In that regard, we are grateful for our country’s continuing support. Grateful, too, for our central place at the heart of Asia, where the future is fast rising.
 
     Hong Kong, ladies and gentlemen, will be at the heart of the continuing eastward shift of economic prospect. We are the “super connector”, as well as the “super value-adder” bringing East and West together for rewarding opportunities long down this 21st century road of promise.

     This was not just something advocated by me, my friends. At a panel held here in Hong Kong last week, the Nobel Prize-winning economist, Professor Joseph Stiglitz, expressed his optimistic outlook for Hong Kong. He acknowledged Hong Kong’s potential in building a knowledge- and innovation-based economy, and noted that we could explore new development opportunities by taking full advantage of our unique status within China.

     And I am pleased to note that this Forum will have the privilege of sharing the wisdom from another Nobel Prize-winning economist, Professor Douglas Diamond. I am sure that all of you look forward to Professor Diamond’s insights on the economy. 

     And indeed, there is so much more worth looking forward to, while you’re in Hong Kong. Bringing East and West together is central to Hong Kong’s future in arts and culture, as well as business and finance.

     I invite you to see for yourself during your stay in Hong Kong. We’ll make it easy for you. Thanks to the Hong Kong Tourism Board and other partners, several hundred tickets are available, free, for AFF participants to visit the Hong Kong Palace Museum. The museum features a treasure trove of Chinese art and culture from Beijing’s Forbidden City.

     There are also free guided tours to the famous Lan Kwai Fong and Hong Kong’s night life, as well as a cruise down storied Victoria Harbour aboard the Aqua Luna, a traditional wooden junk boat, and much more. 

     And “more” is what you’ll be wanting once you’ve had a taste of the bright life, East and West. And only in Hong Kong. 

     My thanks to the Hong Kong Trade Development Council and the Financial Services and the Treasury Bureau of the Hong Kong SAR Government for organising this year’s Asian Financial Forum, for bringing us together again.

     Before I go, allow me to wish you all a happy New Year. In just over two weeks, we will be celebrating the Chinese New Year – the Year of the Dragon. 

     The dragon symbolises power. It is said to inspire growth and progress. What we all hope for.  

     May the New Year bring the world peace and prosperity. May it bless each and every one of you with good health – and brilliantly timed investments, too.

     Thank you very much.