Tag Archives: China

     Following is a question by the Hon Yang Wing-kit and a reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (January 17):

Question:

     â€‹In the Hong Kong Major Transport Infrastructure Development Blueprint (the Blueprint) promulgated last month, the Government recommends the construction of smart and green mass transit systems in East Kowloon and Kai Tak respectively, and they are expected to be commissioned between 2034 and 2038. However, it has been reported that the East Kowloon Line and the Kai Tak rapid transit, which the Government initially proposed to construct, were originally expected to be commissioned in 2025 and 2023 respectively. Some members of the public are disappointed that having waited for 10 years for the commissioning of the relevant projects, they have to wait for another 10 years. In this connection, will the Government inform this Council:

(1) given that the aforesaid East Kowloon and Kai Tak projects are smart and green mass transit systems and proposed alignments are in place, of the reasons why they still need at least 10 years to be commissioned;

(2) whether it will accord priority to kick-starting the Kai Tak project, and expeditiously study the connection of its alignment to the MTR Yau Tong Station, so as to meet the transport demand of the Kai Tak Sports Park as early as possible; if so, of the details; if not, the ancillary transport facilities to be put in place to meet the relevant demand; and

(3) whether it will study a separate alignment covering Tsz Wan Shan and Chuk Yuen in the East Kowloon project, so as to respond to the transport aspirations of residents in the mid-levels of Wong Tai Sin; if so, of the details; if not, the reasons for that?

Reply:

President,

     Having consulted the Highways Department, the Civil Engineering and Development Department and the Transport Department (TD), the reply to the question raised by the Hon Yang is as follows.

(1) In response to the public aspiration for an early commissioning of the smart and green mass transit systems in Kai Tak and East Kowloon, we have reviewed the required procedures and commenced the preparatory works on planning, investigation and design of the two projects proactively since the Chief Executive announced the proposed initiatives in 2023 Policy Address. Specific tasks comprise the consultation of relevant District Councils and tender invitation for engagement of the consultants for carrying out the investigation and preliminary design in the first quarter of this year. We also plan to invite concerned suppliers and operators around the world to submit expressions of interest in the fourth quarter of this year in order to finalise the specific requirements and design of the systems and their associated infrastructure. Meanwhile, we will carry out the relevant statutory procedures, such as Environmental Impact Assessment, gazettal and authorisation of scheme, planning application for the proposed sites for the depots, etc concurrently. Moreover, since the systems will be commissioned in Hong Kong for the first time, we will also need to work out the related financial arrangement, operating requirements and regulatory framework. We will expedite the original work programme and strive to invite tenders for construction of the two projects in 2026 with an aim to award the contracts in 2027 respectively. 

     As mentioned above, it will be the first time for the proposed smart and green mass transit systems to be commissioned in Hong Kong. Apart from the procedures mentioned above, the project will also involve a number of technical challenges. The alignments of both systems will be subject to the existing or planned development along the corridors as well as the existing roads and underground utilities. Therefore, we need to sort out the spatial constraints of the proposed alignments, technical requirements and interfaces with the existing development. In particular, the East Kowloon project which is about 7 kilometres long will have a very extensive scope of works and will run along hilly terrains, leading to higher engineering complexities and more design uncertainties. Part of the alignment and stations will have to be constructed on carriageways with congested underground utilities. We also need to avoid affecting the existing heavily trafficked New Clear Water Bay Road and Clear Water Bay Road during construction. In addition, part of the corridor and depot will be constructed on steep slopes with more extensive site formation works required.

     Notwithstanding the above, we will strive to carry out more advance studies and design works in parallel and continue to actively explore technical proposals to shorten the construction period. For example, we may explore starting the advance works as early as possible, bringing forward the commencement of part of the system testing as well as adoption of Design for Manufacturing and Assembly, Multi-trade Integrated Mechanical, Electrical and Plumbing, etc, to strive for earlier completion of the works.

(2) As mentioned in Part 1 of the reply, we endeavor to implement the smart and green mass transit system in Kai Tak as soon as possible. We have listened to opinions of local community for a wider coverage of the systems in Kai Tak and East Kowloon, including the one suggested by the Hon Yang to extend the project in Kai Tak to MTR Yau Tong Station as well as extending the East Kowloon system to cover areas around Tsz Wan Shan and Chuk Yuen. The Government has to further study the technical feasibility of the suggestions and the implications on the implementation programme and overall cost effectiveness of the projects. We will exchange views with the suppliers and operators on the feasibility to expand or adjust the alignments. We anticipate that upon completion of refining the studies of the projects, we will explore the feasibility of further expanding the projects in Kai Tak and East Kowloon more extensively.

     As regards the transport arrangement of Kai Tak Sports Park (KTSP), KTSP is in proximity to nearby MTR Kai Tak Station and Sung Wong Toi Station with about 10 minutes’ walking distance from both stations. Apart from using the convenient railway network to and from KTSP, the public can take a number of bus routes at nearby bus stops, such as Shing Kai Road, to and from KTSP and different districts of Hong Kong Island, Kowloon and the New Territories. KTSP will also have facilities like taxi stands and public car parks, etc, to meet the travelling need of the public in different modes. When there are major events to be held at KTSP, depending on the scale of the events and the need of the participants, the TD will arrange special bus services to meet the additional transport need arising from the events.

(3) According to the preliminary technical feasibility study, no matter whether extending the East Kowloon system to Tsz Wan Shan or constructing an independent transit system to connect it to nearby railway stations, the space for constructing the elevated structures on narrow roads in Tsz Wan Shan area is very limited. Nevertheless, after we have received the expressions of interest from the concerned suppliers and operators, we will exchange views on the feasibility of expanding the system and again review the feasibility and the overall cost effectiveness of expanding the system to Tsz Wan Shan and Chuk Yuen areas.

     At present, the major roads in Tsz Wan Shan and Chuk Yuen areas, such as Po Kong Village Road, Hammer Hill Road, Tsz Wan Shan Road and Chuk Yuen Road, etc have sufficient capacity to meet the road traffic demand in the areas. A number of franchised bus and green minibus services are available in Tsz Wan Shan and Chuk Yuen for bringing the public to and from nearby railway stations (including Wong Tai Sin Station, Diamond Hill Station and Lok Fu Station) and other areas. The current public transport services can generally meet the demand. The TD will continue to closely monitor the traffic situation and demand for public transport services in the areas. As mentioned above, we will further review if there is room for constructing a cost-effective smart and green mass transit system on top of the existing road infrastructure and public transportation services.

     â€‹Thank you, President. read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by The Hongkong and Shanghai Banking Corporation Limited relating to phishing instant messages, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the instant messages concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012. read more

The following is issued on behalf of the Hospital Authority:

     The spokesman for Pok Oi Hospital (POH) made the following update today (January 17) regarding a patient leaving the hospital without notification earlier:
 
     The 71-year-old male patient who left the hospital without notification yesterday (January 16) was located last night. The patient has been returned to the hospital for treatment and he is now in stable condition. POH has informed the patient’s family accordingly. read more

     Following is a question by the Hon Edmund Wong and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (January 17):
 
Question:
 
     The Hong Kong Institute of Certified Public Accountants (HKICPA) published a study report on “ESG Assurance in Hong Kong 2023: An evolving landscape” in November 2023. Regarding the environmental, social and governance (ESG) performance of Hong Kong-listed companies, will the Government inform this Council:
 
(1) as the aforesaid study report found that among the 1 882 December 2022 year-end listed companies, 141 adopted ESG external assurance, and although the figure represented an observable increase compared with the 85 listed companies found in a similar study conducted by HKICPA in 2021, the overall percentage of listed companies adopting ESG external assurance was still 7.5 per cent only, whether the Government has plans to spur the Hong Kong Exchanges and Clearing Limited to require listed companies to adopt ESG external assurance; if so, of the details; if not, the reasons for that;
 
(2) given that according to the aforesaid study report, only over 15 per cent (i.e. 290 companies) of the listed companies surveyed have put in place a board-level ESG committee, whether the Government will instruct the various regulatory bodies of listed companies to require listed companies to formulate a timetable for putting in place a board-level ESG committee; if so, of the details; if not, the reasons for that; and
 
(3) as HKICPA is of the view that the absence of a widely-adopted and harmonised set of international standards for ESG reporting has presented challenges to assurers, and the Government indicated earlier on that the Green and Sustainable Finance Cross-Agency Steering Group was considering adopting a gradual approach in aligning the relevant local requirements with the baseline of the International Financial Reporting Standards Sustainability Disclosure Standards published by the International Sustainability Standards Board in June 2023, of the timetable and progress of the relevant work?
 
Reply:
 
President,
 
     With the global concern and focus on achieving carbon neutrality and promoting green transformation, allowing investors to obtain more information to understand how climate change affects the business operations, assets, and financial condition of their investments is of utmost importance.
 
     In consultation with the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX), my reply to the three parts of the question is as follows.
 
(1) and (3) The International Sustainability Standards Board (ISSB) published the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) in June 2023, as the global baseline for corporate disclosure of climate and sustainability-related information.
 
     In the Policy Measures of the Chief Executive’s 2023 Policy Address, the Government has committed to working with financial regulators and stakeholders to develop a roadmap on the appropriate adoption of the ISSB Standards.
 
     Formed by the Financial Services and the Treasury Bureau (FSTB), the Environment and Ecology Bureau, the Hong Kong Monetary Authority, the SFC, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, and the HKEX, the Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) has expressed support for adopting the ISSB Standards. The Steering Group has set up a working group, which is co-led by the FSTB and the SFC with members comprising financial regulatory authorities and stakeholders (including the HKEX and the Hong Kong Institute of Certified Public Accountants), to prepare the roadmap. The roadmap will comprise four key areas, namely sustainability reporting, assurance, data and technology, and capacity building. The working group will start the engagement with stakeholders to identify the specific circumstances that should be considered when implementing the ISSB Standards in Hong Kong.
 
     In 2019, the HKEX conducted consultation on assurance arrangements in its consultation paper on environmental, social and governance (ESG) reporting. Respondents raised concerns on the varied quality of assurance in the absence of an accredited authority to govern the standards of assurance service. As an internationally-recognised ESG assurance standard was yet to be available, the HKEX decided not to require issuers to obtain independent assurance for ESG information, and included provisions in the ESG Reporting Guide (Guide) published in July 2020 to encourage (instead of require) issuers to seek independence assurance to enhance the credibility of ESG information.
 
     In March 2023, the International Organization of Securities Commissions (IOSCO) Sustainable Finance Task Force (STF) set out its expectations of a global assurance framework for sustainability reporting. In August 2023, the International Auditing and Assurance Standards Board (IAASB) launched a consultation on its proposed International Standard on Sustainability Assurance 5000, which closed on December 1. The final standards to be published by the IAASB are expected to be the globally-accepted sustainability assurance standards. The STF will review the final standards developed by the IAASB and the International Ethics Standards Board for Accountants respectively. If these final standards are considered as agreeable, the IOSCO will encourage its members to adopt or apply them voluntarily or mandatorily (or through other means) based on their own needs.
 
     Establishing assurance standards can increase the credibility of sustainability-related information. We in collaboration with regulatory authorities concerned and the HKEX will closely monitor international developments and diligently work with stakeholders in considering the approach suited to Hong Kong’s needs.
 
(2) Since July 2020, the Guide has included requirements for listed companies to disclose their boards’ oversight and governance of ESG issues, ESG management approach and strategy, and how the boards review progress against ESG-related goals. Listed companies’ ESG reports have showed that the vast majority have disclosed how their boards oversee and manage ESG issues, and provided information on their ESG governance structures as well as ESG working groups or committees. There is no plan at this stage to mandate issuers to establish ESG committees under the Guide. read more

     Following is a question by Dr the Hon Tan Yueheng and a written reply by the Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, in the Legislative Council today (January 17):
 
Question:
 
     In the 2023 Policy Address, the Chief Executive has announced the establishment of an Advisory Panel on Silver Economy to conduct an in-‍depth research and offer development recommendations on promoting the “silver economy” which involves products and services catered for the elderly, with a view to tapping into the development potential of the “silver economy”. In this connection, will the Government inform this Council:
 
(1) whether it has explored the current situation of the development of the silver industry and the relevant business activities;
 
(2) whether it has assessed the potential and market demand for developing the “silver economy” in Hong Kong (such as industries in the areas of elderly health, elderly services, elderly livability and elderly culture); and
 
(3) while seizing the opportunities for developing the “silver economy”, how the Government steps up its efforts in monitoring the relevant business activities (including whether it has plans to formulate or improve the standards and regulations for various types of products and services relating to the silver industry), so as to ensure that the consumer rights and interests of the elderly are protected?
 
Reply:
 
President,
 
     My consolidated reply to the question raised by Dr the Hon Tan Yueheng is as follows:
 
     The growing elderly population in Hong Kong is emerging as an important consumer group, creating considerable demand for such products and services as medical and healthcare, leisure and recreation, and home and personal care catered for the elderly. These products and services enhance the quality of life for the elderly and spur industry growth and business opportunities. Through promoting economic activities related to products and services for the elderly, we can foster the development of “silver economy”, unleash the business potential of the elderly market, and strengthen support for the elderly.
 
     At present, different bureaux and departments are implementing a number of policy measures covering various aspects to keep the elderly healthy and active. These measures have laid a foundation for the development of “silver economy” and provided useful references for the market to further develop and offer products and services that are suitable for the elderly.
 
     To tap into the business potential of the “silver economy”, the Commerce and Economic Development Bureau (CEDB) is preparing to establish an Advisory Panel on Silver Economy comprising experts of different fields this year to conduct in-depth research on the market demands of “silver economy”, its related industries and business activities, and offer recommendations for development in one year’s time. The CEDB will announce the details as soon as possible.
 
     On regulation, various laws in Hong Kong currently protect the rights and interests of consumers, including the elderly. Among others, the Trade Descriptions Ordinance (Cap. 362) (the Ordinance) prohibits traders from subjecting consumers, including the elderly, to certain unfair trade practices, including false trade descriptions, misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment. The Ordinance covers goods and services, and is applicable to the trade practices of both physical and online traders.
 
     As the principal enforcement agency of the Ordinance, the Customs and Excise Department (C&ED) adopts a three-pronged approach, which covers enforcement actions, compliance promotion and publicity and public education, to combat unfair trade practices and protect consumers’ rights and interests. In particular, to protect the elderly from falling prey to consumption traps, the C&ED pays attention to market trends in order to understand the unfair trade practices targeting the elderly. Publicity and public education programmes for the elderly are also conducted by the C&ED proactively, including joint promotional efforts with the Police and the District Councils to distribute promotional leaflets to the elderly, and the promotion of the messages relating to fair trading and consumers’ rights and interests through the District Fight Crime Committees, with a view to enhancing the elderly’s awareness of “smart consumption”.

     In addition, the Consumer Council conducts publicity and education work for the elderly through various channels, including:
 

• collaborating with various social service organisations and elder academies to conduct talks to provide the elderly with relevant consumption alerts and advice, with a view to enhancing the elderly’s understanding of consumers’ rights and interests and unfair trade practices;
• launching the Educator Scheme for Senior Citizens since March 2021 to provide consumer education training to soon-to-be retirees and retirees mainly aged between 50 and 64 in order to enhance their knowledge in consumers’ rights and interests. Suitable participants who have completed the training will host consumer educational talks for the elderly to share the latest consumer information, and refer the elderly who have encountered consumer issues to the Council’s complaint and enquiry hotline for assistance; and
• publishing articles on product tests and service surveys relating to the elderly in the Council’s CHOICE magazine, providing them with practical consumer information.