Tag Archives: China

     Following is the keynote speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Hong Kong Business Association Vietnam (HKBAV) Christmas Dinner in Ho Chi Minh City, Vietnam today (December 13, Vietnam time):
     
Michael (Chairman of the HKBAV, Mr Michael Chiu), distinguished guests, ladies and gentlemen,

     Good evening. It is my great pleasure to join you at the Hong Kong Business Association Vietnam Christmas Dinner tonight. The HKBAV is an established and active association of Hong Kong businesses in Vietnam with members of all nationalities who are interested in having business relations with Hong Kong. I heard from Owin, Director of Hong Kong Economic and Trade Office (HKETO) that the HKBAV has partnered with the HKETO in organising a number of successful events in strengthening the Hong Kong/Vietnam connection. My sincere thanks to the HKBAV for your meaningful work.

     Vietnam always gives me a good and strong impression – not only its delicious Vietnamese spring roll, coffee and value-for-money French cuisines, but more importantly the conscientious working attitude of Vietnamese people and outward looking vision of Vietnamese businessmen. No wonder Vietnam’s economy has been growing fast in recent years – 8 per cent in 2022 and 5.3 per cent in the first nine months this year, despite the global economic slowdown arising from various factors including global interest rate hikes and geopolitical tensions.  

     To grow your business further, going regional and global will be a natural development. In the process, Hong Kong is your valuable partner to help you venture abroad. Firstly, Hong Kong and Vietnam already have a strong base of economic co-operation to start with.  
     
     Economic relations between Vietnam and Hong Kong is steadfast and close. In 2022, Vietnam was Hong Kong’s seventh-largest trading partner in trade in goods amounting to US$32.7 billion. The average annual growth rate was 14.5 per cent from 2018 to 2022. Vietnam was Hong Kong’s second-largest supplier of rice. Hong Kong’s businessmen are active in doing business and investing in Vietnam. Hong Kong is the fifth-largest foreign investor in Vietnam.  
     
International financial centre

     Hong Kong has the strength and capacity to assist Vietnamese companies in expanding their businesses in the region. Being a well-known international financial centre, Hong Kong has deep and sophisticated stock and bond markets, as well as a vibrant ecosystem of venture capital, private equity and asset management firms. They are to serve the funding needs of enterprises and governments ranging from business expansion, infrastructure development to green transition.  
     
     Hong Kong’s financial markets are deep and wide, both in terms of capital and talent. Seventy-three of the top 100 global banks, and 12 of the world’s top 20 insurance companies, operate in Hong Kong. Our stock market has a capitalisation of more than US$4.5 trillion, about 13 times our GDP (gross domestic product). Last year, Hong Kong raised a total of US$13.4 billion of funds through initial public offerings (IPOs), continuing to be one of the top fund raising hubs. Some US$200 billion in bonds were issued, and we topped Asia in terms of international bonds arranged by Asian entities.

     Closely following the global advancement, Hong Kong’s economy is highly digitised. We have a world-class fintech infrastructure with robust regulatory environment. About 1 000 fintech companies and start-ups are operating in Hong Kong, including virtual banks, virtual insurers and virtual asset trading platforms.  

     Holding the special status of Special Administrative Region of China, Hong Kong enjoys a unique advantage in connecting with the Chinese capital market. Hong Kong’s various mutual market access schemes with the Chinese Mainland include Bond Connect, Stock Connect, Wealth Management Connect, and the HKD (Hong Kong Dollar)-RMB (Renminbi) Dual Counter Model in the stock exchange. Hong Kong is also the world’s offshore RMB business hub. We hold about one trillion in RMB deposits, the largest offshore RMB liquidity pool in the world. We handle 75 per cent of the world’s offshore RMB payments. These establish Hong Kong’s status as the premier gateway for overseas investors to enter the Mainland financial markets.

Family offices

     Hong Kong is a premier hub for family offices. We welcome family offices from around the world to set up in Hong Kong, to tap into our unique advantages and far-reaching investment opportunities. Our financial professionals in asset and wealth management will serve you well. 

     The Government has consistently taken a multipronged approach to create a conducive business environment for family offices. In March this year, we issued the Policy Statement on Developing Family Office Businesses in Hong Kong to set out our policy stance and measures. Notable examples include the tax exemption regime launched this year for family-owned investment holding vehicles managed by single family offices in Hong Kong, and the launch of a new Network of Family Office Service Providers to bring together relevant professional services providers and create more business opportunities.

Rule of law

     Confidence matters when you consider where to conduct your business and where to put your money. Hong Kong has a long-established common law system and has been upholding the rule of law and independent judiciary for years. This should give you the confidence and trust. This year’s Rule of Law Index by the World Justice Project makes clear. The global Index ranked Hong Kong the 23rd out of 142 countries and jurisdictions. For comparison, the UK (United Kingdom) finished 15th and the United States 26th. The judiciary in Hong Kong, let me add, continues to exercise its powers independently.

“One country, two systems” principle

     The “one country, two systems” principle is the institutional strength of Hong Kong. Hong Kong is part of China, and we have easy access to the Mainland market. But at the same time, we are operating on different economic and legal systems that distinguish us from the rest of the country. That allows us to continue to positively engage with international communities. Hong Kong continues to be a free port with free flow of goods, capital, talent, as well as data. The Chinese Mainland Government has been reiterating that the principle is good. Chinese President Xi Jinping has said on several occasions over the past year, the principle is here to stay in the long run.

     The 14th Five-Year Plan of China acknowledges the significant functions and positioning of Hong Kong in the overall development of the country. It supports Hong Kong to enhance its status as an international financial centre, strengthen its status as a global offshore RMB business hub, an international asset management centre and a risk management centre, as well as deepen and widen the mutual access between the financial markets of Hong Kong and the Mainland.

GBA

     The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) comprises the two Special Administrative Regions of Hong Kong and Macao, and the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province of China. The total population in the GBA is over 86 million with a sizeable middle class. Its GDP is over RMB13 trillion (US$1.9 trillion) in 2022, equivalent to the 12th largest economy in the world. The GBA offers tremendous business and investment opportunities. The development of the GBA is accorded the status of key strategic planning in China’s development blueprint, having great significance in the country’s commitment to continue to reform and open up.

     Being the most open and internationalised city in the GBA, Hong Kong plays an important and irreplaceable role in the GBA development, and stands to benefit. 

     I encourage all Vietnamese companies to tap into the business and investment opportunities in Hong Kong and through Hong Kong to other markets including the GBA.  

     We are aware that the entrance visa requirements between Hong Kong and Vietnam have been causing inconvenience to business travellers and tourists. Addressing this long existing issue, we announced two months ago certain relaxation and facilitation measures to visitors from Vietnam. These include extending the issue of a multiple visa of validity of 24 months with at most 14 days for each stay to Vietnamese nationals who have (a) gone for at least three trips to at least two countries/territories in the past 36 months, or (b) visited Hong Kong for employment, training, staying or studying in the past 24 months. At the same time, we have also relaxed the visa policy for allowing Vietnamese nationals to work and study in Hong Kong.

     When you think about bringing your business overseas, do count on Hong Kong as your trustworthy partner. Together, we make a difference.  

     Thank you. Have an enjoyable dinner and a merry Christmas and happy New Year around the corner.

  

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (December 13) started his visit to Vietnam. Apart from meeting with the top management of major financial institutions, he elaborated on Hong Kong’s strengths at gatherings with leading business chambers in Ho Chi Minh City.
 
     Addressing a business luncheon co-organised by the Hong Kong Economic and Trade Office in Singapore and the largest local chamber of commerce in Vietnam, the Vietnam Chamber of Commerce and Industry, Mr Hui summarised what Hong Kong could offer in financial services to realise more co-operation opportunities with Vietnam in the “3Cs”, namely connections, currency and commitment.  
 
     Hong Kong is best positioned to connect Vietnam with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), a world-class city cluster featuring a strong and diversified industrial base, said Mr Hui.
 
     “The GBA offers immense opportunities for Hong Kong to leverage its strengths and complementarity with other cities in the region, and offer the opportunities of a sizable and integrated market to international market players like Vietnamese financial institutions and corporates,” he noted.
 
     Mr Hui added that Hong Kong is also well positioned to capture the opportunities arising from the Belt and Road Initiative (BRI). “Hong Kong can play a pivotal role in connecting Vietnamese financial institutions and corporates in fulfilling the financing and investment needs of BRI projects and its participants,” he said.
 
     On currency, referring to Renminbi (RMB), Mr Hui said that Hong Kong has a wide range of RMB-denominated products and services, such as bonds, stocks, funds, and loans.
 
     “We have seen an increased issuance of RMB bonds in Hong Kong. During the first 10 months of this year, issuance amounted to US$54 billion, already exceeding the amount of US$36 billion for the whole of last year,” Mr Hui noted.   
 
     Riding on this market trend, Mr Hui looks forward to more Vietnamese corporates and financial institutions exploring issuances of RMB-denominated bonds in Hong Kong.
 
     Regarding Hong Kong’s commitment to cope with climate change, the third “C”, Mr Hui said that Hong Kong and Vietnam can work together for common good. The Hong Kong Special Administrative Region Government will devote about HK$240 billion to climate change mitigation and adaptation measures in the next 15 to 20 years. On the financing front, the green and sustainable finance market in Hong Kong has seen impressive growth, for example, in issuance of green and sustainable debt comprising bonds and loans.
 
     At a Christmas dinner of the Hong Kong Business Association Vietnam tonight, Mr Hui told the participants that Hong Kong’s deep and sophisticated stock and bond markets, as well as a vibrant ecosystem of venture capital, private equity and asset management firms, could surely assist Vietnamese companies in expanding their businesses in the region. Also reinforcing confidence are the implementation of the “one country, two systems” principle and the upholding of the rule of law in Hong Kong.
 
     Mr Hui made use of today’s opportunity to inform the business community of Hong Kong’s recent relaxation of its visa policy in respect of employment opportunities for Vietnamese talent and the criteria for Vietnamese applying for multiple-entry visas for business and travel. 
 
     Today, Mr Hui also met with the Secretary General of the Vietnam Banks’ Association (VNBA), Dr Nguyen Quoc Hung, to exchange views on maintaining financial resilience amid global economic uncertainties and explore areas of co-operation such as fintech and green finance. The VNBA is a professional organisation representing credit institutions and other related organisations operating in Vietnam’s banking sector.
 
     Moreover, the Acting Chairwoman of the Ho Chi Minh Stock Exchange, Mrs Nguyen Thi Viet Ha, had a meeting with Mr Hui today to discuss issues of mutual interests.

     And, to gather first-hand information on tech business operations in Vietnam, Mr Hui had a gathering with the top management of three Vietnamese enterprises which care about sustainable development and run diverse businesses, from healthy food offerings to clean energy, and covering retail, finance and real estate. Mr Hui encouraged them to make use of Hong Kong’s capital market to raise fund. 
 
     Tomorrow (December 14), Mr Hui will depart for Hanoi to continue to his visit to Vietnam.

            

     The Commissioner of Customs and Excise, Ms Louise Ho, began a Yangtze River Delta (YRD) visit to Hangzhou and Shanghai on December 10. The itinerary includes visits to the Hangzhou Customs District and the Shanghai Customs District, as well as exchanges with Shanghai-based Hong Kong students and enterprises.
      
     During the visit, Ms Ho met with the Director General of the Hangzhou Customs District, Mr Wang Wei, and the Director General of the Shanghai Customs District, Mr Gao Rongkun. In the meetings, Ms Ho stressed that Hong Kong Customs will, based on the Co-operative Arrangement on Smart Customs Development signed recently with the General Administration of Customs of the People’s Republic of China, take forward the new mode of co-operation with smart construction as the core, strengthen mutual co-operation with the Customs administrations in the YRD and accelerate the development of Smart Customs.
      
     Ms Ho also visited the Smart Customs facilities of Hangzhou and Shanghai Customs respectively to study the latest developments of various technologies, including the Smart Customs Cyber System for the Asian Games and the mini programme for racehorses’ AI chips recognition developed for the 19th Asian Games Hangzhou, the Yangshan Automated Terminal and the Lingang New Area big data platform.
      
     Ms Ho yesterday (December 12) attended the experience day of Hong Kong Customs Recruitment Scheme for Hong Kong students on the Mainland, which was co-organised by the Hong Kong Economic and Trade Office in Shanghai (SHETO), where she interacted with the participating Shanghai-based Hong Kong students.
      
     Speaking at the experience day seminar, Ms Ho stated that Hong Kong Customs looks forward to attracting and nurturing a new generation of Customs specialists with a sense of national identity, an affection for Hong Kong, a global outlook, as well as social responsibility. Through meeting peers from various provinces, Hong Kong students on the Mainland are exposed to different ideas, ways of thinking and cultures, and therefore are able develop a diversified mindset. Having such a broad horizon is conducive for coping with the various work of Customs and meeting the needs of different groups in society.
      
     Through the co-ordination efforts of the SHETO, Ms Ho yesterday also met with representatives of Shanghai-based Hong Kong enterprises to learn about their business development situation in the YRD region and introduce to them various trade facilitation measures launched by Hong Kong Customs, including the Hong Kong Authorized Economic Operator (AEO) Programme and Single E-lock Scheme, which aim to strengthen Hong Kong Customs’ role as an economic development promoter and its functions of facilitating business and logistics. Quoting the recently organised AEO Expert Mission and Symposium for ASEAN and Hong Kong, China, Ms Ho said Hong Kong Customs is committed to further enhancing co-operation with other Customs administrations and enterprises in order to safeguard the international supply chain security, facilitate movement of legitimate goods and achieve a win-win situation.
      
     Ms Ho will conclude her visit and return to Hong Kong tomorrow (December 14).

                

     The Court of First Instance of the High Court today (December 13) handed down a decision, pointing out that on whether the concrete batching plant (CBP) at 22 Tung Yuen Street, Yau Tong is required to have a Specified Process Licence (SPL) to operate, China Concrete Co. Limited (China Concrete) had disclosed no reasonable causes of action and abused the legal process on filing a civil claim against the Environmental Protection Department (EPD). Therefore, the Court allowed the Department of Justice (DoJ)’s application on striking out China Concrete’s claims and ordered the costs of the proceedings be paid by China Concrete. The spokesperson of the EPD welcomes the decision of the Court of First Instance.
 
     China Concrete filed in their claims to the High Court on August 8, 2022, stating that according to the Air Pollution Control Ordinance, its CBP at 22 Tung Yuen Street, Yau Tong does not require to obtain a SPL to operate. China Concrete believes that the EPD has misinterpreted the definition on silo capacity set out in the Ordinance, and requested the Court to declare that the plant does not require to obtain a SPL to operate, and requested the EPD to compensate for the losses caused by the alleged illegal operation of the plant without a license.
 
     The DoJ applied to the High Court on October 28, 2022 on behalf of the EPD to strike out the relevant claims. The High Court conducted a hearing on the striking-out application on June 6, 2023, and handed down the judgment on December 13, 2023, striking out China Concrete’s relevant claims.
 
     The spokesman of the EPD said that the department will continue to closely monitor the CBPs at Tung Yuen Street, Yau Tong. If violations and/or operations are found to cause air pollution nuisance, enforcement actions will be taken and the evidence collected will be passed onto the DoJ for consideration and appropriate follow-up.
 
     In addition, the department is working on the legislative amendments of the Air Pollution Control Ordinance to enhance enforcement power for closing illegal premises, so as to allow the department to handle similar cases more efficiently and effectively in the future. The amendments of the Ordinance are set to be introduced into the Legislative Council in the first quarter of next year. read more

     The Centre for Health Protection (CHP) of the Department of Health is today (December 13) investigating a suspected food poisoning cluster affecting 10 persons, and reminded the public to maintain personal, food and environmental hygiene to prevent foodborne diseases.

     The cluster involved four males and six females, aged from 25 to 44, who developed symptoms such as abdominal pain, diarrhoea, nausea, vomiting and fever about 33 to 50 hours after having dinner at a restaurant in Sheung Wan on December 9.
   
     Five of the affected persons sought medical advice and none required hospitalisation. All affected persons are in stable condition.

     Initial investigations of the CHP revealed that the affected persons had consumed common food and the food concerned was oyster. The poisoning might have been caused by norovirus and the CHP is arranging the collection of stool specimen of patients for testing in order to ascertain the source of infection.
 
     The personnel from the Centre for Food Safety of the Food and Environmental Hygiene Department have conducted an inspection at the restaurant. Initial investigations revealed that the reasons causing food poisoning include contaminated raw food. The CHP’s investigation is ongoing.
     
     To prevent foodborne diseases, members of the public are reminded to maintain personal, food and environmental hygiene at all times. When dining out:
 

• Patronise only reliable and licensed restaurants;
• Avoid eating raw seafood;
• Be a discerning consumer in choosing cold dishes, including sashimi, sushi and raw oysters, at a buffet;
• Pre-cooked or leftover foods should be stored and reheated properly before consumption;
• Ensure food is thoroughly cooked before eating during a hotpot or barbecue meal;
• Handle raw and cooked foods carefully and separate them completely during the cooking process;
• Use two sets of chopsticks and utensils to handle raw and cooked foods;
• Do not patronise illegal food hawkers;
• Drink boiled water;
• Do not try to use salt, vinegar, wine or wasabi to kill bacteria as they are not effective; and
• Always wash hands before eating and after going to the toilet.