Tag Archives: China

     â€‹Following is the speech by the Financial Secretary, Mr Paul Chan, at Italian Chamber of Commerce in Hong Kong and Macao Gala Night 2024 today (November 15):

Ambassador Ambrosetti (Ambassador of Italy to China, Mr Massimo Ambrosetti), Consul General Ficarra (Consul General of Italy to Hong Kong and Macao, Mr Carmelo Ficarra), Mr De Rosa (President of the Italian Chamber of Commerce in Hong Kong and Macao, Mr Davide De Rosa), distinguished guests, ladies and gentlemen,

     Buona sera. Good evening. It gives me great pleasure to join your gala dinner again this evening.

     The exquisite Italian cuisine and wine are truly tempting, so I promise to keep my remarks brief. 

     Tonight, we gather to celebrate the long-standing and rewarding ties between our two economies. We are close partners on many fronts, and our collaboration continues to flourish.

     Last year, Italy was Hong Kong’s fourth-largest trading partner among EU (European Union) member states. Our city is home to some 170 Italian companies, spanning banking, communications, logistics, design, and a wide range of other businesses.

     The “Made in Italy” label is synonymous with superior design and exceptional taste. From luxury fashion to automobiles, and from Chianti wine to gelato and chocolate, Hong Kong people just love Italian products. Italian brands and designs are literally everywhere in this city – if you also count the bags carried by the ladies – and gentlemen, too. 

     Speaking of design, I’m pleased to note that Italy will be the partner country for our Business of Design Week 2025. I am sure we have much to work together in the creative and cultural industries. 

     Looking ahead, our relations are bound to grow even stronger. Commemorating the 700th anniversary of the passing of Macro Polo and celebrating the 20th anniversary of the comprehensive strategic partnership between China and Italy, the recent state visit by President Mattarella to our country was highly successful, marking a renewed commitment to strengthening cultural, commercial and diplomatic ties.

     As a “super connector” between the Mainland and the rest of the world, Hong Kong will continue to create ample opportunities for Italian businesses and industries. Beyond our role as an international financial, shipping, and trade centre, we see tremendous potential for mutually rewarding collaboration in innovation and technology. 

     Hong Kong, together with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), is rapidly emerging as an international innovation and technology centre. We focus on four strategic areas: AI and data analytics, biotech, fintech, and new energy and new materials. We welcome Italian enterprises in these sectors to work with us to reap the tremendous benefits ahead.

     Ladies and gentlemen, the Chief Executive’s recent Policy Address announced further measures to underline our commitment in this pursuit, including increasing investments in emerging industries, advancing strategic infrastructure such as the Northern Metropolis, and strengthening our collaboration with neighbouring cities in the GBA.

     Hong Kong is an ideal platform for Italian technology and manufacturing businesses – be they machinery, pharmaceutical, fintech or green industries – seeking to explore the vast opportunities in this part of the world.

     In short, the friendship and partnership that we are building will be highly rewarding long down the road.

     Last but not least, may I wish you continued success in your business endeavours in Hong Kong and beyond in the years to come.

     Grazie! 

    

     Following is the speech by the Acting Chief Executive, Mr Chan Kwok-ki, at the welcome dinner of the 5th US-China Hong Kong Forum today (November 15):
 
Vice Minister Lu Kang (Vice Minister of the International Department of the Communist Party of China Central Committee), Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), Mr John Zhao (Chairman of the China-United States Exchange Foundation), Mr Bi Jingquan (Chairman of the China Center for International Economic Exchanges), Distinguished guests, ladies and gentlemen,
 
     Good evening. It is my pleasure to be here tonight for the Welcome Dinner of the US-China Hong Kong Forum 2024.
 
     The Chief Executive, who had hoped to be with you tonight, sends his regrets. He is in Lima, Peru, for the 31st APEC (Asia-Pacific Economic Cooperation) Economic Leaders’ Meeting.
 
     This is the fifth US-China Hong Kong Forum. For bringing together this distinguished group of institutional and governmental leaders and high-profile analysts from all over the world, I am grateful to the organisers: the China-United States Exchange Foundation and the China Center for International Economic Exchanges.
 
     This two-day gathering is taking place under the theme “Reflection and Forecast”. Much of that reflection, and forecast, no doubt, will focus on the results, the implications and the consequences, of the recent US elections.
 
     In that, I take heart from President Xi. Last week, he congratulated President-elect Trump on his victory. President Xi noted that both countries will gain from co-operation – and lose from confrontation. Finding a way forward based on collaboration, President Xi added, would benefit not only the two countries, but the world at large.
 
     President Xi also expressed the hope that the two sides will uphold the principles of mutual respect, peaceful coexistence and win-win co-operation, strengthen dialogue and communication, properly manage differences and expand mutually beneficial co-operation.
 
      In the face of a world of transformation and turbulence, it is clear that common interests between China and the US should outweigh differences, and a return to sound and steady development can only benefit all concerned.
 
     That certainly includes Hong Kong-US relations. President Xi once pointed out that China-US ties are among the most important in the world today. Let me add that Hong Kong-US bilateral ties are a special component of the critical relations between China and the US.

     Hong Kong and the US, after all, share a great many common values, from the rule of law and independent judiciary, to the free flow of capital, goods and talent. Our currencies, too, are freely convertible and our markets are free and open.
 
     In Hong Kong, these unique strengths are enshrined in the Basic Law. Our “one country, two systems” framework and our institutional advantages are intact and continue to serve us well.
 
     And President Xi has, on numerous occasions, reiterated that “one country, two systems” will be with us for the long haul.
 
     The ties that connect Hong Kong and the US are longstanding: the US has had a diplomatic presence here for more than 180 years. Our ties are also mutually rewarding. 
 
     Indeed, the US enjoys significant economic benefits thanks to the longstanding ties between our two economies. Over the past 10 years, the US has realised a trade surplus of more than 270 billion US dollars with Hong Kong. That, ladies and gentlemen, is the largest among its global trading partners.
 
     The US is also one of the largest sources of foreign direct investment in Hong Kong. Not surprising, given that more than 1 200 US companies maintain business operations in our city. Among them, about 700 serve as regional headquarters or regional offices.
 
     The American Chamber of Commerce in Hong Kong is the largest among our city’s international business chambers – a critically important part of the Hong Kong business community.
 
     Given our deep trade and economic ties, and long-standing collaboration in so many areas, from education to arts, culture and entertainment, I am hopeful that our relations will continue to grow.
 
     We may have our differences, but only by working together, can we begin to resolve some of our difficult common issues, from economic development to climate change.
 
     And Hong Kong, let me remind you, is a longstanding bridge – a super-connector – between the US and Mainland China.
 
     We remain the premier gateway for US businesses looking to enter the China market. 
 
     Chinese and English are our official languages, and we speak both languages in daily life.
 
     As our many US citizens will tell you. Some 90 000 US citizens live in Hong Kong, one of the largest US expat communities in any city in Asia. And we welcome even more Americans to move to Hong Kong – to look to Hong Kong for their future.
 
     Thanks to our talent admission schemes, more than 160 000 professionals have settled in Hong Kong over the past two years. They include some 4 700 from the US.
 
     The number of universities under our Top Talent Pass Scheme, let me add, has recently expanded to 198. And 54 of the “top” universities on that international list are American – far more than any other nation in the world.
 
     So, yes, Hong Kong has long looked to the US for cooperation. And we continue to look to the US for cooperation – in so many areas, in so many ways.
 
     Hong Kong has three Economic and Trade Offices (ETO) in the US – in Washington D.C., New York and San Francisco. And we continue to liaise with the US administration and Congress, as well as the nation’s business community, its think tanks and academia, to strengthen our ties – in business, trade and investment, as well as in education and cultural exchanges.
 
     I encourage you to work closely with our three US ETOs to help them tell the good stories of Hong Kong – and the good stories of Hong Kong-US relations. How they have worked, so well, for both sides, for so long. And why it is in everyone’s interest that our ties continue – and continue to flourish.
 
     Ladies and gentlemen, I wish you the best of business tomorrow, day two of this essential Forum. And alongside “Reflection and Forecast”, I urge you to consider prospects and possibilities that can expand China-US cooperation and, in doing so, create the means for rewarding bilateral ties – and the global progress that will surely set in motion.
 
     I know you will enjoy this evening’s dinner and the good company all about you, and I wish you all the best of health, business and cooperation in the coming year. 
 
     Thank you very much.

    

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the AustroCham Heurigen 2024 today (November 15):
      
Consul General Gerhard Zettl (Consul General of Austria to Hong Kong and Macao), Chairman Wilhelm Brauner (Chairman of AustroCham) 

     Guten Abend. Good evening.  

     My heartfelt thanks to the Austrian Chamber of Commerce for putting together this special gathering – for our treasured Austrian community. And for people like myself, who just want to be part of it – all this festivity, tradition and great goodwill. 

     Not to mention the great good Austrian wines, cuisine and culture. And with spectacular Victoria Harbour as our beloved backdrop.  

     Given all that, and the welcome company here this memorable evening, I will be brief. 

     Hong Kong and Austria have long enjoyed close ties and rewarding connections. Hong Kong is a springboard for more than 200 Austrian companies for expanding their businesses into the Chinese Mainland and other Asian markets. For them, Hong Kong is a centre for fairs and conventions, a test market and a logistics hub for China and wider Asia. 

     Last year, our bilateral trade totalled some HK$10 billion. And we all know there’s plenty of opportunity, plenty of room, to grow. 

     Consider, for example, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which is simply a 87-million-people consumer market for Austria’s internationally renowned goods and services. 

     It helps that Hong Kong is a free port, with efficient customs clearance process and a comprehensive logistics network, getting Austrian products to consumers in the GBA, and beyond, in a timely manner.   

     It also helps that we impose zero duty on wine. And now the duty on liquor is markedly down – from 100 per cent to just 10 per cent for the value above HK$200. That will surely stimulate the high-end liquor business, a cheering prospect for Austrian spirits seeking to expand their presence in Asia. 

     Beyond trade, I am eager to see more cultural partnerships between us. Viennissimo arts and music, the Vienna Boys Choir, your films and much more, already enjoy a wide-ranging following here in Hong Kong.  

     And events like this evening’s can only add brilliant colour and diversity to the East-West cultural fabric of Hong Kong. All I can say is: more, please. 

     For now, let’s enjoy tonight’s Huerigen and the good company all about us.  
     
     â€‹Dankeschön. Thank you.

  

     Following is the speech by the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, at the Belgian King’s Day Reception today (November 15):
 
Consul General (Mr David Lomastro), Deputy Commissioner Pan Yundong (Deputy 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), ladies and gentlemen,
 
     Good Evening. I am delighted to join you all to celebrate the Belgian King’s Day here in Hong Kong. This special day, which has a long tradition going back to 1886, is also an occasion to celebrate Belgium’s unity and rich cultural diversity.
 
     What better time to celebrate your King’s Day than during the second edition of the Belgian Days Cultural Festival, which brings to Hong Kong wonderful Belgian arts, music, film and comics, alongside business and cultural seminars. The Belgian Nights parties, with the cheer of foaming Belgian beer and scrumptious Belgian chocolate, will surely be great fun.
 
     Strategically situated in Europe, Belgium is a founding member of the European Union (EU) in which your country plays a key role, and Belgium is a very important European partner of Hong Kong in its own right.

     Like the Belgian Days, which showcases Belgian heritage and celebrates friendship between Eastern and Western cultures, Hong Kong plays to its unique advantages as a bridge between East and West, connecting Mainland China with Europe and the world, and fostering collaboration in trade and investment, arts and culture, technology and innovation.
 
     I am glad to note the many cultural exchanges taking place between Belgium and Hong Kong. At the moment, an art installation by a Hong Kong artist is on display at the IMPACT Festival in Liege. Also earlier this year, the Hong Kong Philharmonic Orchestra held a concert at the Klara Music Festival in Brussels.
 
     Meanwhile, Hong Kong hosted the Belgian music programme “Thelonious” by Zonzo Compagnie last August; and “Slow Dance: Something Borrowed” by Unlock Dancing Plaza this July. Belgian films are also regularly featured in various film festivals in Hong Kong.
 
     As cultural exchanges between us grow, so does business. It is good to see that Belgian companies in Hong Kong are active in different sectors, from banking, asset management and logistics to environmental technology, high-end engineering and manufacturing. In fact, at last count, Hong Kong hosted 11 regional headquarters, 25 regional offices and 31 local offices with parent companies in Belgium.
 
     To mention a couple of noteworthy collaborations, the Belgian environmental technology company Keppel Seghers has teamed up with a Hong Kong firm to design, build and operate an integrated waste management facility – the first project of its kind in Hong Kong. Also, Budweiser Brewing Company APAC Limited – the Asia-Pacific beer unit of Anheuser-Busch, which has Belgian interests – raised about US$5 billion when listed in Hong Kong in 2019, making it the second-largest new listing globally that year. There are also two Belgian banks operating in Hong Kong, namely KBC Bank N. V. and the Euroclear Bank.
 
     In 2023, bilateral merchandise trade between Hong Kong and Belgium reached HK$35.6 billion, up 6.6 per cent from 2022, making Belgium our fifth-largest merchandise trading partner in the EU.
 
     Given the ever-growing financial connection schemes between Hong Kong and the Mainland, companies from Belgium can readily tap into the Mainland’s financial markets. I am sure that there are many opportunities for Belgium and Hong Kong to collaborate in various areas, such as fintech, green tech, advanced manufacturing and sustainability. I encourage friends in this room to give this some thought.
 
     Hong Kong is a premier gateway between East and West. Our distinctive advantages are assured under the “one country, two systems” principle, including an independent judiciary, a free trade and investment regime, and an efficient and clean government. We offer a low and simple tax system, free flow of capital and information, an open and business-friendly environment, world-class infrastructure and a multicultural talent pool. Reputable surveys declare Hong Kong the world’s freest economy. All these make Hong Kong an ideal place for Belgian enterprises and talent alike to explore and innovate in Asia and Mainland China.

     On that note, ladies and gentlemen, let me propose a toast to His Majesty King Philippe and the people of Belgium. Cheers!

    

     The Government promulgated the Action Plan on Green Maritime Fuel Bunkering today (November 15) to set out clear strategies and actions to promote the development of Hong Kong into a high-quality green maritime fuel bunkering centre.

     In view of the International Maritime Organization (IMO)’s target to reach net-zero carbon emissions from international shipping by or around 2050, as well as a series of medium-term measures reducing carbon emissions that the IMO will endorse and that are expected to take effect in 2027, including promulgating a maritime fuel standard and launching a global maritime carbon pricing mechanism, the industry has started to switch to using low or even zero-carbon green maritime fuels, so as to meet the tightening international emission reduction standards and to fulfil environmental, social and governance responsibilities. As an associate member of the IMO, Hong Kong is obliged to follow the IMO’s emission reduction target. At the same time, to dovetail with the development direction and targets of the country on carbon peak and carbon neutrality as set out in the National 14th Five-Year Plan; the measures on promoting the development of green ports and enhancing the promotion and application of clean maritime fuels as set out in the 14th Five-Year Plan Comprehensive Work Plan for Energy Conservation and Emission Reduction; as well as the strategies related to the promotion of the establishment of a national Ship Energy Efficiency Centre, active participation in the global governance of emission reduction of the maritime industry and encouragement of vessels to use clean, green and low-carbon maritime fuels under the 14th Five-Year Development Plan for the Maritime System, Hong Kong must also expedite the development of green maritime fuel bunkering and develop into a high-quality green maritime fuel bunkering centre, so as to enhance the international status and competitiveness of its port.

     To this end, the Chief Executive announced in his 2023 Policy Address to develop Hong Kong into a green maritime fuel bunkering centre. The Transport and Logistics Bureau (TLB), in collaboration with the Environment and Ecology Bureau, immediately commenced a feasibility study and proceeded to formulate this Action Plan by taking into account international experiences and the current market developments, as well as in consultation with the Hong Kong Maritime and Port Board (HKMPB) and various organisations and players in the industry.

     The Action Plan sets out a number of targets, including following the emission reduction target set by the IMO to reach net-zero carbon emissions from international shipping by or around 2050; reducing carbon emissions from Hong Kong-registered ships by at least 11 per cent (compared to 2019) and ensuring that 55 per cent of the diesel-fuelled vessels in the Government fleet switch to using green maritime fuels by 2026; and reducing carbon emissions from the Kwai Tsing Container Terminals by 30 per cent (compared to 2021), as well as ensuring that 7 per cent of Hong Kong-registered ships take up green maritime fuels by 2030.

     To achieve the above targets, the Action Plan sets out five green-centric strategies and 10 actions, covering a wide range of areas such as the supply of green maritime fuels, infrastructural support, port emissions reduction, incentive measures, collaboration with the Mainland and overseas, and talent training. Among them, the Action Plan proposes that Hong Kong should keep pace with the international development trends and develop the bunkering of multiple green maritime fuels simultaneously, and actively facilitate the conclusion of offtake agreements on green maritime fuels between green maritime fuel bunkering suppliers mainly from the Mainland and shipping companies, so as to establish an effective supply chain of green maritime fuels. The Government will support the industry and provide facilitation measures in various areas to promote the overall development of the green maritime fuel bunkering ecosystem. The Government has identified a land parcel near the port for green maritime fuel storage and expects to invite expressions of interest from the industry next year in developing the designated site. The Government will also facilitate the conduct of the first liquefied natural gas (LNG) ship-to-ship bunkering demonstration by the industry within the first half of 2025, and establish the Green Maritime Fuel Bunkering Incentive Scheme to encourage pioneer enterprises to start green maritime fuel bunkering businesses in Hong Kong. The strategies and action measures under the Action Plan are listed in the Annex.

     With the timely implementation of the Action Plan, the Government expects that Hong Kong will provide bunkering services to ocean-going vessels powered by green maritime fuels such as LNG or green methanol for over 60 times a year by 2030, involving over 200 000 tonnes of green maritime fuels.

     The Secretary for Transport and Logistics, Mr Lam Sai-hung, said, “This Action Plan fully reflects the Hong Kong Special Administrative Region Government’s determination to develop green maritime fuel bunkering, and provides clear and definite directions and action targets for Hong Kong to keep pace with the international trends of green shipping. We will, in accordance with the strategies and actions set out in the Action Plan, continue to work with relevant stakeholders in the industry and actively take forward various action measures, with a view to developing Hong Kong into the most preferred green maritime fuel bunkering and trading centre in the region, thereby contributing to emissions reduction of the maritime industry.” 

     The TLB expressed its deep appreciation to the HKMPB and industry players for their invaluable views. The Action Plan has been uploaded to the website of the TLB (www.tlb.gov.hk/eng/index.html).