Tag Archives: China

     The Government promulgated the Hong Kong Major Transport Infrastructure Development Blueprint today (December 12) to formulate a planning framework for the city’s future transport infrastructure development and outline a forward-looking vision for strategic railway and major road networks, with a view to meeting Hong Kong’s long-term transport and logistics demand up to 2046 and beyond.

     The Secretary for Transport and Logistics, Mr Lam Sai-hung, said, “The Government’s vision is to build a livable, competitive and sustainable Hong Kong through transport infrastructure-driven developments by adopting the planning principles of ‘infrastructure-led’ and ‘capacity-creating’. The Blueprint aims to ‘Drive Development’, ‘Strengthen Connection’ and ‘Improve Efficiency’ in order to cater for the public’s and visitors’ commuting demands as well as the city’s development needs. The Blueprint also promotes cross-boundary integration with the Mainland, particularly with other Guangdong-Hong Kong-Macao Greater Bay Area cities and linking up with the world.”

     In 2020, the Government commenced the Strategic Studies on Railways and Major Roads beyond 2030 to conduct a comprehensive and objective analysis of the supply and demand of major transport infrastructure in Hong Kong. The Government has also held public forums and consulted various stakeholders. With new proposals recommended in addition to projects that are currently under planning, design and construction, the Blueprint has been formulated by organising and consolidating the Study’s findings.

     “Transport infrastructure projects involve huge public resources and have significant socio-economic impacts. We are grateful for the invaluable opinions provided by different sectors of the community throughout the Study. These insights have allowed us to tap into the collective wisdom and continuously improve the transport infrastructure network of Hong Kong. In progressively taking forward the relevant transport infrastructure projects, we will continue to actively engage various sectors of the community and promote the application and adoption of advanced technology, with a view to enabling the public to enjoy the convenience brought about by a more interconnected railway system and road network as early as possible,” Mr Lam said.

     The Blueprint has been uploaded to the website of the Transport and Logistics Bureau (www.tlb.gov.hk/eng/index.html).

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     â€‹The Environment and Ecology Bureau today (December 12) announced its approval of the 40th batch of applications for the trials of green innovative transport technologies under the New Energy Transport Fund.
      
     The 21 newly approved applications (see Annex) are for the trials of 10 electric taxis, six electric light goods vehicles, four electric medium goods vehicles and 12 electric single-deck buses, involving a total subsidy of about $27.9 million.
      
     To date, the latest approval brings the total number of trials being pursued under the Fund to 325 with the total subsidy amount of about $276 million. As at end-November 2023, a total of 171 approved trials under the Fund have been completed. Trial reports have been uploaded onto the Fund’s website.
      
     In view of the maturity in the development of electric light goods vehicles (van type), the Steering Committee of the Fund has discussed its way forward. After fully considering factors such as the number of the vehicles approved for trial under the Fund and the findings, the models available in the market and vehicle prices, the Steering Committee of the Fund confirmed to cease the trials for application for electric light goods vehicles (van type) after December 31, 2023. Moreover, the charging fee for the trial projects on e-taxi charging mode was also discussed by the Committee and members have provided valuable comments on the effectiveness and sustainability of operating the trial projects on electric taxis. The New Energy Transport Fund Secretariat will follow up with a view to finalising and announcing the proposal details in due course.
      
     The Government has put in place the Fund since March 2011 to subsidise the testing and encourage wider use of green innovative transport technologies for a variety of commercial transport tools including goods vehicles (including special purpose vehicles), taxis, light buses, buses, vessels, motorcycles, non-road vehicles (applicable to vehicle models approved by the Transport Department or the Airport Authority Hong Kong), or the aforesaid transport tools of charitable/non-profit making organisations providing services to their clients. The technologies to be subsidised include new energy vehicles or vessels, conversion of in-use conventional vehicles or vessels to new energy vehicles or vessels, and after-treatment emission reduction devices or fuel saving devices applicable to vehicles and vessels. Transport operators and charitable/non-profit making organisations may apply for trying out different green technology products subject to a maximum subsidy of $10 million for each application and a total of $12 million for each applicant.
      
     For more information on the Fund and the approved applications, please visit the website of the Fund (www.eeb.gov.hk/en/new-energy-transport-fund.html) or call the enquiry hotline on 2824 0022. read more

     â€‹The Hong Kong Economic and Trade Office, London (London ETO) co-organised a winter gratitude gala reception with Invest Hong Kong (InvestHK) in London, the United Kingdom (UK) on December 11 (London time), with a view to updating investors and potential investors about the Hong Kong Special Administrative Region Government’s determination and policy initiatives to attract businesses and talent, and to express appreciation for their support to the city over the past year.

     In his welcome remarks at the reception, the Director-General of the London ETO, Mr Gilford Law, pointed out that Hong Kong’s economy had rebounded from the pandemic. He said that attracting enterprises, investment and talent remained a key priority of the Hong Kong Government and that a new Capital Investment Entrant Scheme, under which eligible investors who make investments of HK$30 million (around 3 million British pounds) or above in assets excluding real estate can apply for entry into Hong Kong, would be rolled out.

     Mr Law also highlighted that the Government’s focus is to facilitate overseas enterprises to set up headquarters and/or corporate divisions in Hong Kong, and expatriates travelling to the Mainland on multiple-entry visas can enjoy priority visa processing. The visa validity is up to two years for foreign staff of companies registered in Hong Kong and up to five years for non-Chinese Hong Kong permanent residents.

     The Head of Business and Talent Attraction/Investment Promotion of InvestHK London Office, Ms Daisy Ip, encouraged business to set up in Hong Kong to make use of Hong Kong’s strategic advantage for accessing markets in the Guangdong-Hong Kong-Macao Greater Bay Area, Mainland China, and the ASEAN (Association of Southeast Asian Nations) region. The city’s unique position, comprehensive network of free trade agreements, and business-friendly environment make it an ideal hub for companies seeking to expand their presence in these dynamic markets. Ms Ip reminded the audience on the many reasons why Hong Kong is still the ideal business destination for UK business, a simple and low tax system being one of them, “Hong Kong enjoys one of the most tax-friendly systems in the world. Only three direct taxes are imposed”, she said.

     Over 120 participants from the UK Government, and financial, innovation and technology and business sectors joined the reception.

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     The effective exchange rate index for the Hong Kong dollar on Tuesday, December 12, 2023 is 104.9 (same as yesterday’s index). read more

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

     Exchange Fund Bills tender results:
 

Tender date	:	December 12, 2023
Paper on offer	:	EF Bills
Issue number	:	Q2350
Issue date	:	December 13, 2023
Maturity date	:	March 13, 2024
Amount applied	:	HK$167,536 MN
Amount allotted	:	HK$59,543 MN
Average yield accepted	:	4.70 PCT
Highest yield accepted	:	4.73 PCT
Pro rata ratio*	:	About 93 PCT
Average tender yield	:	4.82 PCT
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Tender date	:	December 12, 2023
Paper on offer	:	EF Bills
Issue number	:	H2379
Issue date	:	December 13, 2023
Maturity date	:	June 12, 2024
Amount applied	:	HK$62,133 MN
Amount allotted	:	HK$14,000 MN
Average yield accepted	:	4.55 PCT
Highest yield accepted	:	4.57 PCT
Pro rata ratio*	:	About 85 PCT
Average tender yield	:	4.63 PCT

 
*”Pro rata ratio” refers to the average percentage of allotment with respect to each tender participant’s tendered amount at the “highest yield accepted” level.

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     Hong Kong Monetary Authority tenders to be held in the week beginning December 18, 2023:
 

Tender date	:	December 19, 2023
Paper on offer	:	EF Bills
Issue number	:	Q2351
Issue date	:	December 20, 2023
Maturity date	:	March 20, 2024
Tenor	:	91 Days
Amount on offer	:	HK$57,180 MN
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Tender date	:	December 19, 2023
Paper on offer	:	EF Bills
Issue number	:	H2380
Issue date	:	December 20, 2023
Maturity date	:	June 19, 2024
Tenor	:	182 Days
Amount on offer	:	HK$13,000 MN
****************************
Tender date	:	December 19, 2023
Paper on offer	:	EF Bills
Issue number	:	Y2398
Issue date	:	December 20, 2023
Maturity date	:	December 18, 2024
Tenor	:	364 Days
Amount on offer	:	HK$2,100 MN

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