Tag Archives: China

     Following is a question by the Hon Lam Chun-sing and a written reply by the Deputy Financial Secretary, Mr Michael Wong, in the Legislative Council today (December 11):
      
Question:

     The Chief Executive announced in the 2022 Policy Address the establishment of the Office for Attracting Strategic Enterprises dedicated to attract high-potential and representative strategic enterprises from around the globe, particularly those from certain strategic industries, to set up or expand their operations in Hong Kong. In this connection, will the Government inform this Council:

(1) of the number of strategic enterprises that have been attracted to Hong Kong to date,︀ and set out in the table below a breakdown by the nature of their entry into Hong Kong (i.e. (i) establishing their foothold and (ii) expanding their operations in Hong Kong),︀ the category of strategic industries (i.e. (a) life and health technology, (b) ‍artificial intelligence and data science, (c) Fintech, (d) advanced manufacturing and new-energy technology and (e) others) as well as the respective industry to which such strategic industries belong;
 

Category of strategic industries	Industry	Nature of attracting enterprises to Hong Kong
		(i)	(ii)
(a)	……
Sub-total
……	……
Sub-total
(e)	……
Sub-total
Total

 
(2) among the enterprises mentioned in (1), of the respective numbers of those which ︀(i) are leading enterprises,︀ and (ii) plan to set up their global or regional headquarters in Hong Kong;
 
(3) whether it knows, among the enterprises mentioned in (1), the number of those which have already commenced operation, together with a breakdown by the category of strategic industries (i.e. (a) life and health technology, (b) artificial intelligence and data science, (c) ‍Fintech, (d) advanced manufacturing and new-energy technology, and (e) others) as well as the respective industry to which such strategic industries belong; whether it has compiled statistics on (i) ‍the numbers of local and non-local staff employed (broken down by type of post), (ii) the numbers and types of research and development centres and production bases set up or planned to be set up by those enterprises which have already commenced operation, and (iii) the respective amounts of new investments involved; and
 
(4) what targeted measures the authorities have put in place to strengthen the nurturing and training of local talents from the aforesaid strategic industries, so as to facilitate the development of such industries in Hong Kong and provide the relevant talents with more room for development?
 
Reply:
 
President,
 
     Since its establishment at the end of 2022, the Office for Attracting Strategic Enterprises (OASES) has successfully attracted a number of enterprises to set up or expand their businesses in Hong Kong, thereby accelerating the development of various industry ecosystems. My reply to the Hon Lam Chun-sing’s questions is as follows:
 
(1) to (3) So far, the OASES has successfully attracted 66 strategic enterprises to establish their presence in Hong Kong. Approximately 60 per cent of these enterprises have set up their operations, while the remaining 40 per cent have expanded their existing businesses in the city, or are planning to doing so. The distribution of the 66 strategic enterprises by industry is as follows:

Industry of Strategic Importance (Note)	No. of strategic enterprises
Life and health technology	22
Artificial intelligence and data science	24
Financial technology	8
Advanced manufacturing and new energy technology	12
Total	66

Note: As the scope of business of certain strategic enterprises may be cross-industry, the type of industry set out in the above breakdown is determined on the basis of the enterprises’ core business in Hong Kong.
 
     Among the 66 strategic enterprises that the OASES has attracted, nearly half of them are leading enterprises. Eighty per cent of the strategic enterprises attracted to Hong Kong plan to establish their global or regional headquarters in Hong Kong. Sixty-four of the strategic enterprises have already commenced their operations, and the breakdown of these enterprises by industry is as follows:
 

Industry of Strategic Importance	No. of strategic enterprises that have commenced operations
Life and health technology	22
Artificial intelligence and data science	23
Financial technology	8
Advanced manufacturing and new energy technology	11
Total	64

 
     All of the 66 strategic enterprises that have been attracted to Hong Kong have either established or plan to establish research and development centres and/or production bases in Hong Kong. It is estimated that over the coming years, they will invest about $42 billion in total and create around 17 000 jobs. Since the enterprises that have already commenced operations are still in the initial stages, and that details of their recruitment and investment plans involve internal business information, the OASES is currently unable to provide such information.
 
(4) The Government has all along encouraged the University Grants Committee (UGC)-funded universities to offer programmes which cater for Hong Kong’s development needs, expand the talent pool of important areas such as innovation and technology, and strengthen Hong Kong’s competitiveness. In the 2022 Policy Address, we announced our target that by the 2026/27 academic year, there will be 35 per cent of students of the UGC-funded universities in STEAM subjects and 60 per cent in subjects relevant to Hong Kong’s development into the eight centres (Note 1) in the 14th Five-Year Plan. The Government and the UGC will join hands with the universities in pursuit of the aforesaid target through the triennial Planning Exercise, thereby nurturing more talents that match the manpower needs for Hong Kong’s strategic development. As regards the self-financing post-secondary education sector, self-financing institutions similarly have the flexibility to develop programmes that meet market needs and adjust the intake places of relevant programmes. 
                  
     Furthermore, to attract and nurture future talent, the 2024 Policy Address announced a series of policies, including the establishment of the Committee on Education, Technology and Talents, the establishment of the Steering Committee on Strategic Development of Digital Education, and continued efforts to promote Hong Kong as an international hub for post-secondary education, among others. These measures aim to develop Hong Kong’s high-calibre talents and contribute to the high-quality development of the strategic enterprises, benefiting both the country and Hong Kong.
 
     The OASES also provides employees of target enterprises with one-stop facilitation services in areas such as visa application and education arrangement for their children, etc, and works closely with the Immigration Department to provide appropriate assistance for the strategic enterprises’ applications for various talent schemes.
 
Note 1: The eight centres include: international financial centre, international innovation and technology centre, East-meets-West centre for international cultural exchange, international trade centre, international shipping centre, international aviation hub, centre for international legal and dispute resolution services in the Asia‑Pacific region as well as regional intellectual property trading centre. read more

     â€‹Hong Kong Customs mounted a special enforcement operation codenamed “Gridbuster” in Mong Kok between November 26 and today (December 11) to combat the sale of counterfeit goods and seized about 6 500 items of suspected counterfeit goods with an estimated market value of about $3 million.

     Customs earlier conducted patrols and discovered some fixed-pitch hawker stalls selling suspected counterfeit goods in Mong Kok. After investigations, Customs officers took enforcement action during the abovementioned period and raided 27 fixed-pitch hawker stalls on Tung Choi Street. A batch of suspected counterfeit goods, including clothes, handbags and watches, was seized.

     During the operation, one man and three women, aged between 36 and 64, were arrested. An investigation is ongoing.

     With the Christmas and New Year approaching, Customs will continue to step up inspection and enforcement to vigorously combat different kinds of counterfeit goods activities in order to safeguard consumer rights at full strength.

     Customs appeals to consumers to purchase goods at reputable shops and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt. Traders should be cautious and prudent in merchandising since the sale of counterfeit goods is a serious crime and offenders are liable to criminal sanctions.

     Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected counterfeiting activities to Customs’ 24-hour hotline 182 80 80 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

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     Following are the opening remarks by the Under Secretary for Transport and Logistics, Mr Liu Chun-san, at a promotional seminar, “An insider’s perspective of synergy between Hong Kong and the United Arab Emirates – the two world maritime and logistics powerhouses”, in Dubai today (December 11, Dubai time):

Your Excellency, distinguished guests, ladies and gentlemen,

     Good morning and greetings from Hong Kong. It gives me great pleasure to meet you all here today in Dubai.

     Dubai is often called the “city of superlatives”, and its busiest port and airport in the Middle East and consequently the region’s most prominent maritime and logistics hubs also count as such superlatives. Indeed, like the skyscrapers that the city is so famous for, Dubai’s maritime, aviation and logistics services too are challenging new heights as its strategic location at the crossroads of East and West makes it a natural middleman for trade and logistics among Asia, Europe and Africa.

     Interestingly, the same can be said of Hong Kong, which has long been an international maritime, aviation and logistics hub, thanks to our excellent international transport connectivity, proximity to the vast manufacturing base and consumer market in Mainland China and robust financial and legal systems, just to name a few. Companies from near and far have capitalised on Hong Kong’s unique strengths and helped to put our city firmly on the global map of trade and logistics, and I am happy to say that such shrewd investors include major corporations from the UAE (United Arab Emirates) such as Aramex and DP World.

     Co-operation between Hong Kong and Dubai goes way back, and many business leaders from Hong Kong’s maritime and logistics sectors who are here in Dubai with me today are no strangers to doing business with the UAE. However, amid the shifting geopolitical landscape, the sustained economic rise of East Asia and changes in global logistics in the post-pandemic era, especially the explosive growth of e-commerce, co-operation among globally competitive logistics hubs with extensive maritime and aviation networks and efficient cargo handling capabilities is increasingly important. This is why deepening ties between Hong Kong and Dubai makes sense now more than ever.

     Indeed, I am convinced that Hong Kong is the UAE’s best maritime, aviation and logistics partner in Asia, not just because of our superb geographical location but also our forward-looking policies that are set to consolidate and enhance Hong Kong’s hub status.

     On the maritime front, we are committed to boosting the competitiveness of our Hong Kong Port, which is consistently ranked as one of the world’s busiest and most efficient, welcoming over 300 container vessels every week travelling to nearly 500 destinations worldwide. We, Hong Kong, have promulgated three action plans to further enhance our maritime, port and logistics industries during the past two years. First, in the Action Plan on Maritime and Port Development Strategy, we position ourselves as a prominent regional transshipment hub in the Guangdong-Hong Kong-Macao Greater Bay Area, which consists of nine cities and two special administrative regions including Hong Kong and has a population of 86 million, located in the southern part of China. And we encourage our port operators to tap into the keen transshipment demand in the area, as rising economic vibrancy spurs ever busier merchandise trade. We are also exploring to further exempt the licensing requirement for certain controlled cargoes, bringing even more transshipment convenience to China and Asia trade through our port.

     Also within the scope of this Action Plan is to strengthen our active maritime services cluster, which has put among the world’s top four shipping centres in the 2024 Xinhua-Baltic: International Shipping Centre Development Index Report. Our 1 100-company strong maritime services cluster provides diverse shipping and maritime business services, ranging from ship owning, ship agency and management, ship broking, marine insurance and maritime legal and arbitration services. It will receive a boost through enhancement on preferential tax regime, on top of the half-rate profits tax concessions to ship agents, ship managers and ship brokers we introduced two years ago, and will translate to even greater services tailored to your international need. The details of the new tax regime, including new tax deduction arrangements for ship lessors pursuant to international tax rules, will be published in the first half of 2025, and we will commence the relevant legislative work thereafter.

     Maritime decarbonisation is a growing trend, and finding a green port with green maritime fuel bunkering services is no longer just an option but a necessity for the maritime sector worldwide. And in East Asia, Hong Kong is the green port to be, as the Action Plan on Green Maritime Fuel Bunkering we announced last month puts us on the path of developing into the most preferred green maritime fuel bunkering and trading centre in the region. With LNG (liquefied natural gas) and green methanol bunkers soon to be on offer at our port and over 200 000 tonnes of green maritime fuels expected to be bunkered by 2030, Hong Kong is best positioned to help the UAE’s shippers and shipping companies to meet their green shipping targets.

     On the logistics front, our reputation as home to the world’s busiest cargo airport precedes us, and our seamless connectivity with Mainland China makes us the natural logistics gateway to the enormous Chinese market. However, our strengths in logistics do not stop there. In fact, our strong capabilities in handling high-value goods are our winning edges, as is evidenced by the vast majority of the COVID-19 vaccines destined for Asia being handled by Hong Kong International Airport during the pandemic, as well as the sweet cherries fresh off Chilean fruit farms reaching our port at this very moment and soon being put into our state-of-the-art cold storage facilities, waiting to be shipped onwards to Mainland China and other Asian destinations.

     Our mission is to follow the directions we set out in the Action Plan on Modern Logistics Development promulgated last year and make our logistics sector even smarter and greener that will meet evolving international ESG (environmental, social and government) requirements and, more importantly, your logistics demand efficiently.

     One final element in our maritime and logistics development policy is international co-operation. For two industries that are intrinsically global in nature, Hong Kong needs to forge partnerships with various countries, true to our international character. This is why I am excited about this seminar and the networking lunch that follows, which I hope will give our friends from the UAE a fresh look at maritime and logistics opportunities in Hong Kong and an opportunity to explore collaboration with our seasoned industry leaders, many of whom represent major maritime and logistics trade associations in Hong Kong.

     Finally, may I express my gratitude to the Emirates Shipping Association for organising this seminar and luncheon today with us. Thank you, and I look forward to the fruitful and insightful discussions later on. read more

     Invest Hong Kong (InvestHK) and Deloitte China launched the study “Hong Kong’s Path to Carbon Neutrality: Guide to Navigate the Green Tech Market” at an event today (December 11), showcasing Hong Kong’s strategic advantages and opportunities in the rapidly evolving green technology sector, along with global investment trends and landscapes. As the global emphasis on climate action intensifies, alongside recent international sustainability commitments like COP29’s pledge of US$300 billion in climate finance, Hong Kong is well positioned to capitalise on this momentum by driving regional green tech growth through a focus on five pivotal sectors: power and new energy, green mobility, sustainable built environment, waste reduction and management, and biodiversity.
      
     The event brought together more than 100 industry leaders, investors, sustainability experts, and technology specialists, along with professional service providers, to explore the evolving global trends in climate technology and how Hong Kong can leverage its traditional strengths to become a leading green tech hub. The study also provides recent case studies of overseas green tech ventures that have recently established operations or have business expansion plan in Hong Kong, generating practical insights and approaches for scaling climate solutions in Hong Kong and global markets.
      
     The Global Head of Financial Services, FinTech & Sustainability at InvestHK, Mr King Leung, says, “In the global green tech market, China is emerging strongly, particularly in the Power & Clean Energy sector and Sustainable Built Environment, where China has by far the most patents in the world. Some of these leading companies have already listed and established their international headquarters in Hong Kong. With buildings accounting for the biggest share of energy consumption in Hong Kong, green tech companies are critical for reducing our carbon emissions and embodied carbon through innovation. They can also use Hong Kong as a showcase to accelerate their expansion into other global markets such as the Middle East and Southeast Asia.”
      
     The global climate tech landscape is shifting dramatically, with China’s share of investment surging from 6 per cent in 2000-2004 to 22 per cent in 2020-2023, while the US share decreased from 76 per cent to 49 per cent. With Hong Kong’s strategic position as a gateway between East and West, combined with its deep integration with the Greater Bay Area, the city serves as an ideal destination for global green tech companies seeking to tap into the Mainland market while propelling Chinese innovations onto the global stage. However, key challenges need to be addressed to capture these opportunities.
      
     According to the Greentech Subject Matter Expert Survey, the top three challenges in adoption are weak demand-side push (58 per cent), ecosystem gaps (47 per cent), and limited talent base (47 per cent). To drive green tech development forward, Hong Kong’s Climate Action Plan 2050 sets clear policy directions in renewable energy, energy efficiency in buildings, low carbon transport, and waste management. As a leading international financial centre, Hong Kong is well positioned to channel RMB138 trillion needed for China’s transition to carbon neutrality by 2050, with the Hong Kong Exchanges and Clearing Limited leading as the largest venue for Chinese offshore green bonds at 46 per cent of total offshore volume.
      
     To unlock Hong Kong’s green tech potential and accelerate its journey toward carbon neutrality, InvestHK and Deloitte China released a joint report illustrating the city’s strategic advantages across five key sectors:
      

• Power & New Energy: Hong Kong’s electricity generation is transitioning to cleaner sources, with 25 per cent currently supplied by the zero-emission nuclear sources, while experts suggest renewable energy potential beyond the government projections of 3-4 per cent. With global green energy investments hitting US$1.1 trillion in 2022 and China dominating solar manufacturing, Hong Kong is well placed to advance smart grid and storage technology development.

 

• Green Mobility: Public transport accounts for 90 per cent of daily passenger movements in Hong Kong, where transport contributes 20 per cent of total emissions. In a sector attracting US$8.95 billion in global investment, the city’s extensive transport network creates an ideal testbed for sustainable transport solutions, from transport electrification to autonomous systems integration, and mobility-as-a-service platforms, aligning with China’s leadership in electric mobility innovation.

     

• Sustainable Built Environment: Hong Kong leads globally with around 42 000 buildings, including 8 000 high-rises and over 1 500 skyscrapers, with 30-50 per cent of carbon emissions coming from construction. The sector presents massive investment potential, with the global zero-energy building technology market set to surge from US$72 billion to US$403 billion by 2031, supported by China’s leadership in green building patents.

 

• Waste Reduction & Management: Hong Kong’s per capita waste generation exceeds neighbouring cities such as Tokyo, Seoul, and Taipei, creating urgent demand for innovative solutions. Recent developments in local recycling infrastructure and emerging business initiatives are accelerating the adoption of waste-to-energy technologies and circular economy solutions.
       
• Biodiversity: With over 40 per cent of land designated as protected areas, Hong Kong’s rich natural environment combined with its advanced research capabilities creates opportunities for environmental innovation. Ten companies have committed to Taskforce on Nature-related Financial Disclosures for 2024/2025, with growing demand expected for tech solutions in digital species monitoring and biodiversity impact measurement.

     Deloitte’s research highlights critical enablers for green tech development, with strong government support (47 per cent) emerging as the leading factor, followed by access to funding (53 per cent) and ecosystem readiness (47 per cent). Hong Kong’s strengths as a leading financial and innovation hub make it well positioned to capitalise on these success factors, particularly through its financial ecosystem that combines both global reach and market depth. With HK$35.5 trillion in assets under management in which 65 per cent comes from international funding, along with its position as Asia’s second-largest private equity market, the city offers a robust foundation for scaling green tech solutions.
      
     Deloitte China Hong Kong Sustainability & Climate Leader Mr Mohit Grover says, “Our analysis reveals that Hong Kong’s unique ecosystem positions it to pioneer the next generation of climate solutions. Beyond just having the right capabilities, we’re seeing real momentum in how our city is bringing together technical innovation, policy support, and market demand. This convergence creates exceptional opportunities for green tech companies to develop, test, and scale their solutions. What’s particularly compelling is how Hong Kong can serve as a dynamic platform for sustainable urban solutions, offering practical insights and implementation models for other Asian cities.”
      
     Deloitte Global GreenSpace Tech Leader Ms Andrea Culligan says, “The global green tech landscape is experiencing a fundamental shift in how solutions are developed and scaled. What sets Hong Kong apart in this evolution is its ability to bridge Western capital with Asian innovation. The city’s deep understanding of regional sustainability challenges, combined with its sophisticated financial infrastructure, creates unique advantages for companies looking to capture opportunities in Asia’s fastest-growing markets. We’re seeing increasing interest from international players who recognise Hong Kong’s strategic value in their global expansion plans.”
      
     Building on these foundations, Hong Kong is accelerating its development as a green tech hub through enhanced research and development support, expended funding mechanisms for start-ups, and strengthened collaboration across academia, industry and government. With the city’s unique combination of financial strength, technical expertise, and strategic location, Hong Kong is poised to lead the next wave of sustainable innovation in Asia, turning climate challenges into opportunities for growth and positive impact.

     Click here to download the report. read more

     The Second Business Conference on Guangdong-Hong Kong-Macao Greater Bay Area Development is being held today and tomorrow (December 11 and 12) at the Hong Kong Convention and Exhibition Centre, attracting about 1 000 business leaders and representatives of enterprises from Hong Kong, Guangdong and Macao, as well as from other Mainland cities and overseas for in-depth exchanges on key issues relating to the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) for promotion of the advantages and opportunities of the GBA. The conference provides a platform for the governments and the business sector to jointly drive forward the development of the GBA, enabling Guangdong, Hong Kong and Macao to leverage their respective strengths in serving the country’s needs and contributing together to the country’s high-quality development.

     The conference is jointly organised by the Hong Kong Special Administrative Region Government, the China Council for the Promotion of International Trade (CCPIT), the People’s Government of Guangdong Province and the Macao Special Administrative Region Government, with the Hong Kong Trade Development Council as the strategic partner. Under the theme “Development of the Greater Bay Area in China to Provide Opportunities for the World”, the conference features an opening ceremony, a keynote session, parallel thematic panels, and city promotion and enterprise match-making activities.

     In the morning, the Chief Executive, Mr John Lee, together with Vice-Chairman of the National Committee of the Chinese People’s Political Consultative Conference, the Chairman of the All-China Federation of Industry and Commerce and the President of the All-China Chamber of Industry and Commerce, Mr Gao Yunlong; Vice Chairman of the CCPIT Mr Zhang Shaogang; and Deputy Secretary-General of the People’s Government of Guangdong Province Mr Huang Mingzhong officiated at the opening ceremony and delivered opening speeches. The Chief Executive of the Macao Special Administrative Region, Mr Ho Iat-seng, also gave a video speech.

     Mr Lee said in his speech that the GBA, one of the most economically vibrant and open regions in the country with an economic scale close to that of the 10th largest economy in the world, is becoming increasingly influential in the country and in the world, demonstrating great potential for development. As one of the core cities in the GBA and with its unique advantages under “one country, two systems”, Hong Kong is complementing the strengths of other GBA cities in enhancing the measures that promote mutual connectivity, playing the role of an active participant, facilitator and beneficiary of the GBA’s development.

     Mr Lee said that a number of measures relating to the participation in the GBA’s development have been rolled out in this year’s Policy Address, including promoting the development of the Hong Kong-Shenzhen Innovation and Technology Park in the Loop, as well as strengthening the mutual market access regimes and harmonisation of rules and mechanisms in areas such as logistics, aviation, professional qualifications, capital, data flow and legal matters. He said Hong Kong will serve as the power source for the high-quality development of the GBA, promoting the efficient flow of people, goods, capital and information in the region.

     The Deputy Secretary for Justice, Dr Cheung Kwok-kwan; the Secretary for Commerce and Economic Development, Mr Algernon Yau; and the Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong, also attended the opening ceremony.

     At the opening ceremony, Dr Cheung and Mr Zhang signed a Memorandum of Understanding to further enhance collaboration of the two sides in areas such as the development of foreign-related rule of law, multifaceted dispute resolution and the nurturing of foreign-related legal talent, to fully leverage the strengths of Hong Kong’s common law system, thereby contributing to the development of trade and investment between the Mainland and Hong Kong, and the construction of foreign-related rule of law of the country. Mr Yau delivered a welcoming speech at the opening ceremony.

     The Financial Secretary, Mr Paul Chan, said in his speech at the welcoming luncheon in the afternoon that the GBA is a huge market with a wealth of talent, a strong industrial base, well developed financial services and strong technological innovation capabilities. With the development momentum generated by the dual engines of finance and innovation and technology, the GBA possesses advantages comparable to the combined strengths of the San Francisco Bay Area and the New York Bay Area in the United States.
      
     He also highlighted Hong Kong’s internationalised advantages under “one country, two systems”, exemplified in particular in financial services and legal systems. Hong Kong’s competitiveness is also well recognised internationally, with rising positions in various international rankings. Looking ahead, with the strong support of the country, Hong Kong is actively driving forward the development of the “eight centres”, and deepening co-operation with sister cities in the GBA, especially in promoting high-quality development in the areas of finance, innovation and technology and trade to create a more favourable business environment and greater business opportunities for businesses from around the world.

     At the keynote session themed “Jointly Build a World-class Greater Bay Area with Prosperity to Share Opportunities of High-quality Development”, business leaders and representatives of enterprises from the Mainland and overseas shared with the audience the latest developments of the GBA and encouraged different sectors to seize the enormous opportunities therein.

     The conference also features four parallel thematic panels for business leaders to engage in in-depth discussions on topical issues including accelerating the cultivation of new quality productive forces, deepening mutual access between financial markets, establishing a multifaceted commercial dispute resolution mechanism and creating an inclusive business environment for intellectual property trading in the GBA.

     The conference will continue tomorrow. At the city promotion event in the morning, relevant entities of Guangdong, Hong Kong, Macao, Guizhou and Hainan will introduce their respective investment opportunities and business advantages in the GBA development. Field trips in the afternoon will present successful experiences in the GBA’s sectoral planning.

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