Tag Archives: China

     Hong Kong’s external direct investment (DI) statistics for 2022 were released today (December 8) by the Census and Statistics Department (C&SD).
 
Stocks of DI
 
     At the end of 2022, the total stock of Hong Kong’s inward DI (i.e. the position of Hong Kong’s DI liabilities) increased by 2.9% over a year earlier to $17,306.5 billion. Its ratio to the Gross Domestic Product (GDP) stood at 614% in 2022. The increase in 2022 was mainly attributable to the positive DI inflow to Hong Kong during the year.
 
     As for the total stock of Hong Kong’s outward DI (i.e. the position of Hong Kong’s DI assets), it decreased by 0.6% over 2021 to $17,051.3 billion. Its ratio to GDP was 605% in 2022. The decrease in 2022 was mainly attributable to the drop in the total market values of non-resident enterprises which had received DI from Hong Kong, partly offset by the positive DI outflow to enterprises outside Hong Kong during the year.
 
     Analysed by immediate source of investment, the British Virgin Islands (BVI) and the mainland of China (the Mainland) were the two largest sources for Hong Kong’s inward DI, with a share of 30.9% and 30.0% respectively at end-2022. Analysed by major economic activity of Hong Kong enterprise groups (HKEGs) which had received inward DI, those engaged in investment and holding, real estate, professional and business services took up the largest share, at 65.4% at end-2022. This was followed by banking, at 13.0%; and import/export, wholesale and retail trades, at 10.9%.
     
     Analysed by immediate destination of investment, the Mainland and the BVI were the two largest destinations for Hong Kong’s outward DI, with a share of 49.4% and 30.3% respectively at end-2022. Analysed by major economic activity of HKEGs which had made outward DI, those engaged in investment and holding, real estate, professional and business services took up the largest share, at 78.7% at end 2022. This was followed by import/export, wholesale and retail trades, at 8.3%.
 
Flows of DI
 
     In 2022, total DI inflow amounted to $958.4 billion, smaller than that of $1,066.2 billion in 2021. On the other hand, total DI outflow in 2022 amounted to $931.3 billion, larger than that of $726.0 billion in 2021. Taking the inflow and outflow together, a net DI inflow of $27.1 billion was recorded in 2022.
 
     Analysed by immediate source of investment, the Mainland was the major source of Hong Kong’s DI inflow in 2022, amounting to $315.8 billion. The BVI came next, at $189.8 billion. Analysed by major economic activity of HKEGs which had received DI inflow, those engaged in investment and holding, real estate, professional and business services attracted the largest amount in 2022, at $504.7 billion.
 
     Analysed by immediate destination of investment, the Mainland accounted for a predominant share of Hong Kong’s DI outflow in 2022, at $493.5 billion. The BVI came next, at $249.5 billion. Analysed by major economic activity of HKEGs which had made DI outflow, those engaged in investment and holding, real estate, professional and business services took up the largest amount, at $591.5 billion.
 
Commentary
 
     A Government spokesman said that Hong Kong’s total DI inflow and total DI outflow remained significant at $958.4 billion and $931.3 billion respectively in 2022, despite the weakened local economy alongside the epidemic, deteriorated external environment and tightened financial conditions.
 
     The stocks of overall inward and outward DI were substantial at end-2022, at $17,306.5 billion and $17,051.3 billion (614% and 605% of GDP) respectively, making Hong Kong one of the world’s major destinations for and sources of external DI. The vast stock of external DI in Hong Kong testifies Hong Kong’s status as a prominent international financial centre and commercial hub, as well as Hong Kong’s attractiveness as a base for multinational corporations to manage their investments and businesses around the world.
 
     Hong Kong’s DI covers a large geographical spread and a wide range of economic activities, with the Mainland featuring prominently both as a source and as a destination.
 
     The Government will continue to attract foreign direct investment proactively, especially those pertinent to Hong Kong’s development as the “eight centres”, to enhance Hong Kong’s competitiveness and promote high quality growth. We will develop “headquarters economy” to attract enterprises from outside Hong Kong to set up headquarters and/or corporate divisions in Hong Kong, bringing in quality enterprises to explore the immense opportunities brought about by the national development. The Government will also introduce a mechanism to facilitate the re-domiciliation of companies to Hong Kong.
 
Further information
 
     DI represents external investment in which an investor of an economy acquires a lasting interest and a significant degree of influence or an effective voice in the management of an enterprise located in another economy. For statistical purpose, an effective voice is taken as being equivalent to a holding of 10% or more of the voting power in an enterprise.
 
     According to the international statistical standards, the total stocks and flows of DI presented above are compiled based on the “asset/liability principle”, while detailed DI figures analysed by country/territory and by major economic activity of HKEGs are based on the “directional principle”. Owing to the adoption of different presentation principles, the total stocks and flows of DI are different from the sums of the detailed DI figures by country/territory or by major economic activity of HKEGs. However, the overall direct investment balance compiled from figures based on these two presentation principles respectively is the same.
 
     Tables 1 and 2 show the positions (i.e. stocks) and flows of inward DI in Hong Kong by selected major investor country/territory and by major economic activity of HKEGs respectively for 2021 and 2022. Similar statistics on outward DI from Hong Kong are presented in Tables 3 and 4.
     
     More detailed statistics are given in the report “External Direct Investment Statistics of Hong Kong 2022”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040003&scode=260).
 
     Enquiries about the DI statistics may be directed to the Balance of Payments Branch (2) of the C&SD at 3903 7024. read more

The following is issued on behalf of the Communications Authority:        This press release summarises the decisions of the Communications Authority (CA) following its 130th meeting held in December 2023.   Review of … read more

     The Environmental Protection Department (EPD) today (December 8) released the latest grading of water quality for four gazetted beaches that are open all year round for swimming.
      
     Three beaches were rated as Good (Grade 1) and one as Fair (Grade 2).
 
Grade 1 beaches are:           

Clear Water Bay Second Beach	Golden Beach
Deep Water Bay Beach

 
Grade 2 beach is:              

Silverstrand Beach

 
     Compared with the grading released last week, Silverstrand Beach has been changed from Grade 1 to Grade 2.
      
     “The changes are generally within the normal range of fluctuation of the bacteriological water quality of the beaches,” an EPD spokesman said.
      
     Under the present grading system, beaches are classified into four grades, namely Good (Grade 1), Fair (Grade 2), Poor (Grade 3) and Very Poor (Grade 4), according to the level of E. coli in the water. Grades are calculated on the basis of the geometric mean of the E. coli counts on the five most recent sampling occasions.
      
     While the ratings represent the general water quality at the beaches, the EPD spokesman reminded members of the public that water quality could be temporarily affected during and after periods of heavy rain. Bathers should avoid swimming at beaches for up to three days after a tropical cyclone or heavy rainfall.
      
     A summary of beach grades is published weekly before the weekend. The latest beach grades based on the most current data may be obtained from the EPD’s website on Beach Water Quality (www.epd.gov.hk/epd/beach) or the beach hotline, 2511 6666. Members of the public can also obtain the latest daily water quality forecast information for all beaches that are open for swimming through the Beach Water Quality Forecast mobile application (available for download from: www.epd.gov.hk/en/BWQApp) or the dedicated beach water quality forecast page (www.epd.gov.hk/en/BWQForecast) on the EPD’s beach thematic website. read more

The following is issued on behalf of the University Grants Committee:
 
     In line with the Government’s initiative to promote STEAM (Science, Technology, Engineering, the Arts and Mathematics) education for all, for fun and for diversity, the Research Grants Council (RGC) will organise a series of public lectures titled Happy, Healthy, Longevity – AI Can Help from December 2023 to January 2024, covering areas including technology, innovation and health. The first lecture will be held at the Hong Kong Science Museum on December 16 (Saturday). All are welcome.
 
     The RGC has invited Associate Professor and Assistant Head of the Department of Industrial and Manufacturing Systems Engineering of the University of Hong Kong, Dr Calvin Or, and Professor and Head of the Division of Upper Gastrointestinal and Metabolic Surgery of the Department of Surgery of the Chinese University of Hong Kong, Professor Chiu Wai-yan, to introduce wearable robots that can enhance the mobility of the elderly, and the latest development of artificial intelligence (AI) and robotic surgery respectively. Details are as follows:
 
Time: 2.30pm – 4.30pm
Venue: Lecture Hall, 1/F, Hong Kong Science Museum
Language: Cantonese
Admission: Free (seats are available on a first-come, first-served basis)
 
     Members of the public can also watch a live broadcast of the lecture through the Facebook page (www.facebook.com/hkscm) or the YouTube Channel (www.youtube.com/user/hksciencemuseum) of the Hong Kong Science Museum.
 
First session: User-centered design of wearable robots for older adults
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     Increases in life expectancy have been accompanied by increases in the prevalence of low mobility among older adults, which can significantly reduce the quality of life. Among older adults, reduction in mobility mainly occurs due to the physical challenges caused by loss of muscle mass. Wearable robots can provide active assistance to limbs to enhance mobility of the elderly. Despite proven feasibility, many wearable robots have remained in the concept stage. Dr Or will introduce a project focusing on a user-centered approach to the design and development of wearable robots for older adults.
 
Second session: The next phase of surgery – kindest cut through AI and robotics
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     The development of minimally invasive surgery (MIS) has revolutionised the approach to surgical treatment for diseases and the introduction of a robotic surgical system-refined precision in MIS. Recently, AI has been widely applied to enhance the diagnostic capability of endoscopy for gastrointestinal cancers. Professor Chiu will share his team’s experiences in performing the world’s first flexible robotic endoscopic submucosal dissection for treatment of early gastric and colonic neoplasia and explain how AI can assist surgeons in achieving more precise and safe surgeries at all scales down to the microscopic level through nano-robotics in the next phase.
 
     The RGC has been regularly organising public lectures since 2009, featuring various distinguished scholars as speakers. These lectures aim to promote research knowledge of Hong Kong’s tertiary institutions and to raise public awareness of the significance and value of local research work.
 
     For enquiries, please call 2524 3987 or visit the University Grants Committee webpage (www.ugc.edu.hk/eng/rgc/about/events/lectures/lectures.html). In addition, members of the public can register for the RGC’s email subscription service at www.ugc.edu.hk/eng/rgc/about/subscribe to receive regular updates. read more

     The Town Planning Board today (December 8) announced amendments to the approved Urban Renewal Authority (URA) Kwun Tong Town Centre (KTTC) – Main Site Development Scheme Plan (DSP).
      
     The amendments mainly involve (i) rezoning a site to the north of Kwun Tong Road from “Comprehensive Development Area (1)” (“CDA(1)”) to “Other Specified Uses” annotated “Mixed Use” for mixed use development, and (ii) rezoning a site to the south of Mut Wah Street from “CDA(1)” to “Residential (Group A)” to reflect the completed development.
      
     Opportunity is also taken to amend the Notes and Explanatory Statement of the DSP in accordance with the latest Master Schedule of Notes to Statutory Plans and also to reflect the above amendments and the latest status and planning circumstances of the development scheme area.
      
      The draft URA KTTC – Main Site DSP No. S/K14S/URA1/3, incorporating the amendments, is available for public inspection during office hours at (i) the Secretariat of the Town Planning Board, (ii) the Planning Enquiry Counters, (iii) the Kowloon District Planning Office and (iv) the Kwun Tong District Office.
      
     Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before February 8, 2024. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).

     Submission of a representation should comply with the requirements set out in TPB PG-No. 29C. In particular, the representer should take note of the following:
 
* If the representer fails to provide his or her full name and the first four alphanumeric characters of his or her Hong Kong identity card or passport number as required under TPB PG-No. 29C, the representation submitted shall be treated as not having been made; and
* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.
 
     The Guidelines and the submission form are available at the above locations (i) and (ii) and the Town Planning Board’s website (www.tpb.gov.hk).

     Copies of the draft URA KTTC – Main Site DSP are available for sale at the Map Publications Centres in North Point and Yau Ma Tei. The electronic version of the DSP can be viewed on the Town Planning Board’s website (www.tpb.gov.hk). read more