Tag Archives: China

     â€‹Hong Kong Customs will set up a booth at the JMA Hong Kong International Jewelry Show (JMA), to be held at the Hong Kong Convention and Exhibition Centre (HKCEC), from tomorrow (November 30) for four consecutive days to publicise the Dealers in Precious Metals and Stones Regulatory Regime, and will provide on-site counter services to assist non-Hong Kong dealers in submitting a cash transaction report during their participation in the exhibition.

     According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime has come into effect since April 1 this year. Local precious metals and stones dealers are required to apply for registration between April and December this year in order to carry out transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000. They are also required to fulfil their anti-money laundering and counter-terrorist financing obligations as appropriate.

     For non-Hong Kong dealers fulfilling the prescribed conditions (including those who come to Hong Kong to participate in exhibitions), although they are exempt from registration, they are required to submit to Hong Kong Customs a cash transaction report for any cash transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 carried out in Hong Kong within one day after the transaction, or before the dealer or the person acting on behalf of the dealer leaves Hong Kong, whichever is earlier.

     Non-Hong Kong dealers can make an online submission of a cash transaction report via the Regime’s webpage at www.drs.customs.gov.hk by accessing the Dealers in Precious Metals and Stones Registration System. They can also download the related form at www.drs.customs.gov.hk/download/drsform/CED418_Form%208_Cash%20transaction%20report.pdf and then submit the report in person at Hong Kong Customs’ booth in the JMA.  

     Hong Kong Customs’ booth (Booth 1CON01) is located at HKCEC Hall 1 Concourse and will be open from 10am to 6.30pm on November 30, from 10am to 7pm on December 1 and December 2, and from 10am to 6:30pm on December 3.

     Dealers can visit the website (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html) for more information about the Regime.

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     Following is the speech by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, at the Hong Kong Institute of Certified Public Accountants (HKICPA) Best Corporate Governance and ESG Awards 2023 Awards Presentation Luncheon today (November 29):
 
Loretta (President of HKICPA, Ms Loretta Fong), HKICPA friends, distinguished guests, ladies and gentlemen,
 
     It is my great pleasure to join you all today to pay tribute to exemplary practices in corporate governance and ESG (environmental, social and governance) reporting among listed companies and public sector or not-for-profit organisations.
 
     It is a rightful recognition of the achievements of all the awardees, for you have demonstrated clearly that doing good to the society and the environment means also doing good to your businesses. From a big picture point of view, concerted efforts by individual organisations to attain a high level of governance embracing risk management and internal controls can also help foster the credibility and resilience of our financial markets to weather changes and challenges.
 
     Thanks to the hard work of our professionals and professional bodies like the HKICPA, regulators and stakeholders, we are seeing an increasingly robust and vibrant ESG ecosystem in Hong Kong. 
 
     As of end-September 2023, there were more than 200 SFC-authorised ESG funds, with a total AUM of around US$160 billion.
 
     According to the HKEX’s latest review of issuers’ corporate governance practices, issuers have demonstrated strong compliance with new provisions in its 2022 revised Corporate Governance Code. There have also been substantial improvements in periodic board membership refreshment and boardroom gender diversity.
 
     The Government has also led by example in developing green and sustainable finance. We have issued around US$24 billion of green bond since 2019. In the past three years, some 310 green and sustainable debt instruments totalling about US$90 billion have been issued in Hong Kong with the support of the Green and Sustainable Finance Grant Scheme. We are also running a three-year Pilot Green and Sustainable Finance Capacity Building Support Scheme to sponsor the training of market practitioners.
 
     In addition, in response to the publication of the IFRS Sustainability Disclosure Standards by the International Sustainability Standards Board, we are now working with financial regulators and stakeholders, the HKICPA including, to develop a roadmap on the appropriate adoption of the IFRS Sustainability Disclosure Standards for Hong Kong. This will bring us in line with international standards and enhance our competitive edge in the global arena for sustainable investments.
 
     Climate change and sustainability are indeed high on our policy agenda, and I am glad to have the chance to take part in COP28 (the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change) related activities in Dubai beginning this week.
 
     Last but certainly not the least, on the theme of governance, I would like to appeal to all accountants in the room and beyond to cast your vote in the HKICPA Council election which is coming to a close in five days, and to all of you to vote in the coming District Council election which will be held on December 10, 2023. Exercise your right to elect the best representatives for Hong Kong’s accounting profession and the wider community. 
 
     Congratulations again to the happy awardees. Keep up your good work on corporate governance and ESG. Thank you. read more

     The Secretary for Environment and Ecology, Mr Tse Chin-wan, will depart for Dubai, the United Arab Emirates, tomorrow (November 30) to join the Chinese delegation to attend the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
 
     Mr Tse will attend the high-level segment, side events and other activities of COP28. During his visit to Dubai, Mr Tse will meet with other representatives to conduct bilateral meetings and attend the C40 Cities Climate Leadership Group’s Steering Committee meeting, to introduce Hong Kong’s Climate Action Plan 2050 and the latest policies and measures adopted by the Hong Kong Special Administrative Region Government in combating climate change.
 
     The Commissioner for Climate Change, Mr Wong Chuen-fai, and officers from the Environment and Ecology Bureau will also join the visit.
 
     The Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, will also participate to promote Hong Kong’s advantages and latest developments of green and sustainable finance.
 
     Mr Tse will leave Dubai on December 6 (Dubai time) and arrive in Hong Kong on December 7. During his absence, the Under Secretary for Environment and Ecology, Miss Diane Wong, will be the Acting Secretary for Environment and Ecology. read more

     The Chief Executive, Mr John Lee, and the Mayor of Beijing, Mr Yin Yong, leading the delegations of the governments of the Hong Kong Special Administrative Region (HKSAR) and Beijing respectively, held the Fifth Plenary Session of the Hong Kong/Beijing Co-operation Conference (the plenary) in Hong Kong today (November 29). 

     Deputy Director of the Hong Kong and Macao Affairs Office of the State Council and Director of the Liaison Office of the Central People’s Government in the HKSAR, Mr Zheng Yanxiong, also attended the plenary. Officials of the HKSAR Government that attended the plenary included the Financial Secretary, Mr Paul Chan; the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for the Financial Services and the Treasury, Mr Christopher Hui; the Secretary for Education, Dr Choi Yuk Lin; the Secretary for Home and Youth Affairs, Miss Alice Mak; the Director of the Chief Executive’s Office, Ms Carol Yip; the Under Secretary for Environment and Ecology, Miss Diane Wong, etc.

     Mr Lee said, “Beijing is the capital of the country, the political centre of the country, and has a profound cultural heritage. Hong Kong is an open, diverse metropolis that brings together Chinese and Western cultures. In the process of promoting high-quality development in the country’s new era, Beijing and Hong Kong both have a special status and play an important role. While leveraging their respective strengths, the two places can also complement each other’s advantages and create a space for co-operation for achieving common development and mutual benefits.”
 
     Hong Kong and Beijing reached consensus on the following 11 co-operation areas at the meeting:
 
Participate in Major National Strategies
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     Ride on the opportunity of the 10th anniversary of the Belt and Road Initiative for joint pursuit of Belt and Road development to strengthen mutual co-operation in the areas of infrastructure development, international shipping, city management, exploration of new markets, etc.
 
     Support enterprises from both places to participate in the co-ordinated development of Beijing-Tianjin-Hebei and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area; ride on Hong Kong’s attributes as an international maritime, aviation and trading centre; promote the collaboration of regional development strategies and serve the country’s development.
 
Services Industries
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     Support Hong Kong enterprises to participate in the construction of Beijing’s “two districts” and expand investment in digital trade, service trade, cross-border e-commerce, professional services, etc. To enhance the capability and level of internationalisation of Beijing enterprises through leveraging Hong Kong’s advantages.
 
     Strengthen innovation and co-operation in green finance, fintech, cross-boundary finance, wealth management etc, deepening mutual exchanges on carbon trading, supporting Beijing companies to list on the Hong Kong Exchanges and Clearing Limited (HKEX), and explore mutual access between the Beijing Stock Exchange and the HKEX.

     Support Beijing’s participation in the Business of Intellectual Property Asia Forum to be held in Hong Kong with a view to promoting exchanges and collaboration in the fields of intellectual property protection, as well as legal services including arbitration.

Innovation and Technology
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     To support higher education institutions, research and development institutes, enterprises and technology parks of the two places to initiate practical co-operation focusing on basic research and original innovation.

     To build a digital economy, foster an innovative ecology of the information industry, promote transformation of research and development outcomes and innovation of application scenarios, strengthen co-operation and liaison of high-end industries, and promote the implementation of key co-operation projects.
 
     To focus on smart city development, deepen the collaboration in city governance, and promote city management and healthy sustainable development.
 
Economy and Trade
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     Commence practical co-operation on the nurturing and development of an international consumption centre city with the promotion of innovative consumption modes and support for local brands to go global; deepen co-operation on cross-boundary exchanges, cross-boundary commerce, cross-boundary brand nurturing and implementation of offshore projects, with a view to promoting cross-boundary trade facilitation.
 
     Organise the Beijing Hong Kong Economic Co-operation Symposium, establish a regular exchange and co-operation working mechanism, and develop co-operation channels for attracting enterprises and investments.
 
Culture, Tourism and Sports
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     Promote interactive exchanges, visits to and performances at each others’ cities and support the collaboration of performances with different brands among different arts groups, performing arts institutions and brands in performing arts; facilitate cultural enterprises and industrial parks of the two places to strengthen exchanges and mutual visits to deepen the development collaboration of the arts and culture industries of the two places; and support collaboration between the Beijing International Film Festival and the Hong Kong International Film Festival.
 
     Support the agencies of the two places to develop new tourism itineraries, implement tourism promotion activities, promote smart tourism and facilitate the integrated development of culture and tourism of both places.
 
     Strengthen sports co-operation between Beijing and Hong Kong, and encourage the setting up of a platform for exchanges between sports associations of the two places.
 
City Management and Public Services
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     Deepen the co-operation on railway transport between the two places, and commence a study on utilising operational management experience to support urban development.
 
     Enhance exchanges and co-operation between the two cities in areas of gas safety and municipal waste management, etc.
 
     Commence exchanges on various aspects of work related to the development of an enhanced business environment, protection of consumers’ rights and interests, regulation of business entities in the market, product quality and safety, and food safety protection.
 
     Commence exchanges between Beijing and Hong Kong about innovative construction technologies, building design and application of construction robotics and artificial intelligence.
 
     Commence technological and personnel exchanges in the areas of protection and restoration of urban water ecology, flood prevention, water supply and intelligent management.
 
Health and Chinese Medicine
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     Collaborate in launching training and talent nurturing programmes for healthcare professionals, strengthening the promotion of Chinese medicine culture and internationalisation of Chinese medicine, and pursue the construction of a healthy China in concerted efforts.

Ecology and Environment
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     Strengthen exchanges and collaboration on aspects including actions to combat climate change and enhance protection of urban biodiversity.

     Strengthen exchanges between the two cities on environmental protection work; promote exchanges and co-operation in technology and professional staff development in areas of air quality, water quality, sewage surveillance, effluent reuse, waste management, noise management, pollution prevention and environmental assessment, etc.

Education and Talent Exchange
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     Support co-operation in the joint operation of education programmes and encourage the formation of sister school pairs, strengthen exchanges and visits between teachers and students in higher education institutions, and support the Beijing-Hong Kong University Alliance organising relevant activities.

     Under the guidance of the Hong Kong and Macao Affairs Office of the State Council, to launch civil service exchange programmes in the areas of city management and traffic management etc.
    
     Promote industry exchanges on employee skills and organise joint training and exchange competitions.

Youth Development
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     Encourage schools and social organisations of the two places to promote youth exchanges; and make good use of the Zhongguancun Beijing-Hong Kong-Macao Youth Innovation Center and Hong Kong and Macao Youth Beijing Club to provide support services to Hong Kong youth in respect of internship, employment and entrepreneurship.

Facilitation Measures for Hong Kong People in the Mainland
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      Fully implement the policies and measures introduced by the relevant Central Government departments to facilitate the development of Hong Kong and Macao residents in the Mainland, enable Hong Kong people residing in Beijing to enjoy the same treatment as Mainland residents in terms of education, study, employment, social security and daily life, and explore the establishment of a “one-stop” enquiry service platform for Hong Kong residents in Beijing; support the work of Hong Kong institutions in Beijing, and strengthen the exchanges and sharing of policy information.

Co-operation Memorandum Signing Ceremony
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     At the meeting, the Financial Secretary, Mr Paul Chan, and Vice Mayor of Beijing Municipal People’s Government Ms Sima Hong, signed the Co-operation Memorandum of the Fifth Plenary Session Hong Kong/Beijing Co-operation Conference. The document (Chinese only) is at Annex 1.

     In addition, four co-operation agreements were signed by government departments of the two places:
 

• Memorandum of Understanding on Enhancing Hong Kong-Beijing Co-operation on the Development of the Financial Industryï¼›
• Memorandum of Understanding on Co-operation between HKSAR Education Bureau and Beijing Municipal Education Commission;
• Memorandum of Understanding on Co-operation on Hong Kong and Beijing Youth Exchange; and
• Co-operation Framework Agreement on Hong Kong and Beijing Food Safety Exchange.

     The above documents (Chinese only) are at Annex 2, Annex 3, Annex 4 and Annex 5 respectively. read more

     The Immigration Department (ImmD) carried out a repatriation operation today (November 29). A total of 24 Vietnamese illegal immigrants were repatriated to Vietnam. The persons removed comprised 11 men and 13 women, all of which wer… read more