Tag Archives: China

     A public rental housing (PRH) tenant was sentenced to imprisonment today (November 28) for making a false statement that he did not own any land. The PRH flat concerned has been recovered. A spokesman for the Housing Department (HD) reminded residents of public rental housing estates to declare truthfully their income and assets.

     A PRH resident living at Ching Ho Estate in Sheung Shui declared in a 2023 Income and Assets Declaration Form that he did not own any land. A subsequent investigation revealed that this resident solely owned a piece of land in Hang Hau, Sai Kung, New Territories, at the material time.

     This resident was prosecuted for neglecting to furnish information specified in the declaration form, contrary to Section 27(a) of the Housing Ordinance. He was previously convicted in Fanling Magistrates’ Courts. Given the gravity of the offence and with reference to the community service orders suitability report, the defendant was sentenced to two weeks’ imprisonment. The PRH unit has been recovered by the HD.

     The spokesman said that households living in PRH should complete their Income and Assets Declaration Forms accurately, as doing so provides the foundation for the assessment of rent and their eligibilities for continuing residence. Before furnishing particulars specified in the requisition required by the Hong Kong Housing Authority, households should read the content and completion guidelines of the Income and Assets Declaration Forms carefully and compute their income and assets in accordance with the methods specified. Otherwise, they may be prosecuted for making a false statement knowingly, contrary to Section 26(1)(a) of the Housing Ordinance (if convicted, the maximum penalty is a $50,000 fine and imprisonment for six months), or be prosecuted for neglecting to furnish information as specified in a declaration form, contrary to Section 27(a) of the Housing Ordinance (if convicted, the maximum penalty is a $25,000 fine and imprisonment for three months). The HD will take action to recover the undercharged rent incurred due to the inaccurate information, or even recover their PRH units.
  read more

     Hong Kong Customs today (November 28) seized approximately 8 000 pieces of suspected smuggled electronic parts, including central processing units and computer RAM units, with a total estimated market value of about $8 million at the Hong Kong-Zhuhai-Macao Bridge Hong Kong Port.

     Based on risk assessment, Customs intercepted a suspicious outgoing private car at the control point this early morning. Upon examination, Customs officers seized the batch of suspected smuggled electronic parts inside the boot of the vehicle. A 37-year-old male driver and a 37-year-old male passenger suspected to be connected with the case were arrested. 

     An investigation is ongoing.

     Customs will continue to combat smuggling activities by use of cross-boundary private cars with firm enforcement action based on risk assessment and intelligence analysis.

     Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years.

     Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

  

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

     A High-Level Conference co-organised by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) was successfully concluded today (November 28) in Hong Kong. More than 300 participants attended the event, including over 20 current and former central bank governors, Chief Executive Officers of global, regional and local financial institutions, and leading experts from Hong Kong and other parts of Asia.

     The Conference is the first large-scale gathering of central bank governors in the city since the pandemic. It also commemorates the 30th anniversary of the HKMA and the 25th anniversary of the BIS Representative Office for Asia and the Pacific, which is based in Hong Kong.

     Speakers discussed and shared their insights into issues including the key challenges central banks and policymakers are facing, such as persistent inflation pressures and the “higher-for-longer” interest rate environment, the future of the monetary system amid financial innovation, lessons learnt from financial crises in the past, as well as structural changes shaping the economic landscape. Leaders of financial institutions also shared their perspectives on the future of finance in Asia.

     The Chief Executive of the HKMA, Mr Eddie Yue, said, “The High-Level Conference marks the anniversaries of the HKMA and BIS Asian Office, and commemorates the close collaboration that the HKMA enjoys with the BIS as well as the international central banking community. In today’s increasingly complex and uncertain world, such collaboration is critical in ensuring the resilience and the sustainable development of the global financial system.”

     The General Manager of the BIS, Mr Agustín Carstens, said, “We have witnessed remarkable achievements in Asia in the past few decades. The relative success of many Asian central banks in tackling inflation and financial stability risks in the region reflects decades of work in building and strengthening macro financial stability frameworks. The BIS stands ready to be a strong and committed partner for central banks of the Asia Pacific region, in helping them to sustain their efforts and to support them in the pursuit of digital innovation, both regionally and globally.”

     The HKMA and the BIS also hosted a welcome dinner yesterday (November 27) to open the High-Level Conference.

     For more photos, please visit the HKMA website.

    

     The Secretary for Health, Professor Lo Chung-mau, met Vice Minister of General Administration of Customs of the People’s Republic of China (GACC) Ms Lv Weihong today (November 28). The two parties also signed the Co-operation Arrangement for Entry-exit Health Inspection and Quarantine between the GACC and the Health Bureau of the Hong Kong Special Administrative Region Government (Co-operation Arrangement).
 
     Professor Lo said, “I would like to express my gratitude to the GACC for its support to the signing of the Co-operation Arrangement. The Hong Kong Special Administrative Region (HKSAR) Government has all along been maintaining close co-operation with the entry-exit health inspection and quarantine authorities of the Mainland to safeguard the wellbeing and safety of residents and travellers of the two places. People of the Mainland and the HKSAR have been engaging in more frequent exchanges ever since the full resumption of normal travel between the two places after the COVID-19 epidemic. Having consolidated experiences in the prevention and control of infectious diseases such as COVID-19, the GACC and the Health Bureau will further strengthen the joint efforts in disease prevention and control in terms of entry-exit health inspection and quarantine between the Mainland and Hong Kong through the Co-operation Arrangement, with a view to facilitating the smooth operation of the communication and collaboration mechanisms between the two parties.”
 
     At the meeting, Professor Lo and Ms Lv also exchanged views on issues of mutual concern including entry-exit health inspection and quarantine as well as the Policy Address initiative regarding the discussion with other Greater Bay Area cities on the provision of direct cross-boundary ambulance service.
 
     Today’s meeting was another occasion where Professor Lo met with leaders of the GACC within a short period of time after his last visit to the GACC in Beijing in early November. The Permanent Secretary for Health, Mr Thomas Chan; the Director of Health, Dr Ronald Lam; Deputy Secretary for Health Mr Sam Hui; the Controller of the Centre for Health Protection of the Department of Health, Dr Edwin Tsui; and the Director of Cluster Services of the Hospital Authority, Dr Simon Tang, also attended the meeting today.

  

     The StartmeupHK Festival 2023 concluded on November 17 after an exhilarating week-long series of events, networking activities and pitching competitions. Organised by Invest Hong Kong (InvestHK), the Festival drew over 12 000 participants and 16 000 online viewers from 85 countries and territories, consisting of industry leaders, entrepreneurs, investors, tech enthusiasts and government officials. The Festival’s theme, “A Future Unlimited”, set the stage for more than 600 visionary speakers from across the globe. Over 800 one-to-one business matching meetings were also conducted between start-ups and investors and potential partners to explore business opportunities.
 
     The Festival was honored by the attendance of senior government officials who emphasised the Hong Kong Special Administrative Region (HKSAR) Government’s dedication to creating a dynamic ecosystem through proactive initiatives and established funding schemes.
 
     At the opening ceremony of Game On! 2023, the Acting Financial Secretary of the HKSAR Government, Mr Michael Wong, expressed his delight in Hong Kong’s fast-growing start-up community. He said, “According to InvestHK’s 2022 startup survey, we have around 4,000 start-ups employing 15,000 people, which is a new record high. We know that these numbers are continuously growing in 2023, demonstrating that Hong Kong has all the necessary elements to nurture and support start-ups.”
 
    The HKSAR Government Secretary for Innovation, Technology and Industry, Professor Sun Dong, further emphasised the Government’s commitment to maintaining Hong Kong’s long-term competitiveness in attracting global talent and supporting start-ups at the Startup World Cup (SWC) Asia Finale 2023. He stated, “Hong Kong has long been recognised as a world-class international financial centre, and we are striving to become an international innovation and technology hub, making our city an ideal destination for startups to thrive.”
 
    The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, echoed this sentiment at the Real Estate Beyond 2023. She stated, “Despite the ongoing challenges posed by macroeconomic uncertainties, Hong Kong’s startup ecosystem has shown remarkable resilience and growth. Furthermore, the HKSAR Government has proactively implemented a series of strategies and policies, with an aim to attract large companies, startups, international talent, and capital to Hong Kong.”
 
     While the StartmeupHK Festival covered a diverse range of topics, including web3, healthtech, proptech, greentech, and AI, sustainability emerged as a prominent theme across all sectors.
 
     During his keynote speech at the St. Gallen Symposium Hong Kong – GBA Forum 2023, the Chairman of Our Hong Kong Foundation, Mr Bernard Chan, emphasised the importance of companies incorporating sustainable business practices into their business models and expressed Hong Kong’s openness to collaboration within the region to achieve this common goal. In a panel discussion at the same event, the Chief Development Strategist at the Hong Kong University of Science and Technology, Professor Christine Loh, pointed out the importance of understanding how family offices identify potential investments in driving capital towards sustainable businesses.
 
     At a panel discussion during the 1.5°C Summit – The Defining Decade for Impact with Tech, speakers unanimously agreed that sustainability is not just an option but a necessity. Co-Founder/Managing Partner of Undivided Ventures Mr Alexander Bent stated that organisations must invest in socially responsible companies and address these problems to sustain themselves in the next decade.
 
     During the Real Estate Beyond 2023 event, the Founder of Negawatt, Mr Arthur Lam, highlighted the importance of monitoring ESG impact progress and shifting focus towards sustainability for business success. On the same occasion, Associate Director (Innovation) at Sino Group Andrew Young noted that property developers in Hong Kong are under pressure to meet decarbonisation goals and are open to collaborating with proptech startups.
 
     During a panel discussion at the Asia Health Innovation Summit, the Head of the Hong Kong Office at Insilico Medicine, Dr Frank Pun, highlighted the potential of generative AI in generating experimental data to aid patients, particularly in cases where the disease is unknown or new.
 
     The Founder and Group Chief Executive Officer at Bitkub Capital Group Holdings, Mr Jirayut (Topp) Srupsrisopa, shed light at Game On! 2023 that web3 will be a major force in the future of Hong Kong, and the digital economy will be enormous. On the same occasion, Co-Founder and Executive Chairman at Animoca Brands Mr Yat Siu expressed that Hong Kong has made significant progress in nurturing innovation and technology in the past years and that he saw that the city has the potential to take on a leadership role as a global web3 hub.
 
     The Chairman of Alibaba Group, Mr Joe Tsai, also shared his insights on the future of work and leadership in the era of AI and new technology at JUMPSTARTER 2023 Tech by The Harbour. He stated, “We have entered the ‘post-GPT’ era, where computers process knowledge, not just data. However, I believe that humans will excel in emotional areas. As business leaders, it is important to hire smart individuals to avoid limiting a company’s potential.”
 
     In addition to the main events, the Festival also hosted various community events that sparked insightful discussions. At the LOUDER Connect, the Head of StartmeupHK at InvestHK, Ms Jayne Chan, spoke on the need to support female founders and investors, but highlighted Hong Kong’s strong position for its number of female-founders. Other female startup leaders echoed that Hong Kong boasts an abundance of talent, resources, and investors from both the public and private sectors, which enable the independent nurturing and growth of female-led startups.
 
     At another event, Shaping Legacies: Impact Investing Unveiled for Family Offices, a representative from a family office highlighted one of Hong Kong’s greatest advantages: there is no expiration date for establishing family trusts in Hong Kong. The panelists also discussed the trend of impact investing, where family offices are increasingly focused on recycling their capital with a positive impact on society.
 
     A number of scalable pitching competitions were held throughout the Festival, offering startups the opportunity to showcase their ideas and connect with like-minded individuals and potential investors. Notably, the “Shark Tank” style of pitch competition held at “Shark Mystique” during the Explore the Innovation Ocean, empowered the younger generation to showcase their innovative ideas.
 
     Other highlights included the Startup World Cup Asia Finale, where i2cool, a green and energy-efficient service provider with passive radiative cooling technology from Hong Kong, emerged as the champion. Moreover, Allegrow Biotech, a Hong Kong-based biotechnology startup was crowned grand finale winner of JUMPSTARTER 2023 for its mission to revolutionise the healthcare landscape by bringing high-quality and cost-effective cell therapeutic products to patients.
 
     This year’s Festival went beyond traditional networking events in connecting startups and investors. Some highlights included an investor-matching on the Ferris Wheel at Explore the Innovation Ocean, as well as the “StartMeetUp” session at the JUMPSTARTER 2023 Tech by The Harbour, which offered exclusive and prearranged business matching sessions.
 
    The StartmeupHK Festival 2023 left a lasting impact on the global startup community. This sustained momentum is expected to foster a healthy startup ecosystem in the city where groundbreaking ideas can flourish, ensuring that the spirit of entrepreneurship remains vibrant.