Tag Archives: China

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Asian Logistics, Maritime and Aviation Conference 2023 today (November 21):
 
Vice Minister Fu (Vice Minister of Transport Mr Fu Xuyin), Vice Mayor Zhang (Vice Mayor of Chongqing Municipal People’s Government Ms Zhang Guozhi), Peter (Chairman of the Hong Kong Trade Development Council (HKTDC), Dr Peter Lam), Margaret (Executive Director of the HKTDC, Ms Margaret Fong), Secretary Lam (Secretary for Transport and Logistics, Mr Lam Sai-hung), distinguished guests, ladies and gentlemen,
 
     ​Good morning. Welcome to the 13th Asian Logistics, Maritime and Aviation Conference (ALMAC), the largest conference of its kind in Asia.
 
     ​At last year’s conference, as some of you will recall, I spoke about Hong Kong’s resilience to a room full of masked guests.
 
     ​This year, I’m pleased to see your faces. I’m also pleased to tell you that we have come out of the pandemic. Business is back, and Hong Kong’s economy is rebounding. The GDP (gross domestic product) growth this year is forecast to be 3.2 per cent. 
 
     ​For those of you who are coming by air, I hope you have had a smooth and comfortable flight. Indeed the capacity of Hong Kong International Airport is rapidly recovering. It is expected to reach 80 per cent of the pre-pandemic level this year, and will achieve a full recovery next year.
 
     ​This week, the spotlight is on our logistics, maritime and aviation industries. I’m told more than 2 000 of you are attending the two-day conference, with some 70 speakers from 15 countries and regions. And you represent stakeholders from every sector of the value chain.
 
     ​The theme of the Conference centres around the future of the global and regional supply chains. This is important and timely not only for the industry, but also for the world at large.
 
The global agenda
 
     ​As you may know, I spent the last week in San Francisco attending the APEC (Asia-Pacific Economic Cooperation) Finance Ministers’ Meeting, and, on behalf of the Chief Executive, the Economic Leaders’ Meeting. At these meetings, the global economic prospects, and global issues such as climate change, digitalisation, fragmentation of supply chains, sustainable and inclusive development, were high on the agenda. 
 
     ​Shipping, aviation and logistics are global businesses. Allow me to take a few minutes to share with you some of the discussion that may be of interest to you. 
 
     ​First, the global economic outlook. It is undoubtedly challenging given the complex and rapidly changing economic and geopolitical environment. Global economic growth in 2024 will be slower than that of this year and tilted to the downside, with many economies still struggling to return to pre-pandemic growth paths. The interest rate environment will be “higher for longer”. Governments worldwide have limited monetary policy options due to the overriding priority of combatting high inflation. They also have limited fiscal space due to large deficits resulting from pandemic expenditure over the past three years, and borrowing ratios of many economies are already quite high. Therefore, governments are very keen to rebuild the resilience of their economy and fiscal space to cushion future shocks.  
 
     ​Second, combatting climate change is a significant and pressing task. And that calls for a significant amount of investment. For instance, Asia alone will need US$66 trillion in the coming three decades to fund its green transition. Governments alone would not be able to fund all these, and private-sector resources would be pivotal to reaching net-zero targets. 
 
     ​Third, rising protectionism, geo-fragmentation, and the consequential disruptions to international trade, investments and supply chains are worrying. How to get the world together to return to a rules-based multilateral trading system and strengthen the interconnectedness and co-operation, is an important issue to address. 
 
     ​Fourth, innovation and digital economy. While emerging technologies such as AI (artificial intelligence) are transforming the economy and bringing tangible benefits, there is a consensus to manage the associated risks and to enable better inclusion so that the benefits will be shared by all.
 
Insights for us
 
     ​So what do these trends tell us? How would they impact on the global supply chain and the logistics industry? What are the challenges and opportunities? And how should we respond? I think the best is to leave answers to you, the many experts and thought leaders here to reflect on and share your valuable insights. But from Hong Kong’s perspectives, allow me to highlight just one point.
 
     ​Given the lingering geopolitics and geo-economic fragmentation such as re-shoring, friend-shoring or even on-shoring, while traditional markets such as Europe and the United States will remain important, the need to diversify will drive people to look for new markets and new sources of supply. 
 
     ​That means there will be more business with the ASEAN (Association of Southeast Asian Nations), the Middle East, and indeed the Belt and Road countries. In other words, the demand for logistics, maritime and aviation services with and within this region will rise rapidly. The trade figures published by China and economies in these regions have demonstrated such a clear trend.
 
     ​And Hong Kong will remain committed to our superconnector role and be a platform providing high value-added logistics, maritime, aviation, financial and risk management services. We will continue to be a steadfast supporter of free trade and multilateralism, advocating for the reduction in trade barriers, and the free flow of goods and services, people and capital.
 
     ​Ladies and gentlemen, my thanks to the Hong Kong Trade Development Council for once again organising this year’s Conference with the Government.
 
     I am also grateful to the Hong Kong Logistics Development Council and the Hong Kong Maritime and Port Board, as well as the many other sponsors and supporting organisations involved in putting together this year’s flagship event.
 
     I wish you all a rewarding conference, and Maritime Week, and the best of business and health in the coming year. Thank you. read more

Attention TV/radio announcers: Please broadcast the following as soon as possible:      Here is an item of interest to swimmers.      The Leisure and Cultural Services Department announced today (November 21) that… read more

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Gala Dinner of the 3rd World Maritime Merchants Forum today (November 20):
 
Vice Minister Fu Xuyin (Vice Minister of Transport), Mr Miao Jianmin (Chairman of the China Merchants Group), distinguished guests, ladies and gentlemen,
 
     Good evening. I would like to first thank the China Merchants Group for organising this prestigious international gathering, bringing together the maritime community across the seas. The enthusiastic turnout and active participation in the World Maritime Merchants Forum this afternoon serve as a testament to your recognition of Hong Kong as a centre for knowledge exchange, innovation, and business in the maritime industry. I am certain that the insightful discussions earlier today have left everyone with plenty of new ideas to chew on – but rest assured, dinner will be served soon.
 
     To our friends from around the world, welcome once again to the Hong Kong Maritime Week which we have been hosting since 2016, even during the pandemic, demonstrating the significance of the maritime industry to Hong Kong.
 
Hong Kong’s Value Proposition
 
     This afternoon, you have heard from the Chief Executive, the Secretary for Transport and Logistics, and many speakers from Hong Kong about our proud vision, strengths and concrete actions to realise our aspiration to emerge as a leading international maritime centre in the region and the world.
 
     Tonight, standing between you and your dinner, I think I should just highlight one point: Hong Kong is the preferred hub for companies in the maritime industry to set up their regional or global headquarters. Allow me to take a few minutes to explain.
 
     First, it is the institutional strengths that Hong Kong has under the “one country, two systems ” principle, which President Xi Jinping and the Central Government have reaffirmed on multiple occasions in the past year or so.
 
     This means that the very essence of our success: in particular the common law system and the rule of law; a low and simple tax regime; free flow of goods, capital, people and information; the linked exchange rate system; alignment with the best international business standards and practice, will continue for the long term to support our status as a vibrant international trade, shipping and financial centre.
 
     Second, we are the top international financial centre in Asia.
 
     Seventy three of the top 100 global banks are operating in Hong Kong. Our stock market is the most international in Asia with a market capitalisation of over US$4.1 trillion. Green bonds issued in Hong Kong last year captured one-third of Asia’s market share. They are denominated in USD, Euro, RMB and HKD with tenure as long as 30 years. In a nutshell, the capital market here is international and vibrant, with a very deep liquidity. Hong Kong is an ideal location for you to seek ship financing. 
 
     Our asset and wealth management business is equally impressive. The value of asset under management is US$4 trillion. We also have a very vibrant venture capital and private equity eco-system in Hong Kong. The asset under management of the PE (private equity) sector is US$ 210 billion, second only to the Chinese Mainland in Asia. There is a deep pool of world-class asset and wealth management professionals, as well as other professional advisors like accountants and lawyers. Therefore, it is a preferred location to base your family offices here. Just earlier this year, we have enacted legislation to provide profits tax exemptions for family-owned investment holding vehicles.
 
     Third, Hong Kong can serve as your risk management centre. Here in Hong Kong, we provide convenient access to a world-class insurance market. Eleven of the top 20 global insurance companies are operating here. And we have adopted very conducive policies and measures to develop our insurance market. Two years ago, in 2021, we enhanced our regulatory regime for insurance-linked securities business, and expand the scope of insurable risks for captive insurers set up in Hong Kong. To encourage marine insurers to develop businesses in Hong Kong, we have also granted a 50 per cent profits tax concession to marine insurance businesses, covering cargo insurance, marine hull insurance, marine liability insurance, and more.
 
     And risk management is not just taking insurance; no less relevant is our world-class legal and arbitration services which are crucial just in case disputes arise. In fact, Hong Kong ranks as the world’s third most preferred seat for arbitration, according to the International Arbitration Survey 2021; and is one of the designated arbitration venues in the Baltic and International Maritime Council’s global standard maritime contracts.
 
     Fourth, a prime maritime cluster across the marine value chain is emerging here, forging partnerships of actors in the clusters. Currently, we have more than 1 100 port and maritime companies that stand ready to offer an array of quality maritime services, ranging from shipowning and ship finance to maritime insurance and legal services. Besides, we have also rolled out competitive tax concessions for ship leasing business. Last year, we went further to cut the profits tax rate applicable to ship agents, ship managers and ship brokers to 8.25 per cent, that is half of our standard rate. And there will be further supportive measures from the Government coming. As you have heard in the forum this afternoon, the Government will soon publish a detailed action plan to enhance maritime services, facilitate transformation towards zero emissions, promote smart initiatives and digitalisation in the maritime industry and promote exchanges among maritime industries in the Greater Bay Area and around the world.
 
Beyond Business
 
     Ladies and gentlemen, further to the various strengths that I have outlined, there is one that cannot be underestimated: the quality of life here.
 
     While you are here, I would like to invite you to explore Hong Kong. Our West Kowloon Cultural District is one of the world’s largest cultural landmarks, with excellent exhibitions featured in the Hong Kong Palace Museum and M+ museum of contemporary visual art. Our performing arts group, such as the Hong Kong Philharmonic and the Hong Kong Ballet, are just world class. If you fancy wine and dining, we have over 200 restaurants recommended by the Michelin Guide, and impose zero duty on wine. Our food stalls on the streets are also of excellent quality too. And if you enjoy the outdoors, our country parks and natural trails, to beaches and water sports, are just a short ride away from the city centre. 
 
     And just a remark for those who have young children – we have more than 50 international schools in Hong Kong, and five of our eight universities are among the global top 100.
 
     Ladies and gentlemen, Hong Kong is a safe, vibrant, cosmopolitan city where the East meets the West.  A surpassing city in which to work, live, and raise a family. 
 
     Once again, I extend my sincere gratitude to the China Merchants Group for organising this remarkable event. I wish you all an enjoyable evening and fruitful discussions throughout the Hong Kong Maritime Week, and the best of health and business in the years to come.
 
     Thank you and enjoy the evening.

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     With only 20 days to go before the District Council (DC) Election, the Civil Service Bureau (CSB) Volunteer Team distributed leaflets to civil servants at the walkways and footbridge outside the Central Government Offices (CGO) at Tamar as they finished work this evening (November 20), to further disseminate the message of casting one’s vote at the DC election.

     The Volunteer Team, led by the Secretary for the Civil Service, Mrs Ingrid Yeung, and joined by the Permanent Secretary for the Civil Service, Mr Clement Leung, and a number of deputy secretaries, was composed of staff members from various grades including Administrative Officers and Executive Officers. They aimed to convey a simple message – vote with your families on December 10!

     Mrs Yeung said, “The DC election to be held on December 10 is the first election after improving the district governance system and reforming the DCs in the Hong Kong Special Administrative Region. We all earnestly hope that the new DCs could make district services more targeted and bring stability and development to Hong Kong. Civil servants, like members of the general public, should actively participate in it.

     “This election is of great significance. Earlier, different Heads of Departments have promoted the DC election in their departments through various channels. It is also the first time for us to join hands with the four central civil service consultative councils to publicise the election. The staff and management sides have been working together to let civil servants understand the importance of the election. The CSB Volunteer Team would like to do more and encourage more colleagues to follow the election and vote together, and to grasp the opportunity to elect DC members who do real work for the districts.”

     The CSB Volunteer Team will continue to promote the importance of the DC election to colleagues through various means, including promotions in other government buildings.

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     The Centre for Health Protection (CHP) of the Department of Health today (November 20) reported the latest number of cases of Legionnaires’ disease (LD), and stressed the importance of using and maintaining properly designed man-made water systems, adding that susceptible groups should strictly observe relevant precautions.
 
     From November 12 to 18, two community-acquired LD cases were reported:
 
1. A male patient, aged 71 with underlying illnesses, who lived in Block 6, Sheung Shui Centre, Sheung Shui. The patient passed away on November 19; and
2. A male patient, aged 59 with underlying illnesses, who lives in Ming Kok House, Ming Tak Estate, Tseung Kwan O.

     “Epidemiological investigations are ongoing to identify potential sources of infection, high-risk exposure and clusters, if any,” a spokesman for the CHP said.
 
     As of November 18, 110 LD cases had been reported this year. In 2022 and 2021, there were 80 and 69 cases respectively.
 
     “Men, people aged over 50, smokers, alcoholics and persons with weakened immunity are more susceptible to LD. Some situations may also increase the risk of infection, including poor maintenance of water systems leading to stagnant water; living in areas with old water systems, cooling towers or fountains; using electric water heaters, whirlpools and spas or hot water spring spas; and recent stays in hotels or vessels,” the spokesman said.
 
     Legionellae are found in various environmental settings and grow well in warm water (20 to 45 degrees Celsius). They can be found in aqueous environments such as water tanks, hot and cold water systems, cooling towers, whirlpools and spas, water fountains and home apparatus that support breathing. People may become infected when they breathe in contaminated droplets (aerosols) and mist generated by artificial water systems, or when handling garden soil, compost and potting mixes.
 
     Immunocompromised persons should:
 

• Use sterile or boiled water for drinking, tooth brushing and mouth rinsing;
• Avoid using humidifiers, or other mist- or aerosol-generating devices. A shower may also generate small aerosols; and
• If using humidifiers, or other mist- or aerosol-generating devices, fill the water tank with only sterile or cooled freshly boiled water, and not water directly from the tap. Also, clean and maintain humidifiers/devices regularly according to manufacturers’ instructions. Never leave stagnant water in a humidifier/device. Empty the water tank, wipe all surfaces dry, and change the water daily. 

    
     The public should observe the health advice below:
 

• Observe personal hygiene;
• Do not smoke and avoid alcohol consumption;
• Strainers in water taps and shower heads should be inspected, cleaned, descaled and disinfected regularly or at a frequency recommended by the manufacturer;
• If a fresh-water plumbing system is properly maintained, it is not necessary to install domestic water filters. Use of water filters is not encouraged as clogging occurs easily, which can promote growth of micro-organisms. In case water filters are used, the pore size should be 0.2 micrometres (µm) and the filter needs to be changed periodically according to the manufacturer’s recommendations;
• Drain and clean water tanks of buildings at least quarterly;
• Drain or purge for at least one minute infrequently used water outlets (e.g. water taps, shower heads and hot water outlets) and stagnant points of the pipework weekly or before use;
• Seek and follow doctors’ professional advice regarding the use and maintenance of home respiratory devices and use only sterile water (not distilled or tap water) to clean and fill the reservoir. Clean and maintain the device regularly according to the manufacturer’s instructions. After cleaning/disinfection, rinse the device with sterile water, cooled freshly boiled water or water filtered with 0.2 µm filters. Never leave stagnant water in the device. Empty the water tank, keep all surfaces dry, and change the water daily; and
• When handling garden soil, compost and potting mixes: 

1. Wear gloves and a face mask;
2. Water gardens and compost gently using low pressure;
3. Open composted potting mixes slowly and make sure the opening is directed away from the face;
4. Wet the soil to reduce dust when potting plants; and
5. Avoid working in poorly ventilated places such as enclosed greenhouses.

     The public may visit the CHP’s LD page, the Code of Practice for Prevention of LD and the Housekeeping Guidelines for Cold and Hot Water Systems for Building Management of the Prevention of LD Committee, and the CHP’s risk-based strategy for prevention and control of LD.  read more