Hongkong Post announced today (November 9) that, as advised by the postal administration of Italy, mail delivery services to certain areas of Tuscany in Italy with the postcodes listed below are subject to delay due to flo… read more
The following is issued on behalf of the Hong Kong Monetary Authority:
With an aim to fully implement the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) issued by the Communist Party of China Central Committee and the State Council, the People’s Bank of China (PBoC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) have recently signed the “Memorandum of Understanding (MoU) on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area”. Under the MoU, the three authorities agreed to link up, in the form of a network, the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox and the AMCM’s Regulatory Requirements for Innovative Fintech Trials. In compliance with laws and regulations, the “network link-up” will continue to deepen fintech innovation co-operation, promote the development of digital finance in Guangdong, Hong Kong and Macao, enhance the quality and efficiency of financial services in the GBA, and strengthen financial support for the development of the GBA.
As a next step, the three authorities will, following the principles of mutual trust, mutual understanding and mutual respect under the co-operation framework of the MoU, deepen the synergy of fintech supervisory co-operation, with a view to facilitating the quality financial development of the GBA. read more
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC) and the Monetary Authority of Macao (AMCM) jointly issued a press release today (November 9) announcing that the three authorities had signed the “Memorandum of Understanding on Deepening Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)”. Under the Memorandum of Understanding (MoU), the three authorities agreed to link up, in the form of a network, the PBoC’s Fintech Innovation Regulatory Facility, the HKMA’s Fintech Supervisory Sandbox and the AMCM’s Regulatory Requirements for Innovative Fintech Trials.
With the signing of the MoU and the implementation of the network link-up, the three authorities will continue to deepen fintech innovation co-operation. The network link-up will provide a one-stop platform to facilitate the pilot trials of cross-boundary fintech initiatives, and strengthen the synergy of fintech supervisory co-operation across the three regions.
Mr Eddie Yue, the Chief Executive of the HKMA, said, “We are very pleased to have, together with the PBoC, jointly invited the AMCM to join the one stop platform. This arrangement will provide a more friendly supervisory environment for cross-boundary fintech developments. The HKMA will continue to seize the opportunities in the GBA and work closely with the Mainland and Macao in promoting the further development of fintech innovation in the region.”
In October 2021, the HKMA and the PBoC signed the “Memorandum of Understanding on Fintech Innovation Supervisory Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area” to provide a one-stop platform for pilot trials of cross-boundary fintech initiatives in Hong Kong and Mainland GBA cities. The one-stop platform was subsequently launched in February 2022.
The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (November 9) the results of a risk assessment study on industrially produced trans fatty acids (IP-TFA) content in prepackaged and non-prepackaged food. To conduct the study on IP-TFA content, the CFS collected 149 food items from five food categories, namely fats and oils, margarines and spreads, prepackaged foods, ready-to-eat foods and miscellaneous local specialities. Results revealed that the levels of IP-TFA in 143 (96 per cent) of the 149 food samples were below the World Health Organization (WHO) guidance level of 2 grams per 100g total fat; only six samples (4 per cent) contained IP-TFA greater than the WHO guidance level of 2g per 100g of total fat, hence the possibility of using partially hydrogenated oils (PHO) (the main source of IP-TFA) in the ingredients. Those samples were egg tarts, Chinese dough sticks, puff pastry of soup (two samples), fried soybean rolls and pickled vegetable sauce for fish soup base.
A spokesman for the CFS said, “Intake of trans fatty acids (TFA) is associated with increased risk of coronary heart disease. There are two major dietary source of TFA. One source is from ruminant products such as milk and butter which TFA are naturally present. Another source is from IP-TFA, and PHO are the predominant source of IP-TFA. The WHO is aiming to eliminate IP-TFA from the global food supply by 2023. To this end, Hong Kong has introduced a ban on PHO by specifying PHO as a prohibited substance in food under the Harmful Substances in Food Regulations. The relevant provisions will come into force on December 1, 2023, with a view to eliminating IP-TFA at source to protect public health.”
In the risk assessment study, the CFS further looked into the six cases with IP-TFA greater than 2g per 100g of total fat, with a view to considering if the samples contained PHO by assessing the TFA isomers profile of the food sample, level of IP-TFA detected and information from food manufacturers/suppliers. Three samples (egg tarts and the two pastries of soup) were found compatible with containing PHO.
Relevant food outlets of the three samples have adopted the recommendations from the CFS and reformulated their recipes. The reformulated products were tested and found to contain IP-TFA less than 2g per 100g, indicating that they did not contain PHO.
In addition, comparing the results of this study with a similar study in 2019, the percentage of samples with IP-TFA greater than 2g per 100g fat decreased significantly from around 25 per cent to four per cent. When looking into IP-TFA levels of an individual subcategory, there is a decrease in IP-TFA levels in puff pastries of soups, chicken pies, samosas/meat stuffed pastry rolls, cakes, Chinese/sweet pastries and cookies over the years. The study results indicated that the trade has made effort to reduce IP-TFA levels in the food supply.
To prepare for the upcoming prohibition of PHO on December 1 this year, the CFS reminds the trade to ensure that their food products do not contain PHO. Members of the public shall pay attention to the level of TFA on nutrition labels when purchasing prepacked foods. The WHO recommends limiting TFA intake to less than 1 per cent of total energy, which equals to less than 2.2g per day in a 2,000-calorie diet.
For details of the study, please visit the CFS’s website at www.cfs.gov.hk. read more
The Census and Statistics Department (C&SD) released today (November 9) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for October 2023.
The current diffusion index (DI) on business receipts amongst SMEs decreased from 45.5 in September 2023 in the contractionary zone to 44.8 in October 2023, whereas the one-month’s ahead (i.e. November 2023) outlook DI on business receipts was 48.3. Analysed by sector, the current DIs on business receipts for some surveyed sectors dropped in October 2023 as compared with previous month, particularly for the import and export trades (from 48.0 to 45.0) and wholesale trade (from 44.9 to 42.7).
The current DI on new orders for the import and export trades decreased from 48.0 in September 2023 to 45.6 in October 2023, whereas the outlook DI on new orders in one month’s time (i.e. November 2023) was 46.9.
Commentary
A Government spokesman said that overall business sentiment among SMEs eased slightly in October. Expectations on the business situation in one month’s time also softened. Nonetheless, the overall employment situation saw some improvement.
Looking forward, the spokesman said that while business sentiment will continue to be dampened by the challenging external environment and tight financial conditions, the continued revival of consumption- and tourism-related activities and the Government’s various support measures should provide some support. The Government will monitor the situation closely.
Further information
The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled “Report on Quarterly Business Tendency Survey” released by the C&SD.
The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
More detailed statistics are given in the “Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk). read more