Following is the speech by the Financial Secretary, Mr Paul Chan, at the Bloomberg Global Regulatory Forum 2023 today (October 31):
 
Bing (Head of Asia Pacific of Bloomberg, Mr Li Bing), Mr Cotzias (Global Head of External Relations of Bloomberg, Mr Constantin Cotzias), distinguished guests, ladies and gentlemen,
 
     Good morning. Thank you for this opportunity to speak to you, the heads and senior representatives of international regulatory bodies and institutions, as well as high-profile business executives. For that, and for organising its first Global Regulatory Forum in Asia – right here in Hong Kong – my thanks to Bloomberg. 
 
     My congratulations, too, on the 30th anniversary of Bloomberg's office in Hong Kong. As Bing alluded to earlier, this is the largest office of Bloomberg in the Asia-Pacific and your regional headquarters. 
 
Unlocking Hong Kong's new opportunities
 
     Today, we are here under the theme, "Navigating complexity and unlocking opportunities". Everyone in this room, I believe, has become an expert navigator of complexity over these last several years. It's time now to begin "unlocking opportunities". 
 
     The global economy is still working through its aftershocks. Last month, the IMF (International Monetary Fund) forecast global economic growth this year at just 3 per cent, down from last year's 3.5 per cent.  
 
     The lack of growth momentum in many regions, heightened geopolitical conflicts and the persistence of high inflation are among the reasons for slackening growth. There are concerns that the high interest-rate environment will continue, and its effects have not yet fully surfaced. 
 
     Supply-chain reshoring, friend-shoring and even onshoring, advocated by some countries, will only further hinder economic growth. 
 
     Hong Kong, a small open economy with no capital controls, is inevitably affected by the global financial market and its ebbs and flows. But rest assured, the robustness and security of our financial system against external shocks had been acidly tested. Financial security remains one of our top priorities, and we have been working with regulators to closely monitor the latest developments and potential risk areas in the financial market through a cross-market, round-the-clock surveillance system. 
 
     Despite the short-term challenges, the medium- to long-term outlook for Hong Kong is bright. The East, and Asia, will remain a major engine of global economic growth. 
 
     Hong Kong is keen on unlocking the opportunities ahead, making the best use of our unique advantages under the "one country, two systems" framework.
 
     The Chief Executive's Policy Address released last week has placed emphasis on adopting an "industry-oriented approach" to expedite our economic development, through reinforcing our traditional sectors such as financial services, boosting new sectors such as innovation and technology, and further opening new markets such as ASEAN (Association of Southeast Asian Nations), the Middle East and countries along the Belt and Road. 
 
     It signifies once again the mindset change of this government, no less than a paradigm shift – from relatively "laissez-faire" to being proactive and catalytic.
 
     In the realm of financial services, much media attention has recently been drawn to the reduction of stamp duty for stock trading. But what needs to be stressed here is not to focus on a single measure but look at the bigger picture – that is, our determination and commitment to boost the liquidity of the stock market by a combination of measures. They include bringing enhancements to our listing regime, market structure, trading mechanism, mutual market access arrangements with the Mainland, and attracting both international and Mainland capital. With these, I am confident that we will be able to attract more companies and capital to Hong Kong.
 
     And we continue to pursue other measures to further strengthen our role as a super-connector between the Mainland and the rest of the world. I am pleased to note, for example, that Hong Kong will soon launch Asia's first-ever ETF (exchange-traded fund) investing in Saudi Arabia. In a world heavily drifted by geopolitics and Middle East investors looking for opportunities to diversify, Hong Kong is no doubt best positioned to connect the capital and the vast investment opportunities between the Gulf region and Asia.
 
     Ladies and gentlemen, I know today's Forum will also touch on a few regulatory priorities, including climate change and virtual assets. Allow me to spend the next few minutes to update you on Hong Kong's development on both fronts.
 
Green transition
 
     As green colours the global agenda, governments around the world are putting high priority on carbon reduction and net-zero transition. Our country is highly committed to it. Not only has the Mainland Government set the "3060" targets as you all know, green transition is also central to the pursuit of high-quality development. This has been stated and reiterated at high-level party and state meetings last year and this year in Beijing. In other words, it has been deeply ingrained into the minds of policy makers in the Mainland.
 
     On the regulatory side, Hong Kong has long been trusted by international investors and businesses because of our alignment with the best international standards. For green and sustainable finance, we are making great strides in areas such as climate-related disclosure standards, green classification framework, green certification and green capacity building. I understand Eddie (Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue) and Julia (Chief Executive Officer of the Securities and Futures Commission, Ms Julia Leung) will update you in this regard. 
 
     And I would focus more on the opportunities that Hong Kong could offer to the region and world. Green transition is capital intensive. More than US$66 trillion will be needed by Asia alone in the coming three decades. Hong Kong is Asia's premier green and sustainable finance centre, issuing more than one-third of Asia's green and sustainable bonds last year. 
 
     And we are increasingly serving the needs of developing countries, including those along the Belt and Road. Just in May this year, we launched our first securitised infrastructure debts, worth around US$400 million, covering 25 projects in the Asia-Pacific, the Middle East and South America. A number of these relate to green, sustainable development, as well as social responsibility.
 
     The Hong Kong Monetary Authority is also working with the Mainland's Silk Road Fund to set up an investment platform for the Belt and Road. Together, they will contribute up to RMB15 billion or equivalent. And in the first phase, the two parties will set up an Impact Fund of up to US$1 billion focusing projects in energy transition, infrastructure and ESG (environmental, social and governance).
 
     Hong Kong is also advancing carbon trading by offering the world's sole market for settling carbon credits in both Hong Kong dollars and Renminbi. Today, it offers carbon credits from more than 40 internationally certified projects in Asia, South America and West Africa, covering forestry, solar, wind and biomass initiatives.
 
     If I may add one more point – we also envision Hong Kong to be a green tech and green finance centre. With strong basic research, we are already home to hundreds of green tech companies, some of which are already selling their solutions across different parts of the world. Combining our strengths with those of the Greater Bay Area will put us in the lead to become a world-class green tech and green finance centre, creating a complete financial and industry chain.
 
     And please stay tuned – early next year, we will organise the GreenTech and Green Finance Week to promote international dialogue, facilitate more matching of green funds and green projects, and expand co-operation possibilities in the green areas.
 
Virtual assets
 
     On the area of Web 3 and virtual assets, I know you may be interested in what position the Hong Kong SAR (Special Administrative Region) Government takes after certain recent incidents here in Hong Kong. While investigations are ongoing and it is better not to go into the specifics, I would like to point out that it underlines the importance of a robust licensing regime for virtual asset trading. And we have implemented that regime since June this year. Information transparency and investor education will be strengthened at the same time.
 
     We see regulation in this way: regulation and market development are not against one another. Rather, they go hand in hand: a robust, consistent, predictable and fit-for-purpose regime will instil confidence and trust in investors and market players. On this basis, a vibrant and innovative environment can continue to be built.
 
     For virtual assets, we remain committed to regulating them under the "same activity, same risks, same regulation" principle. 
 
Concluding remarks
 
     Ladies and gentlemen, I am grateful to Bloomberg for organising this event in Hong Kong, which gathers an international audience of investors, regulators and business leaders physically in this great city. You are most welcome to go out and experience the vibrancy and energy of this city. 
 
     I am confident that many of you will find Hong Kong to be quite different from what you have heard or read from the Bloomberg news, not to mention the Wall Street Journal.
 
     I wish you all the best of business, and health, in the coming years. 
 
     Thank you very much.

  

     To further promote improving the district governance system and reforming the District Councils (DCs), the Hong Kong Special Administrative Region (HKSAR) Government will hold the "Improving district governance  Building a better community" seminar at 3pm today (October 31) at the Central Government Offices. Representatives from various sectors of the community, leaders of political groups with affection for the country and Hong Kong, and authoritative experts and scholars are invited to attend.
 
     The seminar will be chaired by the Chief Executive, Mr John Lee. The Director of the Liaison Office of the Central People's Government in the HKSAR, Mr Zheng Yanxiong; the Vice-chairperson of the HKSAR Basic Law Committee of the Standing Committee of the National People's Congress (NPC), Professor Wong Yuk-shan; the former Vice-chairperson of the HKSAR Basic Law Committee of the Standing Committee of the NPC, Ms Maria Tam; the Secretary-General of the Hong Kong Coalition, Mr Tam Yiu-chung; the Consultant of the Chinese Association of Hong Kong and Macao Studies, Professor Lau Siu-kai; and the deputy head of the Hong Kong deputies to the NPC, Dr Stanley Ng, will give keynote speeches. The Chief Secretary for Administration, Mr Chan Kwok-ki; the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; and the Secretary for Home and Youth Affairs, Miss Alice Mak, will host a question-and-answer session after the keynote speeches.
 
     The seminar will be broadcast live from 3pm to 5pm. Members of the public can view it on the website of the Information Services Department (webcast.info.gov.hk), the news.gov.hk's Facebook page (www.facebook.com/govnews.hk) or the Constitutional and Mainland Affairs Bureau's Facebook page (www.facebook.com/cmab.gov.hk). Radio Television Hong Kong TV 32 will also broadcast the seminar.
 
     A Government spokesman said, "Improving the district governance system and reforming the DCs are related to the good governance of the HKSAR, good community life, and a better living and working environment for all citizens. Members of the public are encouraged to watch the broadcast to better understand improving the district governance system."

     â€‹The Labour Department (LD) will hold a public talk entitled "Occupational Health of Office Workers Series (II) Prevention of Musculoskeletal Disorders for Office Workers" on November 8 (Wednesday) at 7.15pm to raise office workers' awareness of musculoskeletal disorders of back and upper limbs arising from prolonged repetitive movements or improper sitting postures. The talk will cover the causes of and preventive measures for musculoskeletal disorders among office workers. The talk will be given by the LD's occupational hygienist and occupational health nurse.
 
     The LD will hold another talk entitled "First Aid in the Workplace" on November 13 (Monday) at 3.30pm. The talk will cover basic knowledge of first aid and explain how to assist and handle employees injured from workplace accidents through case illustrations. The talk will be given by the LD's occupational health nurse.
 
     Both talks will be given in Cantonese at the Lecture Theatre of the Hong Kong Central Library, 66 Causeway Road, Causeway Bay. Admission is free but pre-registration is required. Interested participants can register online (www.oshsreg.gov.hk). For enquiries, please call 2852 4040.

     The Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, will depart for Xiamen tomorrow (November 1) morning. He will meet with senior officials of the Xiamen Municipal Bureau of Culture and Tourism. He will also attend the opening ceremony of the China Golden Rooster and Hundred Flowers Film Festival and relevant programmes. Mr Yeung will then visit Dongguan and meet with senior officials of the municipal government.
 
     After that, Mr Yeung will go to Shenzhen and attend the opening ceremony of the 24th Shenzhen Reading Month on November 4 morning. He will return to Hong Kong in the afternoon. During his absence, the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, will be the Acting Secretary for Culture, Sports and Tourism.

     The Fire Services Department (FSD) announced today (October 31) that the Fire Service (Installations and Equipment) (Amendment) Regulation 2023 (the Amendment Regulation) will come into effect tomorrow (November 1), with a view to facilitating the voluntary use of portable firefighting equipment, such as fire extinguishers and fire blankets, in domestic premises of the public's own volition. The public could tackle the fire early in case of a fire at home, thereby enhancing home fire safety in a holistic manner. 

     The Amendment Regulation aims to exclude approved portable firefighting equipment that is installed in domestic premises of one's own volition (i.e. not required by or pursuant to law) from the application of regulation 8(1) of Fire Service (Installations and Equipment) Regulations, to the effect that the owners of such portable firefighting equipment will be exempted from the statutory duty of keeping such equipment in efficient working order at all times and having the equipment inspected by registered fire service installation contractors at least once every 12 months.

     Nevertheless, owners of any portable firefighting equipment that are required by law to be installed in any premises, portable firefighting equipment in common areas of domestic buildings (e.g. common corridors, lobbies and staircases, etc) installed of one's own volition, and portable firefighting equipment installed of one's own volition in any premises which are not intended to be used for residential purposes (such as industrial buildings, etc) should continue to be subject to the relevant statutory duty. 

     To facilitate the public to identify portable firefighting equipment approved by the FSD, the department has added a new function, Portable Easy Scan, to its mobile application since October 27. It allows the public to scan the information on the label of the equipment with their mobile phones. The application performs a search of the list of approved portable firefighting equipment to help the public to identify whether the equipment is an approved model or not. 

     In order to promote the widespread use of portable firefighting equipment in domestic premises, the FSD has set up a dedicated homepage at its website (www.hkfsd.gov.hk/eng/fire_protection/pedp/). The website lists out the details of the Amendment Regulation and the guideline on the appropriate selection and self-checking of portable firefighting equipment. The FSD will also promulgate the benefits and the use of portable firefighting equipment to the public through various channels.