Tag Archives: China

     Delivering his second Policy Address today (October 25), the Chief Executive, Mr John Lee, outlined a range of measures to boost Hong Kong’s economy and support businesses, taking full advantage of Hong Kong’s strengths under “one country, two systems”.
 
     The initiatives include Hong Kong’s development of the “eight centres” outlined in the National 14th Five-Year Plan.
 
    To consolidate Hong Kong’s status as an international financial centre, one of the “eight centres”, it is dependent on a vibrant stock market. Responding to the report of the Task Force on Enhancing Stock Market Liquidity, the Government accepted its recommendations and would implement initiatives including reducing stamp duty on stock transfer, reviewing stock trading spread and reducing market data fees. They also include reforming GEM (formerly known as the Growth Enterprise Market), for which the Hong Kong Exchanges and Clearing Limited would implement the revised Listing Rules for GEM in the first quarter of 2024 after considering public views. These would include new listing routes for research and development (R&D)-focused companies and streamlining the transfer mechanism to the Main Board.
 
     Other measures on reinforcing Hong Kong’s competitiveness as a financial centre include:
 

• strengthening the offshore Renminbi business;
• deepening financial co-operation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA);
• establishing a new platform to expand fund distribution; and
• promoting the development of green and sustainable finance in Hong Kong.

 
     Attracting companies to Hong Kong remains a central policy priority. The Office for Attracting Strategic Enterprises (OASES), introduced in last year’s Policy Address, has been well received with 30 companies planning to establish a base or expand their operations in Hong Kong, investing about $30 billion and adding some 10 000 employment opportunities. OASES will continue its good work, reaching out to at least 300 strategic enterprises in 2024, with a focus on those specialising in advanced technology, innovation and other strategic industries. These are pertinent to Hong Kong’s development of the “eight centres”.
 
     So, too, is Hong Kong’s arrival as a “headquarters economy”, attracting companies to establish their headquarters or divisional operations in the city. And legislative amendments will be introduced into the Legislative Council next year to help overseas incorporated companies re-domicile in Hong Kong, especially those with a business focus in the Asia-Pacific region. Foreigners working in overseas companies in Hong Kong will be eligible for multiple-entry visas, of two or more years, to the mainland, with fast-track processing of their applications.
 
     Alongside attracting strategic enterprises, the Government is committed to bringing in, and retaining, talent. A Hong Kong Talent Engage office will open at month’s end to support incoming talents and follow up with their development and needs. Next year, a “Global Talent Summit cum Guangdong-Hong Kong-Macao Greater Bay Area High-quality Talent Development Conference” will be held to promote co-operation in talent recruitment throughout the GBA.
 
     In addition, the Top Talent Pass Scheme will add eight prominent Mainland and overseas institutions to its network for attracting global talent. A Capital Investment Entrant Scheme will also be implemented, details of which will be announced by the end of this year. The scheme will allow eligible investors who make investments of $30 million or above in assets such as stocks, funds, bonds and so on (excluding real estate) to apply for entry into Hong Kong.
 
     Hong Kong will augment its longstanding status as an international trade centre, another one of the “eight centres”. While maintaining close ties with long-established markets in Europe and the United States, the Government will explore and tap into the new markets of Belt and Road countries, including those of the Association of Southeast Asian Nations (ASEAN), the Middle East, Central Asia and Africa.
 
     Hong Kong has been negotiating investment agreements with Bahrain, Bangladesh and Saudi Arabia and would soon sign an investment agreement with Türkiye. Hong Kong has also been negotiating a free trade agreement with Peru. In addition, Hong Kong has applied for accession to the Regional Comprehensive Economic Partnership, comprising Mainland China, the 10 member states of ASEAN, as well as Japan, Korea, Australia and New Zealand.
 
     Deepening economic and trade co-operation with the Mainland is equally important. Hong Kong will organise more outbound missions with Hong Kong and Mainland enterprises to promote business opportunities for Hong Kong’s professional services together with Mainland partners. The Government will also organise visits to the GBA for overseas enterprises operating in Hong Kong. In addition, more consultant offices would be set up along the Belt and Road by Invest Hong Kong and the Hong Kong Trade Development Council.
 
     Advanced logistics is essential for an international trade centre, an Action Plan on Modern Logistics Development would be published before year’s end. The Government would formulate strategies and action measures to promote the logistics industry along the directions of smart development, modernisation, green and sustainability, internationalisation and facilitation.
 
     Beyond finance, trade, logistics, shipping and professional services sectors, the Government will continue to develop emerging strategic industries. These included innovation and technology, cultural and creative, pharmaceutical research and development, Chinese medicine and new-energy transport industries.
 
     Small and medium enterprises (SMEs) are critical to both Hong Kong’s traditional and emerging industries. To help them remain competitive in today’s technology-driven economy, the Government would establish an E-commerce Development Task Force. It will help SMEs develop e-commerce business on the Mainland. In addition, Cyberport will launch its Digital Transformation Support Pilot Programme by year’s end, subsiding SMEs in the retail and catering sectors in adopting electronic payment and other digital initiatives.
 
     Hong Kong also enjoys the nation’s support as an international innovation and technology centre. To further that goal, the Government would:
 

• set up the New Industrialisation Development Office to help strategic enterprises develop their businesses, to assist the manufacturing sector in its upgrading and transformation by making use of innovation and technology and to support the growth of start-ups;  
• establish the Hong Kong Microelectronics Research and Development Institute in 2024 to work with universities, R&D centres and the industry, providing advanced infrastructure and hardware support;
• expedite the establishment of an artificial intelligence (AI) supercomputing centre at Cyberport;
• create a $10 billion New Industrialisation Acceleration Scheme to support enterprises setting up production facilities in Hong Kong. The Scheme will target enterprises specialising in life and health technologies, AI and data science, advanced manufacturing and new-energy technologies;
• support the transformation of R&D outcomes from start-ups by doubling the maximum funding provided for the Technology Transfer Office of each specified university to $16 million;
• develop a third Science Park InnoHK cluster focused on advanced manufacturing, materials, energy and sustainable development; and
• promote the cross-boundary data flow of financial and medical services within the GBA.

 
     Despite Hong Kong’s many challenges in the near term, the Policy Address measures would help Hong Kong realise a future as bright, energetic, competitive and prosperous as ever. read more

　　The Chief Executive, Mr John Lee, today (October 25) announced his second Policy Address entitled “A Vibrant Economy for a Caring Community”, setting out a range of initiatives to revive the economy, create opportunities and ensure long-term prosperity and stability of Hong Kong.
　　 
　　The Government’s policy focus is on upholding “One Country, Two Systems”, and strengthening the economy to improve people’s livelihoods. The Government aspires to create a cohesive and caring community, with a vibrant economy where everyone can enjoy life. The Government will continue enhancing governance systems and foster a stronger sense of national identity and patriotism in the community.
　　 
Uphold the principle of “One Country, Two Systems” and safeguard national security
　　 
　　The Hong Kong Special Administrative Region (HKSAR) Government would fully, faithfully and resolutely implement the principles of “One Country, Two Systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy, safeguard the constitutional order of the HKSAR as laid down by the Constitution of the People’s Republic of China and the Basic Law of the HKSAR of the People’s Republic of China.
　　 
　　To fulfil the HKSAR Government’s constitutional duty to implement Article 23 legislation of the Basic Law, which relates to prohibiting acts and activities that endanger national security, the Government would press ahead to draw up effective legislative options and complete the legislative exercise in 2024.
　　 
　　The Government would also address increasing risks of cybersecurity of critical infrastructure by introducing a bill into the Legislative Council in 2024.

Enhancing governance systems
　　 
　　Since taking office, the current-term Government has strived to improve the governance systems, capability and efficacy.
　　 
　　To cultivate a result-oriented culture among the civil service, the Policy Address set a total of 150 indicators, including key performance indicators (KPIs), of which 73 are new this year.
　　 
　　”The performance of departments has generally met my expectations,” Mr Lee said. “The indicators have enabled me to monitor work progress and outcomes more effectively. More importantly, they have helped cultivate a result-oriented culture within the Government.”
　　 
　　The Government also announced plans to set up a Digital Policy Office, to formulate policies on digital government, data governance and information technology.
　
Revitalising the economy
　　 
　　The Policy Address outlined a series of initiatives to revitalise the economy and create opportunities for the development of priority sectors. The Government will boost the economy and drive growth through infrastructural creation, moving ahead with land and transport development projects to expand Hong Kong’s economic capacity.
　　 
　　To boost the city’s strength as a global hub for commerce and finance, the Government would promote a “headquarters economy” to attract more Mainland and overseas enterprises and talents to the city. The Government will also introduce a mechanism to facilitate the re-domiciliation of companies to Hong Kong, in particular those with a business focus in the Asia-Pacific region. Invest Hong Kong and the Hong Kong Exchanges and Clearing Limited will reach out to and encourage major Hong Kong listed companies domiciled overseas to re-domicile to Hong Kong.
　　 
　　Other measures to attract enterprises, investment and talents include enabling foreign staff of eligible companies to apply for multiple-entry visas to the Mainland. The Government will also implement the Capital Investment Entrant Scheme, which allows eligible investors who make investments of $30 million or above in Hong Kong to enter the city.
　　 
　　A New Industrialisation Development Office will be set up to promote new industrialisation and support strategic enterprises to develop their businesses in Hong Kong. A $10 billion New Industrialisation Acceleration Scheme will also be launched to provide financial assistance for enterprises in the fields of life and health technologies, artificial intelligence and data science, advanced manufacturing, and new energy technologies.
　　 
　　The Government is taking forward a number of major development projects, including the Northern Metropolis and the Kau Yi Chau Artificial Islands, which will bring about substantial economic and social benefits, while also requiring significant funding.
　　 
　　As such, the Government will establish the Committee on the Financing of Major Development Projects, led by the Financial Secretary, and the Office for the Financing of Major Development Projects to advise on feasible investment and financing options, taking advantage of market capital and efficiency.
　　 
　　Upon full development, the Northern Metropolis will provide about 500 000 new housing units and create 500 000 new jobs. Adopting an “industry-driven and infrastructure-led” approach as its key planning axle, the Northern Metropolis will forge a major node for Hong Kong to integrate into the overall development of the country. The Government will shortly publish the Action Agenda for the Northern Metropolis. It will integrate deeply with the planning of Shenzhen and other Guangdong-Hong Kong-Macao Greater Bay Area cities.
　　 
　　With tourism being a pillar industry for Hong Kong, the Government would formulate the Development Blueprint for Hong Kong’s Tourism Industry 2.0, to be published next year.
　　 
　　To promote arts and culture, a new Cultural and Creative Industries Development Agency will be set up with the aim of developing arts, culture and creative industries. The Government will also inject $4.3 billion into the Film Development Fund and the CreateSmart Initiative to provide incentives for attracting private sector capital and expanding new markets.
　　 
　　Noting that Hong Kong has among the world’s longest life expectancies and coupled with a low birth rate, the Policy Address announced various initiatives to create a more family friendly environment and encourage more couples to have children.
　　 
　　Among these initiatives are plans to disburse a Newborn Baby Bonus of $20,000, raising the tax deduction ceiling for eligible parents and priority arrangements for public rental housing under a new “Families with Newborns Allocation Priority Scheme” and purchase of subsidised sale flats under a new “Families with Newborns Flat Selection Priority Scheme” to be introduced by the Hong Kong Housing Authority.
　　 
National identity and culture
　　 
　　The Government will continue to roll out various programmes and initiatives to enhance national identity and promote Chinese culture and history.
　　 
　　The Constitution and Basic Law Promotion Steering Committee will extend its scope to cover patriotic education. The Leisure and Cultural Services Department will establish a Chinese Culture Promotion Office. A Chinese Culture Festival will also be organised starting from next year, while two museums will be set up; one showcasing China’s development and achievements and the other focusing on the War of Resistance.
　　 
　　”I have faith in the building of China into a great country through Chinese modernisation. I have faith in the great rejuvenation of the Chinese nation. I have faith in our ‘One Country, Two Systems’. And I have faith in you, the people of Hong Kong. As we stay united and embrace our diversity, I firmly believe that we will be able to build a better Hong Kong together.” Mr Lee said.  read more

     â€‹The Commissioner of Customs and Excise, Ms Louise Ho, today (October 25) led a delegation to visit the Shenzhen Customs District and met with the Director General in Shenzhen Customs District, Mr Zheng Jugang, to have in-depth discussions and exchanges on matters of mutual concern. This was the first meeting arranged after Mr Zheng took office in September.

     Ms Ho stressed that the Shenzhen Customs has always been the closest partner of Hong Kong Customs and a close friendship and a solid foundation for collaboration have been established over the years between the two sides. The two Customs administrations have yielded remarkable achievements in different aspects of co-operation, including the combat of cross-boundary drug trafficking activities and smuggling activities involving parallel traders. Both have been also maintaining full communication, together with thorough planning and flexible manpower deployment, in addressing the challenges brought by the full resumption of normal travel, the opening of the Liantang/Heung Yuen Wai Control Point, as well as the redevelopment of the new Huanggang Port, so as to ensure smooth traveller and vehicle flows of the two places. She said that Hong Kong Customs will fully support the Mainland Customs in organising the 6th World Customs Organization Global Authorized Economic Operator Conference in Shenzhen for the first time next year in May which will strengthen the co-operation of trade facilitation between both sides.

     Moreover, she also expressed gratitude to the Shenzhen Customs District for supporting youth development work of Hong Kong Customs, citing that several key officials from the Guangdong Sub-Administration of the General Administration of Customs of the People’s Republic of China and the Shenzhen Customs attended the exchange tours organised by Customs YES earlier and provided guidance to the Hong Kong youngsters on thorough understanding of the development, history and culture of the country.

     Looking ahead, Ms Ho said she hoped the two Customs administrations will continue to co-operate, strengthen enforcement actions and capabilities in tackling money laundering activities, and establish two-way exchange and staff training mechanisms, as well as exploring the expansion of “One Form, Two Declarations” to control points linked with Shenzhen.

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The following is issued on behalf of the Women’s Commission:
      
     The Women’s Commission (WoC) welcomes the initiatives on promoting women’s development in “The Chief Executive’s 2023 Policy Address” delivered by the Chief Executive, Mr John Lee, today (October 25).

     The Chief Executive announced in the Policy Address that the Government will set up a dedicated Women Affairs Team under the Home and Youth Affairs Bureau (HYAB) and designate the post of Commissioner for Women Affairs to focus on work related to women affairs.  Key initiatives for the coming year include launching a one-stop family and women information portal, organising the first Family and Women Development Summit, and introducing a maintenance mediation pilot scheme through the Community Care Fund.
      
     The Chairman of the WoC, Ms Chan Yuen-han, said, “I am very delighted to learn that the Government has attached great importance to women’s development and that it has taken into account suggestions from the women sector to set up the post of Commissioner for Women Affairs, so as to better facilitate the promotion of women’s development. I am also pleased to know that the Government will introduce a maintenance mediation pilot scheme to assist parties concerned to resolve disputes through mediation. The new initiatives mentioned in the Policy Address would not only facilitate the Government to formulate more focused measures in supporting women’s development and promoting family education, but would also assist women to overcome different challenges that they may encounter in life.”
      
     It is also mentioned in the Policy Address that the HYAB will continue to encourage women’s groups and NGOs to utilise the Women Empowerment Fund (WEF) under the WoC to facilitate women to unleash their potential and achieve self-enhancement. In addition, the Greater Bay Area Exchange Programme under WEF will be regularised in 2024-25 and a new dedicated scheme will be introduced to encourage women to participate in community services.
      
     Ms Chan said, “The 2023-24 first-round application of the WEF was very well-received. Over 80 projects were approved with funding to organise activities. Regularising the Greater Bay Area Exchange Programme in 2024-25 will provide more opportunities to broaden women’s horizon, whereas the introduction of a dedicated scheme to encourage women to participate in community services will facilitate relevant organisations to run specific projects that aimed at empowering women and facilitating their contributions to the society.”
      
     The WoC was established in 2001. Its mission is to enable women to fully realise their due status, rights and opportunities in all aspects of life. To further promote the well-being and rights of women, it adopts a three-pronged approach that entails the provision of an enabling environment, the offering of training to enhance women’s capacity, and the implementation of public education. read more

     The Secretary for the Civil Service, Mrs Ingrid Yeung, wrote to civil service colleagues soon after the delivery of “The Chief Executive’s 2023 Policy Address” today (October 25). She also met with representatives from the four civil service central consultative councils and the four major service-wide staff unions this afternoon to brief them on policy initiatives relating to civil service matters in the Policy Address.

     Entitled “Sustained Efforts to Strengthen Management and Enhance Efficacy”, Mrs Yeung’s letter to civil service colleagues outlined the policy initiatives of strengthening civil service management and enhancing civil service training.

     She said, “A capable and efficient civil service is the key to success in improving the governance of the Hong Kong Special Administrative Region Government. Our colleagues in various departments have always been doing their best to serve the public. Whether it be the super typhoon or the unprecedented rainstorm that hit Hong Kong, concerted efforts were made in response to bring our community back to normal as soon as possible. The dedicated efforts of our colleagues are fully recognised by the Chief Executive in his Policy Address.”
 
     The Policy Address has put forward various initiatives to promote Hong Kong’s economic development and better living for the members of the public. She added that the Policy Address also continues to strengthen the civil service management system so as to further enhance the efficacy of the civil service and enable colleagues to give full play to their strengths in preparation for challenges ahead. In order to build a vibrant economy, civil servants must always embrace challenges, and approach their work with a bold and innovative mindset and a people-oriented ethos. The civil service must serve the public in a proactive manner with a focus on action, and render full support to the Chief Executive in administering Hong Kong.    read more