Tag Archives: China

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

     The Hong Kong Monetary Authority (HKMA) and the Saudi Central Bank (SAMA) held a bilateral meeting in Hong Kong yesterday (December 5) to further strengthen the bilateral co-operation between the financial services sectors of the two jurisdictions.
      
     During the meeting, the HKMA and the SAMA engaged in an in-depth discussion covering several major areas, including financial infrastructure development, supervisory technology adoption, global investment outlook and opportunities, and experience in economic research.
      
     The meeting followed an earlier bilateral meeting between the HKMA and the SAMA, held in Riyadh in July 2023.
      
     The Chief Executive of the HKMA, Mr Eddie Yue, said, “We are delighted to welcome the SAMA delegation to Hong Kong. Connectivity between Hong Kong and Saudi Arabia has been growing in recent years. We look forward to strengthening our partnership with the SAMA and continuing our exchange in areas of mutual interest, to further enhance the Kingdom of Saudi Arabia and Hong Kong’s roles as the gateways between the Middle East and Asia.”
      
     The Governor of the SAMA, Mr Ayman Al-Sayari, said, “The bilateral meeting reinforced the continuous co-operation between our central banks, highlighting our shared commitment to fostering international collaboration, sharing knowledge, and driving innovation to support a robust and resilient financial system. We look forward to deepening our dialogue with the HKMA through ongoing exchanges of views, experiences, and policy insights.” read more

     â€‹Invest Hong Kong (InvestHK) concluded today (December 6) its annual meeting, which gathered key representatives from its 34 overseas and Mainland offices, as well as officials from other bureaux and departments, for cross-departmental sharing and discussions to further synergise its efforts in promoting Hong Kong as a premier business hub in the Asia-Pacific region.  
      
     The annual meeting was packed with cross-geographical and sector-team discussions, knowledge sharing and a fireside chat with officials from different bureaux and departments, including the Financial Services and the Treasury Bureau, the Innovation, Technology and Industry Bureau, the Hong Kong Talent Engage, and the Trade and Industry Department, as well as visits to innovation and development hubs and business partners in Hong Kong and Shenzhen.
      
     The theme of the annual meeting, “One Team with One Mission”, underscores the unified commitment of 34 global offices to working jointly to attract enterprises and investment. As of November 2024, InvestHK has assisted over 500 Mainland and overseas companies to set up or expand their businesses in Hong Kong, representing a year-on-year increase of nearly 50 percent. The annual meeting serves as a key platform for exchanging insights and uniting InvestHK’s global efforts to explore innovative strategies to attract foreign direct investment, reinforcing Hong Kong’s position as the leading international business location in Asia. 
      
     The highlight of the annual meeting was InvestHK’s Annual Reception held on the first day. It brought together more than 500 guests from all over the world, including business leaders, valued partners, and representatives from consulates and chambers, promoting cross-sector collaboration and synergy.
      
     In his opening remarks, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said, “Hong Kong’s unique advantages continue to be recognised by the international community. As the only economy in the world where the global advantage and the China advantage come together, Hong Kong is ranked again as the freest economy in the world by the Fraser Institute in its latest report. In the Business Ready 2024 Report recently published by the World Bank Group, Hong Kong was rated among the top in international trade. Hong Kong indeed has a lot to offer for companies around the world, which would like to set up regional headquarters to tap into the Mainland market, or for Mainland companies aiming to go overseas through Hong Kong.”
      
     The Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong, kicked off the annual meeting and delivered a keynote speech, welcoming and thanking InvestHK’s staff for their efforts in promoting Hong Kong globally. She also expressed confidence in Hong Kong’s future and encouraged active collaborations and discussions within the Government to promote the city’s strengths.
      
     Concluding the annual meeting, the Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “It has been a remarkable year for InvestHK, and I am proud of the progress we have made together. While external challenges exist, our continued growth reflects our resilience and readiness to embrace new opportunities. We have overcome challenges in the past, and we will continue to do so in the future. This is the spirit of InvestHK – agile, determined, and always ready to go the extra mile to serve our clients.”
      
     The annual meeting included visits by InvestHK’s overseas staff to innovation and development hubs in Hong Kong and Shenzhen, including Cyberport, Hong Kong Science and Technology Park, Northern Metropolis and Kai Tak Sports Park, as well as BYD Group, Shenzhen HighGreat Innovation Technology Development Co Ltd and Ping An Finance Centre in Shenzhen. Through these visits, the overseas staff gained first-hand insights into the rapid developments in these two places, enabling them to tell Hong Kong stories even better in the markets where they are based.

                      

     â€‹The Electrical and Mechanical Services Department (EMSD) is investigating the suspension incident of the Hong Kong Observation Wheel happened today (December 5).
      
     An EMSD spokesman said, “Upon notification of the suspension incident of the Hong Kong Observation Wheel at 5.26pm today, EMSD officers immediately conducted an on-site investigation. The preliminary findings revealed that the failure of the backup system of the observation wheel has triggered the safety system to suspend the observation wheel. The operator followed the operation procedures to restart the observation wheel and release the passengers. All passengers were safely evacuated at 5.48pm, and no passengers were injured in the incident.”
      
     For safety’s sake, the EMSD has requested the Hong Kong Observation Wheel to conduct a detailed inspection and reopen it only after confirming safety by the competent person of the amusement ride. The Hong Kong Observation Wheel is required to submit a report on the incident. The EMSD will continue closely monitoring the operation of the Hong Kong Observation Wheel. read more

     Leading a business delegation to visit Urumqi, Xinjiang, the Secretary for Commerce and Economic Development, Mr Algernon Yau, met with the Secretary of the CPC Xinjiang Uyghur Autonomous Regional Committee, Mr Ma Xingrui; the Chairman of Xinjiang Uyghur Autonomous Region, Mr Erkin Tuniyaz; and Deputy Prime Minister of Kazakhstan Mr Serik Zhumangarin today (December 5) to exchange views on promoting economic and trade co-operation among the three places, with a view to jointly exploring the full range of opportunities arising from the Belt and Road Initiative.
 
     Mr Yau noted that Kazakhstan is a hub connecting Europe and Asia, while Xinjiang serves as a key link for the Silk Road on land, whereas Hong Kong is the premier gateway to the Mainland market. By strengthening exchanges and co-operation, the three places will be able to achieve complementarity for greater benefits, contributing to the prosperity of the Belt and Road regions.
 
     Mr Yau said that over the past decade, trade value between Hong Kong and Belt and Road economies other than Mainland China has increased by nearly 60 per cent, demonstrating that the Belt and Road Initiative has been creating more opportunities for Hong Kong and has become a new driving force for Hong Kong’s economic growth.
 
     He added that Hong Kong is ranked as the world’s freest economy and serves as the country’s gateway to the world and the functional platform for the Belt and Road Initiative. The Hong Kong Special Administrative Region Government will continue to support enterprises and professional services in exploring global markets and business opportunities along the Belt and Road, as well as assist Belt and Road countries and regions to enhance professional capacities and promote people-to-people bonds.
 
     Mr Yau also held bilateral meetings with Mr Tuniyaz and Mr Zhumangarin respectively to exchange views on issues of mutual concern.
 
     The Commissioner for Belt and Road, Mr Nicholas Ho, and other members of the delegation attended a co-operation and exchange forum between China (Xinjiang, Hong Kong) and Kazakhstan today to promote Hong Kong’s advantages and participated in sharing sessions focusing on various areas including cultural exchanges, energy industries, digital economy, commerce and logistics and finance, with a view to promoting economic and trade co-operation and people-to-people exchanges among the three places.
 
     After his arrival yesterday (December 4), Mr Yau visited the exhibition centre of textile and geographical indication products of Urumqi, Xinjiang, to learn about the development of local specialty products. He then had dinner with representatives of Hong Kong enterprises in Xinjiang to keep abreast of their business operations and the latest economic developments in the region.
 
     Mr Yau will lead the delegation to visit local enterprises tomorrow (December 6) to gain an understanding of the development of the related industries before returning to Hong Kong.

          

     The Government will gazette the Protection of the Harbour (Amendment) Bill 2024 (the Bill) tomorrow (December 6). By amending the existing legislation, the Bill seeks to, on the one hand, set out a clearer mechanism to regulate reclamations in the Victoria Harbour (the Harbour), in particular large-scale reclamations, for protecting the Harbour, and on the other hand, streamline the mechanism for small-scale reclamations which improve the Victoria Harbour to facilitate and promote harbourfront enhancement for public enjoyment and to strengthen harbour functions. The streamlined mechanism will also be applicable to non-permanent reclamations in the Harbour.
      
     A spokesperson for the Development Bureau (DEVB) said, “The existing Protection of the Harbour Ordinance (PHO) prescribes the ‘presumption against reclamation’ in the Victoria Harbour (the Presumption) but does not stipulate any specific mechanism to ascertain whether a proposal can fulfill the ‘overriding public need’ to rebut the Presumption. Moreover, at present, the Presumption covers all harbour reclamations across the board, which is not conducive to reclamations for the purpose of improving the Harbour. As promenades on both sides of the Victoria Harbour are taking shape, and the community has aspired for better facilities and experiences along the harbourfront. Amending the PHO will help meet such aspiration.”
      
     The Government has earlier reaffirmed that there is no plan to initiate large-scale reclamation in the Victoria Harbour to form land for housing, commercial or industrial developments. Amendments in the Bill are proposed along two main directions, namely (1) small-scale reclamations proposed to be carried out in the Harbour for the purpose of harbourfront enhancement or harbour non-permanent reclamations meeting certain criteria may be handled according to streamlined procedures involving the granting of exemption from the Presumption by the Financial Secretary for such reclamations; and (2) other than the aforesaid harbour reclamations exempt from the Presumption, to enhance certainty and transparency, all harbour reclamations will continue to be subject to the existing stringent Presumption and will be required to go through the statutory procedures stipulated in the amended legislation, to ascertain whether the “overriding public need” test is fulfilled for rebutting the Presumption.
      
     In respect of small-scale reclamations involved in improving the Victoria Harbour, only harbour reclamations as specified in the schedule of the Bill may be exempt from the Presumption, for example, for the construction of piers, viewing decks, breakwaters, etc., where the total area of the harbour occupied or covered by the structure, feature or device so constructed does not exceed 0.8 hectare.
      
     In respect of harbour non-permanent reclamations, the reclamations may be exempt from the Presumption if area of land formed in the Victoria Harbour does not exceed three hectares at any time during the works and the expected duration of the works does not exceed seven years. 
      
     According to the Bill, the Financial Secretary, in considering the granting of exemptions for the above two types of reclamations, must be satisfied that the relevant reclamation is in the public interest, including the public benefits that can be brought and the limited impact on the Harbour.
      
     As regards the harbour reclamations not exempt from the Presumption, including large-scale reclamations, they are still subject to the stringent Presumption. To rebut the Presumption, it is necessary to undergo the statutory procedures in the Bill to determine whether the “overriding public need” test is met in rebutting the Presumption. To this end, the Bill incorporates the three considerations set out in earlier court judgment for rebutting the Presumption, which are (i) there is an overriding public need for the harbour reclamation that is not exempt from the Presumption and the need is compelling and present; (ii) there is no reasonable alternative to the reclamation; and (iii) the extent of the reclamation does not go beyond the minimum of that which is required by the overriding public need. Under the formalised mechanism proposed in the Bill, the project proponent is required to prepare a report to set out the assessment on whether the reclamation fulfills the “overriding public need”, and the report must be published for public comments for a period of 60 days.  The project proponent is required to submit the report and the comments received to the Chief Executive in Council within a specified period for determination on whether the Presumption is rebutted.
      
     The DEVB consulted the Legislative Council (LegCo) Panel on Development and Harbourfront Commission (HC) twice in March last year and June this year, and conducted a five-month public engagement exercise last year. During the public engagement period, various stakeholders, including professional bodies, water-based activities organisations, fishermen’s organisations, users with operations in the harbour, District Councils, local representatives and members of the general public were engaged. The proposals met with cross-party support from the LegCo to a large extent and most HC members were supportive. The public was also generally supportive of the proposed legislative framework. 
      
     The spokesperson continued, “The proposed amendments would provide greater flexibility in taking forward small-scale reclamations involved in improving the Victoria Harbour. The Government will fully support the LegCo’s examination of the Bill, with the hope that the Bill could be passed and implemented as soon as possible, thereby enabling the Government to take forward some long-awaited harbour enhancement works and bringing the public a better harbourfront experience.”
      
     The Bill will be introduced into the LegCo for first reading on December 11. For details, please refer to the LegCo Brief issued today. read more