Tag Archives: China

     â€‹Invest Hong Kong (InvestHK) announced today (December 5) that the Mainland hotpot chain Baheli Beef Hotpot has opened its first store in Hong Kong, leveraging the city’s status as an international business hub to raise its brand awareness globally.

     Associate Director-General of Investment Promotion Mr Arnold Lau said, “Hong Kong is a gourmet hub catering for customers from the East and the West. Mainland restaurants can leverage Hong Kong’s unique positioning and business advantages to accelerate their overseas expansion. I wish Baheli Beef Hotpot great success in its business.”

     The Project Leader of Hong Kong Baheli Catering Management, Mr Xu Longyi, said, “Baheli Beef Hotpot, which originated in Shantou, has been awarded intangible cultural heritage status and is a representative of Chaozhou-Shantou (Chao-Shan)-styled cuisine. We value cleaver techniques, and our experienced butcher chefs prepare plates of freshly cut meat of different thicknesses according to the characteristics of different parts of the beef, striving to allow diners to experience the flavour of Chao-Shan beef hotpot. Hong Kong people have a strong interest in high-quality and distinctive food, which coincides with our market positioning and should therefore offer us a wider market segment for the brand. We hope that our establishment in the city can further enhance our brand recognition and expand our clientele.”

     Xu added, “Hong Kong’s excellent business environment, legal system, government assistance, and financial infrastructure provide solid support for Baheli Beef Hotpot’s operations in the city. We already have plans to open two to three more stores in the near future.”

     He continued, “The cultural exchange and economic ties between Hong Kong and the Mainland are becoming closer as the Guangdong-Hong Kong-Macao Greater Bay Area develops. By opening stores in Hong Kong, we are able to further integrate into the area’s development plan and share our resources and advantages accumulated on the Mainland.”

     Baheli Beef Hotpot currently operates over 200 stores across the Mainland. The group has established its own supply chain management system to maintain high-quality standards in beef processing. The Hong Kong office will handle daily operations and supply chain management for the stores in Hong Kong.

     For more information about Baheli Beef Hotpot, please visit cyjm888.gzmc168.cn/.

     To get a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720322370851.

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     The Digital Policy Office (DPO) is staging the Hong Kong Innovation Pavilion (the Pavilion) at the Entrepreneur Day (E-Day) organised by the Hong Kong Trade Development Council (HKTDC) for two consecutive days starting today (December 5). The Pavilion, in its inaugural edition, showcases over 30 local award-winning innovation and technology (I&T) projects across four dedicated zones: “Smart Living”, “Smart People”, “Smart Economy” and “Smart Mobility”, with a view to commending exemplary local innovations and promoting award-winning and marketable projects.
 
     On opening day, the Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, and the Commissioner for Digital Policy, Mr Tony Wong, toured the Pavilion. Supporting start-ups is a crucial component in enhancing the I&T industry chain. Apart from regularly organising I&T competitions, the DPO also actively develops diverse promotional platforms for winning enterprises, such as funding winning enterprises to showcase their innovative solutions and explore business opportunities at large-scale local, Mainland and overseas technology exhibitions. Furthermore, the DPO supports outstanding projects to compete in national and international I&T competitions to demonstrate the exemplary achievements of Hong Kong’s I&T sector and promote exchanges as well as collaboration between winners and I&T talent locally and abroad, thereby strengthening Hong Kong’s position as an international I&T centre.
 
     Moreover, the DPO also organised the Innovation Frontiers: Elite Winners Dialogue sharing session today, with Mr Wong delivering his opening remarks. He said that the Hong Kong Innovation Pavilion serves as an excellent promotional platform for award-winning companies to showcase their outstanding projects. By engaging in exchanges with potential customers and investors, the companies can take the opportunity to further broaden their business rapport and network. With its unwavering support to the growth of local start-ups, the Hong Kong Special Administrative Region Government is committed to enhancing the I&T industry chain and contributing to the high-quality development of new, quality productive forces for both the nation and Hong Kong, thereby accelerating the development of a digital economy and smart city concept in Hong Kong. At the sharing session, representatives of award-winning enterprises elaborated on artificial intelligence (AI) applications and breakthroughs across a wide variety of domains including digital entertainment, educational technology, fintech and healthcare technology. They also shared their successful experiences on leveraging I&T to promote inclusive smart living.
 
     The winning solutions showcased at the Pavilion are from the Hong Kong ICT Awards 2024, the 2024 Maker in China SME Innovation and Entrepreneurship Global Contest – Hong Kong Chapter, and the Hong Kong/Shanghai Co-operation Open Data Challenge 2024. Through the Pavilion, the DPO hopes to allow all sectors of society to have a more in-depth understanding of outstanding local I&T achievements and jointly foster Hong Kong’s I&T and smart city development.
 
     Following are some of the projects on display at the Pavilion:
 

• Smart Living: Featuring a surgical guidance platform employing augmented reality and AI technologies; it is the world’s first AI-powered Internet of Things solution utilising sonar technology to monitor swimmers’ safety. Also featured is a green AI-driven sorting system that revolutionises the recycling industry.

 

• Smart People: Showcasing latest technologies are products such as barrier-free city navigation, smart home and elderly care systems, as well as smart wearable devices to address the diverse needs of the public.

 

• Smart Economy: On display is the Digital Assets Automated Teller Machine, the world’s first generative AI instant facial translation platform, as well as technology to allow the experience of a 3D real-time virtual reality interactive livestream space that combines AI and extended reality.

 

• Smart Mobility: Featuring a traffic data analytics system as the world’s first micro mobility network powered by solar energy and wireless charging. Also on display is a smart hotel system solution for controlling in-room devices.

 
     The E-Day, with the theme of “Where Start-up Dreams Take Flight”, is the HKTDC’s anchor start-up event where entrepreneurs can connect with investors and partners, interact with industry leaders, and accelerate business development. Interested parties from the trade can register free of charge at the HKTDC’s website (www.hktdc.com/event/eday/en). read more

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) launched a public consultation today (December 5) on proposed enhancements to the Banking Ordinance (Cap. 155).
      
     The Hong Kong banking system is robust, resilient and well regulated. However, given the rapid developments in the banking sector and the evolving domestic and international regulatory and supervisory landscape, it is important that the HKMA reviews and assesses the policy and legal framework for banking regulation and supervision in Hong Kong from time to time, so as to enable the Monetary Authority (MA) to effectively discharge his functions under the Banking Ordinance, especially in promoting the general stability and effective working of the banking system. 
      
     Against this backdrop, the HKMA has recently conducted a review of the Banking Ordinance to: (i) reflect developments in banking industry practices, and regulatory and supervisory approaches, both globally and domestically; (ii) address specific issues identified from Hong Kong’s supervisory experience in the past; and (iii) continue the process of aligning the system of regulation in Hong Kong with that of other major financial centres. 
      
     The Banking Ordinance review focuses specifically on six priority areas where amendments and enhancements to the Banking Ordinance are considered timely and necessary. The aim is to enable the MA and the Hong Kong banking industry to better meet risks and challenges in times ahead. 
      
     The HKMA has earlier concluded public consultations on two enhancement proposals, in relation to: simplification of the three-tier banking system into two-tier, and information sharing among authorized institutions (AIs) on customers, accounts and transactions for the purpose of preventing and detecting financial crime. Relevant consultation conclusions were published on August 5, 2024 and September 30, 2024, respectively. In addition, the HKMA is reviewing the MA’s enforcement powers, and an industry consultation is being conducted.
      
     The public consultation paper issued today sets out the enhancement proposals in three other aspects, which are: establishing a statutory regime for the regulation and supervision of designated locally incorporated holding companies of locally incorporated AIs; allowing flexibility for the MA to engage skilled persons for assisting the MA in the performance of his functions under the Banking Ordinance; and introducing a number of technical amendments.
      
     This consultation paper also includes proposed amendments to two other ordinances which have particular relevance for the banking sector, namely the Financial Institutions (Resolution) Ordinance (Cap. 628) and the Hong Kong Association of Banks Ordinance (Cap. 364). 
      
     The public consultation commences today and will last until January 28, 2025. The consultation paper is available on the HKMA website. Interested parties are invited to submit their comments by email to bo_review_consult@hkma.gov.hk or by post on or before the deadline. read more

     The Hong Kong Special Administrative Region (HKSAR) Government has launched the Civil Service Exchange Programme in collaboration with Beijing, Shanghai, Chongqing, Wuhan and Hangzhou, as well as Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Starting from the beginning of this month, the programme is hosting 30 Mainland officials in Hong Kong for an exchange in the HKSAR Government, lasting from four weeks to three months.

     The Secretary for the Civil Service, Mrs Ingrid Yeung, attended the orientation programme for Mainland officials participating in the exchange programme today (December 5) and met with the participants. The Permanent Secretary for the Civil Service, Mr Clement Leung, and the Head of the Civil Service College, Mr Oscar Kwok, were also present.

     Addressing the meeting, Mrs Yeung said that civil servants from both sides play a crucial role as the backbone of their governments in promoting collaboration between the Mainland and Hong Kong. Apart from broadening the horizons and experiences of civil servants, the HKSAR Government aims to provide opportunities for civil servants from both sides to understand each other’s government operations and public administration principles through attaching to each other’s side under the Civil Service Exchange Programme. This initiative enhances mutual understanding and lays a solid foundation for closer co-operation in the future. Mrs Yeung expressed hope that participants would engage with colleagues in Hong Kong and other cities, sharing valuable insights and experiences to deepen mutual trust and co-operation, thereby embodying the spirit of win-win collaboration to contribute to national development. She expressed her gratitude to the Hong Kong and Macao Affairs Office (HKMAO) of the State Council and the participating cities for their ongoing support for the programme.

     The 30 participating Mainland civil servants, mostly at division director or deputy division director level, come from Beijing, Shanghai, Chongqing, Wuhan, Hangzhou and Shenzhen. Ten are from Shenzhen, while each of the other cities has four representatives. They will first attend a one-week orientation programme at the Civil Service College. Afterwards, they will be assigned to various departments of the HKSAR Government, including the Constitutional and Mainland Affairs Bureau, the Digital Policy Office, the Environmental Protection Department, the Highways Department, the Hong Kong Monetary Authority, the Innovation and Technology Commission, Invest Hong Kong, the Planning Department, the Trade and Industry Department, and the Transport Department. The exchange will cover important areas such as trade and finance, innovation and technology, town planning, environmental protection, transport management and the GBA development. Participants will attend departmental briefings, working meetings, industry forums and site visits, and engage in specialised projects, which allow them to exchange professional knowledge and experience with Hong Kong civil servants. This aims to promote continuous improvement in public services and foster integration and development between Hong Kong and the Mainland.

     Under the co-ordination of the HKMAO of the State Council, the Civil Service Bureau has organised the Civil Service Exchange Programme jointly with a number of Mainland municipalities since 2002. Through the programme, officers from Hong Kong and the Mainland are attached to each other’s side to better understand each other’s structures, regulations, policies, operations and more to foster co-operation and communication and gain first-hand experience of the host city’s latest developments.

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The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced t… read more