Tag Archives: China

     According to the results of the 2023 Annual Survey of Economic Activities – Transportation, Storage and Courier Services Sector released today (November 28) by the Census and Statistics Department (C&SD), total receipts (comprising business receipts and other income) of the transportation, storage and courier services sector amounted to $671.5 billion in 2023, representing a decrease of 12.0% compared with 2022; on a per establishment basis, total receipts decreased by 13.8% compared with 2022 to $24.2 million in 2023.
 
     Operating expenses and compensation of employees of this sector altogether amounted to $561.5 billion in 2023, representing a decrease of 7.3% compared with 2022; on a per establishment basis, they decreased by 9.2% compared with 2022 to $20.3 million in 2023.
 
     Gross surplus of the sector, which is equal to total receipts less operating expenses and compensation of employees, decreased by 30.2% compared with 2022 to $110.0 billion in 2023; on a per establishment basis, gross surplus decreased from $5.8 million in 2022 to $4.0 million in 2023. Gross surplus accounted for 16.4% of total receipts of this sector in 2023, down by 4.3 percentage points compared with 2022.
 
     Industry value added of the sector, which is a measure of its contribution to Hong Kong’s Gross Domestic Product, decreased by 16.5% compared with 2022 to $176.3 billion in 2023; on a per establishment basis, industry value added was $6.4 million in 2023, which decreased by 18.3% compared with 2022.
 
     According to the survey results, it was estimated that the sector comprised about 27 700 establishments and engaged about 206 100 persons, or an average of 7.4 persons per establishment, in 2023.
 
     Within the transportation, storage and courier services sector, the five largest industry groupings in terms of industry value added in 2023 were (1) air transport and service activities incidental to air transportation, (2) cross-border water transport, (3) land passenger transport, (4) other transportation support activities, and (5) land freight transport. They together accounted for 85.3% of the industry value added of the sector.
 
     In the air transport and service activities incidental to air transportation industry, total receipts amounted to $150.4 billion while operating expenses and compensation of employees totalled $115.3 billion in 2023. Gross surplus increased sharply from $14.0 billion in 2022 to $35.1 billion in 2023, accounting for 23.3% of total receipts in 2023. Industry value added also increased sharply by 87.1% compared with 2022 to $59.7 billion.
 
     In the cross-border water transport industry, total receipts amounted to $136.9 billion while operating expenses and compensation of employees totalled $110.4 billion in 2023. Gross surplus decreased notably from $92.6 billion in 2022 to $26.5 billion in 2023, accounting for 19.4% of total receipts in 2023. Industry value added also decreased notably by 68.8% compared with 2022 to $29.3 billion.
 
     In the land passenger transport industry, total receipts amounted to $55.7 billion while operating expenses and compensation of employees totalled $44.4 billion in 2023. Gross surplus increased considerably from $5.8 billion in 2022 to $11.3 billion in 2023, accounting for 20.3% of total receipts in 2023. Industry value added also increased considerably by 43.0% compared with 2022 to $28.9 billion.
 
     In the other transportation support activities industry which comprised mainly cargo forwarders and shipbrokers, total receipts amounted to $228.0 billion while operating expenses and compensation of employees totalled $205.8 billion in 2023.  Gross surplus decreased from $29.3 billion in 2022 to $22.2 billion in 2023, accounting for 9.7% of total receipts in 2023.  Industry value added decreased by 19.1% compared with 2022 to $23.2 billion.
 
     In the land freight transport industry, total receipts amounted to $22.9 billion while operating expenses and compensation of employees totalled $21.0 billion in 2023. Gross surplus decreased from $2.3 billion in 2022 to $1.9 billion in 2023, accounting for 8.3% of total receipts in 2023. Industry value added decreased slightly by 0.9% compared with 2022 to $9.3 billion.
 
     Selected statistics for the transportation, storage and courier services sector are shown in the attached table.
 
     More detailed survey results on the transportation, storage and courier services sector will be given in the report “Key Statistics on Business Performance and Operating Characteristics of the Transportation, Storage and Courier Services Sector in 2023”. Users can browse and download this report at the website of C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080010&scode=340) as from end-December 2024.
 
     For enquiries about the key statistics on business performance and operating characteristics of the transportation, storage and courier services sector, please contact the Logistics and Producer Prices Statistics Section of the C&SD (Tel: 3903 7256; email: transport@censtatd.gov.hk). read more

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 today (November 28) that a tender of 5-year HKD Institutional Government Bonds (Bonds) under the Infrastructure Bond Programme will be held on Wednesday, December 4, 2024, for settlement on Thursday, December 5, 2024.
      
     A total of HK$3.0 billion 5-year HKD Bonds will be tendered. The Bonds will mature on December 5, 2029 and will carry interest at the rate of 3.23 per cent per annum payable semi-annually in arrear.
      
     Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at www.hkgb.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof. 
      
     Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK <GO>) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3pm on the tender day. 

HKSAR Institutional Government Bonds Tender Information

     Tender information of 5-year HKD HKSAR Institutional Government Bonds:
 

     The Task Group on New Medical School, co-chaired by the Secretary for Health and the Secretary for Education, convened its second meeting today (November 28), setting out 10 key parameters for consideration of proposals on the establishment of a third medical school. The Task Group decided to issue a letter of invitation on December 2 to all universities funded by the University Grants Committee (UGC) to invite universities interested in establishing a new medical school to submit proposals by March 17 next year. 

     The Secretary for Health, Professor Lo Chung-mau, said, “Hong Kong is facing challenges posed by an ageing population and a growing demand for healthcare services. The establishment of the third medical school is crucial to the future development of healthcare services in the city. Thanks to the advice from various expert advisors, the Task Group has already formulated the strategic direction and targeted position for establishing a new medical school over the past month or so since its formation. The Task Group considered that the new medical school should shoulder the mission of nurturing more talented doctors for practice in Hong Kong, thereby supporting the local healthcare system with a view to enhancing both the quality and quantity of healthcare services. Furthermore, the Task Group envisioned that the new medical school will adopt an innovative strategic positioning in pursuit of complementary development with the two existing medical schools to promote the excellence of medical education and research in Hong Kong, and to attract more local, Mainland and overseas medical talent to engage in teaching and research work, dovetailing with the city’s development into an international medical training, research and innovation hub.”
     
     The Acting Secretary for Education, Dr Sze Chun-fai, said “The establishment of the new medical school can nurture more medical talent and enhance the academic and research excellence of the medical sector, which is conducive to developing Hong Kong into an international post-secondary education hub. The Education Bureau expects the new medical school to contribute to the overall development of the relevant university, with detailed planning on interdisciplinary or intersectoral collaborations, teaching resources, quality assurance, research strategy, sources of staff and students, and institutional governance etc. The new medical school should also interface with the applicable frameworks of the UGC. Moreover, as part of the Northern Metropolis University Town, the new medical school can introduce more research collaborations and exchange projects with neighbouring post-secondary institutions or industries in a flexible and innovative manner, which will help enhance the overall synergy.”

     The Task Group considered that UGC-funded universities are in a better position to establish a new medical school. To achieve the aforementioned objectives, the following 10 key parameters for consideration were set out by the Task Group for the universities’ submission of proposals regarding the establishment of the third medical school:

1. Innovative strategic positioning: Complement the development of the two existing medical schools in Hong Kong to promote diversification and internationalisation; 
2. Staffing: Recruit high-calibre international and local teaching professionals to establish a professional medical teaching and research team; 
3. Campus and teaching facilities: Plan a modernised campus equipped with state-of-the-art teaching facilities to support innovative medical learning models; 
4. Clinical exposure and learning resources: Illustrate the plan for a teaching hospital, and collaborate with healthcare institutions in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area to provide diverse clinical training opportunities; 
5. Curriculum structure and assessment methodologies: Adopt an accredited medical curriculum framework, incorporating competency-based assessments and innovative teaching methods, such as provision of early clinical exposure; 
6. Student admission arrangements: Offer a graduate-entry programme to attract both local and non-local students, achieving diversification and internationalisation of the medical curriculum; 
7. Funding arrangements: Develop a diversified funding plan, combined with viable financial management, to ensure the long-term and sustainable development of the medical school; 
8. Implementation plan: Formulate a comprehensive roadmap for the medical school’s implementation, with phased progression in infrastructure construction, curriculum design, and faculty recruitment;
9. Teaching and learning quality: Ensure that the quality of medical curriculum meets international high standards, and leverage on innovative teaching and assessment methods to nurture high-quality medical professionals and enrich whole-person development; and 
10. Research excellence: Promote medical innovation and scientific research development, and foster global partnerships to position the school as a leader in regional and international medical research.

     The Task Group will issue invitations for proposals to all UGC-funded universities on December 2. The Government will hold a briefing session on December 10 to introduce to interested universities the arrangements for the submission of proposals on the establishment of a new medical school. The Secretariat of the Task Group will send out invitations for attendance to university representatives in due course. Universities interested in establishing a new medical school are required to submit their proposals by March 17 next year. At the next step, the Task Group will formulate concrete criteria for assessing proposals to ensure that a qualified and eligible university will be selected in a transparent and fair manner for the establishment of the new medical school. It is anticipated that the Task Group will complete its assessments and make recommendations to the Government within next year.

     The Task Group on New Medical School was established in October this year to take up the responsibilities of devising the direction and parameters for establishing the new medical school, endeavouring to nurture more local medical talent and enhance Hong Kong’s healthcare system, as well as promoting various measures for Hong Kong to become an international medical training, research and innovation hub. The Task Group comprises seasoned local, Mainland and overseas academics for medical teaching and university management, professionals, the Chairman of the Medical Council of Hong Kong, the President of the Hong Kong Academy of Medicine, as well as representatives from relevant government bureaux and departments.

  

     Hong Kong Customs yesterday (November 27) seized about 1.8 kilograms of suspected crack cocaine with a total estimated market value of about $1.9 million in Tsing Yi. A 41-year-old man was arrested.

     During an anti-narcotics operation conducted in Tsing Yi last night, Customs officers intercepted a suspicious man and seized about 400 grams of suspected crack cocaine in a plastic bag found in his possession. The man was subsequently arrested. Customs officers later escorted him to a residential premises nearby for a search and further seized about 1.4kg of suspected crack cocaine and a batch of suspected drug manufacturing and packaging paraphernalia.

     The arrestee has been charged with two counts of trafficking in a dangerous drug and will appear at the West Kowloon Magistrates’ Courts tomorrow (November 29).

     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

  

     The Hong Kong Edition of New Engineering Contract (NEC) Term Service Contract (TSC) standard template was launched today (November 28) for appointing contractors over fixed periods to provide maintenance, repair or other services on operational assets. The launch of this Hong Kong Edition reinforces the Government’s commitment to promoting collaborative partnering in the delivery of public works projects, and strengthens Hong Kong’s leading role in the global construction industry.
      
     Announcing the launch at the NEC Asia Pacific Conference 2024, the Permanent Secretary for Development (Works), Mr Ricky Lau, said that NEC, which adopts a more proactive and participative approach, is widely accepted by various stakeholders of the local construction industry, and has come as the right tool to help contracting parties focus on common objectives, and provides incentives for them to walk the extra mile in managing and resolving contractual problems.
      
     Unlike the conventional form of contract previously adopted in public works contracts that focused more on contractual obligations and responsibilities, NEC advocates for contracting parties to work together to resolve contractual problems in a proactive and collaborative manner within prescribed timeframes, thereby achieving all-win situations. With this new form of contract, contractual problems are handled in a timely manner, which helps avoid time and budget overruns.
      
     Over the past decades, Hong Kong has been investing continuously in its infrastructure, making it one of the top cities globally for infrastructure for a number of years. Now that NEC has become the backbone of Hong Kong’s public works contracts, it will certainly contribute to the successful delivery of a number of mega projects in the pipeline, including the Northern Metropolis, the Hospital Development projects, public housing, and railway projects, which will in turn reinforce Hong Kong’s position as an international infrastructure centre.
      
     The Hong Kong Edition of NEC TSC is the second standard contract template published by the Development Bureau (DEVB), following the one on Engineering and Construction Contract launched in 2023. These two standard contract templates fully align with local legislation requirements and procurement practices, while encouraging the adoption of innovation and technology in public works contracts to bring enhancement to site safety, site supervision efficiency and decarbonisation, which will in turn help the industry better cope with the mega projects mentioned above.
      
     In support of the above initiatives, the DEVB advocates for training practitioners of public works at all tiers to enhance their understanding of the contractual mechanism under NEC, which promotes collaborative partnering among contracting parties with a view to enhancing project performance.
      
     NEC was first developed in the UK in the early 1990s to promote collaborative partnering and clear communication among all parties involved in a construction project, including clients, contractors and consultants. The DEVB piloted the use of the NEC form in public works projects in 2009 and has expanded its application since then. The Hong Kong Edition will be completed with the launch of the third one on professional service contracts in 2026. As of today, more than 680 public works contract, with a total value of over HK$450 billion, have adopted the NEC form.