Tag Archives: China

     The Government Property Agency (GPA) is inviting two separate tenders for (i) Shop No. 1 and (ii) Shop No. 2, both on the Ground Floor, Passenger Terminal Building (Public Transport Interchange), Heung Yuen Wai Boundary Control Point, New Territories, Hong Kong, each for a three-year tenancy subject to the provisions for renewal for a further term of two years.

     Both premises should only be used for general retail and/or services purposes, excluding:
(i) fast food shop, restaurant, godown, residential use, office use; and 
(ii) sale of any goods or commodities that are subject to export control under the laws of the Hong Kong Special Administrative Region of the People’s Republic of China, any regulations made thereunder and any amending legislations.

     The tender notices were uploaded today (November 27) to the GPA Property Portal: www.gpaproperty.gov.hk/en/index.html. Tender documents are available for collection at the GPA, 9/F, South Tower, West Kowloon Government Offices, 11 Hoi Ting Road, Yau Ma Tei, Kowloon, during the period from 9am to 6pm from Monday to Friday, except public holidays. The documents can also be downloaded from the GPA Property Portal.

     Interested tenderers who wish to conduct a site inspection of the premises should make a prior appointment with the GPA by calling 3842 6915/3842 6917 by December 4.

     Tenderers must submit their tenders by placing them in the Government Logistics Department Tender Box placed at the Ground Floor, North Point Government Offices, 333 Java Road, North Point, Hong Kong, before noon on December 18. Late tenders will not be accepted. read more

     Following is a question by the Hon Robert Lee and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (November 27):
 
Question:
 
     At its third plenary session, the 20th Central Committee of the Communist Party of China has firmed up further deepening reform comprehensively to advance Chinese modernisation, which includes consolidating and enhancing Hong Kong’s status as an international financial centre. In this connection, will the Government inform this Council:
 
(1) of the measures currently in place to promote the further development of Hong Kong’s markets in securities, fixed income, futures, derivatives and precious metals, etc, and the effectiveness of such measures; how it will enhance the structure of Hong Kong’s multi-‍level capital market to attract more domestic and foreign investors to take part in it;
 
(2) of the latest specific policy measures to expedite the integration of Hong Kong’s financial services industry into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), such as taking forward the mutual recognition of professional qualifications and further lowering the eligibility thresholds for the Cross-boundary Wealth Management Connect Scheme in GBA, so that more industry players can engage in GBA business; and
 
(3) whether it will introduce more targeted measures to facilitate the upgrading and transformation of Hong Kong’s small and medium-‍sized financial institutions, so as to promote a high-tech, smart and eco-friendly development in the industry?
 
Reply:
 
President,
 
     The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. The Resolution calls on Hong Kong to fully harness the institutional strengths of “one country, two systems” while consolidating and enhancing its status as an international financial, shipping, and trade centre. It also supports Hong Kong’s position to become an international hub for high-calibre talents, to exert a greater role in our country’s opening up to the world, and to deepen collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through better harmonisation of rules and mechanisms.
 
     On financial development, Hong Kong ranked third globally and first in Asia in the Global Financial Centres Index. We have a robust financial regulatory system and a rich pool of financial professionals, as well as a deep and broad capital market. The Government will uphold the spirit of promoting development through reforms, leveraging our advantages of having the strong support of the motherland while being closely connected to the world to give full play to our role as a “super connector” and “super value-adder”. We will take into account local circumstances in developing new quality productive forces and proactively open up new horizons of development as well as identify fresh areas for growth, so as to further enhance the competitiveness of the financial services industry.
 
     On the Hon Robert Lee’s question, upon consulting the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), my reply is as follows:
 
(1) We are committed to optimising different aspects of Hong Kong’s capital market. On the securities market, we, together with the regulators and Hong Kong Exchanges and Clearing Limited (HKEX), have been taking forward concrete enhancement measures to continuously enhance the competitiveness and liquidity of the market. Specifically, in response to the recommendations put forward by the Task Force on Enhancing Stock Market Liquidity, we have collaborated with the regulators and the industry to introduce various measures to optimise the market this year, including reforming GEM for small and medium enterprises (SMEs), enhancing the listing regime for specialist technology companies, launching the arrangements for maintaining securities market trading under severe weather, and expanding the scope of mutual access of Exchange-traded Funds between the Mainland and Hong Kong. In addition, we have put in place a more certain timetable for the vetting of listing applications, and have conducted consultations on further improving corporate governance of listed companies, expanding the paperless listing regime, etc.
 
     On fixed income market, we will enhance the market infrastructure by, for instance, the set-up of a central clearing system for RMB (Renminbi)-denominated bond repurchase transactions, so as to make RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. For derivatives, we have reformed the position limit regime of derivatives and enhanced the Swap Connect. The HKEX is now developing a new derivatives platform offering near 24-hour derivatives trading to enhance trading and clearing efficiency. We will continue to closely monitor changes and needs of markets in and outside of Hong Kong, and work on medium to long-term directions to optimise the stock market, with a view to further enhancing its competitiveness and promoting its sustainable development.
 
     On precious metals market, in the Policy Address this year, the Chief Executive proposed to develop Hong Kong into an international gold trading centre. We will promote the industry to develop world-class gold storage facilities. By facilitating the storage and delivery of spot gold by users and investors in Hong Kong, we can scale up associated support services in insurance, testing and certification, logistics, etc, while in parallel expanding related transactions including collateral, loan and hedging, hence creating a comprehensive ecosystem in a progressive manner. This will drive all-round multi-currency trading, clearing and delivery, as well as the development of the regulatory system (covering transactions using offshore Renminbi), thereby establishing a holistic gold trading centre with an industry chain. We will also at suitable juncture explore mutual access with the Mainland financial market, injecting new impetus into Hong Kong’s financial industry. In this regard, we will set up a working group within this year to implement specific work, including strengthening the trading mechanism and regulatory framework, promoting application of cutting-edge financial technology, and exploring with the Mainland authorities on the inclusion of gold-related products in the mutual market access programme.
 
(2) In February 2023, the Central financial authorities and the People’s Government of Guangdong Province jointly promulgated the “Opinion on Providing Financial Support for the Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone”, leveraging Qianhai’s deepening reform to support Hong Kong’s integration into the national development of the reform and opening up of the financial market. We attach great importance to and will seize the enormous opportunities brought by the GBA development to the financial and professional services sectors in Hong Kong, so as to promote the continuous growth of the industry.
 
     For cross-boundary financial services, at the corporate level, the HKMA and the People’s Bank of China are promoting cross-boundary credit referencing to resolve the pain points in cross-boundary financing for SMEs in the Mainland and Hong Kong. After setting out the co-operative arrangements in early 2024, a number of Shenzhen-Hong Kong pilot cases for southbound transfer of credit reference data to Hong Kong have been successfully conducted. Innovation and technology SMEs in the GBA can raise funds through Hong Kong’s international fundraising platforms.
 
     Besides, Cross-boundary Wealth Management Connect in the GBA (WMC) has seen continuous and steady development since its launch in September 2021. The market also has responded positively to the series of enhancement measures commenced in February 2024. As at end-September 2024, over 124 500 individual investors participated in WMC and cross-boundary fund remittances (including Guangdong, Hong Kong and Macao) amounting to over RMB91.4 billion had been recorded, promoting mutual access of GBA financial markets and creating new opportunities for the banking, securities and wealth management sectors in the three places. SFC and the Mainland regulator also announced on November 1, 2024 the first batch of 14 licensed corporations in Hong Kong and their Mainland partner brokers eligible to participate in WMC, bringing further development opportunities for the industry. We will continue our discussion with relevant Mainland authorities to explore further enhancements to WMC.
 
     At the individual level, as economic activities in the GBA further integrate, there is a growing trend for Hong Kong people to travel, live, work, and reside across the boundary, raising the demand for cross-boundary financial services. The facilitative measure for cross-boundary remittances for property purchases in GBA cities launched early this year has to a large extent responded to the demands from Hong Kong residents for financial services in relation to cross-boundary property purchases, and has also brought immense opportunities for the finance sector. The HKMA and Mainland finance authorities are actively exploring further facilitative measures under different scenarios.
 
(3) We are actively promoting the high-quality development of the financial industry by supporting industry upgrading and transformation, establishing new growth points and providing more diversified financial services.
 
     In terms of green transition, the Government launched the Pilot Green and Sustainable Finance Capacity Building Support Scheme in December 2022, providing subsidies to eligible local practitioners and prospective practitioners in green and sustainable finance to participate in relevant training in response to the new trend of developing low carbon and sustainable economy. This measure helps to build up a green and sustainable finance talent pool for the finance sector in Hong Kong (including small and medium-sized financial institutions).
 
     Furthermore, the Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) formed by relevant Government bureaux, financial regulators and the HKEX in collaboration with the Hong Kong University of Science and Technology launched the free greenhouse gas emissions calculation and estimation tools in February 2024. The tools help equip Hong Kong enterprises including small to medium-sized financial institutions with the means to manage their environmental footprint and encourage market participants to improve sustainable business practices. Also, the Steering Group launched the Climate and Environmental Risk Questionnaire for non-listed companies/SMEs to facilitate relevant institutions’ sustainability reporting, and to facilitate financial institutions to collect and assess company-level data for risk assessment and relevant business decisions. The electronic Questionnaire has been uploaded to the website of the Steering Group.
 
     Regarding fintech, the Government has been working closely with the financial regulators and industry players to adopt a multi-pronged approach in promoting fintech development. According to a survey in 2023, the adoption of Generative artificial intelligence (AI) by Hong Kong financial institutions was the highest among different financial markets. At the Hong Kong FinTech Week in October 2024, we issued a policy statement setting out the Government’s policy stance and approach towards the responsible application of AI in the financial market. We will closely monitor market developments and draw on international experience in promoting the responsible use of AI in the financial services sector (including small and medium-sized financial institutions) for accelerating the development of new quality productive forces tailored to local conditions. At present, there are plenty of AI models and infrastructures available to financial institutions. We encourage the financial services industry to make full use of these resources in the market, thereby promoting the high-quality development of the industry. read more

The following is issued on behalf of the Advisory Committee on Arts Development:        The Advisory Committee on Arts Development (ACAD) today (November 27) launched the 14th-round funding exercise under the Arts Capaci… read more

     The Government will publish the Aviation Security Ordinance (Amendment of Schedule 1) Order 2024 (the Order) in the Gazette this Friday (November 29).             A … read more

     Following is a question by the Hon Tommy Cheung and a reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (November 27):
 
Question:
 
     According to the application requirements of the Enhanced Supplementary Labour Scheme (ESLS), if the prospective imported workers are Mainland residents, the employer must recruit the imported workers through Mainland labour service enterprises (labour service intermediaries) approved by the relevant competent authority in commerce of the Mainland. However, many employers in the catering sector who have applied for importation of Mainland workers have relayed that the services provided by such labour service intermediaries vary in quality, rendering the applications time-‍consuming and costly. In this connection, will the Government inform this Council:
 
(1) of the regulatory measures put in place by the authorities to prevent employers from being misled by unscrupulous labour service intermediaries;
 
(2) whether it will consider taking the initiative to conduct an opinion survey on employers applying to ESLS, so as to gain an understanding of the difficulties they encounter in recruiting imported workers through labour service intermediaries, thereby reviewing the relevant situation; and
 
(3) given that labour service intermediaries operate licensed employment agencies (EAs) in Hong Kong which arrange Mainland workers to come and work in Hong Kong, and the Labour Department has drawn up a list of them, but among the 14 labour service intermediaries shown on the list, the licensed EAs of two labour service intermediaries are categorised as “not applicable”, whether the Government will consider discussing with the relevant Mainland authorities about increasing the number of labour service intermediaries on the list, as well as reviewing the list regularly?

Reply:
 
President,
 
     To cope with the challenges brought about by manpower shortage, the Government has enhanced the mechanism for importation of workers with a view to allowing enterprises greater flexibility in importing workers to fill job vacancies, and fostering the social and economic development of Hong Kong. Apart from launching sector-specific labour importation schemes for the construction sector, transport sector, and residential care homes for the elderly and residential care homes for persons with disabilities, the Labour Department (LD) has implemented the Enhanced Supplementary Labour Scheme (ESLS) since September 4, 2023, to enhance the coverage and operation of the previous Supplementary Labour Scheme, including suspending the general exclusion of the 26 job categories as well as unskilled or low-skilled posts from labour importation for two years.
 
     The reply to the Hon Tommy Cheung’s questions is as follows:

(1) and (3) In accordance with the relevant regulations of the Mainland, we require that employers intending to recruit workers from the Mainland to work in Hong Kong under the aforesaid labour importation schemes must make the arrangements through the labour service co-operation enterprises authorised to operate business on arranging workers to work in Hong Kong under the Regulations on Management of Foreign Labor Service Cooperation of the Mainland (labour service enterprises). At present, there are a total of 14 approved labour service enterprises, of which 12 enterprises or their associated enterprises have established licensed employment agencies in Hong Kong. To facilitate Hong Kong employers seeking to employ Mainland workers to liaise with these employment agencies, the LD has uploaded the list of Hong Kong licensed employment agencies connected with the labour service enterprises and their contact information to the dedicated webpage of the ESLS.

     Employment agencies operating in Hong Kong must abide by the Employment Ordinance, the Employment Agency Regulations, and the Code of Practice for Employment Agencies. The LD has met with the abovementioned employment agencies and reiterated that they must provide services in compliance with the relevant regulations.

     In addition, we maintain communication with the Ministry of Commerce to reflect the latest situation of the labour service enterprises’ operations in Hong Kong, and will explore appropriate measures to enhance the mechanism for importation of Mainland workers to Hong Kong in the light of operational experience.

(2) The LD has been closely monitoring the implementation of the ESLS and maintaining liaison with employer associations of various industries, including organising sessions to brief employers on the application procedures of the ESLS and answer their questions on the spot. We welcome employers to reflect their views to the LD. The LD plans to meet with the stakeholders, including major employer associations and trade unions to gather their views on the ESLS, and will review the Scheme prior to the lapse of its two-year implementation period. read more