Following is the speech by the Chief Executive, Mr John Lee, at the welcome dinner of the Second 2024 Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) Meeting today (April 23):

Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region (HKSAR)), Mrs Julia Torreblanca (Chair of the ABAC 2024), Ambassador Carlos Vasquez (Chair of the APEC Senior Officials' Meetings 2024), Mr Fernando Zavala (Chair of APEC CEO Summit 2024), my good friend, Ms Marjorie Yang (Hong Kong, China's representative to ABAC), President Andrew Leung (President of the Legislative Council), Mrs Regina Ip (Convenor of the Non-official Members of the Executive Council), ABAC members, distinguished guests, ladies and gentlemen,
      
     First of all, thank you for accepting my invitation to come to the great city of Hong Kong. And of course, I must thank Marjorie, because she has the charisma – so that you accepted the invitation because of what she has said to you. I would like to welcome each one of you to Hong Kong. Welcome to the Hong Kong Palace Museum and tonight's gala dinner. This special occasion marks the second APEC Business Advisory Council Meeting of 2024. Tonight, we celebrate the presence here, in Hong Kong, China, of representatives from all 21 APEC economies. Each and every one of you. Isn't it great?
      
     Since becoming an APEC member in 1991, we have actively contributed to the critical work of APEC. Indeed, this is the fourth ABAC meeting we have hosted since 2002.
      
     We are committed to APEC. We firmly believe in regional economic integration. We believe that co-operation, at every level, is essential if we are to overcome our shared global challenges.
      
     Our trade and investment ties with APEC member economies have always been close. Bilateral goods trade between Hong Kong, China and the other members of APEC exceeded US$940 billion last year. That, ladies and gentlemen, represented nearly 85 per cent of our total trade in goods. Nine of our top 10 trading partners are APEC member economies.
      
     More than good business partners, the economies of APEC are incubators of ideas, promoting inclusive, innovative and sustainable growth for the Asia-Pacific region. We value the input and insights of ABAC and its business leaders in realising these collective goals.
      
     "People. Business. Prosperity" is the theme of this year's ABAC. I fully agree with the thinking behind this visionary theme. After all, people and businesses are instrumental in driving prosperity.
      
     The HKSAR Government has set out priorities that empower our people and businesses to grow and prosper. We do so by creating an enabling environment, and opening up new opportunities.
      
     The "one country, two systems" framework allows for our sound rule of law, the long tradition of our common law system, and a world-renowned judiciary that exercises its judicial power independently, free from any interference.
      
     Our Court of Final Appeal is vested with the power of final adjudication. Currently, nine eminent judges from the United Kingdom and Australia serve as non-permanent judges of the Court of Final Appeal, bringing with them their illustrious judicial experience from other common law jurisdictions.
      
     Many of the world's leading financial centres, APEC economies included, practise the common law. Hong Kong speaks the familiar legal language that gives comforting confidence to a world of investors.
      
     Our robust legal system, together with other long-standing institutional strengths such as the free flow of information, capital, goods and people, a low and simple tax regime, with both Chinese and English as official languages, ensure our strategic role as a "super connector" and "super value-adder" between the Mainland and the rest of the world.
      
     We have long been a steadfast supporter of free and open trade and investment, with the rules-based multilateral trading system of the WTO (World Trade Organization) at its core. We maintain a level playing field for business – local, regional and global.
      
     That's abundantly clear to the 20 economies we've signed eight free trade agreements with to date. And, let me add, we are negotiating an FTA (Free Trade Agreement) with Peru, while seeking accession to the Regional Cooperation Economic Partnership (RCEP), the world's largest free trade pact.
      
     We support Peru's APEC host-year initiative to reignite and refresh the Free Trade Area of the Asia Pacific agenda. We believe it would revitalise APEC's regional economic integration progress.
      
     Hong Kong has all it takes to prosper in economic development with our international counterparts. As the only Asian city with as many as five universities in the world's top 100, we have nurtured a multi-talented workforce that is known for its resilience and dedication. We are, at the same time, opening our doors to global talent and professionals to join us in this new era of opportunities.
      
     Like every economy in APEC, we believe that I&T (innovation and technology) is central to our future. We are focusing on several prime areas: life and health technology, AI and data analytics, fintech, and new energy and materials and advanced manufacturing.
      
     Within the past year or so, some 50 high-powered, high-tech enterprises from around the world have set up or expanded their businesses here in Hong Kong. In turning to Hong Kong for their future, they are bringing to our economy more than US$5 billion in investment, while creating some 13 000 jobs in our city.
      
     At the same time, our start-ups last year passed more than 4 200. That's up 34 per cent from just four years ago.
      
     Alongside our commitment to I&T and economic development, we are mindful to stay inclusive of everybody that calls our city home.
      
     Looking at all of you, I am pleased to note that female is well represented in ABAC membership globally, including this year's ABAC Chair Julia Torreblanca. I am proud, in particular, to add that all three representatives of Hong Kong, China to ABAC are female – Marjorie Yang, Mary Huen and Nisa Leung. That's the highest proportion of female representation among all ABAC members. Aren't we doing well?
      
     Women are prominent not only in our business sector, but also in the HKSAR Government. Quite a number of the leaders in our trade team are ladies. They include Eliza Lee, our Permanent Secretary for Commerce and Economic Development, as well as Maggie Wong, our Director-General of Trade and Industry. More of you know her by her other capacity as Hong Kong, China's Senior Official to APEC.
      
     In fact, one of Hong Kong, China's most experienced officials in shepherding our work in APEC, is here among us tonight. Guess who? Of course, I'm talking about Regina Ip. She was our Director-General of Industry some three decades ago, and was closely involved in our participation in APEC. Regina is now the Convenor of the Non-official Members of my Executive Council, and continues to provide valuable contribution to our work in trade, APEC and many more areas.
      
     Let's have a big round of applause for all the ladies here tonight! Men, we are the minority!
      
     Hong Kong, China is dedicated to social empowerment and promoting parity in the community. We have created a Women Empowerment Fund. Last year, we set aside some US$12 million for the Fund, which will help enable the development of women, while also assisting with child care to meet the needs of working women.
      
     Ageing population is another common phenomenon faced by APEC economies, Hong Kong, China included. Earlier this year, we established an Advisory Panel on Silver Economy. It will tap into the developmental potential of our growing elderly population. More than unleashing the market's outsized business promise, it will seek to enhance the quality of life of the elderly. To help them age healthily and happily.
      
     Ladies and gentlemen, under "one country, two systems", Hong Kong is blessed with long-term, wide-ranging opportunities – in finance, in innovation and technology and in numerous other sectors.
      
     It helps that our Safeguarding National Security Ordinance was legislated and entered into force last month. It means stability, which is essential to business confidence. It enables us to focus on building long-term prosperity for our economy and our community. To focus on bringing vibrancy to our free and enterprising city.
      
     Arts and culture is central to both economy and community growth, let me add. Central, too, to the good life everywhere you look in our city.
      
     And you don't have to look far. This evening's venue, the Hong Kong Palace Museum, features rare treasures from Beijing's Forbidden City. The Museum combines the traditional and the modern, East and West. It is one of many inspiring institutions driving our promising rise as the world's East-meets-West centre for international cultural exchange.
      
     The Palace Museum is part of the West Kowloon Cultural District. One of the world's largest arts and culture developments, it also includes M+ Museum, Asia's first global museum of contemporary visual culture. I know that some of you had the opportunity to visit it before today's Dinner, and for those who have not, I invite you to see it for yourself.
      
     And why not hike into the majestic mountains of our splendid city. They're not hard to find, I can tell you. The country parks and conservation areas here make up some 40 per cent of our total land area. That's very generous.
      
     When you're done getting healthy, exercise your appetite at one of our more than 200 Michelin-recommended restaurants, then hit one of our equally well-acclaimed pubs. Along the way, do remember to loosen your purse strings a bit, in this shoppers' and foodies' paradise.
      
     In short, enjoy yourselves, enjoy your stay, ladies and gentlemen, in Hong Kong. We are honoured to be hosting ABAC's Second Meeting this year. Honoured to be hosting you.
      
     Allow me to thank our distinguished Hong Kong, China representatives and alternate reps to ABAC, both past and current. Many, I know, are with us this good evening.
      
     I am grateful for your commitment and dedicated service on behalf of ABAC, for bringing ABAC back to Hong Kong, China once again.

     I'm grateful, too, to the many organisations that have made the hosting of this second ABAC Meeting in Hong Kong, China possible. They include the Hong Kong Trade Development Council, the Hong Kong Tourism Board and the Hong Kong Jockey Club.

     For now, I wish you all a brilliant evening, a rewarding ABAC meeting and a memorable and enjoyable stay with us in Hong Kong.

     Thank you.

    

     Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Hong Kong Federation of Insurers (HKFI) Annual Reception 2024 today (April 23):

Orchis (Chairman of the Hong Kong Federation of Insurers, Ms Orchis Li), distinguished guests, ladies and gentlemen,

     Good evening. It gives me great pleasure to be here at the Annual Reception of the Federation of Insurers to share with you the vibrant trajectory of Hong Kong's insurance sector and our collective efforts to maintain our city as a premier global insurance hub.

     Hong Kong stands as one of the world's most open insurance centres – a demonstration of our robust regulatory framework and our strategic position in global markets. As of March this year, our city is home to 160 authorised insurers, including seven of the world's top 10, reflecting our global appeal and the trust placed in our financial system. According to provisional statistics of the Hong Kong insurance industry, last year alone, our total gross premiums reached an impressive HK$549.7 billion, approximately US$70.5 billion, underscoring our sector's dynamic growth and resilience.

     Aligning with the National 14th Five-Year Plan, we are committed to strengthening Hong Kong's role as an international financial centre and a global risk management hub. Our unique position under the "one country, two systems" principle allows the insurance industry to seize opportunities through integration in the national "Dual Circulation" strategy. We are both the "participant" in domestic circulation and "facilitator" in international circulation, leveraging our distinct advantages to enhance global connectivity.

     Building on these strategic advantages, in 2022, we published the Development Roadmap for the Insurance Sector in Hong Kong. This comprehensive plan clearly articulates the Government's vision and mission, outlining targeted policy measures to enhance our competitive edge and expand our capabilities in the global insurance market.

     In recent years, in line with the roadmap's objectives, we have implemented various measures to promote industry development, such as halving the profits tax rate for specific insurance businesses (including marine and specialty risks), expanding the scope of risks insurable by captive insurers formed in Hong Kong, and enhancing the legal framework for group-wide supervision. 

     Furthermore, our initiatives in insurance-linked securities (ILS) have marked significant advancements. Since establishing a dedicated regulatory regime and pilot grant scheme in 2021, we have successfully facilitated the issuance of four catastrophe bonds, totalling US$560 million. The purpose of these financial instruments is to provide a safeguard against the financial repercussions of natural disasters such as typhoons and earthquakes, both within the Mainland and in other parts of the world. We also welcomed the inaugural listing of an ILS in Hong Kong, and strive to attract more issuing institutions and professional talent, with a view to fostering the ILS ecosystem and expanding diversified channels for risk management.

     Looking towards the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), we see tremendous potential to enhance connectivity between the Mainland and Hong Kong insurance markets. We are working towards early establishment of after-sales service centres by the Hong Kong insurance industry in places such as Nansha and Qianhai, with a view to providing GBA residents who are holders of Hong Kong policies with comprehensive support. We have also implemented the "unilateral recognition" policy for cross-boundary motor insurance to tie in with "Northbound Travel for Hong Kong Vehicles", providing a more convenient channel to arrange the necessary insurance coverage for driving into Guangdong via the Hong Kong-Zhuhai-Macao Bridge.

     As we focus on regional integration and the expansion of insurance services, we are equally committed to ensuring the sustainability and resilience of the insurance sector through regulatory enhancements. In July last year, we enacted the relevant amendment ordinance and will prescribe detailed requirements to implement a risk-based capital regime for the Hong Kong insurance industry this year, with a view to strengthening the financial soundness of insurers and aligning with international regulatory standards. We also published consultation conclusions on establishing a policy holders' protection scheme last December, and will proceed to prepare the relevant legislative proposal in order to strengthen the protection of policy holders in case an insurance company becomes insolvent.

     Ladies and gentlemen, since its establishment in 1988, the HKFI has been fully committed to advancing and promoting the interests of the insuring public and the growth of the industry. It has been working closely with the Government to foster the development of the insurance sector. Its participation can be seen in virtually every initiative mentioned earlier, highlighting the importance of the Federation as a key partner of the Government and the Insurance Authority in pursuing the sustainable development of the Hong Kong insurance market.  

     Thank you once again for your dedication and commitment. I wish everyone an enjoyable evening and continued success and health in the year ahead.

     â€‹The Labour Department (LD) is highly concerned about a fatal work accident that happened in Sha Tin last night (April 22), involving four workers performing drainage work at manholes. Two of them were certified dead later in hospital, and the other two did not feel well and stayed in hospital. The LD is saddened by the deaths of the workers and expresses its deepest sympathies to the victims' families.
      
     The LD's spokesman said, "We commenced an immediate on-site investigation as soon as we were notified of the accident and issued suspension notices to the contractors concerned, suspending them from conducting drainage works at the manholes and the vicinity. They cannot resume the work process until the LD is satisfied that measures to abate the relevant risk have been taken."
      
     The spokesman added, "We will complete the investigation as soon as possible to identify the cause of the accident, ascertain the liability of the duty holders and recommend improvement measures. We will take actions pursuant to the law if there is any violation of the work safety legislation."
      
     The general duty provisions of the Occupational Safety and Health Ordinance require employers to provide safe working environments, plant and systems of work for their employees. Those who contravene the relevant provisions are liable to a maximum fine of $10 million and imprisonment for two years on conviction on indictment; or $3 million and imprisonment for six months on a summary conviction.
      
     In regard to last night's accident, the LD will issue a Work Safety Alert through its website and by email, giving a brief account of the accident concerned to duty holders, workers' unions, professional bodies of safety practitioners and others, and reminding the industry of the importance of following safety precautionary measures to prevent a recurrence of similar accidents.
      
     The LD will also remind the employer concerned of the liability for employees' compensation under the Employees' Compensation Ordinance, assist family members of the deceased to claim employees' compensation and closely follow up on the case. For those with financial difficulties, the LD will assist them to apply for appropriate emergency funds. Subject to the needs and wishes of family members of the deceased, the LD will also liaise with the Social Welfare Department for financial or other assistance.
      
     For the sake of securing the safety and health of employees at work, the LD appeals to employers to provide plant and systems of work that are safe and without risks to health. Employees should co-operate with their employers, adopt all safety measures and use personal protective equipment provided properly to avoid endangering their own work safety and that of other workers.

     The Hong Kong Public Libraries (HKPL) of the Leisure and Cultural Services Department (LCSD) today (April 23) held "Read Together for Half an Hour" activities at the Hong Kong Central Library (HKCL) and various LCSD venues on the first Hong Kong Reading for All Day. 

     The Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, attended the "Read Together for Half an Hour" activity at the Exhibition Gallery of the HKCL today. He read together with students participating in the Hong Kong Inter-school Chinese Reading Contest organised by the Hong Kong Teacher-Librarians' Association a book from the book list of the contest. Through the lively introduction of the Dunhuang murals and the Silk Road in the book, Mr Yeung encouraged the students to further explore and appreciate the values and attitudes in Chinese culture.

     Mr Yeung said that reading was not bounded by time nor location. Once people pick up a book or a chapter they like, they can enjoy the journey themselves. He encouraged the public to read more and make it a habit.

     Apart from the HKCL, the LCSD set up various reading locations today at a number of its venues, including the Oil Street Art Space in North Point, the Kowloon Park Arcade and selected libraries, where a variety of books were placed for members of the public to read. Souvenirs were given to those who participated in "Read Together for Half an Hour" activities at the reading locations in selected public libraries. The Education Bureau today also held joint secondary and primary school 30-minute reading activities to enhance the reading ambience on campus, with more than 220 schools joining the activities. The Hong Kong Publishing Federation invited the public to join the "Read Together for Half an Hour" activity at the "Hong Kong Reading+" carnival at New Town Plaza in Sha Tin.

     In addition, starting from today, the maximum number of loaned library items of the HKPL has been raised from eight to 10 to encourage and enable readers to cultivate a reading habit. 

     For details of more events of Hong Kong Reading Week, please visit the thematic website (www.hkpl.gov.hk/hkrw).

              

     The Civil Service College (CSC), in collaboration with the Institute for Hong Kong and Macau Studies, Peking University, launched an in-depth programme on "one country, two systems" and contemporary China. As part of the programme, a lecture on the topic of "Urban-rural Relationship and Urbanisation in Contemporary China" was delivered by the Dean of the Department of Sociology of Peking University, Professor Zhou Feizhou, at the CSC today (April 23).
 
     The country upholds the philosophy of people-centred development, acting on the principle that a city should be built by and for its people. It emphasises the need to maintain a people-centred approach, focusing on the public's needs and prioritising liveability in urban development.
 
     Addressing the lecture, the Head of the CSC, Mr Oscar Kwok, said that the Government of the Hong Kong Special Administrative Region has long been upholding the country's people-centred governing philosophy, emphasising serving the public in a pragmatic manner to make Hong Kong a better place for living and working. The mission of the CSC is to strengthen training to build a civil-service team that is patriotic, loves Hong Kong, has good morals and integrity, and is competent and people-oriented. The CSC has infused the people-first and "one government" service ethos into various programmes, building a service culture driven by the needs of the people and the overall interests of the country and Hong Kong, which exemplifies the implementation of the country's governance philosophy and gives full play to the power and value of "patriots administering Hong Kong".
 
     Around 70 civil servants at the rank of Directorate Pay Scale Point 1 and 2 attended the programme. In addition, about 90 politically appointed officials and other directorate officers enrolled and sat in on the lecture via video conferencing.
 
     The programme was organised to further strengthen training for senior officials and directorate civil servants. It consists of 12 monthly lectures covering a wide range of topics, such as the Communist Party of China and contemporary China, socialism with Chinese characteristics, the theory and practice of "one country, two systems", as well as developments in contemporary Chinese society, economy, national defence, technology, and more. Distinguished scholars from the Mainland will deliver the programme and engage in in-depth discussions with participants.