The effective exchange rate index for the Hong Kong dollar on Tuesday, March 12, 2024 is 104.4 (down 0.1 against yesterday's index).

The following is issued on behalf of the Legislative Council Secretariat:

     The Legislative Council (LegCo) Bills Committee on Safeguarding National Security Bill will hold three meetings tomorrow (March 13) in Conference Room 1 of the LegCo Complex:
 

• 8.30am to 10.30am
• 2.30pm to 4.30pm
• 4.40pm to 6.40pm

     In response to the Japanese Government's plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on March 11 to noon today (March 12), the CFS conducted tests on the radiological levels of 133 food samples imported from Japan, which were of the "aquatic and related products, seaweeds and sea salt" category. No sample was found to have exceeded the safety limit. Details can be found on the CFS's thematic website titled "Control Measures on Foods Imported from Japan" (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD's website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO's website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24 to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 35 640 samples of food imported from Japan (including 23 866 samples of aquatic and related products, seaweeds and sea salt) and 9 928 samples of local catch respectively. All the samples passed the tests.

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

     Exchange Fund Bills tender results:
 

 
*"Pro rata ratio" refers to the average percentage of allotment with respect to each tender participant's tendered amount at the "highest yield accepted" level.
 
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Hong Kong Monetary Authority tenders to be held in the week beginning March 18, 2024:
 

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Regional High-Level Conference on Intellectual Property (IP) Protection today (March 12):
 
Louise (Commissioner of Customs and Excise, Ms Louise Ho), Director-General Xu Weigang (Director-General of the Economic Affairs Department of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region), Algernon (Secretary for Commerce and Economic Development, Mr Algernon Yau), David (Director of Intellectual Property, Mr David Wong), heads and representatives of Customs authorities, Consuls-General, ladies and gentlemen,
 
     Good morning. I am delighted to be here for the opening of the Regional High-Level Conference on Intellectual Property Protection. 
      
     This three-day event brings together 120 high-profile officials and experts from prominent international organisations and law enforcement agencies in the Asia-Pacific region. I am sure it is an ideal platform for the exchange of knowledge, experience, and valuable insights in the field of intellectual property protection and development.
      
     IP is a driving force for innovation and technological advancement, and holds significant value for businesses. Hong Kong is committed to IP protection and upholds a robust IP protection regime, which is backed by our strong tradition of the rule of law and our continued practice of the common law system under the “one country, two systems” principle. 
      
     Our relevant policy bureaux and departments work seamlessly together to ensure that the IP protection regime remains up to date, aligns with the highest international standards, and is strictly complied with. Hong Kong Customs stringently enforces IP laws, continuously engages stakeholders, and actively educates the public. It has also forged close partnerships with regional law enforcement agencies to strengthen IP protection.
      
Beyond IP protection: Hong Kong as a regional IP trading centre
      
     Looking to the future, Hong Kong is firmly on its way to becoming the regional hub for IP trading, a role entrusted to us by the Central People’s Government in its National 14th Five-Year Plan. 
      
     Hong Kong has a multitude of advantages that propel us forward in this direction. Beyond the rule of law and a strong IP protection regime, our legal services also stand out. We have a deep pool of outstanding legal talent. We are also the only jurisdiction in the world that practises common law in both Chinese and English. These and other strengths give us a unique advantage in assisting in the resolution of related disputes in the region. 
      
     Moreover, there is the dynamic development of the innovation and technology (I&T) sector in Hong Kong and the Greater Bay Area (GBA). According to the World Intellectual Property Organization (WIPO), Hong Kong, Shenzhen and Guangzhou together have remained the second-largest global science and technology cluster for four consecutive years. 
      
     Building upon the substantial investments made over the years, Hong Kong has devised a comprehensive blueprint to guide our further development in this field. 
      
     We actively encourage the transformation and commercialisation of R&D (research and development) outcomes. We are promoting new industrialisation through favourable policies and support schemes. And we are actively attracting strategic enterprises in fields such as artificial intelligence, life and health technology, new materials and advanced manufacturing to come to Hong Kong.
      
     Meanwhile, we are also stepping up collaboration with sister cities in the GBA. That includes the establishment of a joint I&T park in Hetao along the boundary with Shenzhen, where a more expedient flow of personnel, data, capital and other factors of production will be experimented.
      
     These developments will create a surge in demand for IP registration and trading, which in turn will encourage further creation and exploitation of IP from our academic and research institutions, as well as innovators. In short, I&T development and IP trading are indeed mutually reinforcing.
      
     Hong Kong is eager to seize the opportunities there for us. Over the past three years, the Intellectual Property Department has granted an average of more than 10,000 standard patent registrations annually.  That’s a clear indication of the bright potential of the IP trading market in Hong Kong. And we are just getting started. 
      
     In last year's Budget, we announced the introduction of the "patent box" tax incentive. It will offer tax concessions for qualifying profits sourced in Hong Kong and derived from IP assets created through R&D. The relevant profits-tax rate will be reduced to only 5 per cent. The related legislation will be presented to the Legislative Council in the coming months.
      
     This year’s Budget also allocates additional resources to IP capacity building and talent development. Notably, we will dedicate around $45 million to support the establishment of a WIPO Technology and Innovation Support Centre in Hong Kong. It will offer the I&T sector a range of specialised services, including patent search and analysis, consultation services on protecting scientific research outcomes, management and commercialisation strategies, and more.  
      
     We are also allocating some $12 million for the introduction of regulatory arrangements covering local patent-agent services. We are committed to enhancing the professionalism of the sector and supporting the original grant patent system.
      
Concluding remarks
      
     Ladies and gentlemen, for all these developments and bright prospects, we will need robust IP protection. With that in mind, I look forward to the inspiring ideas, insights and opportunities for regional co-operation over the course of this three-day gathering. 
      
     Last but not least, I wish you all a fruitful Conference, with good time to enjoy Hong Kong. I also wish you the best of health and business in 2024. Thank you.