The following is issued on behalf of the Hospital Authority:

     The spokesperson for the Hospital Authority today (October 25) announced that two general out-patient clinics (GOPCs), namely Ma On Shan Family Medicine Centre and Tin Shui Wai (Tin Yip Road) Community Health Centre, will continue to provide a COVID-19 vaccination service (Sinovac) and will not provide seasonal influenza or pneumococcal vaccination services for the time being. Members of the public who intend to receive COVID-19 vaccination at the two aforementioned GOPCs may make an appointment through the 24-hour government online booking system at booking.covidvaccine.gov.hk.
 
     The remaining 24 selected GOPCs currently providing a Sinovac vaccination service (see below table) will cease the provision of the COVID-19 vaccination service after tomorrow (October 26) as announced earlier, to focus manpower and resources on the provision of seasonal influenza and pneumococcal vaccination services for the upcoming second phase of the seasonal influenza vaccination programme.
 
     "The second phase of the seasonal influenza vaccination programme will commence on November 8. Patients of the above-mentioned 24 GOPCs can receive vaccination at the time of their scheduled follow-up appointments after the commencement of the second phase of the programme. Patients whose follow-up appointment dates fall outside the vaccination period can visit the respective clinics for necessary arrangements," the spokesperson said. 
 
     The second phase of the seasonal influenza vaccination programme also covers elderly people aged 65 or above living in the community. They can go to the GOPCs in various districts to receive vaccination. More information is available at the website: www.ha.org.hk/goto/gvp202122/en/.
 

     Following is the speech by the Chief Executive, Mrs Carrie Lam, at the Hong Kong Association of Banks Distinguished Speaker Luncheon today (October 25):

Luanne (Chairperson of the Hong Kong Association of Banks, Ms Luanne Lim), distinguished guests, ladies and gentlemen,

     Good afternoon. It is a pleasure to be here with you today, especially after an accident that has reminded me of the importance of staying vigilant even in relatively peaceful times. Continuously enhancing competitiveness despite good business is also a theme I wish to harp on in today's speech. 

     Some of you may recall that I last spoke to you in November 2018. That was into the second year of my tenure, witnessing the celebration of the 40th anniversary of our nation's reform and opening up, and the consecutive opening of two major pieces of cross-border transport infrastructure – the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge. All seemed bright and well. And then we all have some frightening memories of what Hong Kong had gone through in the following two years. Few would disagree that it has been a very challenging period for Hong Kong, particularly with the riots in the latter half of 2019, during which some banks were the targets of attacks. Today, I'm pleased to say, not only has order and stability been restored, but Hong Kong is also in much better shape. 

     The Central Authorities have over the past two years enacted and implemented the National Security Law in Hong Kong as well as improved our electoral system. Thanks to these decisive acts, the riots have given way to stability and to growing confidence in Hong Kong. The pandemic, while still with us, is under control, too. That's thanks to the dedication of our health professionals and to the concerted efforts of the Government and the community at large. 

     We are, in short, ready and eager for the opportunities the future holds for our wide-ranging financial sector and the economy as a whole. For the next few minutes, allow me to talk about that future, with a focus on the banking sector. 

     First of all, our banking sector is still among the world's largest and most internationalised. At last count, 79 of the world's 100 largest banks were operating in Hong Kong. Your Association is home to 160 member banks, and your vote of confidence in Hong Kong is tangible. In recent months, prompted by key cross-border measures formally launched, a number of international banks have decided to enlarge their presence here, hiring more people and expanding their offices in the process.

     Hong Kong's rebounded economy is also providing a favourable backdrop for the banking industry. Real GDP shot up 7.8 per cent, year-on-year, in the first half of this year. For the first eight months of 2021 as a whole, total merchandise trade value amounted to a historic high of $6,500 billion, surpassing the high in the same period in 2018 by 12.8 per cent. The unemployment rate fell to 4.5 per cent in July to September 2021, and the number of job vacancies rose more than 10 per cent compared to mid-2020. 

     The world is taking note. Last month, Hong Kong was ranked third, worldwide, in the Global Financial Centres Index, finishing behind only New York and London. Also in September, the Fraser Institute once again named Hong Kong the world's freest economy in its Economic Freedom of the World report. And in June, the 2021 World Investment Report, from the United Nations Conference on Trade and Development, ranked Hong Kong the world's third-largest recipient of foreign direct investment, behind only the United States and Mainland China. That's up from fifth place in 2019.

     Hong Kong's rebound should not come as a surprise, because our fundamental strengths remained intact during the challenging period. These strengths include our low-tax regime, level playing field underpinned by the rule of law and an independent judiciary, together with highly open and internationalised markets, a deep liquidity pool, and the free flow of people, information and capital. Indeed, I would say that our strengths have become even more secure, now that "One Country, Two Systems" is back on the right track. As the UN report I just mentioned pointed out, "Hong Kong will remain an important financial hub in Asia and a gateway to invest in China, because of its favourable tax regime, easy listing process, absence of capital controls and good regulatory framework." And a report by the International Monetary Fund under its Financial Sector Assessment Program reaffirmed Hong Kong's role as a global financial centre with a resilient financial system, sound macroeconomic policies and a robust regulatory and supervisory framework. 

     While our regulatory regime is internationally recognised, we are not complacent and are continually updating it, working to create a business-friendly environment for the financial sector. For example, in consultation with the industry, my Government has introduced more than 15 pieces of legislation to enhance Hong Kong's competitiveness as an international financial centre, and seven of these were related to tax arrangements. That includes the limited partnership fund regime, which has been well-received and has attracted more than 330 funds over the past year.

     Then there's financial technology. The Government has been working closely with regulators and the sector to enhance our financial infrastructure, develop talent and strengthen collaboration with the Mainland and overseas jurisdictions on the adoption and cross-boundary application of fintech. Indeed, our efforts have already been paying off. We now boast more than 600 fintech companies, including eight virtual banks.

     Alongside market development, we are putting emphasis on market regulation to safeguard financial stability and integrity. This includes the virtual assets sector. Following public consultation earlier this year, we are now preparing to introduce a licensing regime for virtual asset services providers, among others.

     Stability is critical to our financial system. Despite heightening market volatility in recent months, our banking system and the Linked Exchange Rate System are operating smoothly and effectively. Our sound macro-prudential policies have provided Hong Kong with important buffers to cope with challenges in the past, and will certainly cushion future shocks. 

     Looking to the future, my latest Policy Address delivered earlier this month outlines development plans for eight international centres or hubs here in Hong Kong with support from Central Authorities under our nation's 14th Five-Year Plan. Leading the way is Hong Kong's role as an international financial centre. The 14th Five-Year Plan, let me add, also supports the deepening and expansion of the connectivity between the Mainland and Hong Kong's financial markets.

     Speaking of connectivity, I was delighted to officiate last month at the launch of the Guangdong-Hong Kong-Macao Greater Bay Area Wealth Management Connect, as well as Southbound Bond Connect. And earlier this month, I got to bang a gong as part of the official launch of Shenzhen Municipal Government bonds on the Stock Exchange of Hong Kong. That striking debut marks the first time a Mainland municipal government has issued bonds outside the Mainland. In addition, the recently announced Qianhai Plan will provide even more opportunities for Hong Kong to participate in the development of Mainland markets.

     Building on the momentum, allow me to highlight our financial services development efforts on five fronts, namely (i) expanding our offshore Renminbi business; (ii) seizing Greater Bay Area opportunities; (iii) building a green and sustainable future; (iv) boosting fintech development; and (v) enhancing financial services for the benefit of all.

     Hong Kong has unparalleled promise as a global offshore Renminbi business hub. Our leadership role in this is underlined by our total deposits, including certificates of deposit. At the end of July, they totalled more than RMB850 billion. The average daily turnover of Hong Kong's Renminbi Real-Time Gross Settlement System exceeded RMB1.4 trillion in the third quarter of this year. Last year, about 75 per cent of global offshore Renminbi payments were processed via Hong Kong.

     And we're just getting going in promoting the two-way flow of cross-boundary Renminbi funds and developing offshore Renminbi products. In particular, we will look to allowing securities eligible for southbound trading under Stock Connect to be denominated in Renminbi. Stock Connect's southbound trading shows strong demand from Mainland investors trading in securities listed in Hong Kong. They largely invest with Renminbi, and would be a natural market for our Renminbi-denominated stocks. Allowing southbound trading securities under Stock Connect to be denominated in Renminbi could reduce Mainland investors' exchange-rate risk by raising certainty in stock prices. A working group is looking into this, and I look forward to concrete proposals soon.

     Then there's the Greater Bay Area, which gives Hong Kong a seamless opportunity to take part in the nation's "dual circulation" strategy. That presents huge opportunities for Hong Kong's financial services sector. For example, the Wealth Management Connect, which I touched on earlier, allows individual Mainland investors to access wealth-management products distributed by banks in Hong Kong for the very first time. I think I don't have to elaborate on the significance and potential of this initiative. Together with the limited partnership fund regime launched in August 2020, and the new tax concessions for carried interest distributed by private equity funds, Hong Kong is destined to become an even more important gateway for capital flowing in and out of the Mainland. And that can only burnish the city's lustre as an international asset-management centre.

     Green and sustainable development is also high on our agenda. Apart from the Shenzhen Municipal Government's recent bond issuance, which includes green bonds, my Government has plans for additional green bond issuances in the coming years. To that end, we have raised the borrowing ceiling of the Government Green Bond Programme, and plan to issue green bonds worth $175.5 billion over the next five years. And this financial year, we will, for the first time, issue retail green bonds to the general public. 

     We are also looking to develop Hong Kong as a regional carbon-trading centre. That includes supporting Hong Kong Exchange's plans to promote financial products related to carbon-emission trading in co-operation with the Guangzhou Futures Exchange. These measures would contribute to the goal of achieving carbon neutrality before 2060 in the Mainland and before 2050 in Hong Kong. They would also boost our bond market.

     Financial technology is no less part of our future. Just last week, the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBoC) signed a Memorandum of Understanding on linking up the PBoC's Fintech Innovation Regulatory Facility with the HKMA's Fintech Supervisory Sandbox in the form of a network. The initiative seeks to provide a one-stop platform for financial institutions and technology companies to conduct pilot trials of cross-border fintech initiatives concurrently in Hong Kong and other Greater Bay Area cities in the Mainland, thereby allowing them to obtain feedback from regulators and users earlier, expediting the launch of fintech products and lowering development costs.

     These and other financial plans and policies demand talent. Here I wish to echo what Luanne was quoted as saying in an interview last week, "as connectivity strengthens across the Greater Bay Area, the banking sector will strive to enhance investor education, and promote cross-border acceptance of qualifications and talent development". Which is why I announced, in my Policy Address, that we will double the annual quota of the Quality Migrant Admission Scheme to 4 000 talented individuals from all over the world. We are also exploring the development of professional qualification standards under the Qualifications Framework for the fintech sector. That, I believe, would provide a clear and recognised development path for employers and practitioners. 

     No less important to our economy is ensuring that we create real opportunity for our small and medium-sized enterprises, which have always been the dynamic engine of our economy. Indeed, financial inclusion is at the heart of our policy design, and my Government is committed to financial services that benefit every sector of our economy and our community. The Hong Kong Monetary Authority, I'm pleased to note, is developing a Commercial Data Interchange. It's being designed to promote the digitalisation of trade finance, helping our SMEs gain the efficient export-financing support they need to compete in this 21st century of opportunity. The success of this new feature in our financial infrastructure lies in the receptiveness of our banks. I would therefore urge the association to play an instrumental role in promoting its application. After all, SMEs are a key pillar in Hong Kong's economy, and financial institutions and SMEs are basically in the same boat in sailing forward.

     I hope I have said enough to impress upon you that my Government is fully committed to our financial services sector, and the banks and banking professionals so critical to its continuing success at home, with our nation and around the world. I know that we can continue to count on the Hong Kong Association of Banks for its support in our efforts to enhance Hong Kong's position as an international financial centre.

     Before I go, allow me to congratulate the Hong Kong Association of Banks on its 40th anniversary. I hope that you have an enjoyable lunch, and I thank you again for this welcome opportunity to speak to you today. Thank you.

  

The following is issued on behalf of the Electoral Affairs Commission:
 
     The Electoral Affairs Commission (EAC) today (October 25) issued the Guidelines on Election-related Activities in respect of the Legislative Council Election according to the Electoral Affairs Commission Ordinance (Cap. 541).
 
     "The Guidelines apply to the 2021 Legislative Council General Election to be held in December this year and Legislative Council by-elections afterwards," the EAC Chairman, Mr Justice Barnabas Fung Wah, said at a press conference.
 
     "The Guidelines cover two different aspects, namely, (1) to explain the relevant legislative provisions; and (2) to promulgate a code of conduct in election-related activities based on the fair and equal treatment principle.
 
     "The Guidelines are prepared on the basis of the edition released in June 2020, with appropriate and necessary amendments. About 50 major amendments are primarily classified into three areas: the first category reflects the amendments to relevant electoral laws, mainly the Improving Electoral System (Consolidated Amendments) Ordinance 2021 (the Ordinance) enacted by the Legislative Council in May this year which covers the composition of the Legislative Council, the method of its formation and the nomination process of candidates. Most of the amendments in the Guidelines fall into the first category; the second category reflects the amendments to electoral arrangements which have been reflected in other election guidelines; and the third category is the elaboration of new electoral arrangements and procedures, such as the voting arrangements and the requirements on media reporting in relation to the newly established Election Committee constituency (ECC)."
 
     An election is a solemn matter and the electoral procedures are strictly governed by the relevant electoral legislation. It is the duty of the EAC to issue guidelines in strict accordance with the subsisting law to remind persons who wish to run for an election and other stakeholders that they must understand and comply with the legislative requirements so as to avoid committing any offence inadvertently.
 
Composition and formation of the Legislative Council
 
     The Ordinance has been published in the Gazette and came into effect on May 31. The composition of the Legislative Council will be expanded from 70 members to 90 members returned by Geographical Constituencies (GCs), Functional Constituencies (FCs) and the ECC.
 
     As for GCs, Hong Kong is divided into 10 GCs. They are Hong Kong Island East (comprising Eastern District and Wan Chai District), Hong Kong Island West (comprising Central and Western District, Southern District and Islands District), Kowloon East (comprising Kwun Tong District and south-eastern part of Wong Tai Sin District), Kowloon West (comprising Yau Tsim Mong District and Sham Shui Po District), Kowloon Central (comprising Kowloon City District and north-western part of Wong Tai Sin District), New Territories South East (comprising Sai Kung District and eastern part of Sha Tin District), New Territories North (comprising North District and north-western part of Yuen Long District), New Territories North West (comprising Tuen Mun District and south-eastern part of Yuen Long District), New Territories South West (comprising Kwai Tsing District and Tsuen Wan District) and New Territories North East (comprising Tai Po District and western part of Sha Tin District). The 20 GC members will be returned from 10 GCs by the "double seats and single vote" voting system (each constituency returns two members, and each elector can vote for one candidate). The two candidates who obtain the greatest number of votes shall be returned for the respective GC.
 
     A total of 30 seats shall be returned by electors/authorised representatives of corporate electors from the 28 FCs. All 28 FCs adopt the "first past the post" voting system. Except the Labour FC which will return three members, all other 27 FCs shall return one member each.
 
     As for the newly established ECC, the 40 seats will be elected by the 1 500 Election Committee members by the "block vote" voting system. Every member must select exactly 40 candidates, and the 40 candidates who obtain the greatest number of votes shall be returned in the election.
 
     The 2021 Legislative Council General Election will be held on December 19. The Registration and Electoral Office (REO) plans to set up more than 620 ordinary polling stations across the territory. Also, an ECC polling station will be set up in the Hong Kong Convention and Exhibition Centre for ECC electors to cast their ECC, GC and FC (if any) votes.
 
Nomination of candidates
 
     The Ordinance has amended the nomination methods for candidates in a Legislative Council election. A GC candidate must be nominated by no less than 100 and no more than 200 electors in his/her GC, as well as by no less than two and no more than four Election Committee members from each of the five sectors; an FC candidate must be nominated by no less than 10 and no more than 20 electors in his/her FC, as well as by no less than two and no more than four Election Committee members from each of the five sectors. As for the ECC, a candidate must be nominated by no less than two and no more than four Election Committee members from each of the five sectors; and the candidate need not be an Election Committee member.
 
     Pursuant to the Annex II to the Basic Law, the Candidate Eligibility Review Committee is responsible for reviewing and confirming the eligibility of candidates in the Legislative Council elections.
 
     The nomination period for the 2021 Legislative Council General Election will start on Saturday (October 30) until November 12. Persons who wish to run for an election are advised to submit their nominations as early as possible to allow time to correct mistakes, if any, in the nomination forms before the deadline.
 
Shortening of polling hours
 
     Given the use of the Electronic Poll Register (EPR) system and other improvement measures in the Legislative Council General Election, the polling hours will be changed from between 7.30am to 10.30pm (15 hours in total) to between 8.30am to 10.30pm (14 hours in total) to allow more time for polling staff to conduct a final check of equipment and other settings including data network connections. The polling hours are applicable to ordinary polling stations and the dedicated polling stations set up inside the police stations. As for the dedicated polling stations set up inside penal institutions, the polling hours will remain unchanged, i.e. from 9am to 4pm. The REO will enhance publicity for the new polling hours, and put a prominent message on the poll cards to remind electors of the new polling hours.
 
     Mr Justice Fung said, "Given the experience of past elections, more electors chose to vote in the morning, resulting in a longer waiting time. The polling hours for the election last for 14 hours, and electors can arrange when to vote according to their own schedule, for example, voting after lunch or when there are generally fewer people waiting. If electors can only vote in the morning, they will inevitably have to wait for a longer time."
 
Polling and queuing arrangements
 
     With the assistance of the Office of the Government Chief Information Officer and the EPR System Technical Advisory Committee, the EPR system will be used for issuing ballot papers at polling stations (except for dedicated polling stations and the polling stations not covered by broadband or telecommunication networks) for more efficient and accurate issuance of ballot papers. Upon entry to the polling station, an elector will be directed to one of the ballot paper issuing desks to collect the ballot paper. The polling staff will check the elector's Hong Kong identity card, and then scan the Hong Kong identity card with a tablet so as to verify whether the person is a registered elector and ascertain the types of ballot papers to be issued.
 
     To ensure the accuracy of issuing ballot papers, the elector may check his or her name, partial Hong Kong identity card number and types of ballot papers issued to him or her as shown on the screen of the EPR system during the issuance process. To safeguard the secrecy of voting, the EPR system will record the number and types of ballot papers issued to the elector and the time of issuance, but no record will be made as to which particular ballot paper is given to the elector. No facial recognition devices will be installed in the polling station.
 
     On top of that, the Presiding Officers (PROs) will set up two queues outside the polling station, one for persons in need including persons who are aged 70 or above, pregnant women and persons who have difficulties in standing for a long time to queue due to their physical condition, while another one for the ordinary electors. Seats will also be provided in the polling station for persons in need of rest, and to join the queue afterwards for collecting ballot papers.
 
     Having regard to the order and the overall situation of the polling station, the PRO will flexibly deploy the ballot paper issuing desks, allowing the issuing desks to be fully utilised and thus speeding up the diversion of electors to the issuing desks to collect ballot papers, thereby reducing the overall waiting time.
 
     "On the other hand, considering that the 'block vote' voting system is adopted for the ECC and electors must select exactly 40 candidates on the ballot paper, optical mark recognition (OMR) machines will be set up in the ECC polling station to avoid invalid ballots resulting from electors marking more or less than 40 candidates accidentally. ECC electors are encouraged to use the OMR machines to check whether the number of candidates marked on their ballot paper is 40 before putting into the ballot box. The OMR machines will never record or count electors' choices marked on their ballot papers," said Mr Justice Fung.
 
Arrangement for polling staff to vote
 
     In the past, when the polling staff requested to vote in their assigned polling stations, the PROs will make arrangement as far as practicable. However, when there are long queues at the assigned polling stations of the concerned polling staff, it might take him/her a longer time to vote before returning to their work posts, which might affect the operation of the polling stations where they work. Therefore, an arrangement will be made this time in order to enable the polling staff to return early to their work posts to serve the electors. If there is a long queue of electors outside their assigned polling stations, they may present their polling staff identification to enter the polling station for priority queuing to collect ballot paper(s) and cast their vote(s), so that they can return to the polling station where they work and continue to serve the electors as soon as possible.
 
Safety measures in response to COVID-19
 
     In response to COVID-19, the REO will implement a number of measures to prevent the spread of the virus in polling and counting stations, which include requiring all polling and counting staff to wear surgical masks or other protective equipment recommended by the Centre for Health Protection (CHP), and not allowing staff with fever symptoms to perform election duties.
 
     Candidates, their agents and electors must wear their own masks, use hand sanitiser and check their body temperature before entering polling and counting stations. Given that candidates or their agents will stay in polling and counting stations for a relatively long period of time, if they have fever symptoms, they will not be permitted to enter polling and counting stations but they may assign an agent without fever symptoms as a replacement. An elector with fever symptoms will be directed to a special voting compartment to vote as it will only take a short time. The special voting compartment will be disinfected after every use. Polling stations will be disinfected with cleaning supplies when necessary.
 
     Taking into account that people who are under compulsory quarantine at the Penny's Bay Quarantine Centre (PBQC) are required to stay there without being given any prior notice, and that there is a sufficient and suitable area to set up a polling station in the PBQC, after consulting the CHP, the REO plans to set up a polling station in the PBQC for electors who are undergoing compulsory quarantine therein to vote. The REO will adopt a series of safety measures in the polling station to minimise the risk of infection and spread of COVID-19.
 
     Considering that the COVID-19 variants are highly contagious, the CHP from the perspective of risk assessment, opined that it was inappropriate to allow people who are undergoing home quarantine or compulsory quarantine at hotels to vote at polling stations. Therefore, special voting arrangements will not be arranged for those electors.
 
     "The electors who intend to vote but are currently not in Hong Kong should take note of the quarantine measures for inbound travellers. They should plan their itinerary as early as possible and allow sufficient time for quarantine arrangements, such as returning to Hong Kong at least 21 days before the polling day, so that they can exercise their voting right at their designated polling stations on the polling day. The REO will continue to maintain close contact with the Food and Health Bureau and the CHP, and monitor the developments of the epidemic closely. Further arrangements will be made and announced in due course if necessary depending on the circumstances," said Mr Justice Fung.
 
     The REO will produce a short video on the polling procedures and preventive measures against COVID-19 to be implemented in the polling stations. The video will be uploaded to the websites of the EAC (www.eac.hk) and the REO (www.reo.gov.hk) and the election website (www.elections.gov.hk) for reference.
 
Media reporting in relation to the ECC
 
     The numbers of seats and candidates of the ECC are considerably large. When producing and publishing news reports and feature reports related to the election of a certain candidate, the media may face practical and operational difficulties if all other ECC candidates have to be mentioned in the same programme or publication. As such, the Guidelines state that the media can choose to provide audience or readers with the total number of candidates in the ECC and the platform(s) maintained by the media (i.e. the webpage of the organisation/programme/publication) in which other ECC candidates' names are mentioned.
 
     Mr Justice Fung added, "The EAC has not conducted public consultation on the Guidelines this time. It is mainly because the Ordinance was enacted at the end of May, the EAC and REO have to prepare and arrange for three public elections which are the Election Committee Subsector Elections, Legislative Council Election and Chief Executive Election in accordance with the amended electoral laws, putting us on a very tight schedule. In addition, the Guidelines are revised mainly to reflect the legislative amendments under the Ordinance, which have been discussed and passed by the Legislative Council. Therefore, we consider that there is no need to conduct public consultation on the Guidelines."
 
     The Guidelines can be downloaded from the EAC's website (www.eac.hk). They are also available for viewing at the REO and the Home Affairs Enquiry Centres of District Offices.

     The effective exchange rate index for the Hong Kong dollar on Monday, October 25, 2021 is 101 (down 0.1 against last Saturday's index).

     The effective exchange rate index for the Hong Kong dollar on Saturday, October 23, 2021 was 101.1 (same as last Friday's index).

     Tysan Foundation Limited and Kit Kee Engineering Limited were each fined $46,000 at Eastern Magistrates' Courts today (October 25) for violation of the Factories and Industrial Undertakings Ordinance and the Factories and Industrial Undertakings (Lifting Appliances and Lifting Gear) Regulations. The prosecutions were launched by the Labour Department.
           
     The case involved a fatal accident that occurred on January 13, 2020, at a building construction site in Quarry Bay. When a crawler-mounted crane slewed in a lifting operation, a worker nearby was trapped between the rear part of the crane and a metal railing. The worker sustained severe injuries and passed away on the same day.