Author Archives: hksar gov

     The Government today (March 18) announced the appointment of Professor Harry Shum and Professor Francis Chan as new non-official members of the Board of Directors (the Board) of the Hong Kong Investment Corporation Limited (HKIC), and the reappointment of four non-official members, namely Dr Victor Fung, Professor Lawrence Lau, Dr James Lin and Mr Carlson Tong. The term of appointment for non-official members is two years.  

     The Government also announced the appointment of the Secretary for Health as a new official member of the Board.

     The HKIC extended its gratitude to the outgoing Board member, Deputy Chief Executive of the Hong Kong Monetary Authority Mr Howard Lee, for his contributions during his tenure.

     The Board primarily formulates the HKIC’s investment strategies and mandate, makes decisions on investment projects as well as ensures and upholds the good governance of the HKIC. To assist the Board in discharging its duties, the Board has established the Investment Committee, the Remuneration Committee and the Audit Committee.

     As “patient capital”, the HKIC carries a dual mandate, namely to support the growth of innovation and technology and strategic industries in Hong Kong, with a view to enhancing the long-term competitiveness and economic vitality of Hong Kong; and to seek reasonable financial return over the medium to long term. The HKIC also plays a vital role in creating synergy among the Hong Kong Special Administrative Region Government, industry, academia as well as research and investment sectors. To date, the HKIC has invested in over 90 projects in different development stages. 

     The composition of the Board can be found at the Annex.  read more

     â€‹The Chief Executive, Mr John Lee, met with the Secretary of the CPC Dongguan Municipal Committee, Mr Wei Hao, today (March 18) to exchange views on deepening Hong Kong’s co-operation with Dongguan and promoting the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Also attending the meeting were the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Director of the Chief Executive’s Office, Ms Carol Yip; and the Head of Chief Executive’s Policy Unit, Dr Stephen Wong.
      
     Mr Lee welcomed Mr Wei and his delegation to Hong Kong. Mr Lee noted that Hong Kong and Dongguan enjoy close geographical and cultural ties, and the two cities have long maintained close co-operation in various areas, including economics, trade, and shipping. As Dongguan is a renowned global manufacturing hub, Hong Kong will continue to give full play to its advantages as a bridge between the Mainland and the world, as well as its dual roles in going global and attracting foreign investment, offering services to assist Dongguan enterprises in expanding and developing international markets.
      
     Mr Lee highlighted the successful collaboration between Hong Kong and Dongguan in operating the logistics park in Dongguan under the “sea-air intermodal cargo-transshipment” mode. The Hong Kong Special Administrative Region Government and the Dongguan Municipal Government are jointly advancing the development of the Hong Kong International Airport Dongguan Logistics Park as a permanent facility, as well as expanding its scope and capacity. Combining Hong Kong’s strengths in aviation and logistics with Dongguan’s advantages in land and manpower resources, the project aims to create a model of successful co-operation within the GBA. This initiative will further enhance the logistics connectivity within the GBA and boost the international competitiveness of the GBA’s manufacturing and import-export industries.
      
     Mr Lee expressed confidence that Hong Kong and Dongguan will continue to leverage their complementary advantages and promote co-operation between the two places at a higher level, making greater contributions to the development of a world-class bay area.                      

  

     The overall Comprehensive Social Security Assistance (CSSA) caseload in February showed a rise of 188 cases, representing an increase of 0.1 per cent compared with that of January, according to the latest CSSA caseload sta… read more

     According to the latest labour force statistics (i.e. provisional figures for December 2024 – February 2025) released today (March 18) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate increased from 3.1% in November 2024 – January 2025 to 3.2% in December 2024 – February 2025. The underemployment rate remained unchanged at 1.1% in the two periods.
 
     Comparing December 2024 – February 2025 with November 2024 – January 2025, movements in the unemployment rate (not seasonally adjusted) in different industry sectors varied. Relatively notable increases were observed in the food and beverage service activities sector, transportation sector, construction sector, and professional and business services sector (excluding cleaning and similar activities). Movements in the underemployment rate in different industry sectors also varied, but the magnitudes were generally not large.
 
     Total employment decreased by around 7 100 from 3 716 600 in November 2024 – January 2025 to 3 709 500 in December 2024 – February 2025. Over the same period, the labour force also decreased by around 5 400 from 3 826 700 to 3 821 300.
 
     The number of unemployed persons (not seasonally adjusted) increased by around 1 600 from 110 100 in November 2024 – January 2025 to 111 700 in December 2024 – February 2025. Over the same period, the number of underemployed persons  decreased by around 2 300 from 43 000 to 40 700.
       
Commentary
 
        Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Chris Sun, said, “The seasonally adjusted unemployment rate stayed low at 3.2% in December 2024 – February 2025, though edging up by 0.1 percentage point over November 2024 – January 2025. The underemployment rate remained unchanged at 1.1%. The labour force and total employment were at 3 821 300 and 3 709 500 respectively, declining slightly from the preceding three-month period.”
 
        The unemployment rates of various sectors showed diverse movements in December 2024 – February 2025 compared with the preceding three-month period, but they generally stayed low.
 
        Looking ahead, Mr Sun said, “The labour market should remain largely stable in the near term amidst continued economic expansion, though some businesses would be affected by the uncertainties stemming from the United States’ trade protection measures.”
 
Further information
 
        The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
 
        In the survey, the definitions used in measuring unemployment and underemployment follow closely those recommended by the International Labour Organization. The employed population covers all employers, self-employed persons, employees (including full-time, part-time, casual workers, etc.) and unpaid family workers. Unemployed persons by industry (or occupation) are classified according to their previous industry (or occupation).
 
        The survey for December 2024 – February 2025 covered a sample of some 26 000 households or 68 000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong. Labour force statistics compiled from this sample represented the situation in the moving three-month period of December 2024 to February 2025.
 
        Data on labour force characteristics were obtained from the survey by interviewing each member aged 15 or over in the sampled households.
 
        Statistical tables on the latest labour force statistics can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode200.html). More detailed analysis of the labour force characteristics is given in the “Quarterly Report on General Household Survey” which is published four times a year. The latest issue of the report contains statistics for the quarter October – December 2024 while the next issue covering the quarter January – March 2025 will be available by end May 2025. Users can also browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050001&scode=200).
 
        For enquiries about labour force statistics, please contact the General Household Survey Section (3) of the C&SD (Tel: 2887 5508 or email: ghs@censtatd.gov.hk).
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     The effective exchange rate index for the Hong Kong dollar on Tuesday, March 18, 2025 is 106.3 (down 0.1 against yesterday’s index). read more