Author Archives: hksar gov

The following is issued on behalf of the Hospital Authority:

     During the service demand surge, the Hospital Authority (HA) is closely monitoring the service demand of Accident and Emergency Departments and the occupancy rate in public hospitals. Key service statistics are being issued daily for public information. Details are in the appended table.
 
     In addition, the weekly bulletin “Surge in Brief” (appended) will be issued every Thursday to illustrate the past month’s trends of key service statistics in public hospitals. “Surge in Brief” can be accessed in the HA Winter Surge designated webpage (www.ha.org.hk/goto/wintersurge/en). read more

     The Financial Secretary, Mr Paul Chan, today (April 24) in Beijing called on the Chairman of the China Securities Regulatory Commission (CSRC) to enhance co-operation on the finance front between Hong Kong and the Mainland. 

     This afternoon, Mr Chan, accompanied by the Director of the Office of the Government of the Hong Kong Special Administrative Region (HKSAR) in Beijing, Mr John Leung, held a meeting with the Chairman of the CSRC, Mr Yi Huiman. 

     He expressed his thanks to the CSRC for its support in consolidating and raising Hong Kong’s status as an international financial centre and a global offshore Renminbi business hub.

     Mr Chan briefed Mr Yi on the latest developments of Hong Kong’s economic situation and its financial industry, in particular details of how the Government maintains financial security and stability.

     Both sides expressed hope for enhancing the development of the mutual market access schemes and including more investment products in the schemes for promoting closer collaboration between the financial markets of the two places.

     Mr Chan will attend the second Belt and Road Forum for International Cooperation, which will start tomorrow (April 25), as part of the HKSAR delegation. He will return to Hong Kong in the morning on Saturday (April 27).

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

     The Legislative Council (LegCo) Panel on Economic Development, Panel on Commerce and Industry, Panel on Financial Affairs, and Panel on Information Technology and Broadcasting concluded the four-day joint-Panel duty visit to the major cities in the Yangtze River Delta (YRD) Region today (April 24) and returned to Hong Kong at night.

     In the morning, the delegation visited the Headquarters of the Alibaba Group.  Guided by members of the Group’s senior management, Members toured the exhibition hall and observed demonstrations of the operation of virtual reality shopping and Internet-based ticketing system.  Members took the opportunity to gain a better understanding of the latest technology of e-commerce. 

     The delegation was also briefed on the Hangzhou “City Brain” system jointly developed by the Hangzhou Municipal Government and the Alibaba Cloud, a subsidiary company under the Alibaba Group.  Members learnt that the system is an artificial intelligence platform analyzing data such as pedestrian flow, traffic flow and road condition so as to achieve real-time adjustment of road traffic as well as alleviate traffic congestion in the city. Members also met with the Executive Chairman of the Alibaba Group, Mr Jack Ma, and members of the senior management to exchange views on data analysis and development of innovation and technology.

     The delegation then attended a luncheon meeting with groups of Hong Kong people living in Zhejiang Province to learn about their everyday lives and work.

     In the afternoon, the delegation visited the Hangzhou National High-Tech Industries Development Zone and  received a briefing on the latest development of high-tech industries in Hangzhou, including the application of internet technology to healthcare services as well as policies of nurturing high-tech enterprises.  Afterwards, the delegation visited the Hangzhou LHD New Energy Technology Co. Ltd. to learn about the use of tidal energy to generate electricity.

     Before departing for Hong Kong, the delegation visited the WeDoctor Group.  Members received a briefing by a representative of the Group on the healthcare services supported by internet and observed a demonstration of online medical consultation.  Members also took the chance to further understand the Group’s services and research on Chinese medicine.

     In summing up the trip, the LegCo President and the delegation leader, Mr Andrew Leung said that the visit programme is substantial and the result is significant.  He said, “Having visited over ten places in Shanghai and Hangzhou, we observed the latest developments of the two cities in areas such as innovation and technology, economy and finance, as well as creative and cultural industries.  Also, we met with officials of the Zhejiang Provincial Government and the Shanghai Municipal Government as well as attended a seminar on integrated development of YRD Region. The visit has enhanced Members’ understanding of the recent developments of the economic belt of YRD Region.”

     The President added that the developments of the economic belt of YRD Region and the Guangdong-Hong Kong-Macao Bay Area bring about opportunities to Hong Kong. The duty visit facilitates Members to plan for the future development of Hong Kong.  On behalf of the delegation, the President expressed gratitude to the Hong Kong and Macao Affairs Office of the State Council, the Liaison Office of the Central People’s Government in HKSAR, the Zhejiang Provincial Government, the Shanghai Municipal Government and the HKSAR Government for their assistance that made the duty visit concluded smoothly.

     The LegCo Panel on Economic Development, Panel on Commerce and Industry, Panel on Financial Affairs, and Panel on Information Technology and Broadcasting conducted a four-day joint-Panel duty visit to two major cities in YRD Region, namely Shanghai and Hangzhou, from April 21 to 24.  Led by the President, a total of 22 Members participated in the visit.  Deputy delegation leaders are the Chairman of Panel on Commerce and Industry, Mr Yiu Si-wing; the Chairman of Panel on Financial Affairs, Mr Christopher Cheung; the Chairman of Panel on Information Technology and Broadcasting, Dr Elizabeth Quat; and the Chairman of Panel on Economic Development, Mr Chung Kwok-pan. Other participating Panel members include Mr Jeffrey Lam, Mr Chan Kin-por, Mr Wong Kwok-kin, Ms Alice Mak, Dr Lo Wai-kwok, Mr Jimmy Ng, Dr Junius Ho, Ms Yung Hoi-yan, Mr Chan Chun-ying, Mr Luk Chung-hung and Mr Lau Kwok-fan as well as non-Panel members Dr Priscilla Leung, Mr Leung Che-cheung, Mr Kwok Wai-keung, Mr Ho Kai-ming, Mr Kenneth Lau and Mr Tony Tse.

     At the invitation of the joint-Panel delegation, the Secretary for Constitutional and Mainland Affairs, Mr Patrick Nip; the Secretary for Innovation and Technology, Mr Nicholas W Yang; the Secretary for Financial Services and the Treasury, Mr James Lau; and the Under Secretary for Commerce and Economic Development, Dr Bernard Chan, also joined the visit.

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The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Norman Chan, and the Chairman of China Export & Credit Insurance Corporation (Sinosure), Mr Song Shuguang, signed a Memorandum of Understanding (MoU) with respect to establishing a strategic framework of co-operation to facilitate the financing and investments of infrastructure projects via the Infrastructure Financing Facilitation Office (IFFO) platform.
 
     As the official Export Credit Agency of the Chinese Government, Sinosure has been an active player in the Hong Kong infrastructure financing market. With closer collaborations between Sinosure and IFFO under the MoU framework, Sinosure will continue to develop its full range of product offerings, including project financing insurance, overseas investment insurance, guarantee, and credit rating, with a view to facilitating infrastructure financing activities by Hong Kong-based financial institutions. Sinosure and IFFO will also work closely together in reaching out to more Mainland Chinese corporates and encourage them to make greater use of Hong Kong’s platform for their investments in overseas infrastructure projects.      
 
     Mr Chan said, “I believe through close collaboration between Sinosure and the HKMA’s IFFO platform, Sinosure will make better use of Hong Kong’s advantages, thereby attracting more commercial banks and Mainland Chinese corporates to use the Hong Kong platform for offshore infrastructure financing and investments, which will be conducive to the implementation of the Belt and Road Initiative (BRI).”
 
     Mr Song said, “A stable and sustainable cooperation between our two sides is conducive to Chinese enterprises’ trading export, foreign direct investment, and overseas market development. The signing of MoU also benefits the exchange of information and interaction of business for us, making joint efforts to serve the BRI. Sinosure is willing to further strengthen the ties with HKMA through the IFFO platform.”
  
About IFFO

     As part of the HKMA, IFFO’s mission is to facilitate infrastructure investments and their financing by working with a cluster of key stakeholders. The functions of IFFO are:
 

• providing a platform for information exchange and experience sharing;
• building capacity and knowledge on infrastructure investments and financing;
• promoting market and product development; and
• facilitating infrastructure investment and financing flows.

 
     By establishing IFFO, the HKMA can play a valuable role as a catalyst in the facilitation of infrastructure investments and their financings with its mandate to promote Hong Kong as an international financial centre.
 
     For more information about IFFO, please visit www.iffo.org.hk.
 
About Sinosure

     Sinosure is a state-funded and policy-oriented insurance company tasked with the mission of promoting China’s foreign trade and international economic cooperation. Sinosure is the official Export Credit Agency of the Chinese Government. Since its establishment in 2001, Sinosure has experienced exceptional year-on-year growth while facilitating the financing of numerous strategic projects around the world. As the only policy-oriented insurance company in China, Sinosure has set favourable conditions in its underwriting policy, compensation ratio and insurance tenor for BRI countries’ projects.
 
     The two primary products provided by Sinosure under project insurance are Medium & Long Term Export Buyer’s Credit Insurance and Medium & Long Term Export Supplier’s Credit Insurance. Additional products and services include Overseas Investment Insurance, Financial Lease Insurance, Bonds & Guarantees, and Credit Rating services by SinoRating, a fully-owned subsidiary under Sinosure.
 
     The global financial crisis since 2008 highlighted Sinosure’s role as an important growth stabiliser and risk mitigator. With enhanced lending security provided by Sinosure’s insurance products, sustainable funding resources for projects and sponsors again became available in the export credit market at competitive all-in costs. Sinosure has been identified by lending banks as a reliable and responsible partner throughout the volatility in the global economy.
 
     As China continues to further integrate with the global economic community, Sinosure will remain a key player on the front lines of this trend. Sinosure is committed to facilitating outbound Chinese enterprises in embracing opportunities for economic globalisation while presenting systematic risk mitigating solutions to our clients and global partners.
 
     For more information about Sinosure, please visit www.sinosure.com.cn. read more

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Mortgage Corporation Limited (HKMC) and the China Export & Credit Insurance Corporation (Sinosure) signed a Memorandum of Understanding (MoU) today (April 24) in Beijing on co-operation in infrastructure financing.
 
     Both parties will strengthen co-operation in multiple areas including collaborating on infrastructure project financing, and exchanging experience and best practices in infrastructure financing transactions, with the common goal of consolidating Hong Kong’s position as an infrastructure financing hub and facilitating infrastructure investment and financing flows.
 
     The Executive Director and Chief Executive Officer of the HKMC, Mr Raymond Li, said, “The signing of this MoU strengthens co-operation between the HKMC and Sinosure in multiple areas. It reflects our joint commitment to fill the international infrastructure financing market gaps and facilitate infrastructure investment and financing flows.”
 
     The Chairman of Sinosure, Mr Song Shuguang, remarked, “A stable and sustainable co-operation between our two sides is conducive to Chinese enterprises’ trading export, foreign direct investment, and overseas market development. The signing of MoU also benefits the exchange of information and interaction of business for us, making joint efforts to serve the Belt and Road Initiative. Sinosure is willing to further strengthen the ties with the HKMC.”
 
About the HKMC

     The HKMC, established in 1997, is wholly-owned by the Hong Kong Special Administrative Region Government through the Exchange Fund. Operating on prudent commercial principles, the HKMC strives to promote stability of the banking sector, wider home ownership, as well as development of the local debt market and retirement planning market. 
 
     To further its mandates on promoting banking sector stability and local debt market development, the HKMC commenced the implementation of the Infrastructure Financing and Securitisation business in 2019, with the aims to fill the infrastructure financing market gaps, facilitating infrastructure investment and financing flows; and to help consolidate Hong Kong’s position as an infrastructure financing hub, benefitting financial and professional service sectors.
 
About Sinosure

     Sinosure is a state-funded and policy-oriented insurance company tasked with the mission of promoting China’s foreign trade and international economic co-operation. Sinosure is the official Export Credit Agency of the Chinese Government. Since its establishment in 2001, Sinosure has experienced exceptional year-on-year growth while facilitating the financing of numerous strategic projects around the world.
 
     The global financial crisis since 2008 highlighted Sinosure’s role as an important growth stabiliser and risk mitigator. With enhanced lending security provided by Sinosure’s insurance products, sustainable funding resources for projects and sponsors again became available in the export credit market at competitive all-in costs. Sinosure has been identified by lending banks as a reliable and responsible partner throughout the volatility in the global economy.

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