Author Archives: hksar gov

     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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     The Centre for Health Protection (CHP) of the Department of Health (DH) is today (April 24) investigating a case of measles infection.
 
     As at 4pm today, one case, which involves a 37-year-old man, was recorded. The man with good past health developed fever since April 19 and rash since April 20. He attended the Out-patient Department at St Teresa’s Hospital on April 21 and attended the Accident and Emergency Department at Princess Margaret Hospital on April 23 and was admitted for treatment. A laboratory test of his respiratory specimen was positive for the measles virus. He has been in a stable condition. The patient has not received measles vaccination. He had travelled to Singapore and Malaysia during the incubation period but had no travel history during the communicable period.
 
     According to the patient, he did not have contact with measles patients during the incubation period. His home contacts have remained asymptomatic so far and have been put under medical surveillance.
 
     Upon notification of the case, the CHP immediately commenced epidemiological investigations and conducted relevant contact tracing. Investigations are ongoing. The public place the patient visited during the communicable period is listed in the appendix.
 
     “The incubation period (the period from infection to appearance of illness) of measles ranges from seven days to 21 days. Symptoms of measles include fever, skin rash, cough, runny nose and red eyes. If symptoms arise, members of the public should wear surgical masks, stop going to work or school and avoid going to crowded places. They should also avoid contact with non-immune persons, especially persons with weakened immunity, pregnant women and children aged below 1. Those suspected to have been infected are advised to seek medical attention as early as possible and reveal relevant contact history of measles to healthcare professionals,” a spokesman for the DH advised. 
 
     Meanwhile, regarding a confirmed case announced on April 5 that involved a 14-month-old baby boy, his respiratory specimen subsequently tested positive for vaccine-associated measles and is thus not classified as a confirmed case of measles.

     Regarding measles control measures implemented at Hong Kong International Airport (HKIA), a total of four persons received measles vaccination at the airport vaccination station as at 6pm today, bringing the cumulative number of vaccinations given to 8 268.

     From tomorrow to Sunday (April 25 to 28), the vaccination quota for the measles vaccination station at the airport remains at 500 doses daily. Vaccination for eligible airport staff will be provided to the following target groups who:

(1) Were born in or after 1967, and have not received two doses of measles vaccination, and have not been infected with measles before, and with evidence of living with infants under 1 year old or living with pregnant women; or

(2) Have laboratory evidence of testing not positive against measles antibody (IgG)

     Details of evidence are as follows:

(a) Supporting documents for living with infants under 1 year old: for example, birth certificate, discharge summary or vaccination card of the infant

(b) Supporting documents for living with pregnant women: for example, positive pregnancy tests or antenatal follow-up cards of the pregnant women

(c) Supporting documents for laboratory evidence: for example, blood results from the DH’s measles serology test or any laboratory within the past 12 months

     The venue and operation hours of the airport vaccination station are as follows:
 

Venue:	Multi-function Room, HKIA Tower (Level 5, Terminal 2)
Hours:	April 25 to 28 10am to 1pm 2pm to 6pm

     As for the blood test service, the DH will continue to arrange the provision of a measles serology test service for airport staff to identify those who need the measles vaccination. A DH contractor will continue to provide the blood test service for about 200 airport staff who were born in or after 1967 tomorrow (April 25). Thirteen blood samples have been collected today. The DH will notify the participants individually of the serology results.

     The venue and operation hours of the airport blood test station are as follows:
 

Venue:	South side before the Immigration Hall at Level 3 of Terminal 2 (non-restricted area)
Hours:	April 25 9am to 1pm

     A hotline (2125 1122) has been set up for public enquiries and operates during office hours from Mondays to Fridays. A total of 3 258 enquiries have been received so far.  read more