The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (March 27) that in view of a notification from the World Organisation for Animal Health (OIE) about an outbreak of highly pathoge… read more
In view of the latest developments of the COVID-19 epidemic, the Government announced today (March 27) that the Labour Day Reception 2020 scheduled for April 28 at the Hong Kong Convention and Exhibition Centre has been cancelled.
“The Labour Day Reception is an annual event organised by the Government to pay tribute to the labour sector for the essential role it has played all along in promoting the development of Hong Kong. Upon careful consideration of the latest infection situation, the Government had to call off the reception this year to reduce social contact and the risk of virus transmission,” a Government spokesman said.
​The Government thanked the labour sector again for its significant contributions to the city’s sustained development and will continue to take appropriate measures to support the sector so as to mitigate the negative impact of the epidemic on the labour market and employees.
read more
Hong Kong was ranked number six in the Global Financial Centres Index (GFCI) 27 Report published by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen.
A Government spokesman today (March 27) said, “Hong Kong remains one of the top 10 leading international financial centres in the world. The recent report noted a high level of volatility in the ranking of the financial centres when compared with previous reports, probably reflecting the uncertainty around international trade and the impact of geopolitical and local unrest. We note that the overall ratings of financial centres ranked number two to six were very close. Among the five areas of competitiveness (namely Business Environment, Human Capital, Infrastructure, Financial Sector Development, and Reputational and General) as mentioned in the Report, Hong Kong ranked above some of these centres with a higher overall ranking in four or more areas. Notably, Hong Kong was ranked number three in the areas of Business Environment and Human Capital.
“However, in the index’s online questionnaire, which gauged views from respondents based on perceptions, Hong Kong’s score has dropped more significantly compared with the top five financial centres.
“As we see it, the unprecedented challenges arising from local social incidents in Hong Kong in the past year, and how these were perceived overseas, might have affected Hong Kong’s score in the online questionnaire and the overall ranking.”
The spokesman added, “Hong Kong’s institutional strengths and underlying fundamentals remain intact and strong. Despite the challenging socio-economic situation in the latter half of 2019, Hong Kong’s financial system remains resilient. Different facets of the financial services sector continue to function in an orderly manner. The Linked Exchange Rate System has been operating smoothly. There have been no notable outflows of funds.”
“Hong Kong has a fine tradition of rule of law and judicial independence, a business-friendly environment, a simple and low tax regime, free flow of capital and information, etc.
“Hong Kong is the world’s largest initial public offering centre for 2019 and the largest offshore Renminbi business centre. As at end-2019, the total capital under management in private equity in Hong Kong ranked second in Asia, only after Mainland China. Hong Kong is the gateway for access to the vast Mainland Chinese market with an extensive network with the rest of the world. Hong Kong’s financial markets operate under effective and transparent regulations that are in line with international standards. We have a full range of financial products and a large pool of financial talents. These competitive edges will continue to sustain Hong Kong’s status as a leading global financial centre.
“Looking ahead, we will strive to address the perception issues and clarify doubts. We will step up our promotional efforts and put across the message that Hong Kong remains a leading international financial centre and the gateway to the Mainland Chinese market.
“We will also continue to sharpen the competitive edges of Hong Kong and develop the city into a broader and deeper fundraising platform. Leveraging the opportunities presented by the Guangdong Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative, we will further enhance Hong Kong’s position as a centre for offshore Renminbi business, asset and wealth management, insurance and risk management as well as green finance, with a view to promoting the diversified development of the financial markets,” the spokesman added.
The GFCI Report is released in March and September every year since 2007. In GFCI 27, 108 financial centres were assessed. The overall rating of Hong Kong was 737. Hong Kong was ranked number six, dropping three places from the September issue of the index last year. read more
The Chief Executive has re-appointed four serving members and appointed four new members to the Hong Kong Housing Authority (HA) from April 1 for two years, the Government announced today (March 27). … read more
The Chief Executive, Mrs Carrie Lam, today (March 27) received the final report of the Commission of Inquiry into the Construction Works at and near the Hung Hom Station Extension under the Shatin to Central Link (SCL) Project.
Mrs Lam thanked the Chairman and Commissioner of the Commission, Mr Michael Hartmann, and Commissioner of the Commission Professor Peter Hansford for their dedicated efforts in completing the inquiry and preparing the final report on the expanded inquiry scope.
The Government will carefully study the final report, and will consult the Department of Justice on the manner of the publication of the final report and other relevant matters. The Government will publish the report in an appropriate manner once a decision is made.
The Commission was appointed on July 10, 2018, to inquire into the steel reinforcement fixing works and any other works which raised public safety concerns in respect of the diaphragm wall and platform slab construction works at the Hung Hom Station Extension under the MTR Corporation Limited’s Contract No. 1112 under the SCL Project. The Chief Executive in Council approved on February 19, 2019, an expansion of the terms of reference of the Commission to cover the construction works at the North Approach Tunnels, the South Approach Tunnels and the Hung Hom Stabling Sidings under the same works contract and related matters. The Commission submitted an interim report on the original terms of reference to the Chief Executive on February 25, 2019, and the interim report, redacted as necessary given legal considerations, was released to the public on March 26, 2019.
