The Government announced today (December 13) the subscription and allocation results of the third Silver Bond, issued under the retail part of the Government Bond Programme. According to the su… read more
The following is issued on behalf of the University Grants Committee:
The Research Grants Council (RGC) will present its fourth public lecture this year under the theme “Marketing and Branding in Hong Kong” on December 15 (Saturday) at the Hong Kong Central Library.
The RGC has invited Associate Professor of the Department of Chinese and Bilingual Studies of the Hong Kong Polytechnic University Dr Doreen Wu and Assistant Professor of Marketing and International Business of Lingnan University Professor Vincent Wong to share their research findings and knowledge with the public. Details are as follows:
Time: 2.30pm to 4.30pm
Venue: Lecture Theatre, G/F, Hong Kong Central Library
Language: Cantonese
Admission is free on a first-come, first-served basis.
Emotional branding refers to acts of engaging the consumer on the level of senses and emotions. Dr Wu will deliver a talk entitled “Emotional Branding by Global Brands across Hong Kong and the Mainland” to share with the audience her insights on and analyses of the top global brands which use emotional branding to achieve global reach and local relevance. She will also compare their strategies used in Hong Kong and on the Mainland.
Will consumers respond positively to marketing communications conveying partial reduction of negative product attributes? Professor Wong will deliver a talk entitled “How does partial reduction in negative product attributes influence consumers’ responses? The role of consumers’ implicit theories” to provide consumers with adequate knowledge to correct their cognitive biases, and to provide marketers with strategies to effectively convey improvement in product attributes.
The public lectures of the RGC aim at arousing public interest in local research developments. Since 2009, the RGC has invited numerous leading scholars to speak at these lectures. For enquiries, please call 2524 3987 or visit the University Grants Committee webpage (www.ugc.edu.hk/eng/rgc/lectures/lectures.html). read more
The Census and Statistics Department has commenced a new round of the Quarterly Survey of Employment and Vacancies to collect data on employment and vacancies in major industry sections of the economy in respect of December 2018. Th… read more
The Government published today (December 13) its accrual-based consolidated accounts for the financial year 2017-18.
A government spokesman said that the accrual-based accounts differ from the cash-based ones in the purposes they serve. “Compiled on the basis of actual cash revenue and expenditure within a financial year, the cash-based accounts serve mainly to demonstrate that public money has been paid within the limits and ambits approved by the legislature. The accrual-based accounts, on the other hand, aim to present more information on the financial performance and position of the Government,” he said.
“The cash-based accounts consolidate the General Revenue Account (GRA) and the Funds established under section 29 of the Public Finance Ordinance (Cap. 2) except the Bond Fund, the balance of which is not part of the Fiscal Reserves. In addition to the GRA and Funds consolidated in the cash-based accounts, the accrual-based accounts include the Exchange Fund, the Hong Kong Housing Authority (HKHA), government business enterprises such as the MTR Corporation Limited and the Kowloon-Canton Railway Corporation, and other government funds such as the Bond Fund, the Quality Education Fund and the Beat Drugs Fund. There are also more comprehensive disclosures of the Government’s assets and liabilities in the accrual-based accounts, e.g. fixed assets and provision for pensions and government debts,” he added.
The key figures shown in the accrual-based accounts as compared with those in the cash-based accounts are highlighted below:
2017-18
Cash-based Accrual-based
(HK$ billion) (HK$ billion)
————- —————-
Financial results
* Fiscal surplus 148.9
* Net surplus 320.1
Reserves
* Fiscal Reserves 1,102.9
* General Reserve 830.2
* Exchange Fund Reserve 714.7
* Capital Expenditure Reserve 486.3
———— ————-
1,102.9 2,031.2
———— ————-
Net assets 1,102.9 2,031.2
The accrual-based Consolidated Statement of Financial Performance reports a surplus of HK$320.1 billion, whereas the cash-based accounts show a surplus of HK$148.9 billion. This is mainly due to the inclusion of the surpluses of the Exchange Fund, the HKHA and other funds as well as the share of surpluses from government business enterprises, partly offset by the provision for pension liabilities.
According to the accrual-based Consolidated Statement of Financial Position, the Government’s net assets were HK$2,031.2 billion as at March 31, 2018. These net assets were represented by three reserves: General Reserve of HK$830.2 billion, Exchange Fund Reserve of HK$714.7 billion and Capital Expenditure Reserve of HK$486.3 billion. Notwithstanding these, the cash resources available for the Government’s spending remain to be the Fiscal Reserves, which stood at HK$1,102.9 billion as at March 31, 2018.
“The General Reserve represents the net financial assets of the Government. The Exchange Fund Reserve refers to the net assets of the Exchange Fund, the use of which is governed by the Exchange Fund Ordinance (Cap. 66), whereas the Capital Expenditure Reserve represents the total net book value of fixed assets,” the government spokesman added.
“The Government’s General Reserve as at March 31, 2018, was HK$830.2 billion, HK$272.7 billion less than the Fiscal Reserves of HK$1,102.9 billion reported in the cash-based accounts. The difference arises because the net financial assets of the Government in the accrual-based accounts take into account the Government’s liabilities such as government bonds and notes, pensions and untaken leave of staff, partly offset by financial assets such as investments in the MTR Corporation Limited and the Airport Authority.
“Totalling HK$123.2 billion, the government bonds and notes refer to the debt instruments issued in 2004 and those under the Government Bond Programme. The provision for pensions of HK$964.6 billion, in terms of present value, represents the statutory liabilities in relation to civil servants’ pensions.
“Apart from the liabilities shown in the accrual-based Consolidated Statement of Financial Position, there are also outstanding commitments, largely for capital works, of HK$538.1 billion and guarantees of HK$109.0 billion provided under various schemes,” the government spokesman said.
The public can access the accrual-based and cash-based accounts at the Treasury’s website: www.try.gov.hk. read more
The Secretary for Commerce and Economic Development (SCED) and the Communications Authority (CA) announced today (December 13) their decisions after public consultations to assign the first batch of 4 100 MHz of spectrum t… read more