The Census and Statistics Department (C&SD) published today (May 16) the May 2024 issue of the "Hong Kong Monthly Digest of Statistics" (HKMDS).
 
     Apart from providing up-to-date statistics, this issue also contains two feature articles entitled "Hong Kong's Portfolio Investment Statistics, 2014 to 2023" and "Port Cargo Statistics, 2014 to 2023".
 
"Hong Kong's Portfolio Investment Statistics, 2014 to 2023"
 
     Hong Kong is a major international financial centre, with one of the largest stock markets in the world. Hong Kong's stock market not only is active in trading, but also serves as a fund-raising platform for many companies from the mainland of China and multinational enterprises. At the same time, Hong Kong's debt market keeps on expanding. Leveraging on the comprehensive and effective financial facilities in Hong Kong, investors can choose different types of investment instruments for trading at relatively lower transaction costs.
 
     This feature article mainly presents the salient features of Hong Kong's portfolio investment (PI) statistics from 2014 to 2023. Analysis of Hong Kong's PI statistics is useful in understanding the characteristics and trend of PI in Hong Kong.
 
     For enquiries about this feature article, please contact the Balance of Payments Branch (2) of the C&SD (Tel: 3903 7042; email: bop23_1@censtatd.gov.hk).
 
"Port Cargo Statistics, 2014 to 2023"
 
     With a cargo throughput of 174.9 million tonnes in 2023, Hong Kong remained one of the busiest ports in the world. Almost half of Hong Kong's port cargo movements were from or to the mainland of China, reflecting the close economic relations between the two places.
 
     For enquiries about this feature article, please contact the Electronic Trading Services and Cargo Statistics Section of the C&SD (Tel: 2582 4241; email: shipping@censtatd.gov.hk).
 
     Published in bilingual form, the HKMDS is a compact volume of official statistics containing about 130 tables. It collects up-to-date statistical series on various aspects of the social and economic situation of Hong Kong. Topics include population; labour; external trade; National Income and Balance of Payments; prices; business performance; energy; housing and property; government accounts, finance and insurance; and transport, communications and tourism. For selected key statistical items, over 20 charts depicting the annual trend in the past decade and quarterly or monthly trend in the recent two years are also available. Users can download the Digest at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010002&scode=460).
 
     Enquiries about the contents of the Digest can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 4738; email: gen-enquiry@censtatd.gov.hk).

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority published today (May 16) the credit card lending survey results for the first quarter of 2024.
                
     Total card receivables decreased by 5.3 per cent in the first quarter to HK$151.5 billion at end-March 2024, as the effects of festive spending and salaries tax payment that had driven an increase of 8.5 per cent in the previous quarter subsided.
                
     The combined delinquent and rescheduled ratio edged up to 0.37 per cent at end-March 2024 from 0.34 per cent at the previous quarter-end. The quarterly charge-off ratio increased to 0.55 per cent from 0.49 per cent in the previous quarter.

     Police today (May 16) appealed to the public for information on a man who went missing in Yau Ma Tei.
 
     Hung Chi-shing, aged 55, went missing after he was last seen at an elderly home on Canton Road yesterday morning (May 15). Staff of the caring home made a report to Police today.
                    
     He is about 1.75 metres tall, 70 kilograms in weight and of medium build. He has a long face with yellow complexion and short white hair. He was last seen wearing a black jacket, black trousers, black sport shoes, a black cap and carrying a yellow waist bag.
 
       Anyone who knows the whereabouts of the missing man or may have seen him is urged to contact the Regional Missing Persons Unit of Kowloon West on 3661 8036 or 9020 6542 or email to rmpu-kw@police.gov.hk, or contact any police station.

    

     â€‹Hong Kong Customs seized about 77 kilograms of suspected cannabis buds, with an estimated market value of about $16 million, at the Kwai Chung Customhouse Cargo Examination Compound on May 9.

     Through risk assessment, Customs on that day inspected a seaborne container, declared as carrying assorted foodstuffs and arriving in Hong Kong from Thailand, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers found the batch of suspected cannabis buds concealed inside instant noodles and cornflakes packages.

     After a follow-up investigation and a controlled delivery operation, Customs officers on May 14 arrested a foreign male consignee, aged 32, in Prince Edward. Two local male truck drivers, aged 42 and 49, were further arrested in North Point yesterday (May 15).

     The two arrested local men have been released on bail pending further investigation. The arrested foreign man has been charged with one count of trafficking in a dangerous drug. He will appear at the West Kowloon Magistrates' Courts tomorrow (May 17).

     Customs will continue to enhance enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not to participate in drug trafficking activities for monetary returns. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people, nor to release their personal data or home address to others for receiving parcels or goods.

     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

     Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 2545 6182 or its dedicated crime reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

  

     The Development Bureau (DEVB) published the Construction Industry Security of Payment Bill today (May 16) to establish a mechanism for improving the delay payment problems among contracting parties, which have existed in the construction industry for a long time.
           
     A DEVB spokesman said that there is a wide scope of construction work that involves a variety of professions/trades, and the work has unique features, making it challenging for an individual contractor or consultant to undertake an entire project. To enhance the flexibility in project procurement, subcontracting arrangement is commonly adopted in the construction industry in Hong Kong. There are various contracting parties involved in construction projects including clients, contractors, subcontractors, suppliers, consultants, etc. If a party delays in payment, it will pose financial pressure on various stakeholders along the supply chain, especially the small and medium-sized enterprises with relatively low financial risk tolerance level. Payment problems may also lead to project delays and disruptions, and wage arrears of construction workers.
           
     The Bill stipulates provisions to improve contractual payment terms, establish an adjudication mechanism to resolve disputes quickly, and grant unpaid parties the right to suspend or slow down the progress of work or services under the circumstances specified in the legislation, to ensure that all stakeholders can get their entitled payment in a timely manner. The key provisions of the Bill are as follows:

1. Improvement of contractual payment terms

     Prohibit the use of unfair payment terms, such as "pay when paid" and impose time limits for the paying party to give response to payment claims and make payment of the full amount that the paying party has admitted payable;

2. Introduction of adjudication mechanism

     When a payment dispute arises, the claiming party is entitled to initiate the adjudication proceedings; the contracting parties can resolve the payment dispute through an independent adjudicator; the adjudicator has to make the determination within 55 working days after the appointment; and both parties have the rights to refer the payment dispute to litigation or arbitration, if they are dissatisfied with the adjudicator's determination; and

3. Suspension or slowing down progress

     If the paying party has admitted the amount payable but fails to pay to the claiming party the admitted amount in full on or before the deadline, or the adjudicator has made a determination on the case but the paying party fails to pay the adjudicated amount in full on or before the deadline, the claiming party is entitled to suspend or slow down work or services.

     The Bill applies to contracts with the main contract values not less than the specified minimum contract values, i.e. $5 million for carrying out construction work and $0.5 million for contracts for the supply of goods (e.g. materials and plant) and services related to the construction work. Considering that the general public may not be familiar with the construction contracts and relevant legislations, and it is difficult for them to comply with the requirements in the legislation, to avoid causing impact to the general public, the Bill will not apply to: (1) contracts for works on existing private residential buildings (e.g. interior renovation, building maintenance, etc); and (2) contracts for relatively minor works on existing private non-residential buildings, i.e. those works not requiring approval and consent of the Building Authority under the Building Ordinance (Cap. 123) (e.g. maintenance and repair of building services installation, shop renovation, etc).

     The spokesman said that great importance is attached to the freedom of contracting parties to agree among themselves terms of a contract. The Government/legislation will not determine or order payment for any of the contracting parties. The Bill prohibits unfair contractual payment terms, and provide a speedy and binding adjudication mechanism for the contracting parties to revolve interim payment disputes.
      
     When establishing the legislative framework and drafting the legislation, the DEVB has maintained close contact and communication with various stakeholders in the construction industry. The Legislative Council (LegCo) Panel on Development was briefed on the proposed legislation in November last year.
      
     The spokesman said, "As the construction volume in Hong Kong will be maintained at a high level, it is an opportune time to bring forward the legislation to improve the delay payment problem in the construction industry. The construction industry has also reached a broad consensus on the major provisions of the Bill, and urged for early legislation. We expect that the project procurement cost may reduce over time after the implementation of the Bill as price premiums for risk in association with delay payment will decline following improved security of payment. The Government will fully support the LegCo's examination of the Bill, with the hope that the Bill could be passed and implemented as soon as possible."
      
     The Bill will be gazetted tomorrow (May 17) and introduced into the LegCo for first reading on May 29. For details of the proposed legislation, please refer to the LegCo Brief issued today.