Following is the speech by the Financial Secretary, Mr Paul Chan, at the Career Day held by Financial Services Development Council (FSDC) today (October 20):
      
Laurence (Chairman of the FSDC, Mr Laurence Li), Laura (the Chairman of Hong Kong Exchanges and Clearing Limited, Mrs Laura M Cha), young ladies and gentlemen, and distinguished panels, good afternoon.
      
     I'm indeed very delighted to be here, with so many smart, ambitious, eager-to-get started young people who might one day take the jobs that Laurence and Laura currently hold and probably mine, too. Ladies and gentlemen, the sky is your only limit. I hope Laurence and Laura and everyone else here this afternoon have been of some help in that regard.
      
     I would also like to offer two cents on a career in finance, and specifically on why Hong Kong can make it happen for you, whatever your financial career ambitions may be.
      
     The financial services sector is one of Hong Kong's pillar industries. It contributes to about 18 per cent of our GDP but accounts for only 7 per cent of our total employment. So it is a high value-added industry. In fact, an industry that Hong Kong people feel very proud of as well.
      
     Let's take a quick look of the current state of the industry. Just last month, Hong Kong finished third in the Global Financial Centres Index, only behind London and New York. In the latest report, Hong Kong came first in investment management, financial infrastructure and human capital. In banking, we finished second, only behind London.
      
     Also let's not forget insurance where we are the first runner-up in the world in terms of insurance density.
      
     When it comes to funds raised annually through IPOs, our stock market has finished first five times in the past nine years. It is highly likely that we will top the world again this year given the huge amount of funds raised so far this year. At the end of September, our market capitalisation stood at about HK$32 trillion, which is six times of Singapore's. And in fact it is about 12 times of our GDP.
      
     We are also Asia's leading asset management centre. Our asset and wealth management business exceeded HK$24 trillion last year.
      
     There is no doubt we are the leading financial centre in Asia. And we have the China advantage under the unique “one-country, two system” arrangement.
      
     As you all know, Mainland China is the growth engine of the world's economy. Our ever-deepening economic integration with the Mainland, the second-largest economy in the world, brings us boundless opportunities. To start with, we have long enjoyed first-mover advantage in the Mainland's opening up and the internationalisation of the Renminbi (RMB) business.
      
     Hong Kong is the world's largest offshore RMB business hub. We maintain the world's largest offshore pool of RMB funds as well as a welcome variety of RMB products and services.
      
     Our stock and bond connect schemes with the Mainland are of ground-breaking significance to capital market access between us. Powered by the twin engines of Mainland China and the rest of the world, Hong Kong is the golden gateway, bringing together the markets, and businesses, of the Mainland and the rest of the world.
      
     But we are not complacent. We spare no efforts in further enhancing our competitiveness to enable us to stay ahead of the curve.
      
     For example, we have enhanced our listing regime to allow the listing of pre-revenue biotech companies, as well as high growth and innovative companies with weighted voting rights structure.
      
     To develop our bond market, we have introduced a Pilot Bond Grant Scheme plus tax incentives to attract more issuers to Hong Kong.
      
     These days you can't talk about finance, or any other industry indeed, without noting the fast-growing promise of technology. Financial technology or fintech has already been reshaping our financial services with innovative new modes of service delivery, enhanced consumer experience and greater operational efficiency.
      
     Needless to say, the Government is working closely with the industry and stakeholders to promote fintech's development. We have gathered together over 300 fintech companies, fintech start-ups in Cyberport and Science Park.
      
     Last month, we launched the Faster Payment System. Using mobile phone numbers, email addresses or QR codes, users can move funds across banks and stored value operators. That means real-time, round-the-clock fund transfers and payment services in Hong Kong in both Hong Kong dollars and RMB.
      
     We are also seeing some encouraging developments in virtual banking. The Hong Kong Monetary Authority (HKMA) has received about 30 virtual bank applications, ranging from telecommunication operators and fintech companies to global banks. We expect the HKMA will start issue virtual bank licences by the end of this year.
      
     Fintech knows no borders, no boundaries. Which is why the HKMA has entered into fintech cooperation agreements with institutions spanning the globe from the United Kingdom and Switzerland to Singapore, Dubai and Shenzhen.
      
     Moving ahead, thinking smart alone is not enough, we must think green. The demand for green finance is rising globally, and Hong Kong is determined to become a green finance hub.
      
     We have launched a Green Bond Grant Scheme to subsidise the costs incurred by green bond issuers in obtaining green finance certification.
      
     We are also working on a Government Green Bond Programme, with a borrowing ceiling of HK$100 billion to fund Government green public projects.
      
     In the first half of 2018, at least 15 green bonds were issued in Hong Kong, with an aggregate size of US$8 billion. The Asian Development Bank, the World Bank and the European Investment Bank were among the issuers. This speaks well of Hong Kong's promise as a regional green finance hub.
      
     Looking into the future, the financial services sector will drive further, thanks to the two visionary, important ational strategies of the Mainland  – the Belt and Road Initiative and the Greater Bay Area Development.
      
     First, our financial services sector has a key part to play in raising funds for the Belt and Road's big-ticket infrastructure projects through our capital markets. The HKMA has been driving this forward through its Infrastructure Financing Facilitation Office while the SFC (Securities and Futures Commission) has also issued guideline to provide clear pathway for infrastructure project companies to come to Hong Kong for listing.
      
     As to the development of the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area), an ambitious cluster city development encompassing Hong Kong, Macao and nine cities in Guangdong.
      
     With a total population of 69 million and an aggregate GDP of US$1.5 trillion, the Greater Bay Area is a huge, consumer-rich and affluent market, presenting tremendous opportunities for our wealth management, asset management and insurance professionals. For companies in the Bay Area going global, Hong Kong will continue to be their best platform.
      
     Add it all up, you should be clear that our financial services sector holds a promising prospect. Of course, challenges are inevitable. Among them, the protracted trade dispute between the United States and China is creating uncertainties. Nonetheless, whatever the near-term concerns, I'm confident in Hong Kong's long-term future, because I believe in our people, I believe in people just like you who are determined, bright and committed, who will always stand tall in times of adversity.
      
     My sincere thanks to the Financial Services Development Council for organising this year's Career Day, bringing together industry experts and prospective young professionals.
      
     Before I go, let me wish you a very bright and rewarding future.
      
     Thank you very much.

    

     The Chief Executive, Mrs Carrie Lam, will depart for Zhuhai in the afternoon on October 22 to attend the opening ceremony of the Hong Kong-Zhuhai-Macao Bridge the next morning at the passenger clearance building of the Zhuhai Port.
      
     Officials to attend the ceremony include the Chief Secretary for Administration, Mr Matthew Cheung Kin-chung; the Secretary for Justice, Ms Teresa Cheng, SC; the Secretary for Security, Mr John Lee; the Secretary for Transport and Housing, Mr Frank Chan Fan; the Secretary for Constitutional and Mainland Affairs, Mr Patrick Nip; and the Director of the Chief Executive's Office, Mr Chan Kwok-ki.
      
     Mrs Lam will return to Hong Kong in the afternoon on October 23. During her absence, the Financial Secretary, Mr Paul Chan, will be the Acting Chief Executive.

The following is issued on behalf of the Financial Services Development Council:

     The Financial Services Development Council (FSDC) held its fifth Career Day at the Grand Auditorium of HKEX Connect Hall this afternoon (October 20). It offered a good opportunity for tertiary students and fresh graduates to learn more about the wide variety of jobs and career prospects in Hong Kong's financial services industry.

     The Chairman of the FSDC, Mr Laurence Li, said in his opening remarks, "The FSDC highly regards the importance of talent development in sustaining Hong Kong as an international leading financial centre, and has been continuously pursuing various events and initiatives in human capital development in the past years. To stay abreast of the changing market, the FSDC has continued to upgrade its human capital initiatives. This year, the CV Clinic has been launched with the aim of helping students obtain tailored advice on their curriculum vitae (CV) writing, presentation and interview skills to enable them to perform better in the job hunting process."

     This year, the career day featured a keynote address by the Chairman of the Hong Kong Exchanges and Clearing Limited, Mrs Laura Cha, who spoke on her inspiring story and career path as well as key lessons to learn.
      
     The Financial Secretary, Mr Paul Chan said in his closing remarks that financial services is a high value-added profession which is crucial to the sustained prosperity of Hong Kong's economy. He also said that with the deepening economic ties with the Mainland and the development and application of FinTech in Hong Kong, there will be more opportunities for the financial services sector, thereby creating a promising future for the young generation.

     The career day was attended by over 350 participants. The CV Clinic saw human resources professionals from banking, asset management and accounting industries offer one-on-one advisory services on-site to students on job search topics such as drafting of CVs and interview techniques.
      
     The event also featured two panel discussions. In the first panel discussion entitled "Career in Finance", speakers provided participants with insights on banking, asset management and insurance, and offered practical tips for job searching and preparations for a career in finance. In the second panel discussion, "Technology, Innovation and Entrepreneurship in Finance", speakers shared their experiences in applying innovation and technology in financial services and starting a business in financial technologies.
  
     Speakers included the Partner of Hillhouse Capital Management Limited, Mr Mervyn Chow; the Group General Manager HSBC and Chief Executive, Hong Kong of the Hongkong and Shanghai Banking Corporation Limited, Ms Diana Cesar; the Chief Executive Officer of Value Partners Group Limited, Dr Au King-lun; the Chief Executive Officer of Asia Insurance Company Limited, Ms Winnie Wong; the Deputy Executive Director and Head of Public Policy Institution of Our Hong Kong Foundation, Mr Stephen Wong; Senior Partner of Hong Kong and Vice Chairman of KPMG, China, Mr Andrew Weir; Co-Founder and Chief Executive Officer of OneDegree, Mr Alvin Kwock; and the Co-Founder and Managing Partner of Beyond Ventures, Mr Lap Man.

     Institutions that participated in the CV Clinic included Deloitte Touche Tohmatsu, Ernst & Young, Euroclear Bank Hong Kong Branch, Hong Kong Exchanges and Clearing Limited, KPMG, PricewaterhouseCoopers, Standard Chartered Bank (Hong Kong) Limited, the Hongkong and Shanghai Banking Corporation Limited, and Value Partners Group Limited.

About the FSDC

     The Hong Kong Special Administrative Region Government established the FSDC in 2013 as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong's financial services industry and to map out the strategic direction for development.

     The FSDC set up five committees, namely the Policy Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee, as the five streams of its work.

     Hong Kong Customs seized about 1.5 kilograms of suspected methamphetamine and about 550 grams of suspected cocaine with an estimated market value of about $1.4 million at Hong Kong International Airport on October 16.
 
     Customs officers inspected an air mail parcel from Nigeria on October 16 and found the batch of suspected dangerous drugs concealed in four rolls of plastic wrap in the parcel.
 
     After follow-up investigation, Customs officers yesterday (October 19) arrested a man suspected to be in connection with the case in Kwai Chung.
 
     The arrested man, aged 16, has been charged with one count of trafficking in a dangerous drug. He will appear at West Kowloon Magistrates' Courts on October 22.
 
     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 the Customs 24-hour hotline 2545 6182 or dedicated crime-reporting email account (crimereport@customs.gov.hk).

  

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

     The Legislative Council (LegCo) Panel on Transport conducted a visit to the Hong Kong Port and the Hong Kong Link Road of the Hong Kong-Zhuhai-Macao Bridge (HZMB) today (October 20) to better understand the facilities as well as the cross-boundary and local transport arrangements for HZMB before its commissioning.

     Accompanied by the Secretary for Transport and Housing, Mr Frank Chan Fan; the Director of Highways, Mr Daniel Chung, as well as representatives of various government departments, Members first visited the Passenger Clearance Building in the Hong Kong Port. They visited the arrival hall and immigration facilities to learn more about the immigration clearance arrangements for HZMB.

     Members then visited the public transport interchange to better understand the routes as well as the pick-up and drop-off areas for different modes of public transport.  After that, Members visited the departure hall of the Passenger Clearance Building and the public transport interchange for Zhuhai and Macao.

     Members also visited the viaduct, tunnel and at-grade roads of the Hong Kong Link Road.  They took the opportunity to observe the area near the Hong Kong Special Administrative Region Boundary.

     Members participating in the visit included the Panel Chairman, Mr Chan Han-pan; the Deputy Panel Chairman, Mr Jeremy Tam; Panel members Mr Chan Hak-kan, Mr Paul Tse, Ms Claudia Mo, Mr Michael Tien, Mr Yiu Si-wing, Dr Helena Wong, Mr Poon Siu-ping, Dr Lo Wai-kwok, Mr Chung Kwok-pan, Mr Ho Kai-ming, Ms Tanya Chan, Mr Lau Kwok-fan, Dr Cheng Chung-tai, Mr Gary Fan and Mr Au Nok-hin; as well as non-Panel members Mr Wong Ting-kwong, Mr Ma Fung-kwok and Dr Elizabeth Quat.