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

     The National Development and Reform Commission (NDRC)'s Department of Foreign Capital and Overseas Investment and the Hong Kong Monetary Authority (HKMA) jointly held a seminar in Hong Kong on "Supporting Mainland enterprises' cross-border financing in Hong Kong" today (September 24). The Director-General of the NDRC's Department of Foreign Capital and Overseas Investment, Mr Zheng Chiping, addressed the seminar in person. The NDRC delegation delivered a policy briefing on supporting the issuance of offshore debt by Mainland enterprises.

     Hong Kong has been a premier offshore financing platform for Mainland enterprises. In October 2023, the NDRC and the HKMA signed a Memorandum of Understanding (MoU) to further support cross-border financing by Mainland enterprises in Hong Kong and to promote the diversified development of the offshore bond market. Today's seminar is the first promotional event jointly organised pursuant to the MoU, with a view to enhancing the understanding of the relevant policies and requirements regarding offshore debt among market participants, and encouraging them to leverage Hong Kong's platform for cross-border financing.

     The seminar comprised a policy briefing session and a roundtable discussion session, with a total of about 200 participants from Mainland enterprises, industry associations, financial institutions and law firms, etc, in attendance. Mr Zheng and the Chief Executive of the HKMA, Mr Eddie Yue, addressed the policy briefing session. The NDRC delegation delivered a policy briefing on Mainland firms' borrowing of medium to long-term foreign debt. In the closed-door roundtable discussion session, the NDRC delegation had an in-depth exchange with industry representatives from around 30 organisations on the latest developments and policies in connection with the offshore debt market.

     Mr Zheng said, "As an important international financial centre and the world's leading offshore Renminbi centre, Hong Kong serves not only as the nexus connecting the Mainland and international capital markets, but also the premier platform for the Mainland's 'attracting foreign investment' and 'going global' strategy. The NDRC encourages more Mainland enterprises to leverage Hong Kong's international financial platform to conduct cross-border financing activities, broaden financing channels, enrich financing tools, and optimise financing structures. We welcome continued support and facilitation provided by Hong Kong authorities for Mainland enterprises' debt issuance in Hong Kong, with a view to collectively fostering a more open, transparent and efficient financing environment. We also welcome the active participation by the global investors and various market institutions to realise mutual benefits and join hands in development. The NDRC will also continue to enhance supervision and services, and create synergy through supervisory co-operation with the HKMA, in concertedly supporting and promoting the steady, long-term development of the Hong Kong's bond market."

     Mr Yue said, "The HKMA would like to thank the NDRC for the significance it attaches to Hong Kong's role as a cross-border financing hub for Mainland enterprises, and to Mr Zheng for leading the NDRC delegation to Hong Kong for this policy briefing to the industry. The seminar was well received by the industry, and has deepened the understanding of the relevant Central Government policies, which is conducive to better supporting Mainland enterprises' cross-border financing activities in Hong Kong and contributing to the internationalisation of Renminbi and the region's green and low-carbon transition. Building on this successful foundation, we look forward to deepening our sustained co-operation with the NDRC and fostering the contribution of Hong Kong's financial services to the Mainland's high-quality development of the real economy and high-standard opening up."

      

     The annual StartmeupHK Festival is set to return to Hong Kong from October 21 to 25, 2024, following its previous successes. Curated by Invest Hong Kong (InvestHK) and themed "A Future Unlimited", this year's Festival will delve into contemporary topics such as AI, web3, GameFi, responsible tech, healthtech, greentech, sustainability, and more. As Asia's premier start-up event, the festival anticipates participation from over 12 000 start-ups, investors, and technology enthusiasts from around the world.

     Featuring five main events and a series of community events, what sets this year's Festival apart is its inclusion of captivating activities in multiple locations across Hong Kong and beyond, with speakers ranging from global business leaders to some of the world's most innovative entrepreneurs. The Festival will also host a lineup of interactive activities like conferences, debates, exhibitions, pitching competitions, and additional networking opportunities. The Startups team of InvestHK has been conducting roadshows across Asia, Europe, and the Middle East to promote the Festival and position Hong Kong as an ideal location for start-ups to thrive in Asia.

     The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, "I am thrilled to witness the triumphant return of this remarkable event, as it reaffirms Hong Kong's leading position as a thriving hub for innovation and start-up success. Start-ups in Hong Kong enjoy a vibrant network of incubators and accelerators, a pool of experienced angels and venture capitalists, and a welcoming community of fellow entrepreneurs. This comprehensive ecosystem has fostered the growth of numerous unicorns and a rapidly expanding start-up landscape, covering diverse sectors such as fintech, retail tech, healthtech, and greentech."
      
     She added, "The remarkable resilience and continued growth of Hong Kong's start-up ecosystem are a testament to its attractiveness. Our 2023 Startup Survey revealed record-high figures, with 4 257 start-ups employing a total of 16 453 staff. This encouraging result can be attributed to favourable factors such as our simple tax system, low tax rate, accessibility to international and regional markets, accessibility to funding, business opportunities in Mainland China, and the free flow of information. Our strong entrepreneurial culture further reinforces Hong Kong's position as a launchpad for start-ups seeking to access the Guangdong-Hong Kong-Macao Greater Bay Area and the broader Asian market."
      
     The Head of Startups at InvestHK, Ms Jayne Chan, said, "This year's StartmeupHK Festival is promised to be more impactful than ever, fostering stronger connections and collaborations among participants, enabling international investors and other key stakeholders to engage the city's thriving start-up community. This year, we have curated the StartmeupHK Festival to explore the most influential and forward-thinking topics around innovation and technology, igniting the exchange of ideas and inspiring new initiatives that can unlock limitless possibilities for positive change."
      
     She continued, "The Festival will include community events to enhance connections in the start-up ecosystem, such as a unique event where regional venture capital (VC) investors pitch to start-up founders, as well as fun activities such as a harbour run and Peak hike with members of the tech community. Additionally, the Start-ups team is conducting global roadshows in cities like London and Shanghai to showcase Hong Kong's advantages, including access to talent, markets, and funding. These efforts will continue until the festival begins to promote Hong Kong and the Festival to a wider global audience."
      
Main events

     Day 1 (October 21) – As the opening event of the StartmeupHK Festival 2024, JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund will be held at the Asia Society Hong Kong Center. In addition to launching their JUMPSTARTER for One Earth global start-up competition to find companies committed to driving global positive change, the event will feature an AI theme with discussions on investments, trends and regional developments in this area.

     Day 2 (October 22) – Game On! 2024, hosted by MaGESpire, will celebrate the essence of gaming, art, music, and entertainment (GAME) industries at Soho House, Sheung Wan. If you are a hardcore gaming fan or art / music enthusiast or an entertainment aficionado keen to learn more about how new technologies are transforming this space, then you must join us!

     Day 3 (October 23) – LOUDER Connect, organised by LOUDER Global will be held at the Hong Kong Maritime Museum that will boasts a diverse network of global speakers, each brought together to collaborate and engage in meaningful conversations. The event will showcase a series of engaging Radical Debates, mentor-business matching, interactive workshops, and networking opportunities at the iconic Hong Kong Maritime Museum and Star Ferry.

     Day 4 (October 24) – Hosted by Brinc, the Asia Health Innovation Summit will be held at TOWER 535 in the vibrant district of Causeway Bay. This premier event will unite Asia's health technology ecosystem, bringing together start-ups, professionals, investors and government to drive transformative innovation in healthcare. Key discussions include advancements in biotechnology, AI, MedTech, and wholistic well-being and more.

     Day 5 (October 25) – Organised by New World Development, 1.5°C Summit – The Defining Decade for Impact with Tech will be held at K11 Musea. This unique tech summit on climate change is dedicated to identifying and implementing the necessary actions to reduce emissions over the next decade. The event will convene leading experts, entrepreneurs, and stakeholders who are actively engaged in mitigating the effects of climate change. Participants will share their insights on how technology can revolutionise industries and foster a more sustainable future.

Community events

     The StartmeupHK Festival 2024 will feature an engaging array of community events across Hong Kong, providing attendees with exceptional opportunities to discover innovative ideas and connect with a diverse network of people.

     October 20 – Led by Hong Kong's experimental activity group, Rock & Run, join a group of like-minded individuals for the Victoria Peak Sunset Hike – a perfect way to end your day with stunning views!

     October 20 – With the support of Alibaba Entrepreneurs Fund, tap into the regional VC investors with rev Hong Kong, for insights into the propositions, and personalities, of your future potential backers at the Asia Society Hong Kong Center. Connect with top VCs, spanning Pre-Seed to Series B, as they pitch their funds in just five minutes, followed by your questions.

     October 21 and 24 – Start your day with an exclusive small-group breakfast designed for people leaders in a Head role across business and HR, to connect, collaborate, and inspire one another. People Leaders' Breakfast Roundtable is a unique opportunity to exchange insights around strategies for leadership and people development for the talent landscape in Hong Kong, in a relaxed and closed-door setting. A limited 10-guest experience will be curated for each day.

     October 23 – In partnership with the Hong Kong British Chamber of Commerce and hosted by the Eaton Club, come check out the UK Tech Founders Showcase Event where leading tech founders from the UK will showcase their latest innovations and solutions. The evening features fireside chats with UK tech founders who will share their insights, providing a valuable opportunity to network with industry peers while enjoying drinks and light snacks.

     October 23 – To wrap up StartmeupHK Festival 2024, join Rock & Run for a Central Harbourfront Evening Run. It is going to be an amazing scenic run to see a different side of Hong Kong.

     October 24 – Join us for an evening of China PropTech Startup Expedition in partnership with UrbanLab and Hong Kong PropTech Association. This exclusive event will showcase Mainland China’s tech start-ups that have their sights set on global success through market development in Hong Kong and beyond.

Road shows

     The Start-ups team has been going on road shows and will continue to promote Hong Kong and the Festival to a wider global audience.

     The London Startup Conference 2024 that was held on June 27 gathered start-up founders, investors, and industry experts for networking and workshops focused on business growth.

     Following this, IVS2024 KYOTO was held on July 5. Participants explored the intersection of Japan's cultural heritage and modern technology, emphasising web2, web3, and AI advancements.

     On July 13, International Graduates & Returnees Entrepreneurship Sharing in Chengdu highlighted the entrepreneurial journeys of international students and returnees.

     The UrbanLab Global Expedition x Hong Kong 1.5°C Summit Briefing on August 16 witnessed discussions on the opportunities through Hong Kong, while the Georgian National Startup Competition on August 20 aimed to connect emerging market founders with investors.

     A series of Startup Nights in Beijing, Shenzhen, and Hangzhou throughout September also helped provide networking platforms for scaling start-ups in Asia.

     The Game On! 2024 – Dubai Edition event was held on September 13 to celebrate the gaming and entertainment industries, and The Latin Kaleidoscope event in Hong Kong on September 20 and 21 showcased Latin American culture and innovation.

     Last but not least, The Barcelona Startup Conference 2024 on October 1 will bring together local start-up leaders and investors for collaboration and growth opportunities.

      

     The Immigration Department (ImmD) estimates that around 10.03 million passengers (including Hong Kong residents and visitors) will pass through Hong Kong's sea, land and air control points during the upcoming National Day festive period (from September 28 to October 7). The ImmD, in consultation with the Shenzhen General Station of Exit and Entry Frontier Inspection and other Mainland authorities, estimates that around 8.54 million passengers will pass through land boundary control points. The number of outbound and inbound passengers using land boundary control points will be relatively higher on October 1 (Tuesday), with around 523 000 passengers and 632 000 passengers respectively.
 
     The ImmD estimates that the passenger traffic at the Lo Wu Control Point, the Lok Ma Chau Spur Line Control Point and the Shenzhen Bay Control Point will be heavy, with a daily average forecast of about 208 000, 185 000 and 118 000 passengers respectively.
  
     To cope with the anticipated heavy traffic during the festive period, the ImmD has minimised leave for frontline officers for the flexible deployment and operation of extra clearance counters and kiosks. Additional security guards will also be deployed to provide crowd management support.
 
     Furthermore, the ImmD, the Police, the Customs and Excise Department and the MTR Corporation Limited will set up a joint command centre at the Lo Wu Control Point to make necessary arrangements. The ImmD will also establish close communication with Mainland authorities, including the Shenzhen General Station of Exit and Entry Frontier Inspection. To ensure a smooth passenger traffic flow, passenger conditions will be closely monitored and appropriate traffic diversion plans will be adopted when necessary.
 
     To avoid congestion and a longer than usual waiting time for immigration clearance, the ImmD advises all land boundary passengers to plan in advance, avoid making their journeys during busy periods and keep track of radio and TV broadcasts on traffic conditions at various control points. The expected busy times at boundary control points are available on the website of the ImmD at www.immd.gov.hk. Furthermore, passengers may also check the estimated waiting times at each land boundary control point at any time or place via the Immigration Mobile Application (ImmD Mobile App). They can then plan their trips effectively and save time queuing at control points. The ImmD Mobile App can be downloaded free of charge from the Apple App Store (supports iOS version 11.0 or above), Google Play (supports Android version 8.0 or above), Huawei AppGallery (supports Android version 8.0 or above) and the APK file available on the ImmD website. Passengers can download the ImmD Mobile App by scanning the QR code (see Annex) or via the ImmD website, www.immd.gov.hk. In addition, information on public transport services to and from various control points is available on the Transport Department website at www.td.gov.hk.
 
     For travellers making journeys to the Mainland, the ImmD reminds them to carry their proof of identity and valid travel documents for crossing the boundary. Hong Kong residents should also check the validity of their Home Visit Permits. Non-permanent residents must carry their valid smart identity card as well as their Document of Identity for Visa Purposes or valid travel document.
 
     Holders of the acknowledgement receipt issued due to reported loss or replacement of their Hong Kong identity cards, or children under 11 years old who hold Hong Kong identity cards, should carry a valid travel document or Re-entry Permit.
 
     About 700 e-Channels have been installed at various control points. Hong Kong residents enrolled for the Express e-Channel should re-enrol if they have been issued with a new identity card. Furthermore, the Contactless e-Channel service is available at all control points now. All eligible Hong Kong residents, after enrolment, can generate an encrypted QR code through the Contactless e-Channel mobile application to enter the e-Channel, and then verify their identity with the facial verification technology for automated immigration clearance.
 
     In addition, all control points have introduced self-service departures for visitors to Hong Kong (Smart Departure) which provides greater travel convenience for visitors. The service employs facial recognition technology for identity verification, which allows eligible visitors holding electronic travel documents to perform self-service departure clearance through Smart Departure e-Channels without prior enrolment.
 
     Hong Kong residents who require assistance while travelling outside Hong Kong may call the 24-hour hotline of the Assistance to Hong Kong Residents Unit of the ImmD at (852) 1868.

    

      The Labour Department (LD) held the Good Employer Charter 2024 (Charter 2024) Presentation Ceremony and the Good Employee Recognition Campaign Kick-off Ceremony today (September 24), commending all good employers while launching the Good Employee Recognition Campaign.
   
    Speaking at the ceremony, the Secretary for Labour and Welfare, Mr Chris Sun, expressed gratitude to every good employer for implementing flexible work arrangements and offering assistance to employees to enable them to balance the needs of work and personal lives, which are conducive to unleashing the potential of the local labour force. 
 
    Various sectors have supported the Charter 2024, with a total of 1 596 organisations being accredited as signatories, representing an increase of nearly 70 per cent from the previous term. Among them, 1 002 organisations are authorised to use the "Supportive Family-friendly Good Employer" logo which symbolises a commitment to promoting a family-friendly employment culture. Moreover, 318 organisations have been signatories for three consecutive terms with consistent good human resource management practices in place. Representatives from three signatories of the Charter 2024 shared their successful experiences in carrying out good human resource management and family-friendly employment practices at the event today.
 
      In furtherance of the Charter 2024, the LD launched for the first time the Good Employee Recognition Campaign to encourage participating signatories to nominate their employees to join the Campaign to express their gratitude and recognition for their contributions. Good employees can be measured in the following five key aspects, namely work ability, attitude to clients, adaptability, team spirit, and a sense of belonging to the organisation. Nominated employees or teams being accredited by the panel of judges will each be awarded the Good Employee Commendation Certificate and a lapel pin to recognise their outstanding performances and contributions to the organisations.
 
     The Presentation Ceremony and the Kick-off Ceremony is one of the signature events in celebration of the 75th anniversary of the founding of the People's Republic of China. Mr Sun said that the current-term Government attached great importance to improving employees' benefits, promoting employment, and protecting the occupational safety and health of employees. He hoped that different groups in society would continue to support the government-led Charter and the Good Employee Recognition Campaign, and work together closely to foster win-win labour relations as well as a harmonious and inclusive community.
 
     The LD has published a newspaper supplement introducing the Charter 2024 and the Good Employee Recognition Campaign as well as major initiatives of the current-term Government to improve employees' rights and benefits. For details of Charter 2024 and the Good Employee Recognition Campaign, please visit the website: www.gec.labour.gov.hk.
 
    The Good Employer Charter has come to its third round since it was first awarded in 2018, and is supported by eight organisations, namely the Chinese General Chamber of Commerce, Hong Kong; the Chinese Manufacturers' Association of Hong Kong; the Employers' Federation of Hong Kong; the Federation of Hong Kong Industries; the Hong Kong General Chamber of Commerce; the Hong Kong General Chamber of Small and Medium Business; the Hong Kong Institute of Human Resource Management, and the Hong Kong Small and Medium Enterprises Association. The aforementioned organisations, together with the Hong Kong Federation of Trade Unions and the Federation of Hong Kong and Kowloon Labour Unions, are supporting organisations of the Good Employee Recognition Campaign. 

     Hong Kong ranked third globally in the Global Financial Centres Index (GFCI) 36 Report published today (September 24) by Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, moving up one place from the March issue of the index this year. Hong Kong also ranked first in the Asia-Pacific region. The overall rating increased by eight points, the largest improvement among the top five financial centres.
 
​     A Government spokesman said, "The report clearly affirms Hong Kong's status and strengths as a leading global financial centre. Hong Kong's scores were rated among the top in various areas of competitiveness, including 'business environment', 'human capital', 'infrastructure', and 'reputational and general'. Hong Kong's rankings in various financial industry sectors also rose significantly, including 'investment management', 'insurance', 'banking' and 'professional services'. Among them, the ranking in 'investment management' advanced to first globally. In addition, the report assessed the financial centres' fintech offerings, and Hong Kong's ranking rose five places to ninth, making it among the top 10 fintech hubs."
 
​     Hong Kong's asset and wealth management business is booming, with assets under management growing by about 2 per cent from the previous year to more than HK$31 trillion in end-2023. Net fund inflows reached HK$390 billion, representing a year-on-year increase of over 3.4 times. The development of the family office business in Hong Kong continues to gain momentum. The New Capital Investment Entrant Scheme has continued to receive overwhelming response since its launch in March, with more than 550 applications received so far. It is expected to bring in more than HK$16.5 billion in investments to Hong Kong.
 
​     The spokesman added, "As an international financial centre, Hong Kong brings together the world's top financial institutions and talent, provides professional financial services, and owns a deep and broad capital market. Our regulatory system aligns with those of major overseas markets, with the free flow of information and capital. Under 'one country, two systems', Hong Kong's unique position of having the strong support of the motherland while being closely connected to the world empowers us to fully leverage our role as a 'super connector' and 'super value-adder'.
 
​     "The Government will continue to actively understand, respond to and embrace changes to promote the high-quality development of the financial sector. In the stock market, we are proactively enhancing its breadth and depth as well as boosting market efficiency and competitiveness, including establishing the listing regime for specialist technology companies, reforming GEM, maintaining trading under severe weather, facilitating share buyback and introducing the new treasury share regime, and further attracting listing. We are also endeavouring to deepen financial mutual access between the Mainland and Hong Kong so as to further strengthen Hong Kong's role in connecting the Mainland and international capital markets. Measures include expanding the eligible scope of exchange-traded funds under Stock Connect, and taking forward a series of enhancements to Swap Connect. Regarding green finance, Hong Kong is working on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) for sustainability reporting. We also seek to create healthy and suitable conditions for the development of virtual assets (VA) by improving the regulatory framework with the proposed licensing regimes for fiat-referenced stablecoin issuers and VA over-the-counter service providers, so as to promote the sustainable development of Hong Kong's Web3 ecosystem. We are also strengthening the nurture of talent in various financial fields through launching a series of internship and training schemes, with a view to building a sustainable talent pool for the financial sector in Hong Kong."
 
​     The GFCI Report is released in March and September every year since 2007. In GFCI 36, 121 financial centres were assessed, and Hong Kong ranked third globally with an overall rating of 749.