Tag Archives: China

     The Secretary for Environment and Ecology, Mr Tse Chin-wan, together with the Legislative Council Panel on Food Safety and Environmental Hygiene, continued their visit to Jiangsu Province today (August 22).
 
     The delegation first joined an exchange session with the Jiangsu Provincial Department of Housing and Urban-Rural Development to learn more about their work and policy measures related to urban management, cityscape, waste management, resource recovery, and environmental hygiene. The delegation then visited the Nanjing City Interface’s management centre to better understand how the operation system, One Network Administration, integrates data from various departments to enhance the effectiveness of interdepartmental collaborative work. Mr Tse said that the Hong Kong Special Administrative Region (HKSAR) Government will continue to actively explore the use of technology to improve environmental hygiene and cityscape, building a more liveable Hong Kong.
 
     In the afternoon, the delegation participated in an exchange session with the Jiangsu Provincial Department of Agriculture and Rural Affairs to learn more about the latest developments of agriculture and fisheries in Jiangsu Province, and exchange experiences in promoting the modernisation of the agriculture and fisheries industry in the two places. Mr Tse shared that the HKSAR Government announced in December 2023 the Blueprint for the Sustainable Development of Agriculture and Fisheries, jointly formulated with the trade, to promote the modernisation, production intensification, and sustainable development of the agriculture and fisheries industry.
 
     The delegation then paid a courtesy call on the Nanjing Customs District to exchange experiences and views on matters related to food safety. They then proceeded to Yangzhou and visited the Yangzhou Municipal People’s Government to exchange views with the officials. Mr Tse remarked that Jiangsu Province is a renowned fertile region, and Yangzhou possesses abundant natural resources and a solid industrial foundation. He said he hopes to draw on Yangzhou’s successful experiences in promoting agricultural innovation developments and further deepen exchanges and co-operation between the two places.
 
     Mr Tse and the delegation will continue their visit to Jiangsu Province tomorrow (August 23).
 

        

     Police today (August 22) appealed to the public for information on a man who went missing in Tai Po.      Cheng Yip-sang, aged 65, went missing after he left his residence in Tai Wo Estate on August 20 ni… read more

     Following are the welcome remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the United Nations Pre-Summit of the Future Dialogue cum Hong Kong Financial Services Sector Celebrating the 75th Anniversary of the Founding of the People’s Republic of China Lunch Reception today (August 22):
 
Siddharth (the United Nations Resident Coordinator in China, Mr Siddharth Chatterjee), Consuls General, distinguished guests, ladies and gentlemen,
 
     Good afternoon. It gives me great pleasure to welcome you all to the United Nations Pre-Summit of the Future Dialogue cum Hong Kong Financial Services Sector Celebrating the 75th Anniversary of the Founding of the People’s Republic of China Lunch Reception today, as co-organised by the United Nations in China and the Financial Services and the Treasury Bureau. 
 
     This year marks the 75th anniversary of the founding of our country. With the strong leadership of the Central People’s Government, our country has progressed swiftly and steadily with remarkable achievements in driving stable economic growth and long-term prosperity. Our country’s strides towards building as a great modern nation is providing us, Hong Kong, with bountiful development opportunities.       
 
     Backed by the “one country, two systems” principle, Hong Kong is the only place in the world where the global advantage and China advantage converge in a single city. This unique convergence allows Hong Kong to be China’s gateway to the world’s financial markets and investors. The 14th Five-Year Plan acknowledges the significant functions and positioning of Hong Kong in the overall development of the country. It supports Hong Kong to enhance its status as an international financial centre, strengthen its status as a global offshore Renminbi business hub, an international asset management centre and a risk management centre, as well as deepen and widen the mutual access between the financial markets of Hong Kong and the Mainland. 
 
     I would like to express my deepest gratitude to the Central People’s Government’s support for the development of Hong Kong’s financial services sector. Among a variety of important initiatives that our country has initiated for Hong Kong, the China Securities Regulatory Commission announced in April this year to further expand the mutual access between the capital markets of the Mainland and Hong Kong, in particular by having a widening scope for the Stock Connect programme to include ETFs (exchange-traded funds). Just on July 22, we have brought in 85 new Mainland ETFs and six new Hong Kong ETFs under Northbound and Southbound trading of Stock Connect respectively, which further enriches the investment options of investors globally to enter China, and at the same time facilitates the sustainable growth of the Mainland and Hong Kong markets.
 
     Marching into the future, we will continue to leverage Hong Kong’s unique positioning and distinctive functions and actively contribute to our country’s high-quality development. My dear friends, your long-standing support and valuable contribution are indispensable to the enhancement of Hong Kong’s financial market. I very much look forward to establishing even closer and deeper collaboration with you all when we pursue developments to scale new heights together. 
 
     I would like to add that the lunch reception today is very special and meaningful. It is our first time to partner with the United Nations to co-organise a seminar this morning and now a reception to provide an excellent venue for our good friends to share updates and exchange views in a relaxed manner. Moreover, the Mainland and the Hong Kong SAR (Special Administrative Region) have always been very supportive of the United Nations. I noted that we now have over 10 young civil servants coming from different grades and departments of the HKSAR Government seconded to the United Nations to support their work, and I was told that very often they are being asked to stay longer than they should because of the quality of their work. I hope that they can bring that spirit to Hong Kong as well when they come back to work here. I look forward to more collaboration with the United Nations in various aspects in future.
 
     And also for all of you who may not know each other, you may ask what the combination here today is all about. Here, we are constituted by leaders in the respective financial services, professional services and organisations in Hong Kong, including accounting, securities market, insurance, etc. It is a good occasion for you to mingle and talk about business development in our sector. Secondly, it is about the connectivity that Hong Kong has with the United Nations. Apart from the civil servants being seconded there, at the same time at the forum today, here in Hong Kong, we actually have decades of relationships with the United Nations, as represented by the work being done by the UNDP (United Nations Development Programme). We have the UNDP people here who have been greatly involved in voluntary work, in particular bringing the UNDP to Hong Kong. Hopefully with this unique combination, where we have people doing great work for the community, we have people doing great work for the financial services sector, and we also have government regulators and legislators, we can therefore work closely together for the betterment of our own country.
 
     Ladies and gentlemen, thank you once again for joining the celebration today. We take pride in the flourishing future of Hong Kong as we enjoy the unparalleled advantages of the staunch support of our motherland while seamlessly connecting to the rest of the world. Let us cherish our country’s continued success, prosperity and vibrancy. Thank you.

  

     Following are the opening remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the United Nations Pre-Summit of the Future Dialogue today (August 22):

Siddharth (United Nations Resident Coordinator in China, Mr Siddharth Chatterjee), His Excellency Mr Lim (Vice Minister of the Ministry of Commerce, Royal Government of Cambodia, Mr Lim Lork Piseth), distinguished guests, ladies and gentlemen,

     Good morning.

     On behalf of the Hong Kong SAR (Special Administrative Region) Government, a very warm welcome to all of you from around the world to Hong Kong, a vibrant city and an international metropolitan. I am very honoured to join you all here at the United Nations Pre-Summit of the Future Dialogue held in Hong Kong today. First of all, I would like to express my gratitude to the United Nations in China in co-organising the Pre-Summit with our bureau (Financial Services and the Treasury Bureau), bringing a platform here for dynamic exchanges of expertise, ideas and global collaboration.
 
     The theme of today’s discussion is very important, which is about “the Future”. Everybody is working very hard to create a better future for our next generation. We, the HKSAR Government, are also working on various fronts to shape our future in three key directions, namely (i) greener and more sustainable future; (ii) more inclusive of innovation; and (iii) more development opportunities for our youth.

Greener and more sustainable future

     Talking about a greener and more sustainable future, we all note that there is immense demand for green finance. Statistics show that global climate finance flows reached around US$1.3 trillion in 2021/22, and it is estimated that annual climate investments would reach US$9 trillion by 2030 and US$10 trillion by 2050. As the world’s leading international fundraising hub, Hong Kong plays a crucial role in channelling capital to sustainable projects. We have been striving to attract enterprises of different scales and with development potentials, including green tech and green finance companies, from different places of the globe to list and raise funds in Hong Kong. Notably, our stock exchange (Hong Kong Exchanges and Clearing Limited) introduced a new listing mechanism for specialist technology companies last year to facilitate advanced technology enterprises from such industries as next-generation information technology, new energy and environmental protection, new food and agricultural technologies, etc, to list on the Main Board through a new eligibility test. In addition to expanding the local capital market and broadening the diversity of investment choices for investors, the new listing regime is conducive to facilitating technology companies’ access to international capital and expansion of their businesses, driving forward the development of innovative technology industries and the real economy.

     Hong Kong is also Asia’s primary asset and wealth management hub for international investors. As of end-2023, the asset and wealth management business of Hong Kong amounted to nearly HK$31.2 trillion (around US$4 trillion) with net fund inflow having soared 3.4 times year-on-year to HK$389 billion (around US$50 billion), reflecting the vote of confidence cast by international investors. A research published earlier this year also estimated that there are more than 2 700 single family offices in Hong Kong. We will continue to enhance Hong Kong’s status as a premier asset and wealth management hub, and help the industry seize new business opportunities.

     To promote sustainable financing, international organisations such as the International Sustainability Standards Board (ISSB) and the International Organization of Securities Commission as well as government agencies have increasingly attached importance to the disclosure of accurate sustainability information. In this regard, Hong Kong is making proactive efforts to align with international sustainability reporting standards. Specifically, we published in March this year a vision statement to set out the vision and approach of the HKSAR Government and financial regulators in developing a comprehensive ecosystem for sustainability disclosure in Hong Kong. Our aim is to be among the first jurisdictions to align with the international standards, in particular the ISSB Standards, and to launch a roadmap of doing so within this year. We are confident that the roadmap will provide a transparent and well-defined pathway on sustainability reporting for businesses in Hong Kong.

More inclusive of innovation

     Now turning to our second direction – more inclusive of innovation. Technology is another indispensable element of the future. As a global financial hub, with the advantages of our international network and preferential access to the market of Mainland China, Hong Kong is an ideal place for fintech business. The 14th Five-Year Plan of our country supports Hong Kong to enhance its international financial centre status, develop into an international information and technology hub, as well as deepen and widen the connections between the financial markets of the Hong Kong and the Mainland. To capitalise on the opportunities as well as the continued economic development of and integration between the two places, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), financial innovation plays a key facilitating role. Over years of development, Hong Kong has developed a dynamic fintech ecosystem, with around 1 000 fintech companies and start-ups, providing an array of services in mobile payment, cross-boundary wealth management, artificial intelligent financial consultancy, wealth and investment management, regulatory technology, etc, here. 

More development opportunities for our youth

     And here comes the third dimension – talents. Talents are of paramount significance to our future. To nurture more fintech talents, our bureau launched the “GBA Fintech Two-way Internship Scheme for Post-secondary Students” in October last year to facilitate students to acquire practical work experience in fintech companies in Hong Kong and the Mainland cities of the GBA. The Scheme provides more than 150 internship positions in Hong Kong and the Mainland cities of the GBA, covering over 30 fintech companies of different segments. So far, around 60 students have joined the internship scheme. 

Closing

     Today’s event covers a very rich agenda, spanning from climate change, public health, artificial intelligence, to green finance, family office, philanthropy and more. As a forward looking league, let’s collectively leverage our full capability to make a real difference and forge sustainable practices. I wish you a fruitful and inspiring Pre-Summit. Thank you.

  

     The Financial Services and the Treasury Bureau (FSTB) today (August 22) cohosted with the United Nations (UN) in China the United Nations Pre-Summit of the Future Dialogue and Hong Kong Financial Services Sector Celebrating the 75th Anniversary of the Founding of the People’s Republic of China Lunch Reception at the Central Government Offices.

     The Pre-Summit is the first collaboration between the United Nations in China and the FSTB. This event attracted over 50 representatives from governments, international organisations, the private sector, academia, and institutional investors from Hong Kong, the Mainland, Asia and beyond, underscoring Hong Kong’s status as a premier international hub for green and sustainable finance. Participants discussed solutions for future generations by harnessing the power of finance, innovation and technology, etc, in anticipation of the UN Summit of the Future to be held in New York on September 22 and 23. 

     Divided into three sessions, about 20 speakers at the Pre-Summit examined the interrelationship between climate change, public health and artificial intelligence; scaling up investment for a sustainable future; and what the UN and Hong Kong-based institutions can do to achieve investment for a sustainable future. The speakers shared their insights on issues such as addressing the climate crisis through energy transition and sustainable agriculture; the role of financial institutions in global green investment; how family offices, philanthropic endeavours and impact investments can support increased Sustainable Development Goals (SDG) financing; as well as the need to accelerate global progress on the SDG.

     Guests and speakers at the Dialogue also remarked on today’s economic realities by presenting insights and solutions to the world’s emerging threats and opportunities, and exchanging their experiences and technical expertise. With September’s Summit of the Future at UN Headquarters in New York just weeks away, the Dialogue in Hong Kong contributes to the ongoing global momentum for this event.

     Delivering his opening remarks at the Pre-Summit, the UN Resident Coordinator in China, Mr Siddharth Chatterjee, said, “I would like to remind us of three significant words: partnerships, platforms and persistence. We need to forge and consolidate partnerships with as many stakeholders as possible – Member States, international organisations, academia, foundations and private sector – to achieve the impossible. We need to create and provide platforms, to convene stakeholders, and leverage ideas, expertise and resources effectively.” 

     Also speaking at the Pre-Summit, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, noted that the theme of today’s discussion is very important, which is about “the Future”. 

     “Everybody is working very hard to create a better future for our next generation. The Hong Kong Special Administrative Region Government is also working on various fronts to shape our future in three key directions, namely, greener and more sustainable future; more inclusive of innovation; and more development opportunities for our youth,” he said.

     On the three key directions, Mr Hui further elaborated how Hong Kong could contribute to a sustainable future with its strengths in channelling capital to sustainable projects, asset and wealth management, aligning sustainability disclosure with International Financial Reporting Standards- Sustainability Disclosure Standards, offering a dynamic ecosystem for fintech business, and nurturing young fintech talent.

     The Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, and the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, spoke at the Leaders’ Dialogue on Scaling up Investment for a Sustainable Future, and the Leaders’ Dialogue on the Interrelationship between Climate Change, Public Health and Artificial Intelligence, respectively.

     In addition to the Pre-Summit, the UN in China and the FSTB collaborated to host the Hong Kong Financial Services Sector Celebrating the 75th Anniversary of the Founding of the People’s Republic of China Lunch Reception, with a view to enhancing the communication and unity within the sector. Over 100 guests attended the reception. They included those attendees at the Pre-Summit, as well as representatives from the banking, securities, accounting, insurance, fintech, asset and wealth management industries, and members of the Legislative Council and Hong Kong’s financial regulators.

     Mr Chatterjee shared with the guests of the reception that, as China has developed and increased the income levels of its citizens, the role of the UN in China has shifted from that of a traditional donor to a partner, providing technical expertise and supporting China’s global engagement to accelerate global progress on the SDGs, and fulfil the central, transformative promise of the 2030 Agenda – Leaving No One Behind.

     Mr Hui said that the country’s strides towards building as a great modern nation is providing Hong Kong with bountiful development opportunities. He expressed his deepest gratitude to the Central People’s Government’s support for the development of Hong Kong’s financial services sector.

     “Marching into the future, we will continue to leverage Hong Kong’s unique positioning and distinctive functions and actively contribute to our country’s high-quality development,” he added.