Tag Archives: China

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Government launches retail green bond

     The Government announced today (September 5) the launch of a new batch of retail green bond, under the Government Green Bond Programme, for subscription by Hong Kong residents.
 
     The target issue size of the retail green bond is HK$15 billion. The Government may further increase the issuance size to a maximum of HK$20 billion having regard to market conditions. As set out in the Government’s Green Bond Framework, the proceeds raised under the Programme will be credited to the Capital Works Reserve Fund to finance or refinance green projects that provide environmental benefits and support the sustainable development of Hong Kong. The Government will publish information on the allocation of the proceeds and expected environmental benefits on an annual basis.
 
     The bond will have a tenor of three years. Bond holders will be paid interest once every six months at a rate linked to inflation in Hong Kong, subject to a minimum rate of 4.75 per cent.
 
     The subscription period of the retail green bond will start from 9am on September 18 and end at 2pm on September 28. Hong Kong residents may make applications through a placing bank, securities broker or the Hong Kong Securities Clearing Company Limited.
 
     The retail green bond will be issued on October 10 and listed on the Stock Exchange of Hong Kong on the following business day (October 11). It can be traded in the secondary market afterwards.
 
     “The Government issued last year the inaugural retail green bond which received overwhelming support from the public. It was also the world’s largest retail green bond issuance at that time, marking an important milestone for the development of green finance in Hong Kong. The Government’s issuance of a new batch of retail green bond will further facilitate market development and at the same time promote financial inclusiveness, offering members of the public investment options with steady returns so that they can also participate in and benefit from the green finance development,” the Financial Secretary, Mr Paul Chan, said.
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “Through continuing to issue green bonds, we hope to enrich the green and sustainable finance ecosystem in Hong Kong, and showcase to potential issuers that Hong Kong can provide one-stop services and is the premier platform for issuance of green and sustainable financial products.”
 
     Details of the offering terms, subscription arrangements and the use of proceeds of the retail green bond are available on the Government Bonds website (www.hkgb.gov.hk/en/greenbond/greenbondintroduction.html).
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FEHD strives to crack down on sale of chilled or frozen meat disguised as fresh meat (with photo)

     The Food and Environmental Hygiene Department (FEHD) has all along been committed to combating the sale of chilled or frozen meat disguised as fresh meat, and raided a licensed fresh provision shop (FPS) in Tai Po District suspected of selling chilled or frozen meat as fresh meat in an operation today (September 5).

     During the operation, FEHD officers raided a licensed FPS in Tai Wo Estate Market, Tai Po, and marked and sealed about 323 kilograms of suspected chilled or frozen beef for further investigation. A beef sample was also collected for testing for preservatives. Prosecution will be taken out if sufficient evidence is collected. The licensee of the FPS is suspected of breaching the licensing condition for the display and sale of frozen meat as fresh meat, and the FEHD is proceeding with the cancellation of the FPS’s licence. 

     A verbal warning was also given for non-compliance with the relevant licensing condition for failing to provide delivery notes for inspection.

     An FEHD spokesman said, “Selling of chilled or frozen meat disguised as fresh meat breaches the licensing condition and causes food safety problems. Also, the operation of these profiteers is unfair to other shops that comply with the requirements.”

     The spokesman added, “Anyone selling chilled meat or frozen meat without permission commits an offence and is liable to a maximum fine of $50,000 and six months’ imprisonment on conviction. The department will continue to conduct regular inspections at licensed FPSs and market meat stalls, and will actively handle the complaints received. In detecting any irregularities, the FEHD will carry out immediate investigations and take appropriate enforcement actions. In addition, the FEHD also proactively investigates suspected violations from time to time, and conducts surprise inspections and enforcement action as necessary. If there is sufficient evidence, prosecutions will be initiated and follow-up action will be taken against the breach of licensing conditions or tenancy agreements. The licences of FPSs breaching the licensing conditions may be cancelled, while the tenancies of market meat stalls breaching the tenancy agreements may be terminated.”

     The spokesman stressed that the FEHD is very concerned about the situation, and has been committed to combating the sale of chilled or frozen meat disguised as fresh meat by taking stringent enforcement actions against the violations.

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CS attends press conference on plan for Shenzhen park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (with photo/video)

     The Chief Secretary for Administration of the Government of the Hong Kong Special Administrative Region (HKSAR), Mr Chan Kwok-ki, together with the relevant officials from the Central Authorities and Guangdong and Shenzhen governments, attended the press conference held by the State Council Information Office in Beijing this afternoon (September 5). They introduced issues on the plan for the Shenzhen park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (Shenzhen park), with a view to seizing the vast development opportunities brought about by the Co-operation Zone and promoting the high-quality innovation and technology development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

     In response to media questions, Mr Chan said, “The National 14th Five-Year Plan establishes the goal of developing our country into an innovative nation with strong science and technology, and developing the GBA into an international technology and innovation centre. The 14th Five-Year Plan not only clearly supports Hong Kong’s development into an international innovation and technology centre, but also includes the Shenzhen-Hong Kong Loop as one of the four major co-operation platforms in the GBA.
 
     “The HKSAR Government is grateful for the staunch support of the Central People’s Government and the Shenzhen Municipal People’s Government regarding the development of the Co-operation Zone. Located on both sides of the Shenzhen River, the Co-operation Zone is built with the concept of ‘one river, two banks’ and ‘one district, two parks’. The series of measures outlined in the plan for the Shenzhen park, including how to synergise with Hong Kong in promoting international technology and innovation, injects new impetus into the collaboration between Hong Kong and Shenzhen and propels it to new heights.”

     He remarked, “On the occasion of the 25th anniversary of Hong Kong’s return to the motherland last year, President Xi Jinping visited Hong Kong. President Xi reaffirmed the Central Authorities’ firm support for Hong Kong’s development into an international innovation and technology centre, and expressed his eager expectation for Hong Kong’s contribution to the country’s technological development. This fully reflects the country’s emphasis on, and recognition of, Hong Kong’s innovation and technology development and gives Hong Kong the strongest confidence for such development. We are deeply encouraged. 
 
     “After assuming office last year, the Chief Executive immediately proposed to study expediting the development of the Hong Kong park, namely the Hong Kong-Shenzhen Innovation and Technology Park, of the Co-operation Zone and optimising its functions. The HKSAR Government announced the Hong Kong Innovation and Technology Development Blueprint last year to set out a clear development path and a systematic strategic plan for Hong Kong’s innovation and technology development in the next five to 10 years, leading the city at full steam towards the vision of becoming an international innovation and technology centre. We propose, inter alia, enhancing the innovation and technology ecosystem and proactively integrating into the overall development of the country to consolidate Hong Kong’s role as a bridge connecting the Mainland and the world. Taking into account Hong Kong’s strategic advantages, the Blueprint also recommends focusing on the development of such industries as life and health technology, artificial intelligence and data science, advanced manufacturing and new energy technology.”
 
     He pointed out, “On the synergy between the innovation and technology parks of the two places, close communication at government level will continue through the Joint Task Force on the Development of the Hong Kong-Shenzhen Innovation and Technology Park in the Loop; and the board of directors of the Hong Kong Park Company, which is the Hong Kong-Shenzhen Innovation and Technology Park Limited, includes representatives nominated by Shenzhen. Also, the Hong Kong Park Company has been in close contact with its Shenzhen counterpart on the development of the park and the arrangement of the industry chain. These tasks will continue in the future.

     “The HKSAR will continue its active collaboration with Shenzhen and proactive integration into the overall development of the country, promoting the advantages of the Co-operation Zone under the ‘one zone, two parks’ principle underpinned by the ‘one country, two systems’ principle. Such efforts include striving for the implementation of dedicated cross-boundary measures to promote the smooth flow of talent, materials and data, enabling the Co-operation Zone to serve as the bridgehead for intensive innovation and technology co-operation between the two places, and allowing Hong Kong to fully leverage its unique advantage of enjoying the motherland’s strong support and being connected to the world. This, in turn, can support the development of the GBA international technology and innovation centre. Hong Kong and Shenzhen will jointly promote the development of the Co-operation Zone and drive the high-quality innovation and technology development of the GBA, thereby building the zone into a world-class innovation platform.”      

     The Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone covers about 300 hectares in the Shenzhen park and 87 hectares in the Hong Kong park. As regards the Hong Kong park, the preliminary planning for the first phase has been completed. With a total floor area of up to 10 million square feet, the Hong Kong park will contain various clusters with different industry themes, including life and health technology, research, academic and industry, artificial intelligence and data science, and new technology advanced manufacturing, as well as a talent accommodation area and commercial and ancillary facilities. This will not only establish a diverse innovation and technology ecosystem, but also create a vibrant and sustainable new community. The first three buildings of the first phase will be completed gradually from the end of 2024 as planned. At the same time, the HKSAR Government will expedite and enhance the construction of high-quality research and industrial facilities through investment promotion and market forces.
 
     The plan for the Shenzhen park announced earlier by the Central Authorities comprises a total of 30 measures, covering such areas as the development positioning, objectives, overall layout and infrastructure layout of the Shenzhen park, as well as the collaboration with Hong Kong to promote international innovation and technology development. It aims to promote the high-quality innovation and technology development of the GBA, and enable the Co-operation Zone to become a world-class innovation platform and an engine to drive innovation and technology development in the neighbouring cities.
 
     Officials attending the press conference today comprised member of the Communist Party of China (CPC) Leadership Group of the National Development and Reform Commission Mr Guo Lanfeng, Vice Minister of the General Administration of Customs of China Mr Sun Yuning, Vice Governor of the People’s Government of Guangdong Province Mr Sun Zhiyang, Mr Chan, Deputy Secretary of the CPC Shenzhen Municipal Committee and Mayor of the Shenzhen Municipal People’s Government Mr Qin Weizhong, and member of the CPC Leading Group and Secretary General of the Ministry of Science and Technology Ms Lin Xin.

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