Tag Archives: China

The following is issued on behalf of the Environmental Campaign Committee:
 
     The 2020 Hong Kong Awards for Environmental Excellence (HKAEE) and Hong Kong Green Organisation Certification (HKGOC) Presentation Ceremony was held today (October 28) in a hybrid mode, on-site at the Hong Kong Convention and Exhibition Centre and online, to commend winners for their green management practices and their contributions to environmental protection. Winners of the 2020 Hong Kong Green Innovations Awards (HKGIA) and corporations certified as Hong Kong Green Organisations (HKGOs) in 2020 were also commended at the presentation ceremony.
 
     The number of entries competing for the HKAEE reached a record high of 2 785, more than a sevenfold increase compared with the figure for 2008, when the awards were launched. A total of 47 organisations won gold, silver or bronze awards this year, and 159 received certificates of merit. There were 86 entries in the 2020 HKGIA, a figure five times higher than that of 2011, when the HKGIA was established. To commend company management and employees for their dedication in enhancing the environmental performance of their respective companies and the community, five awardees were selected under the Outstanding Green Achiever Commendation Scheme. In addition, 38 organisations were honoured as Outstanding Promotional Partners.
 
     The ceremony was officiated by the Secretary for the Environment, Mr Wong Kam-sing; the Chairman of the Environment and Conservation Fund Committee, Mr Douglas Woo; the Chairman of the Environmental Campaign Committee (ECC), Mr Simon Wong; and the Chairman of the Awards Committee on the HKAEE, Dr Conrad Wong.
 
     The Chief Executive, Mrs Carrie Lam, also congratulated the winning companies and organisations in a video. She said she appreciated their dedication in promoting environmental protection despite the economic downturn under the pandemic. She also called on more companies and organisations to participate in the HKAEE and the HKGOC and work with the Government to promote low-carbon transformation practices in all sectors while heading towards carbon neutrality.
 
     At the presentation ceremony, Mr Wong Kam-sing said that combating climate change and striving towards carbon neutrality prevail as a trend now. The Government has just announced Hong Kong’s Climate Action Plan 2050, covering four major decarbonisation strategies, namely net-zero electricity generation, energy saving and green buildings, green transport, and waste reduction, which need community participation and green innovation.
 
     Mr Wong Kam-sing said, “The extreme climate in recent years reflects the pressing need to combat global warming. Hong Kong will proactively complement the development of the country while contributing to its global carbon reduction goal.” Noting that he recognised the contributions by the organisations in environmental protection, Mr Wong added that collaboration among the Government, the business sector and the community is the key in pursuit of carbon neutrality.
 
     The HKAEE commends organisations that have demonstrated outstanding environmental performance in 15 different sectors. The three judging criteria are green leadership, programme and performance, and partner synergy. The final adjudicating panels comprise the Chairman and members of the ECC, as well as representatives from major chambers of different sectors in Hong Kong.
 
     The HKGIA aims to encourage local organisations to tackle environmental challenges using new ideas that will benefit the environment. The three assessment criteria are level of innovation, environmental achievements, and practicability and contribution to society.
 
     The HKGOC aims to benchmark the green performance of organisations and encourages them to sustain their environmental initiatives in waste reduction, energy saving, carbon reduction and indoor air quality improvement. Participating organisations are commended as HKGOs if they can demonstrate certain environmental achievements such as possessing certificates under the HKGOC, winning HKAEE awards, signing any of the environment-related charters launched or supported by the Hong Kong Special Administrative Region Government or possessing a valid ISO 14001 certificate. To date, over 2 800 organisations in 15 different industry sectors have attained HKGO status, among which 933 organisations gained the status in 2020.
 
     The HKAEE and the HKGOC are jointly organised by the ECC, the Environmental Protection Department, the Advisory Council on the Environment, the Business Environment Council, the Chinese General Chamber of Commerce, the Chinese Manufacturers’ Association of Hong Kong, the Federation of Hong Kong Industries, the Hong Kong Chinese Importers’ and Exporters’ Association, the Hong Kong Council of Social Service, the Hong Kong General Chamber of Commerce and the Hong Kong Productivity Council. The HKAEE and the HKGOC are sponsored by the Environment and Conservation Fund.
 
     The 2021 HKAEE, the HKGIA and the Outstanding Green Achiever Commendation Scheme are now open for applications while the HKGOC accepts applications all year round. The ECC will hold a number of online seminars in November and December for winning organisations to talk about their experience of going green. Organisations wishing to learn more about the schemes may obtain details through the seminars. For more information, please visit the website at www.hkaee.gov.hk or call the hotline 2788 5903. read more

The following is issued on behalf of the Environmental Campaign Committee:
 
     The 2020 Hong Kong Awards for Environmental Excellence (HKAEE) and Hong Kong Green Organisation Certification (HKGOC) Presentation Ceremony was held today (October 28) in a hybrid mode, on-site at the Hong Kong Convention and Exhibition Centre and online, to commend winners for their green management practices and their contributions to environmental protection. Winners of the 2020 Hong Kong Green Innovations Awards (HKGIA) and corporations certified as Hong Kong Green Organisations (HKGOs) in 2020 were also commended at the presentation ceremony.
 
     The number of entries competing for the HKAEE reached a record high of 2 785, more than a sevenfold increase compared with the figure for 2008, when the awards were launched. A total of 47 organisations won gold, silver or bronze awards this year, and 159 received certificates of merit. There were 86 entries in the 2020 HKGIA, a figure five times higher than that of 2011, when the HKGIA was established. To commend company management and employees for their dedication in enhancing the environmental performance of their respective companies and the community, five awardees were selected under the Outstanding Green Achiever Commendation Scheme. In addition, 38 organisations were honoured as Outstanding Promotional Partners.
 
     The ceremony was officiated by the Secretary for the Environment, Mr Wong Kam-sing; the Chairman of the Environment and Conservation Fund Committee, Mr Douglas Woo; the Chairman of the Environmental Campaign Committee (ECC), Mr Simon Wong; and the Chairman of the Awards Committee on the HKAEE, Dr Conrad Wong.
 
     The Chief Executive, Mrs Carrie Lam, also congratulated the winning companies and organisations in a video. She said she appreciated their dedication in promoting environmental protection despite the economic downturn under the pandemic. She also called on more companies and organisations to participate in the HKAEE and the HKGOC and work with the Government to promote low-carbon transformation practices in all sectors while heading towards carbon neutrality.
 
     At the presentation ceremony, Mr Wong Kam-sing said that combating climate change and striving towards carbon neutrality prevail as a trend now. The Government has just announced Hong Kong’s Climate Action Plan 2050, covering four major decarbonisation strategies, namely net-zero electricity generation, energy saving and green buildings, green transport, and waste reduction, which need community participation and green innovation.
 
     Mr Wong Kam-sing said, “The extreme climate in recent years reflects the pressing need to combat global warming. Hong Kong will proactively complement the development of the country while contributing to its global carbon reduction goal.” Noting that he recognised the contributions by the organisations in environmental protection, Mr Wong added that collaboration among the Government, the business sector and the community is the key in pursuit of carbon neutrality.
 
     The HKAEE commends organisations that have demonstrated outstanding environmental performance in 15 different sectors. The three judging criteria are green leadership, programme and performance, and partner synergy. The final adjudicating panels comprise the Chairman and members of the ECC, as well as representatives from major chambers of different sectors in Hong Kong.
 
     The HKGIA aims to encourage local organisations to tackle environmental challenges using new ideas that will benefit the environment. The three assessment criteria are level of innovation, environmental achievements, and practicability and contribution to society.
 
     The HKGOC aims to benchmark the green performance of organisations and encourages them to sustain their environmental initiatives in waste reduction, energy saving, carbon reduction and indoor air quality improvement. Participating organisations are commended as HKGOs if they can demonstrate certain environmental achievements such as possessing certificates under the HKGOC, winning HKAEE awards, signing any of the environment-related charters launched or supported by the Hong Kong Special Administrative Region Government or possessing a valid ISO 14001 certificate. To date, over 2 800 organisations in 15 different industry sectors have attained HKGO status, among which 933 organisations gained the status in 2020.
 
     The HKAEE and the HKGOC are jointly organised by the ECC, the Environmental Protection Department, the Advisory Council on the Environment, the Business Environment Council, the Chinese General Chamber of Commerce, the Chinese Manufacturers’ Association of Hong Kong, the Federation of Hong Kong Industries, the Hong Kong Chinese Importers’ and Exporters’ Association, the Hong Kong Council of Social Service, the Hong Kong General Chamber of Commerce and the Hong Kong Productivity Council. The HKAEE and the HKGOC are sponsored by the Environment and Conservation Fund.
 
     The 2021 HKAEE, the HKGIA and the Outstanding Green Achiever Commendation Scheme are now open for applications while the HKGOC accepts applications all year round. The ECC will hold a number of online seminars in November and December for winning organisations to talk about their experience of going green. Organisations wishing to learn more about the schemes may obtain details through the seminars. For more information, please visit the website at www.hkaee.gov.hk or call the hotline 2788 5903. read more

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

     The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), today (October 28) released a new Applied Research report, titled “Artificial Intelligence and Big Data in the Financial Services Industry: A Regional Perspective and Strategies for Talent Development”. HKIMR Applied Research reports are released on topics that are highly relevant to market participants and regulators in Hong Kong, and they aim to provide insights on the long-term development strategy and direction of Hong Kong’s financial services industry.
      
     The report describes the recent transformation of the financial services industry using artificial intelligence (AI) and big data (BD) technologies, and highlights the role of talent integrating these new technologies into the financial services industry’s core business functions. The report also explores market participants’ views on AI/BD adoption and the demand for talent in major Asia-Pacific financial centres in a survey commissioned by the HKIMR. The findings suggest that 71 per cent of firms across sectors of the financial services industry in the region have either adopted or planned to adopt AI/BD technologies in the next 12 months. Market participants identify clear benefits from AI/BD adoption, but they also highlight that the shortage of talent is one of the key challenges now and in the next five years. The report also presents market participants’ views on promoting talent development and reviews the relevant initiatives implemented internationally and in Hong Kong. The report is concluded by suggestions aimed to enrich Hong Kong’s pool of talent, including strategies to narrow the existing talent gap, support talent recruitment as well as foster talent development.
      
     “The findings of this report suggest that professionals versed in both finance and AI/BD technologies will be especially welcome in the next two years, indicating that most sectors of the industry will move towards a higher level of integration between business and technology functions. Hong Kong and the Asia-Pacific region are well placed to lead this development, as documented by a net inflow of talent into the region’s main financial centres. We hope that this study sheds light on talent characteristics and needs by financial institutions advancing their AI/BD adoption and thus help support the healthy growth of the financial services industry in Hong Kong and the region,” said Deputy Chief Executive of the Hong Kong Monetary Authority and Deputy Chairman of the HKIMR, Mr Edmond Lau.
 
     The report is available on the AoF/HKIMR website.
 
About the AoF

     The AoF is set up with full collaboration amongst the HKMA, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. By bringing together the strengths of the industry, the regulatory community, professional bodies and the academia, it aims to serve as (i) a centre of excellence for developing financial leadership; and (ii) a repository of knowledge in monetary and financial research, including applied research.
      
About the HKIMR

     The HKIMR is the research arm of the AoF. Its main remit is to conduct research in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asia region. The Applied Research studies undertaken by the HKIMR are on topics that are highly relevant to the financial industry and regulators in Hong Kong, and they aim to provide insights on the long-term development strategy and direction of Hong Kong’s financial industry. read more

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

     The Monetary Authority announced today (October 28) that the countercyclical capital buffer (CCyB) ratio for Hong Kong remains unchanged at 1.0 per cent.
      
     “While there have been some signs of economic recovery in Hong Kong, uncertainties about the global pandemic situation have remained,” the Monetary Authority, Mr Eddie Yue, said. “It is therefore appropriate to keep the CCyB ratio unchanged for the time being and continue to monitor the situation closely.”
      
     Further details of the decision may be found in the Announcement of the CCyB to Authorized Institutions on the Hong Kong Monetary Authority’s website.
      
Background

     In setting the CCyB ratio the Monetary Authority considered a series of quantitative indicators and qualitative information including an “indicative buffer guide” (which is a metric providing a guide for CCyB ratio based on the gap between the ratio of credit to GDP and its long term trend, and between the ratio of residential property prices to rentals and its long term trend). The latest indicative buffer guide, calculated based on 2021 Q2 data, signals a CCyB of 2.25 per cent. The projection based on all available data suggests that the indicative buffer guide would likely signal a CCyB lower than 2.25 per cent when all relevant 2021 Q3 data become available.
      
     Whilst the indicative buffer guide, as its name suggests, provides only a “guide” for CCyB decisions, the determination of the jurisdictional CCyB ratio for Hong Kong is not a mechanical exercise and, in addition to the indicative buffer guide, the Monetary Authority also reviewed a range of other reference indicators. The information drawn from all these sources suggests that there have been some signs of economic recovery in Hong Kong, but uncertainties about the global pandemic situation have remained. It is therefore appropriate to keep the CCyB ratio unchanged at 1.0 per cent for the time being and continue to monitor the situation closely.
      
     The CCyB is an integral part of the Basel III regulatory capital framework and is being implemented in parallel by the Basel Committee member jurisdictions worldwide. The CCyB has been designed by the Basel Committee to increase the resilience of the banking sector in periods of excess credit growth. The banking sector can then act as a “shock absorber” in times of stress, rather than as an amplifier of risk to the broader economy.
      
     The power to implement the CCyB in Hong Kong is provided by the Banking (Capital) Rules, which enable the Monetary Authority to announce a CCyB ratio for Hong Kong. The specific CCyB requirement applicable to a given Authorized Institution (AI) is expressed as a percentage of its CET1 capital to its total risk-weighted assets. Each AI’s CCyB requirement may vary depending on the geographic mix of its private sector credit exposures and the CCyB applicable in each jurisdiction where it has such exposures. read more

The following is issued on behalf of the Hospital Authority:

     The Hospital Authority (HA) said that starting from November 1, persons entering the HA Head Office and administration blocks of public hospitals will be required to use the “LeaveHomeSafe” mobile application to scan a venue QR code, except for exempted persons (persons who are aged below 12 or aged 65 or above, those with disabilities that render use of the app difficult and individual persons granted exemptions due to actual circumstances can complete a record form as registration).
 
     Persons visiting other areas of public hospitals and other HA healthcare facilities will also be required to use the app if doing so is operationally feasible and provision of healthcare services is not affected.
 
     The HA spokesperson said that the new arrangement will be implemented in public hospitals with due consideration of the actual environment and operations, such as having multiple entrances and many service points. More venue QR code posters will be displayed and visitors will be reminded to use the app at ward entrances or service registration counters.
 
     “The new arrangement will help further strengthen contact tracing and cut the transmission chain as early as possible when a confirmed case is found in the community. Recording access and departure in public venues can also help members of the public be informed of related infection risks. As patients are the main users of public hospital services and their consultations will be properly recorded, hospitals will exercise discretion with patients having difficulties with the new arrangement,” the spokesperson said.
 
     The Emergency Response Level is still activated in public hospitals and all visitors entering hospitals are required to comply with the infection control measures, including wearing surgical masks and checking temperature. Patients’ families have to schedule visits through ward staff and fill in the health declaration form through scanning the Hospital Visit QR code in the HA webpage and the mobile app “HA Go”. read more