Tag Archives: China

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Hong Kong Monetary Authority Chief Executive speaks to top bankers and financiers in New York (with photo)

     â€‹The Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Eddie Yue, met with top bankers and financiers in New York today (April 12, New York time) on his way to the Spring Meetings of the World Bank Group and the International Monetary Fund in Washington DC.
 
     Speaking at the luncheon co-hosted by the Hong Kong Economic and Trade Office in New York and the National Committee on United States-China Relations, Mr Yue said that the banking and financial system in Hong Kong is robust and resilient and is well equipped for challenges. Hong Kong’s currency peg against US dollars has provided the much needed stability for an open and external-oriented economy. The Government launched different measures to drive domestic demand through consumption vouchers and the provision of financial support for small and medium enterprises. The economy of Hong Kong is on the track to recovery.
 
     “Hong Kong plays a significant and ever-growing role in the two-way opening up of the Mainland financial markets. Broadening the scope of Southbound Stock Connect to include foreign companies with primary listings in Hong Kong and the inclusion of more Mainland companies in Northbound Trading are but two examples,” Mr Yue shared during the enthusiastic discussions about embracing opportunities in the future.
 
     “We look forward to working closely with our counterparts around the world to capitalise on these exciting developments,” he added. Mr Yue also emphasised to participants that “Hong Kong is back”, and the city was ready to welcome global visitors to experience its energy and vibrancy. 
 
     The National Committee President, Mr Stephen Orlins, who moderated the discussion, underscored that in-person interactions between the HKMA and Americans were of great importance and would lead to a more constructive relationship between the peoples of Hong Kong and the United States.

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Hong Kong Customs raids two suspected illicit cigarette storage centres in public rental housing anti-illicit cigarette operations (with photos)

     Hong Kong Customs yesterday (April 12) and today (April 13) conducted anti-illicit cigarette operations in the public rental housing (PRH) in Tuen Mun and Sau Mau Ping respectively. Two suspected illicit cigarette storage centres were raided and a total of about 150 000 suspected illicit cigarettes with an estimated market value of about $550,000 and a duty potential of about $370,000 were seized.

     In the first case, Customs officers intercepted a light goods vehicle in Butterfly Estate, Tuen Mun, at noon yesterday. Upon inspection, about 80 000 suspected illicit cigarettes were seized inside the vehicle. A 56-year-old male driver suspected to be connected with the case was arrested and the vehicle suspected to be used for storing and distributing illicit cigarettes was detained. 

     In the second case, Customs officers smashed another suspected illicit cigarette storage centre in a unit of On Tat Estate, Sau Mau Ping, on the same afternoon. About 57 000 suspected illicit cigarettes were seized and a 28-year-old man, who claimed to be a staff member of a courier company, was arrested in the unit. After a follow-up investigation, Customs officers this morning further seized about 8 000 suspected illicit cigarettes in a parcel arriving from Korea at the Sau Mau Ping Post Office. 

     An initial investigation revealed that the two illicit cigarette storage centres involved in the cases were mainly used to supply illicit cigarettes to residents of PRH in the districts. 

     The two arrested men were charged with “dealing with goods to which the Dutiable Commodities Ordinance applies”. Customs will continue to trace the source and the flow of the illicit cigarettes. The likelihood of further arrests is not ruled out.

     Customs has all along been enhancing enforcement against illicit cigarette activities on all fronts, including cross-boundary smuggling, storage and distribution as well as peddling, through intelligence analysis. If PRH units are found to be involved in illicit cigarette activities, Customs will notify the Housing Department for follow-up action after the conclusion of court proceedings.

     Customs reminds members of the public that it is an offence to buy or sell illicit cigarettes. Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.

     Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk).

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