Tag Archives: China

     Following are the remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Wealth for Good in Hong Kong Summit today (March 26):
 
Distinguished global family office principals, and guests from around the world,
 
     It is with immense pride and excitement of mine that I welcome all of you to the third edition of the Wealth for Good in Hong Kong Summit, themed “Hong Kong of the World, for the World”. As highlighted, this is the third time that we organised this event. I must say that I feel like now we are more like a family, in a sense that we can share insights, share aspirations, and at the same time come together on how we can make our families, our societies, and the world around us better. And in that regard, we will try to see what our families will do. Normally, the family or members of it will try to build, learn, and also give together.
 
     And exactly these three pillars will define our collaboration between the Government and your family offices. In a sense, we want you to build with us, to learn with us, and also to give with us, and also at the same time, inspiring all of you to leverage Hong Kong’s unique ecosystem to create lasting impact. And now, let me share with all of you how we can work hand in hand along these three dimensions to make this vision a reality.
 
To build: a robust ecosystem for wealth and innovation
 
     First of all is how we build, which is to build a robust ecosystem for wealth and innovation. Hong Kong has long been a world-class financial hub, managing nearly US$4 trillion in asset and wealth management, alongside a private banking sector serving family offices and trusts worth over US$185 billion. Our commitment to you is clear: we have built an ecosystem that empowers your ambitions. In March 2023, we issued the Policy Statement on Developing Family Office Businesses in Hong Kong, and I am very proud to say all measures, including profits tax exemptions for single family offices, have been fully implemented. Our dedicated FamilyOfficeHK team under Invest Hong Kong led by Alpha (Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau) has already assisted 160 family offices, many of whom are past summit participants, to establish or expand here.
 
     But we are not stopping here. We are building a comprehensive ecosystem for asset allocation, with bold new initiatives. Take gold and precious metals for example. We aim to transform Hong Kong into a global gold trading centre by attracting physical gold storage, driving trading, settlement, and delivery activities, and scaling up support services like insurance, testing, certification, and logistics. We’re promoting world-class gold storage facilities and expanding related financial services, including collateral, loans, hedging, and derivatives, creating a progressive, interconnected market for asset owners, including all of you.
 
     Complementing this, we are enhancing our position as a leading international art hub, as covered by the panel just now. The Airport Authority is crafting an ambitious art ecosystem at Hong Kong International Airport – our first one-stop project uniting art creation, appreciation, and trade. This will feature an art community with galleries and studios, plus a purpose-built, large-scale storage facility bespoke for artwork, the first of its kind here. Linked with exhibitions at AsiaWorld-Expo, this will propel Hong Kong into a world-class art marketplace. Together, we will build an ecosystem where your wealth thrives and, at the same time, diversifies.
 
To learn: a legacy of knowledge and growth
 
     Secondly, apart from building, it’s about learning. What we try to learn is about a legacy of knowledge and growth. The Hong Kong Academy for Wealth Legacy, chaired by Adrian (Dr Adrian Cheng, Chairman of the Board, the Hong Kong Academy for Wealth Legacy) who is a participant in the panel just now, is our partner in nurturing the new generation of wealth stewards. We are taking this further by collaborating with world-class academic institutions to curate a one-stop platform for training and knowledge exchange. This will equip family offices with the resources to build legacies that endure, whether through mastering innovative investment strategies, exploring technology like artificial intelligence to solve global challenges, or preserving the arts and culture that define our humanity.
 
     This summit itself is a testament to that spirit of learning. Look at the distinguished speakers joining our panel discussions – each brings a wealth of experience to inspire us. Also, through the Hong Kong Family Office Nexus, in collaboration between Bloomberg and the Government, we are also sharing global best practices, ensuring you remain at the forefront of wealth management innovation. Together, we will definitely learn, adapt, and also lead. And for those who are staying here in Hong Kong tomorrow, in fact, we have an event (Bloomberg Family Office Summit) with Bloomberg, trying to announce the further initiatives that we are working together with Bloomberg in taking Hong Kong as a family office hub. So I encourage all of you who are here tomorrow to also attend that event.
 
To give: a culture of impact and compassion
 
     Finally, apart from building and also learning, what is it about? It’s about giving – to give, a culture of impact and compassion. We will give together, harnessing wealth for transformative good. Philanthropy is at the very heart of Hong Kong’s evolution into a global hub for giving. Last year, we launched Impact Link under the Academy for Wealth Legacy – a pioneering platform connecting family offices with charity projects. More than a database, it is a bridge to meaningful impact, empowering you to make informed, high-impact contributions.
 
     Looking ahead, we are exploring new frontiers. We are considering if a platform can be established for charities to co-fund philanthropic projects through a prize initiative in Hong Kong, inviting charities and family offices to partner with us in creating transformative impact. I warmly welcome your ideas and inputs on this – let us all co-create a future where giving knows no boundaries. With our financial muscle and entrepreneurial energy, we are cultivating a culture where your wealth can support groundbreaking research, preserve cultural heritage, or tackle pressing global challenges. Together, we will give with purpose, leaving a legacy that echoes worldwide.
 
A call to dream big
 
     As we prepare for today’s panel on philanthropy, I invite all of you to dream big. How can your family office leverage Hong Kong’s ecosystem – our talent, our platforms like Impact Link, and our Government’s unwavering support – to address the world’s greatest needs? Whether it’s investing in technology, championing the arts, or driving social impact, Hong Kong, as always, stands ready to be your partner.
 
     Bring your vision, your capital, and your passion for good. Together, we will build an ecosystem of opportunity, learn from each other to shape the future, and give in ways that uplift lives across the globe. Let us define legacy today, in Hong Kong, for the world.
 
     Thank you, and I very much look forward to the inspiring discussions ahead, especially the coming panels and the dinner tonight. Thank you.

  

     Hong Kong Customs conducted a joint anti-illicit cigarette publicity campaign with members of the Sha Tin District Council, the Tobacco and Alcohol Control Office (TACO) of the Department of Health, the Police and the Housing Department (HD) at three public housing estates in Sha Tin District today (March 26).

     Customs officers set up a promotional booth to distribute leaflets to residents at Shek Mun Estate, Lek Yuen Estate and Sun Chui Estate to raise their awareness of anti-illicit cigarettes, and encouraged them to report suspected illicit cigarette trading activities to Customs.
      
     If public rental housing units are found to be involved in illicit cigarette crimes, Customs will notify the HD for follow-up action after the conclusion of court proceedings. Moreover, Customs will continue to closely monitor the situation of illicit cigarette activities at control points and in the city, and flexibly deploy its resources to clamp down on the crime. 

     Customs stresses 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 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).

     In accordance with the Smoking (Public Health) Ordinance (Cap. 371), no person shall distribute any smoking product advertisement (including any promotion leaflets). Any person who contravenes the regulation is liable to a maximum fine of $50,000. Members of the public may report any suspected activities of illicit cigarette leaflets distribution to TACO’s hotline 2961 8823.

        

     The Chief Executive, Mr John Lee, attended the Signing Ceremony of Hainan Hong Kong Memorandum of Cooperation in Boao, Hainan, today (March 26) and, together with the Secretary of the CPC Hainan Provincial Committee, Mr Feng Fei, witnessed the signing of the Hainan Provincial People’s Government and Hong Kong Special Administrative Region Government (HKSAR) Memorandum of Cooperation by the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, and Vice Governor of Hainan Provincial People’s Government Mr Bateer.

     Deputy Director of the Liaison Office of the Central People’s Government in the HKSAR Mr Qi Bin also attended the signing ceremony. Officials of the HKSAR Government who also attended the conference included the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing; the Secretary for Innovation, Technology and Industry, Professor Sun Dong; the Director of the Chief Executive’s Office, Ms Carol Yip; and the Under Secretary for Constitutional and Mainland Affairs, Mr Clement Woo.

     Hong Kong and Hainan reached consensus on the following five co-operation areas:

Trade and Investment

     Actively explore the expansion of in-depth co-operation in the areas of medicine, finance, commerce and trade, tourism and culture, and data services industries.

     Leverage the role of the Hainan Free Trade Port in expanding the room for Hong Kong’s development. Promote Hong Kong’s better integration into the overall development of the country and leverage Hong Kong’s distinctive advantages as a “super-connector”.

     Support Hong Kong enterprises in participating in the China International Consumer Products Expo and encourage Hainan enterprises and associations to organise and participate in trade fairs in Hong Kong.

Finance

     Encourage enterprises from the Hainan Free Trade Port to issue bonds in Hong Kong and support high-quality enterprises from the Hainan Free Trade Port in listing in Hong Kong.

Safe and Orderly Flow of Data

     Promote the safe and orderly flow of data between Hainan and Hong Kong, and jointly promote co-operation in data services between the two sides.

Tourism

     Support the tourism industry of Hainan in commencing joint international marketing and develop products for multi-destination tourism with the travel trade and aviation sector of Hong Kong.

Talent Exchange

     Pursue further opening up of more sectors of Hainan’s services market to Hong Kong, including finance, legal services, accounting, consulting, convention and exhibition, architectural and planning, under the framework of the Agreement on Trade in Services of Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), with a view to expanding the scope for practice by Hong Kong’s professional services sector while lifting the standard of internationalisation of Hainan’s professional services sector.

     Based on their Hong Kong professional qualifications, allow Hong Kong professionals with qualifications listed in the recognised Hong Kong professional qualifications directory to provide relevant professional services to enterprises and residents in the Hainan Free Trade Port, upon approval by the relevant authorities of the professional industries.

     The document (Chinese only) is in the Annex.

      

     â€‹The Chief Executive, Mr John Lee, continued his visit to Hainan today (March 26) to meet with leaders of Hainan Province and witness the signing of a Memorandum of Cooperation between the Hong Kong Special Administrative Region (HKSAR) Government and the People’s Government of Hainan Province. He also exchanged views with young people from Hong Kong who are starting businesses and working in Hainan.

     In the morning, Mr Lee met with the Secretary of the CPC Hainan Provincial Committee, Mr Feng Fei, to exchange views on enhancing Hong Kong’s co-operation with Hainan. Noting the close economic and trade ties between Hong Kong and Hainan, Mr Lee said that Hong Kong has long been the major source of external investment in Hainan, with many Hong Kong enterprises conducting business in the province. In 2024, more than 700 Hong Kong enterprises were established in Hainan, and the realised direct investment from Hong Kong was RMB15 billion. With the customs closure operation of the Hainan Free Trade Port and the implementation of preferential policies, Hong Kong enterprises and professionals will have more development opportunities in Hainan.

     After the meeting, Mr Lee and Mr Feng attended the Signing Ceremony of the Hainan-Hong Kong Memorandum of Cooperation. They witnessed the signing of the Memorandum of Cooperation between the HKSAR Government and the People’s Government of Hainan Province on deepening co-operation in five areas, namely trade and investment, finance, safe flow of data, tourism, and talent exchanges.

     Mr Lee noted that the HKSAR Government is fully leveraging Hong Kong’s unique advantages under the “one country, two systems” principle of having strong support of the country while maintaining unparalleled connectivity with the world. Hong Kong is committed to contributing to the introduction of international projects to Hainan and facilitating Hainan’s capital investments in overseas markets, with a view to jointly venturing into the global market with Hainan. The HKSAR Government will promote collaborative development and mutual benefits between the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Hainan Free Trade Port, making greater contributions to the country’s high-quality development and high-level opening up.

     In the afternoon, Mr Lee met with young people from Hong Kong who are working and starting businesses in Hainan to learn about their daily lives and latest developments. He encouraged them to better understand the scope and policies covered in the Memorandum of Cooperation signed by the governments of the two places to seize the opportunities within and realise their aspirations. He also called on the young people to contribute to fostering mutual engagement and integrated development between citizens of the two places.

     In the evening, Mr Lee attended a dinner hosted by the organiser of the Boao Forum for Asia.

     Mr Lee will continue his visit tomorrow (March 27) to attend the opening plenary of the Boao Forum for Asia Annual Conference 2025.

                    

     â€‹The Centre for Health Protection (CHP) of the Department of Health is today (March 26) investigating a suspected case of food poisoning related to the consumption of wild mushrooms, and urged the public not to pick and eat wild mushrooms.
      
     The case involves a 60-year-old female who developed sweating, increased salivation, vomiting and diarrhoea about 15 minutes after consuming self-picked wild mushrooms yesterday (March 25). She sought medical attention at the Accident and Emergency Department of North Lantau Hospital and was admitted for further observation the same day. She is in stable condition.
      
     The CHP’s investigation is ongoing.
      
     Members of the public should not pick wild mushrooms for consumption as it is difficult to distinguish edible mushroom species from inedible ones. Mushroom poisoning is generally acute. Common presentations include gastrointestinal symptoms such as nausea, vomiting and abdominal pain appearing shortly after ingestion. Depending on the mushroom species, patients may also have other symptoms such as profuse sweating, hallucinations, a coma or other neurological symptoms, as well as liver failure. Death may result in severe cases.
      
     If mushroom poisoning is suspected, the patient should seek immediate medical attention and bring along any available remnant for identification. read more