The Government announced today (February 20) the reappointment of five incumbent members, as well as the appointment of three new members, to the Steering Committee on Rule of Law Education. The three new members are Dr Henry Ho Kin-chung, Ms Sabrina Ho Shuk-ying and Professor Dicky Tsang King-fung. Their appointments take effect today for a term of two years.
 
     The Secretary for Justice, Mr Paul Lam, SC, welcomed the appointments and reappointments. He said he believes that the newly appointed and reappointed members will provide valuable advice on the promotion of rule-of-law education.
 
     Mr Lam also thanked the outgoing members, Mr Jonathan Chang, SC, and Mr Matthew Cheung for their contributions to the Steering Committee.
 
     The membership of the Steering Committee is set out in the Appendix.

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     Here is an item of interest to swimmers.

     The Leisure and Cultural Services Department announced today (February 20) that due to big waves, the red flag has been hoisted at Silverstrand Beach in Sai Kung District. Beachgoers are advised not to swim at the beach.

     Hong Kong Customs and the Marine Police conducted joint operations from February 12 to 19 targeting large-scale maritime smuggling activities and six cases involving suspected illicit cigarettes and suspected dangerous drugs were detected. During the joint operations, a total of about 16.93 million sticks of suspected illicit cigarettes and 459 kilograms of suspected cannabis buds were seized.

     Customs and police officers conducted anti-smuggling operations in Sai Kung and Lantau Island from February 13 to 16 and detected four suspected illicit cigarettes smuggling cases. A total of 4.1 million sticks of suspected illicit cigarettes, with an estimated market value of about $19 million and a duty potential of about $13.5 million, found in four goods vehicles and the waters nearby. The four goods vehicles involved in the cases were also detained.
            
     At small hours on February 18, Customs found a suspicious unattended fishing vessel in Shau Kei Wan Typhoon Shelter. Upon inspection, Customs officers seized 12.83 million suspected illicit cigarettes, with an estimated market value of about $57 million and a duty potential of about $42 million, inside the compartments of the vessel. 

     Later on the same day, Customs intercepted a suspicious fishing vessel in the waters off Lamma Island, during which persons onboard the fishing vessel threw numerous nylon bags into the sea. Customs officers then took immediate action to board the vessel and retrieved the subject nylon bags from the water. Upon inspection, a total of about 459kg suspected cannabis buds, with an estimated market value of about $118 million, were found inside the nylon bags. Three local men, aged between 44 and 60, suspected to be connected with the case were arrested in the operation.

     Investigations on the above mentioned six cases are ongoing.

     Being a government department primarily responsible for tackling smuggling activities, Customs has long been combating various smuggling activities at the forefront. Customs will keep up its enforcement action and continue to fiercely combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies. Customs will continue co-operating and exchanging intelligence with the Police, Mainland and international law enforcement agencies, with targeted anti-smuggling operations carried out at suitable times to disrupt these activities.

     Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years. 

     Under the Dangerous Drug Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

     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 drug trafficking or illicit cigarette activities to Customs' 24-hour report hotline 182 8080 or its dedicated crime reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).

  

     The Hong Kong Special Administrative Region (HKSAR) Government and the Ministry of Commerce of the People’s Republic of China co-organised the Forum on the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) today (February 19). The forum aimed to familiarise business sectors with the liberalisation measures and implementation arrangements of the Amendment Agreement II signed by both sides under the CEPA framework on October 9, 2024.

     The HKSAR Government would like to express sincere gratitude to the Central Government for its support for the HKSAR, with the Ministry of Commerce and relevant authorities actively responding to the HKSAR Government’s proposal of further opening up the Mainland market to Hong Kong in trade in services and signing the Amendment Agreement II, enabling more Hong Kong businesses and professionals to enter the Mainland market with more preferential treatments. The Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong, and the Director-General of the Department of Taiwan, Hong Kong and Macao Affairs of the Ministry of Commerce, Mr Fan Shijie, attended the forum and delivered speeches. 

     Over 350 people, including representatives from local and foreign chambers of commerce, consulates, major trade associations and professional sectors, participated in the forum. The forum comprised three breakout sessions covering financial and legal services; audiovisual and telecommunications services; and other services (including construction and related engineering, medical, testing and certification, advertising, and tourism and travel related services). Representatives from over 20 central ministries and HKSAR Government bureaux and departments briefed participants at the forum on the content and implementation arrangements of the Amendment Agreement II, as well as the criteria and procedures for application for preferential treatments, and answered questions from the trade.

     The Mainland and Hong Kong signed CEPA in 2003. CEPA has now been upgraded to a comprehensive and modern free trade agreement, covering four major areas, namely Trade in Goods, Trade in Services, Investment, and Economic and Technical Co-operation. The Amendment Agreement II introduces new liberalisation measures across a number of service sectors where Hong Kong enjoys competitive advantages, thus making it easier for Hong Kong service suppliers and professionals to set up enterprises and develop businesses in the Mainland, as well as enabling them to make contribution to the national development of new quality productive forces and solid progress in promoting high-quality development. The Amendment Agreement II came into effect on the day of signing and will be implemented on March 1.

        

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Chartered Governance Institute (HKCGI) Annual Celebration Reception 2025 today (February 19):

David (President of HKCGI, Mr David Simmonds), Edith (past President of HKCGI, Ms Edith Shih), Ellie (Chief Executive of HKCGI, Ms Ellie Pang), Kelvin (Chairman of the Securities and Futures Commission, Dr Kelvin Wong), fellow members, ladies and gentlemen,

     Good evening. It is a great pleasure to join you tonight to celebrate the laudable achievements of the Hong Kong Chartered Governance Institute over the past year.

     I last joined you in October for the Institute's landmark 75th anniversary celebration. This gathering, I'm honoured to say, carries special significance for this speaker.

     I have been fortunate in my career, blessed to have known and worked with, a great many good people and organisations – including this Institute and its members.

     As Edith just mentioned, my deep and abiding ties with the Institute go back more than 40 years now. Today, I stand here, deeply humbled, in front of so many longstanding friends and associates, as an HKCGI Prize Award recipient. And this Award is one that I accept with immense gratitude.

     Good governance has always been fundamental to our city's success as an international financial centre. Today, it continues to serve as the bedrock of trust in our companies and stability in our financial system.
      
From Resilience to Growth

     Last year, the theme of the Institute was "Resilience in Governance". Over the past year, we have all witnessed Hong Kong's remarkable resilience in face of a complex external environment. 

     For example, Hong Kong has climbed up in several prominent international rankings – as the freest economy in the world; and Asia's number one international financial centre, and among the global top three. Our overall international competitiveness is among the world's top five.

     We have demonstrated our enduring appeal to businesses from all over the world. Last year, the number of Mainland and overseas companies with presence in Hong Kong jumped by 10 per cent, reaching nearly 10 000. The total number of companies in Hong Kong also reached an all-time high of 1.46 million.

     And our capital market is gaining momentum again, signified by higher liquidity and a more vibrant IPO (initial public offering) market, raising funds of more than $87 billion last year and ranking fourth globally. Our stock market surged by some 18 per cent, with an average daily turnover reaching $132 billion last year, an increase of around 26 per cent from a year earlier. The optimism here is marked by another recent boom in the stock market.

     This year, the world will look no less complex. The dynamics of the global economy are rapidly changing. Geo-economic fragmentation fuelled by protectionism and unilateralism, higher-for-longer interest rates, disruptive technologies and climate change are among the predominant forces and challenges reshaping businesses and financial markets everywhere.

     Your strategic theme for 2025, "Governance for Growth", could not be more timely, for we all look for strategies to find new growth impetus in changing times.

     Hong Kong is a small and externally-oriented economy. Our prosperity has long hinged on our connectivity with both the Mainland and the rest of the world. Navigating changes and challenges has long been our strength.

     Geopolitics present both challenges and opportunities. With the staunch support from our country, and with our resilience, agility and versatility, we have all the good reasons to stay confident.

     For example, in response to geopolitics, many Mainland enterprises see the need to redirect their manufacturing capacity and capabilities overseas, particularly the Global South, including Southeast Asia. With the realignment of the global industrial and supply chains, they need a wide range of financial, high value-added professional and consulting services. Also significant to their businesses are trade financing, corporate treasury and logistics management services, as well as advice on compliance with regional and international standards and practices.

     As an international financial centre, home to global capital, top-notch talent and world-class professional services providers with extensive international connections, Hong Kong is where they want to be to realise their global ambitions. We are encouraging these companies go global using Hong Kong as a platform, by establishing their regional and international headquarters, corporate treasury centres and even R&D (research and development) hubs in the city.

     All the more so, Hong Kong will continue to be a popular destination for such companies to raise capital to support their expansion plans. With the staunch support from the Central Authorities, Hong Kong is working to bring more leading Mainland companies to our stock exchange. The market is optimistic about our IPOs this year. Indeed, more than 100 companies are in the waiting line. Besides, more than the stock market, the full suite of fund-raising options, from angel investments, private equity and venture capital to alternative financing, are at the service of companies at different stages.
      
Governance for success

     Ladies and gentlemen, governance professionals will be at the core of all these new and exciting developments. More than beneficiaries, by ensuring that businesses embrace good governance as a driver of long-term success and prosperity, you contribute to the high integrity and reputation of Hong Kong as an international financial centre.

     This is an important mission. For that, I am grateful to the HKCGI – to each and every one of you – for your great work.

     Once again, allow me to tell you how deeply honoured I am to receive this award from the Institute – from you, friends and colleagues, believers in Hong Kong, all.

     I wish you the best of business and health in this promising Year of the Snake. Thank you very much.