Month: March 2025

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

Financial Secretary Paul Chan

The Tracker Fund’s significance extends well beyond its market size and liquidity. It carries a unique historical weight for the Hong Kong financial industry. The creation of the fund was for the orderly and non-disruptive disposal of a substantial portfolio of shares acquired by the Government in a decisive market operation in 1998, amid the Asian financial crisis, to uphold market stability and integrity. This pioneering approach of creating an exchange-traded fund (ETF) as a disposal vehicle not only served as an innovative and successful exit strategy for the Government, but also marked a significant milestone in our financial market development. It has encouraged long-term investment via unit trusts, enhanced the public’s understanding of ETFs and fostered greater public participation. It laid the foundation for the thriving ETF sector we see today.

Initially launched as the largest initial public offering in Asia, excluding Japan, with a size of over $33 billion, the Tracker Fund has over the years grown some five-fold in size to over $150 billion in market capitalisation, becoming Hong Kong’s largest ETF. Over the past 25 years, along with Hong Kong and our capital market, the Tracker Fund has demonstrated incredible resilience in navigating multiple challenges. It has earned the trust of local, Mainland and international investors seeking exposure to Hang Seng Index constituent stocks. It offers investors a simple way to invest in a diversified portfolio of Hong Kong stocks, mitigating the risk of excessive concentration in a very cost-effective manner.

Over time, Hong Kong has gradually established itself as a leading ETF hub, offering a diverse array of products and attracting a wide range of issuers. And thanks to the staunch support of the central authorities, we have seen substantial growth in our ETF market since its inclusion in the Southbound Stock Connect in 2022. In the first three quarters of this year, the average daily turnover of ETFs reached some $13 billion, representing a 30% increase compared to that of 2022.

As a premier international fundraising centre, we have been striving to expand our markets and strengthen our international networks to attract more global capital.

And I am glad that the Tracker Fund has been part of this remarkable endeavour. Through the concerted efforts of the Government, regulators, and Hang Seng Investment, the global footprint of the Tracker Fund is broadening. That includes the earlier listing of two depositary receipts of the Tracker Fund on the Thai Stock Exchange, and of course, more recently, the successful listing of the SAB Invest Hang Seng Hong Kong ETF on the Saudi Tadawul. This new ETF investing in the Tracker Fund provides Saudi investors an opportunity to invest in a diversified portfolio of Hong Kong equities. As the Tracker Fund itself is an eligible ETF in the Southbound Stock Connect, it means that the new ETF will also enjoy the liquidity from the investments from the Mainland.

Reflecting on the development history of the Tracker Fund, I am confident that as we continue to innovate and build better connectivity with both the Mainland and international markets, our ETF market will continue to grow and thrive. Hong Kong will continue to attract global and Mainland capital to reinforce our status as international financial centre.

Financial Secretary Paul Chan gave these remarks at the Silver Jubilee Celebration Ceremony for the Tracker Fund of Hong Kong on November 12.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

Secretary for Justice Paul Lam

The Hong Kong Legal Week is an annual flagship event of the Department of Justice. Since its inception in 2019, the Hong Kong Legal Week has served as a dynamic forum where legal professionals, scholars, judges and experts come together to discuss critical legal issues that resonate not only within Hong Kong but (also) throughout the wider Asia-Pacific region and beyond.

The theme of this year is “Hong Kong Common Law System: World-Class Springboard to China & Beyond”. It emphasises Hong Kong’s unique role as a gateway between China, the Asia Pacific and the world. Under the “one country, two systems” principle, Hong Kong is the only common law jurisdiction within China. Our strong legal foundation, coupled with our close ties with and support from the Mainland, positions us as a critical hub for legal and economic collaboration across the region and beyond.

Private law summit

We begin this week with today’s Asia-Pacific International Private Law Summit 2024. Building on the success of the inaugural summit in 2022, the Department of Justice once again partners with the International Institute for the Unification of Private Law (UNIDROIT) to organise this summit under the theme “Springboard to Opportunities: Utilising International Private Law & Technology to Facilitate Access to Credit, Investment, & Sustainable Development in the Asia-Pacific Region”.

The Asia-Pacific region is home to enormous economic potential and encompasses a diverse array of legal systems. While this diversity enriches our legal and cultural landscape, it also introduces complexities and uncertainties for businesses navigating cross-border transactions. To unlock the region’s full economic potential and ensure long-term sustainable growth, harmonisation and modernisation of private law across the region is essential.

Recognising this need, today’s summit gathers leading legal minds from across the Asia Pacific, together with experts from UNIDROIT, to explore how the unification and co-ordination of various areas of private law can support economic growth and facilitate smoother cross-border interactions throughout the region. We will be hearing from them on how international private law and emerging technologies can unlock new opportunities for sustainable economic growth across the region, and how Hong Kong may contribute in this regard.

Collaboration with UNIDROIT

In the past few years, the Department of Justice has closely collaborated with UNIDROIT to promote the development, implementation, and deeper understanding of private international law and international commercial law across the Asia-Pacific region.

In addition to these collaborative efforts, we are grateful for UNIDROIT’s strong support to the Department of Justice’s secondment programme, offering Hong Kong’s legal professionals from both the public and private sectors the valuable opportunity to work at the UNIDROIT Secretariat in Rome. This experience not only deepens their expertise in international legal issues, but also bolsters Hong Kong’s capacity in foreign-related legal matters.

I am very pleased to note that one of our former secondees will be moderating a panel later this morning, which testifies to the success of the secondment programme.

Capacity building

The secondment programme is one of the Department of Justice’s many policy initiatives providing professional development opportunities to our legal talents. To further strengthen Hong Kong’s position as a leading international legal and dispute resolution services centre in the Asia-Pacific region, the Department of Justice places great importance on nurturing legal talents with a global perspective and proficiency in foreign-related legal affairs. We are committed to establishing Hong Kong as a leading centre for capacity building in international law.

As outlined in our Chief Executive’s 2023 and 2024 Policy Address, the Department of Justice is setting up the Hong Kong International Legal Talents Training Academy. The academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talent in regions along the Belt & Road. It will also provide training for talent in the practice of foreign-related legal affairs for the country, and nurture legal talent conversant with international law, common law, civil law and the country’s legal system.

A dedicated office and an expert committee have already been set up to facilitate the establishment of the academy. We are grateful to have Prof Tirado (International Institute for the Unification of Private Law Secretary-General) as a member of the expert committee, and I am pleased to see many of our committee members participating in today’s summit.

To officially mark this new initiative, I am excited to announce that the launch ceremony for the academy will take place on the final day of the Hong Kong Legal Week. I warmly invite all of you to join us for this significant occasion.

Other events

I also warmly welcome you to participate in an array of other events this week. Tomorrow, we will have the Second Legal Forum on Interconnectivity & Development co-organised with the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region. At the legal forum, we are very pleased to have the General Counsel of the Asian Infrastructure Investment Bank deliver a keynote address on promoting good governance and high-quality development under international law. Legal experts will also share their insights on Hong Kong’s role in China’s institutional opening up, and rule of law as a risk management mechanism to safeguard sustainable development.

On Wednesday, we will host events under the theme “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”. The day will explore three topical issues – the role of mediation in promoting a culture of mutual respect, harmony and inclusiveness, use of artificial intelligence in alternative dispute resolution, as well as the resolution of sports disputes. There will also be the 2024 Hong Kong Mediation Lecture in the evening, exploring the unique challenges and opportunities involved in the use of mediation in deals relating to natural resources.

Thursday’s programme will focus on strengthening the rule of law in the Greater Bay Area. We will hear from experts on the proof of Hong Kong law and foreign law in the Mainland, the arrangement on mutual legal assistance in civil and commercial matters between the Mainland and Hong Kong, as well as legal services and juridical relations to facilitate and protect trade and social interactions between the Mainland and Hong Kong. The day will also feature a mock mediation session led by mediators from Mainland China, Hong Kong, and Macau, and a discussion on the Greater Bay Area mediation platform.

On Friday, apart from the launching ceremony of the academy in the afternoon that I have just mentioned, we will explore how the rule of law in Hong Kong, together with different components of Hong Kong’s legal and judicial system, are essential to provide the best business environment from the perspectives of our legal services profession and our enterprises, and how our legal professionals can play an important role along the Belt & Road.

Alongside this week’s discussions, we are also featuring a special exhibition on the achievements in the construction of the rule of law of the People’s Republic of China in the modern era, co-organised by the Ministry of Justice of China and the Department of Justice, in celebration of the 75th anniversary of the founding of People’s Republic of China. The exhibition highlights key milestones in China’s legal evolution, both domestically and in foreign-related areas, over the past 75 years.

Conclusion

Ladies and gentlemen, as we look ahead to the discussions that will follow, I hope today’s summit will inspire all of us to explore new ideas and opportunities. Let’s make the most of this moment to engage in meaningful exchanges and drive forward the future of international law.

On this note, I wish today’s summit every success and extend my sincere appreciation to all of you for joining us, whether online or in person.

Secretary for Justice Paul Lam gave these remarks at the Asia-Pacific International Private Law Summit 2024, part of Hong Kong Legal Week 2024, on November 4.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

Financial Secretary Paul Chan today said the potential land supply for 2025-26 is expected to provide about 13,700 units, similar to the annual demand projected in the Long Term Housing Strategy.

Mr Chan made his remarks while outlining land and housing measures in the Budget this morning. He noted that the 2025-26 Land Sale Programme will cover a total of eight residential sites.

Together with railway property development, private development and redevelopment projects, and the Urban Renewal Authority projects, the potential land supply for the year is expected to be similar to the projected annual demand, providing about 13,700 units.

Mr Chan said the Government will not roll out any commercial sites for sale in the coming year. It will also consider rezoning some of the commercial sites for residential use and allowing greater flexibility of land use. Moreover, it will extend the deadline for completing in-situ land exchanges for commercial sites in the town centre of Hung Shui Kiu/Ha Tsuen New Development Area.

The Government will prepare land for the production of about 80,000 private housing units in the coming five years. About 65% of the land will come from the Northern Metropolis and the Tung Chung New Town Extension.

Housing supply

On public housing supply, the Government has identified sufficient land to meet its supply target of 308,000 public housing units over the next 10 years.

Coupled with Light Public Housing, the total public housing supply in the coming five years will reach 190,000 units, which is about 80% higher than that for the first five‑year period from when the current‑term Government took office.

On private housing supply, it is estimated that the completion of private residential units will average more than 17,000 units annually in the coming five years, representing a decrease of about 8% over the annual average of the past five years. The potential supply of first‑hand private residential units for the next three to four years will be around 107,000 units.

Transport infrastructure

The Government will strive to commence detailed planning and design for the South Island Line (West) project this year.

Construction works for the remaining sections of Route 6, namely the Central Kowloon Route, Trunk Road T2, and the Cha Kwo Ling Tunnel, are entering the final stages. The Central Kowloon Route project is expected to be completed by the end of this year, and Route 6 will be fully commissioned next year.

Professional development

The Financial Secretary said $15 million has been set aside over the next two years for the Centre of Excellence for Major Project Leaders and its work to enhance professionalism, innovation capabilities and cost management in the construction industry.

To attract more young people to join the industry, the Government and the Construction Industry Council (CIC) will jointly allocate funding totalling about $95 million to continue the provision of on-the-job training subsidies to trainees enrolling in part-time construction-related degree programmes over the next two academic years.

The CIC will allocate around $150 million to subsidise the construction industry to provide on‑the‑job training for graduates of degree programmes in engineering, architecture, surveying, planning and landscape architecture.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

Invest Hong Kong (InvestHK) announced that an information security incident, involving a malicious ransomware attack to part of its computer systems, was identified yesterday.

In a press release, InvestHK condemned such malicious attacks, and said it has already updated relevant access rights, isolated the affected systems, and activated back-up procedures.

Preliminary findings indicated that the affected areas included an internal customer relationship management system, InvestHK’s intranet and part of its website operation.

InvestHK pointed out that upon identification of the incident, it tightened its cyber security systems to prevent further ransomware attacks. It also reported the case to Police, the Digital Policy Office, the Office of the Privacy Commissioner for Personal Data and the Security Bureau on the same day.

An investigation is underway to ascertain whether personal data leakage is involved. InvestHK said it will inform relevant parties when further updates are available. It is also seeking advice from the Digital Policy Office and has appointed experts to assist with the investigation and recovery.

Meanwhile, InvestHK’s public services remain normal. The public can continue to contact the department by telephone, email or face-to-face meetings.

Apart from expressing hope that the culprits can be brought to justice as soon as possible, the department reiterated that it would not send embedded hyperlinks via emails, SMS messages or social media pages for collecting personal information or requesting for payment.

For enquiries, call 3107 1000 or write to enq@investhk.gov.hk.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

Police held the Good Citizen Award Presentation Ceremony 2024 today to commend 80 citizens who assisted the force in fighting crime and upholding law and order.

Additionally, this year’s Good Citizen of the Year Award was presented to nine awardees for their bravery when they volunteered to help in evacuating residents trapped in a building during a No. 3 alarm fire that broke out on Jordan Road in Yau Ma Tei last year.

The force also presented the Good Organisation Award to seven organisations in recognition of their efforts in supporting Police’s publicity work on anti-deception and crime prevention, as well as crime detection.

Speaking at the presentation ceremony, Commissioner of Police Siu Chak-yee said the spirit of good citizenship can be put into practice in everyday life. He appealed to all sectors of the community to be united, genuine and sincere in preventing and combatting crime, in order to weave a safety net for the community.

Themed “Good Citizen – Good Stories – Everywhere”, this year’s Good Citizen Award Scheme highlighted that the stories of good citizens can be found everywhere.

A corresponding video series, Hidden Good Citizen, featuring the stories of four groups of such awardees who were also invited to participate in the production, was launched, Police added.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

The Correctional Services Department, in its annual review, said today that the number of admissions to correctional institutions – including convicted individuals, remand prisoners and detainees – increased 7% to 18,438 in 2024, as against 2023.

At a press conference, Commissioner of Correctional Services Wong Kwok-hing said the average daily penal population at correctional institutions increased significantly to 9,550 people in 2024, representing an increase of 12% from 2023. The average daily occupancy rate rose from 75% to 85%.

Moreover, the average daily number of remand prisoners hit a new record high since 2000 of 3,650, up from 3,096 in 2023.

In response to the increasing population of remand prisoners, the department has deployed part of the capacity of individual correctional institutions to admit remand prisoners and alleviate reception centre overcrowding. The department has also commenced the in-situ partial redevelopment of Lai Chi Kok Reception Centre, which will increase its capacity for admitting adult male remand prisoners in the long run.

The commissioner said that the number of admissions to correctional institutions owing to involvement in offences relating to “black-clad violence” and breaches of the National Security Law or Safeguarding National Security Ordinance was 410, down 57% compared with 2023.

The number of individuals in custody owing to such offences or breaches at the end of 2024 stood at 591, a decrease of 24% compared to a year earlier.

To address the special rehabilitation needs of such individuals, in 2024 the department continued to launch diversified rehabilitation programmes under Project PATH. These included a flag-raising and foot drill competition aimed at enhancing the inmates’ sense of national identity.

In early 2024, the department launched Rehabilitation Dog Services, providing animal-assisted therapies to individuals in custody, at Lo Wu Correctional Institution and Phoenix House. Moreover, the Rehabilitation Dog Services Internship Programme implemented at Phoenix House helps halfway-house trainees build self-confidence and develop a sense of responsibility.

The department also set up family therapy centres in 2024 at the Multi-purpose Family & Rehabilitation Service Centres in Tuen Mun and Sheung Shui. These provide treatment programmes for rehabilitated drug addicts under statutory supervision and rehabilitated individuals with violent tendencies or radical thoughts.

In the field of education, a two-year full-time Associate of General Studies distance programme was launched by the department’s Ethics College in September, to help inaugural graduates of the college to pursue higher qualifications after obtaining the Diploma of Applied Education.

The department also extended the Ethics College to Pik Uk Prison, where it provides a half-day Associate of General Studies programme and half-day vocational training for graduates of the Ethics College who are unable to complete the associate degree programme during their sentences.

Meanwhile, in December the department launched an initiative called Captain Gor Union, and an accompanying mobile application, thereby establishing a membership system for the Rehabilitation Pioneer Project to recruit primary and secondary students as members. The members will be enlisted to join activities promoting national security, national education, crime prevention, and offender rehabilitation, or opposing drugs, as well as cultural exchange activities.

Mr Wong revealed that the department expects to recruit about 45 correctional officers this year, adding that year-round recruitment for the post of assistant officer will continue.

Furthermore, the department launched two new technology projects – “Digital Incarceration Proof” and “Chatbot Service” – at the end of last year. People may apply for Digital Incarceration Proof through the “iAM Smart” mobile application, instead of having to visit the department’s headquarters in person. Meanwhile, the deployment of the chatbot “Ching Ching” is aimed at raising efficiency in the handling of public enquiries.

In November, the department enhanced its international connections by hosting the 42nd Asian & Pacific Conference of Correctional Administrators. About 140 correctional chiefs and representatives from 30 Asia-Pacific countries and regions attended the conference.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

The Customs & Excise Department handled a total of 31,242 cases in 2024, up 63% on the figure for 2023.

Commissioner of Customs & Excise Chan Tsz-tat announced the figures today during a press conference reviewing the department’s work last year.

Among the cases handled by the department, a majority of 68% were in relation to illicit cigarettes. This was followed by cases involving dangerous drugs and cases involving intellectual property rights infringements.

Mr Chan highlighted that the number of cases involving illicit cigarettes in 2024 was up by 80% on 2023, reaching 21,284. The number of cigarettes seized stood at 614 million, 6% fewer than in 2023.

He explained that the increase in the number of cases involving illicit cigarettes stemmed from a huge surge in cases involving inbound individuals exceeding their duty-free allowances.

Mr Chan also outlined that the department handled 1,363 drug cases in 2024, which was about the same as in 2023. About 6.3 tonnes of drugs were seized, a 33% drop year-on-year.

He iterated that etomidate, the main ingredient in the so-called “space oil drug”, has been added to the Dangerous Drugs Ordinance, adding that the department’s anti-narcotics efforts will be stepped up.

Meanwhile, a total of 233 smuggling cases, comprising a seizure value of $4.34 billion, were handled last year, representing an increase of 5% in the number of cases and 37% in the seizure value as against the figures for 2023.

As regards intellectual property rights infringements, Customs detected 783 cases last year, an annual increase of 11%, with the value of infringing items seized rising 7% to around $309 million.

Mr Chan also outlined the department’s work on clearance and trade facilitation, stressing that it is collaborating with the Shenzhen Municipal Government on a boundary control point redevelopment project in Huanggang.

He said the department will continue to expand its global network under the Hong Kong Authorized Economic Operator Mutual Recognition Arrangement, adding that it has launched a Cross-boundary Express Cargo Clearance Facilitation Arrangement to cope with the rapid development of the global electronic commerce industry.

As regards human resources, Mr Chan said that Mainland Hong Kong students are among the department’s target groups for recruitment. He mentioned that recruitment seminars on the Mainland held in March last year received more than 290 on-the-spot applications.

In 2023, 82 customs inspectors and 355 customs officers were recruited, and the department will continue recruiting to fill vacancies this year.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

With effect from today, the Government opened a section of road within the frontier closed area near Lin Ma Hang Village in Sha Tau Kok by exempting it from the requirement that passengers travelling on it by green minibus must apply for a closed area permit.

The move is intended to make it easier for members of the public visit to Lin Ma Hang Village and Robin’s Nest Country Park, the Security Bureau explained. It outlined that residents and tourists can go to Robin’s Nest Country Park and areas nearby for sightseeing purposes and to experience Hong Kong’s rich heritage and geological features.

From now on, people can take green minibus No. 59K from Sheung Shui MTR Station to reach Lin Ma Hang Village via the newly exempted section of road within the frontier closed area. 

On alighting, they can visit the MacIntosh Forts and Lin Ma Hang Lead Mine by taking the Lin Ma Hang Country Trail. They can also head in the direction of Sha Tau Kok via the Robin’s Nest Country Trail in order to enjoy the scenery around Yan Chau Tong and Shenzhen Wutong Mountain.

The bureau emphasised that the exemption is only applicable to people travelling by green minibus, and does not apply to private vehicles, taxis or other vehicles without a valid closed road permit, or to individuals using other means of travel such as walking or cycling.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

Following the conclusion of a “Collection & Recycling Services of Plastic Recyclable Materials” pilot scheme yesterday, the collection of waste plastics has been taken over by GREEN@COMMUNITY operators. Door-to-door collection of waste plastics at housing estates by such operators has also been extended across Hong Kong.

After conducting site inspections across various districts yesterday and today, the Environmental Protection Department (EPD) said that plastic recycling by residents, and collections at housing estates, are well in order, with GREEN@COMMUNITY recycling stations also operating smoothly.

The department said it did not receive any complaints from housing estates regarding the collection of waste plastics. Moreover, there were no cases of waste plastics not being collected or left unattended.

The EPD explained that GREEN@COMMUNITY operators may now pass collected plastics to up to 10 EPD-approved recyclers for processing. This is up from three designated recyclers under the pilot scheme. Moreover, the department aims to gradually qualify more downstream recyclers, thereby opening up market competition in order to reduce the cost of collection and recycling.

Meanwhile, GREEN@COMMUNITY operators will continue to liaise with housing estates to ensure more flexible collection services for plastics and other recyclables, with a view to enhancing cost effectiveness.

The EPD said it will strengthen collaboration with GREEN@COMMUNITY operators, downstream recyclers and housing estates, aiming to ensure that recycling work goes on as usual.

More spot-checks will be carried out to make sure that all collected waste plastics are properly processed, it added.

Source: Assainir, relancer et développer ensemble : les orientations du 18e gouvernement

The inaugural Countryside Harvest Festival commenced at Kuk Po in Sha Tau Kok today.

 

Located in northeastern New Territories, Kuk Po is a Hakka village with over 300 years of history, and is known for its picturesque scenery and rich biodiversity. The full title of the event is ‘Countryside Harvest Festival: Kuk Po “Sound, Sight, Taste Fusion” Tour‘.

 

Showcasing local and international artists, the festival features art installations, photography exhibitions and musical performances, as well as the “Good Day” market, and a variety of rural experiences.

 

Speaking at today’s opening ceremony, Secretary for Environment & Ecology Tse Chin-wan said the event uses music, art and traditional cuisine to connect natural ecology, historic buildings and rural culture. He expressed hope that the event will develop as a new in-depth eco-tourism experience, enhance public awareness of nature conservation, foster urban-rural symbiosis, invigorate the local economy, and contribute towards building a sustainable future.

 

The festival runs this weekend and next weekend, from noon to 7pm. Admission is free.

 

Complimentary scheduled ferry services are operating each day of the festival to transport visitors between Sha Tau Kok and Kuk Po.

 

The art exhibitions run from today until February 16.