Month: March 2025

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

A new “Hong Kong Artists” series will be held from May to December, with 10 distinguished local musicians performing six recitals, featuring music for the violin, piano, cello and guzheng, as well as vocal works.

Announcing the series, the Leisure & Cultural Services Department said it will showcase the remarkable talents of local artists. It will also use the series to foster cross-genre collaborations.

In May, pianist Colleen Lee, together with Aaron Chan on violin, Letty Poon on cello and Rhythmie Wong on piano, will perform works by French composers Debussy, Saint-Saens and Ravel. Paintings by the watercolour artist Fu Man-yat will be exhibited in tandem with the performance.

In June, emerging violinist Nina Wong and young pianist Shelley Ng will present works by composers including Bach, Strauss and Piazzolla.  

Pianist Anson Wong will perform works in July by masters such as Janacek and Schumann, as well as his own transcription of the adagietto from Mahler’s Symphony No. 5.

In a musical journey spanning 200 years celloist Alex Lau – accompanied by Japanese pianist Naoko Sonoda – will perform works by Beethoven, Ligeti and others in September.

In November, soprano Viola Cheung will perform classical operatic and contemporary works, accompanied by Leona Cheung on the piano.

In December, guzheng player Grammy Yeung will collaborate with various musicians to showcase classical and contemporary guzheng pieces, including a new commission by local composer Chan Hing-yan.

Tickets for the recitals, which will be held at City Hall and the Cultural Centre, will be available from URBTIX from March 27. Package discounts are available.

Call 2268 7321 for enquiries.

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

More than 400 young musicians from the Music Office’s band, orchestras and choirs will perform in the 2025 Music Office Annual Gala on February 23 at the Cultural Centre, the Leisure & Cultural Services Department announced today.

 

Musicians of the Music Office’s Youth Choir and Children’s Choir, Hong Kong Youth Strings, Hong Kong Youth Chinese Orchestra, Hong Kong Youth Symphony Orchestra and Hong Kong Youth Symphonic Band will perform various music pieces.

 

Among the highlights are a touching and haunting adagietto from Mahler’s Symphony No. 5“; The World Takes on a New Look for Spring, selected from the modern Peking opera Taking Tiger Mountain by Stratagem; an adagio from Rachmaninoff’s Symphony No. 2 in E minor, Op. 27; and a wind ensemble piece, Crescent Moon Dance, composed for the Japanese animation Sound! Euphonium.

 

Tickets are available at URBTIX.

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

Co-ordinated by the Culture, Sports & Tourism Bureau, the 2025 Lunar New Year Fireworks Display will light up Victoria Harbour on January 30 at 8pm to welcome the Year of the Snake.

Divided into nine scenes, the extravaganza will last for 23 minutes, showcasing 23,888 pyrotechnic shells.

The lucky red number 8 will kick off the show to symbolise well wishes for prosperity, happiness and contentment for Hong Kong in the new year.

Countless red peonies, silver peonies and red hearts will bloom to epitomise how elite talent from all over the world set their sights on Hong Kong and contribute to a greater tomorrow.

The eighth scene, one of the highlights of the show, will feature six adorable panda heads against a backdrop of green lighting representing bamboo and silver illuminations, to celebrate the newborn panda twins and giant panda duo gifted to Hong Kong by the central government.

The finale showcases the electrifying Dance of the Golden Snake, with the powerful rhythmic sound of gongs and drums booming in tandem with the dance of fireworks patterns flickering above the sea.

Additionally, the façades of the HSBC main building in Central and the Convention & Exhibition Centre in Wan Chai will present a new LED light show to complement the fireworks.

The display can be viewed from numerous vantage points on both sides of Victoria Harbour, including Tsim Sha Tsui, Mid-Levels, Central, Wan Chai, Causeway Bay, East Coast Park Precinct in Fortress Hill and Hung Hom Bypass.

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

The Hong Kong Museum of Art (HKMoA) will stage the first large-scale exhibition of French Impressionist giants Cézanne and Renoir in Hong Kong from tomorrow until May 7.

Bringing to Hong Kong national treasures of France, the “Cézanne & Renoir Looking at the World – Masterpieces from the Musée de l’Orangerie & the Musée d’Orsay” exhibition features 52 iconic works from the two renowned museums.

Addressing the opening ceremony today, Secretary for Culture, Sports & Tourism Rosanna Law said the Musée de l’Orangerie and the Musée d’Orsay are internationally celebrated for their outstanding Impressionist art collections, and Hong Kong is delighted to exhibit these national treasures of France that are cherished by audiences worldwide.

“It is a brilliant illustration of a cultural exchange between East and West, a glowing testament to Hong Kong-French co-operation.”

She also noted that Hong Kong is a melting pot of Chinese and Western cultures and has the advantage of strong support from the motherland and close connections to the world. The world-class arts and culture facilities as well as the diverse arts environment, help Hong Kong to further develop its role as a cultural hub for the region and the world.

The Leisure & Cultural Services Department will partner with another internationally renowned French museum, the National Museum of Asian Arts – Guimet for the fourth edition of the Museum Summit, in late March, Miss Law added.

Renoir’s use of light and shadows in his works played a pivotal role in the development of Impressionism. While Cézanne’s art theory laid the groundwork for the development of various art styles in the 20th Century, unveiling a new era in modern art.

All but one of the 52 exhibits are debuting in Hong Kong. The HKMoA has created an education corner that mimics a French train platform, inviting visitors to board a time-travel train and immerse themselves in the creative worlds of Cézanne and Renoir.

The Hong Kong version of this exhibition also features specially designed simulated conversations between the two masters, footprint maps, and more, elements highlighting the fascinating lives and enduring friendship of the two iconic artists.

Click here for details.

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

To introduce to the people of the Middle East the unique potential for business, investment and tourism in Hong Kong, the Information Services Department (ISD) has staged the “Immersive Hong Kong” roving exhibition in Dubai, United Arab Emirates (UAE), during the year-end festive season, attracting over 200,000 visitors to experience the appeal and vibrancy of Hong Kong through interactive art technology.

Organised in collaboration with the Hong Kong Economic & Trade Office in Dubai, the exhibition is part of the ISD’s promotional campaign to showcase Hong Kong’s new attractions, advantages and opportunities.

The exhibition, held from December 20 last year to January 5, received an overwhelming response from both the UAE public and tourists. It also drew the attendance of a number of distinguished guests, including Minister of State for Foreign Trade of the UAE Dr Thani bin Ahmed Al Zeyoudi, Consul General of the UAE in Hong Kong Shaikh Saoud Ali M. A. Almualla and Chinese Consul-General in Dubai Ou Boqian.

Hong Kong has been actively expanding and deepening its overseas networks, including closer co-operation and engagement with the Middle East.

Chief Executive John Lee and a number of principal officials have led delegations to visit the Middle East since 2023 to strengthen Hong Kong’s connections with the region, to tell good stories of Hong Kong, and to explore greater business opportunities.

“We have brought the ‘Immersive Hong Kong’ exhibition to Dubai to provide people in the region with a better understanding of our city and its unique potential,” Director of Information Services Apollonia Liu said.

“We are very delighted with the positive response as well as the expansion of our circle of friends and network through staging this exhibition,” she added. 

Themed “Hong Kong – Where the World Looks Ahead”, the exhibition enabled visitors to delve into different virtual scenes representing the city with a creative twist. The five thematic zones, namely “Financial Bridgehead”, “I&T Brain Bank”, “Blossoming Creativity”, “Diversity and Greenery” and “Buzzing Sports Action”, featured multiple interactive art projections, light box installations and naked-eye 3D displays, presenting the multifaceted appeal of Hong Kong.

Performances by Hong Kong music group SENZA A Cappella and dance group Move Beyond were also arranged at the exhibition venue to give visitors a taste of Hong Kong’s cultural offerings and enhance their overall exhibition experience.

Dubai is the fifth stop of the “Immersive Hong Kong” exhibition, following successful stints in Jakarta, Indonesia; Bangkok, Thailand; Kuala Lumpur, Malaysia; and Guangzhou between July 2023 and August 2024. The ISD will explore holding the exhibition in other cities later this year.

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

Secretary for Financial Services & the Treasury Christopher Hui

The two-day 18th Asian Financial Forum (AFF) concluded successfully last Tuesday (January 14).  AFF is Hong Kong’s annual first-in-line flagship mega event and a significant forum highly anticipated by the region’s financial community. This year, the forum has attracted about 3,600 policymakers and business leaders from about 50 countries and regions, featuring numerous highlights. I believe that all participants gained a lot and returned with fruitful experiences.

 

Exploring Hot Topics

This year’s AFF, themed “Powering the Next Growth Engine”, discussed ways to ignite new growth engines in 2025 and achieve breakthroughs in a challenging landscape. The forum featured a distinguished lineup of more than 130 renowned speakers, including senior government officials, representatives of central banks and regulatory agencies, financial and business leaders, scholars, and economists, who offered unique opinions on various hot topics including global economic and financial development, growth potential in emerging markets like the Association of Southeast Asian Nations and the Middle East, artificial intelligence (AI), fintech, sustainable development, family offices, and philanthropy, etc.

 

In particular, the forum also invited Prof Justin Yifu Lin, the former Chief Economist and Senior Vice President of the World Bank, to share his in-depth analysis of the shifting global economic situation as well as China’s current trajectory and its evolving role in the world; and Prof Stuart Russell, the Distinguished Professor of Computer Science at the University of California, Berkeley, Co-chair of the World Economic Forum’s Council on AI and Co-chair of the Organisation for Economic Co-operation & Development’s Expert Group on AI Futures, to share his views on the development and implications of Generative AI. Besides, I moderated two plenary sessions joined by government officials from various countries and leaders of multilateral institutions and had earnest discussion on leveraging innovation to promote growth and using co-operation to pursue shared prosperity respectively.

 

Additionally, I am also pleased to co-host with the Cooperation Council for the Arab States of the Gulf (GCC) the GCC Chapter for the first time. In the session, we invited Mr Jasem Mohamed Albudaiwi, Secretary General of the GCC, and policymakers from GCC member states and business leaders to share insights on economic development in the Gulf region and explore future co-operation opportunities with Hong Kong. The chapter marked an important milestone in fostering collaboration in financial services between Hong Kong and GCC member states. We will continue to closely collaborate with the GCC Secretariat to further strengthen the interconnected development of the financial markets of both sides, with a view to creating economic prosperity for both regions.

 

Solid National Support for Hong Kong
I would also like to express heartfelt gratitude to the Central People’s Government’s steadfast support on the development of the financial industry of Hong Kong. This year, we are honoured that Mr Zhou Ji, Executive Vice Director of the Hong Kong & Macao Affairs Office of the State Council of the People’s Republic of China, Mr Pan Gongsheng, Governor of the People’s Bank of China, and Mr Liu Zhenmin, Special Envoy for Climate Change of the People’s Republic of China, graced the event and delivered important remarks. Mr Zhou emphasised that the Chinese Government will, as in the past, do its utmost to provide strong protection for supporting Hong Kong in consolidating and enhancing its status as an international financial, trade and shipping centre, as well as for strengthening technological innovation. Mr Pan highlighted that the People’s Bank of China will focus on four key directions to continue to fully support the development of Hong Kong as an international financial centre (including to support the development of Hong Kong’s capital market; to expand and strengthen Hong Kong’s position as an offshore renminbi business hub; to enhance Hong Kong’s functions as an international asset and wealth management centre; and to resolutely safeguard Hong Kong’s financial stability and security). Also, Governor Pan indicated that asset allocation of the country’s foreign reserves in Hong Kong will be increased, enhancing the attractiveness and liquidity of our capital market. Mr Liu praised the Hong Kong Special Administrative Region for being a pioneer in the global response to climate change and expressed hope that Hong Kong could leverage its strengths to empower Asian energy transition through climate financing so as to make new and greater contributions to global sustainable development.

 

We will continue to uphold the spirit of reforms, to further consolidate our status as an international financial centre, proactively enhance the competitiveness of the financial services industry, and contribute to our country’s development as a financial powerhouse.

 

Expanding circle of friends, leveraging advantages of super connector
The forum also featured the AFF Deal-making session, bringing together more than 270 investors and over 560 investment projects with more than 700 one-on-one meetings held, covering a wide spectrum of sectors such as fintech, healthtech, environmental technology, etc. It has helped connect funds and investment projects from across the globe. The forum has successfully expanded Hong Kong’s circle of friends, and fully demonstrated Hong Kong’s unique role as a super-connector and super value-adder.

 

In order to enrich the experience of participants from outside Hong Kong, the forum also collaborated with a number of organisations to provide special experience activities, including Peak Tram and Sky Terrace trips, the iconic Aqua Luna red-sail junk boat, etc, for the visitors to experience the unique charm of the city.

 

To Conclude
The forum attracted top-notch financial and business leaders from around the world, reflecting the attractiveness and significant position of Hong Kong as an international financial centre. We will continue to leverage Hong Kong’s strengths, power the next growth engine, and contribute to the overall development of the region and the world.

 

Last but not least, I thank the co-organiser, the Hong Kong Trade Development Council, for their full assistance, the partner organisations for their strong support, and friends from around the globe for their enthusiastic participation, which all contributed to the success of the forum. I look forward to reuniting with friends from all over the world at AFF 2026 in Hong Kong!

 

Secretary for Financial Services & the Treasury Christopher Hui wrote this article and posted it on his blog on January 20.

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

Secretary for Transport & Logistics Mable Chan

The development of Hong Kong’s maritime and port industry has garnered significant attention. In the Legislative Council, lawmaker Lam San-keung proposed a Members’ Motion last Wednesday titled “Enhancing Hong Kong’s Status as an International Maritime Services Centre”. Many members offered valuable suggestions on how to elevate Hong Kong’s position as an International Maritime Centre. I was leading members of the Hong Kong Logistics Development Council (LOGSCOUNCIL), along with colleagues from the Customs & Excise Department and the Marine Department, on a visit to Guangxi to explore logistics co-operation. Although I was unable to exchange with the legislators in person during the motion debate, I took some time to review their opinions afterwards. Hong Kong’s port logistics industry boasts a century of excellent legacy, but in the face of a continuously evolving global landscape of shipping and logistics, we must also keep pace with change and speed. In today’s blog, I will share with you all the latest development and our upcoming efforts in Hong Kong’s maritime and logistics industry.

Port industry

Hong Kong’s shipping industry comprises two main sectors: maritime services and port. Earlier, under the arrangement of the Hong Kong Container Terminal Operators Association, I inspected the operations of the Kwai Chung Container Terminal and engaged in in-depth discussions with three terminal operators. I was able to witness the arrival of the largest batch of Chilean cherries of the month, with around 3,700TEUs of fresh cherries. Within a few hours, these cherries could be delivered to the South China region. As I was watching truck after truck waiting to pick up the cherries, I felt a sense of confidence, knowing that we can overcome challenges facing Hong Kong ports with our concerted efforts. If you are interested in understanding the visit, you can refer to our Facebook post.

Maritime services

Maritime services are the high-value-added segment of the shipping industry, with economic contributions increase by nearly 40% from 2019 to 2022, and I see immense potential in the ship management services in Hong Kong.

First, let me provide some information: ship management companies are professional teams that offer technical management, crew management, regulatory compliance, operational management, and financial management services to shipowners. They manage a diverse range of vessel types and can provide various services to enhance operational efficiency, such as voyage optimisation solutions and recommendations to reduce fuel consumption, through their own operational systems and big data management and analysis systems. Currently, the global shipping industry faces numerous challenges, and some new shipowners are investors like private equity funds and export credit agencies that are not directly involved in the shipping industry. Professional management teams can provide these shipowners with optimal operational solutions.

There are over 300 shipping agents and managers, as well as overseas shipping companies’ representative offices in Hong Kong now, employing approximately 5,500 people. The demand for ship management services has also fostered the development of other professions, such as ship financing, maritime mediation and insurance, creating a vibrant maritime ecosystem in the region.

More importantly, Hong Kong’s ship management services have a long history and are renowned worldwide. Among the top 10 ship management companies globally listed by shipping authority Lloyd’s List, five have operations in Hong Kong, with three of them headquartered here, making Hong Kong the region with the most headquarters among the top 10. These include Anglo-Eastern Ship Management, ranked first, Fleet Management Limited, ranked third, and Wallem Group, ranked ninth. To understand Hong Kong’s strengths and future potential, we must also make reference to the development of these top companies in Hong Kong over the years.

Anglo-Eastern was founded in 1974, and Hong Kong has been their operational headquarters since they established. They provide a comprehensive range of management services utilising various innovative technologies, including newbuilding supervision, alternative fuel advisory, and retrofit consultancy, among others. Their award-winning Anglo-Eastern Maritime Academy in India allows additional 500 trained seafarers onboard annually.

Fleet Management Limited was also founded in Hong Kong. Although it has only been 30 years since its establishment in 1994, it has rapidly risen to become the third-largest ship management company worldwide. They leverage breakthrough, proprietary technology to offer clients a one-stop platform for real-time vessel data monitoring, predictive maintenance, and seamless communication between onshore teams and crews at sea.

Wallem Group was established in Shanghai but began operations in Hong Kong in 1925, welcoming its 100th anniversary in the city this year. They are known for their bespoke services, providing ship management, agency services, commercial services, lifeboat safety, and compliance consulting tailored to each client’s needs.

While the development directions of these three companies may differ, they share a same commitment to continuous reform and adaptation throughout their growth. They also express confidence in the Hong Kong market environment. They all recognise Hong Kong’s strategic global connectivity, well-developed maritime ecosystem, robust common law system, international and business-friendly environment, and an enormous pool of professional talent as significant advantages. Additionally, the Hong Kong Special Administrative Region Government has launched a series of measures to enhance Hong Kong’s shipping competitiveness, including continuously optimising competitive tax incentives, reforming the current Hong Kong Maritime & Port Board, conducting alternative fuel research, and providing talent training, all of which affirm their belief in the Government’s commitment to promoting the development of Hong Kong’s maritime industry.

The analysis of the three ship management companies regarding the prospects of Hong Kong’s shipping industry are very similar to ours. The institutional system advantage of “part of China but outside the Mainland” enjoyed by Hong Kong is what makes us unique. We will make every effort to maintain Hong Kong’s international environment while enhancing our maritime competitiveness through various tax incentives and support measures. In recent years, we have introduced tax incentives for ship operator, ship leasing, maritime insurance-related business, and shipping commercial principals. For many years, ship operators have benefited from tax exemptions on income derived from the international operations of registered ships in Hong Kong. Our latest measure, the Block Registration Incentive Scheme in Hong Kong Shipping Registry (HKSR), will be implemented on February 14. We hope to attract more shipowners to register their ships in Hong Kong. Under the scheme, if more than one eligible ship is registered with the HKSR within 24 months, the owners of the ships concerned may be provided with a refund of the ship registration fee and the first-year annual tonnage charge.

Connecting both the Mainland & the world

In addition to consolidating Hong Kong’s international maritime advantages, we have also continued to strengthen our connections with the Mainland. Recently, I visited Nanning in Guangxi, the southwestern gateway of the country, marking my first official visit as the Secretary for Transport & Logistics.

In recent years, the country has been actively building the “New Western Land-Sea Corridor,” making Guangxi an important hub for connecting the southwestern region of the country with the Association of Southeast Asian Nations through both water and land routes. During the trip, we visited the Nanning International Railway Port and the China-Singapore Nanning International Logistics Park. The Nanning International Railway Port is Guangxi’s largest railway logistics centre and serves as a key departure point for important international freight trains, including the China-Vietnam and China-Europe freight trains. This visit allowed us to gain first-hand insight into the types of goods transported through Guangxi under the “New Western Land-Sea Corridor,” as well as future key cargo types and markets for development.

During the trip, we were hosted by the People’s Government of the Guangxi Zhuang Autonomous Region and the Department of Transport, allowing us to taste Guangxi’s three famous rice noodle dishes: Laoyou noodles, Guilin rice noodles, and Liuzhou Luosifen, which left a lasting impression. However, what impressed us even more was our deepened understanding of Guangxi’s rich natural resources. A significant amount of live pigs and vegetables supplied to Hong Kong come from Guangxi, and the clementine is a local specialty. Guangxi also produces a large quantity of natural spices; for instance, it accounts for nearly 90% of the country’s star anise production, earning it the title of the “Kingdom of Spice Plants”. Moreover, Guangxi is rich in mineral resources and has made significant progress in industries such as metal processing and automobile manufacturing.

The potential for co-operation between Guangxi and Hong Kong in the logistics sector is immense and has started long ago. We signed an agreement on Guangxi-Hong Kong Transportation & Logistics co-operation back in 2016, and last May we further signed the Framework Agreement for Deepening Strategic Co-operation of Guangxi-Hong Kong Transportation & Logistics, strengthening collaboration between the two regions. On a business level, many Hong Kong-invested enterprises have already taken the lead in establishing shipping and logistics co-operation with Guangxi. For example, a Hong Kong terminal operator signed a memorandum of co-operation with Guangxi Beibu Gulf International Port Group last May to enhance multimodal transportation collaboration. The foundation of co-operation between Hong Kong and Guangxi, combined with this visit, reinforces my belief that Hong Kong can play the role of a “super connector” to assist Guangxi’s logistics and maritime sector in attracting investments and expanding its reach. I am very grateful to the members of the LOGSCOUNCIL for working together with the Hong Kong SAR Government to explore new sources of goods and broaden the logistics and shipping landscape for Hong Kong. I would also like to thank the colleagues from the Customs & Excise Department and the Marine Department who joined our delegation, enabling us to address the bottlenecks and pain points in the logistics chain during our discussions with the Guangxi authorities.

Hong Kong’s port development is with a century-old foundation. We have world-class port infrastructure and a strong shipping tradition, built on the efforts of those who came before us. We must cherish this foundation. I will focus on promoting the port industry to actively expand cargo volume and business and seeking new growth points. We will continuously enhance the competitiveness and efficiency of the port by going smart, green, and digital. We will also do our best to assist Hong Kong’s shipping companies in showing their potential, and make good use of Hong Kong’s finance, legal and institutional strengths to develop and promote our high value-added services to the rest of the world.

Secretary for Transport & Logistics Mable Chan wrote this article and posted it on her blog on January 18.

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

Financial Secretary Paul Chan

We have been witnessing a rapidly changing global political and economic landscape. Higher for longer interest rates, geopolitical tensions, regional conflicts and climate change are expected to pose more uncertainty and volatility in the global economy and financial markets. Clearly, the seat belt sign is on, and we must navigate our path with caution and strategic foresight.

But every cloud has a silver lining. Particularly for economies with good potential and prospects for growth, such as economies in the Global South including China, challenges also mean opportunities.

China remains an economic powerhouse. Achieving an economic growth of 4% to 5 % is no small feat for such a massive economy. It is pursuing high-quality development, transitioning from a manufacturing-based export-led model to one that integrates exports, infrastructure development and private consumption. With its strong technological and digital capabilities, a skilled and industrious work force, comprehensive industry and supply chains, a firm commitment to green transformation, innovation, reform and high-level two-way opening up, China is on the road to achieve long-term sustainable growth.

ASEAN (Association of Southeast Asian Nations) is also rising. Blessed with rich natural resources and characterised by a young population, a burgeoning middle class, expanding consumer markets and rapid urbanisation, AESAN is attracting increasing investments from all over the world. Indonesia, which I recently visited, is a shining example.

So is the Gulf Region which is booming with ambitious economic diversification strategies and extensive infrastructure development plans.

Two notable trends are common in the transformation of emerging economies. The first is technological disruption, where AI and other new technologies as well as their interplay are empowering industries and enhancing productivity. It allows economies to achieve leapfrogging progress in a global landscape of realignment of manufacturing and production bases.

The second trend is green transition. In the face of climate change with impacts that transcend borders, all economies are increasingly focused on pursuing growth that is green and sustainable. Transition to cleaner energy options alone entails massive investments, giving rise to significant funding needs. This shift has generated substantial demand for green financial products and technologies, opening up new markets for start-ups, entrepreneurs and financial institutions.

We believe Hong Kong can play an important role in this transformative process.

As an international financial, trade and shipping centre, Hong Kong has long thrived under the “one country, two systems” principle. We enjoy unparalleled advantages to connect China with the rest of the world. The essence of it is this: we have convenient and often priority access to the Mainland market, while maintaining all the characteristics of an international city: the common law system, a judiciary exercising powers independently, free flow of capital, goods, people and information, a low and simple tax system, a currency pegged to the US dollar, and more. As a free port, Hong Kong remains steadfastly committed to free trade and supportive of a rules-based multilateral trading system. This is backed by an efficient customs clearance system and a world-class transport and logistics network.

As a “super connector” and “super value-adder”, we believe our unique advantages will create value for partners from Asia and well beyond.

Take Hong Kong’s international financial centre (IFC) as an example. What I would like to highlight here is the full range of funding options that this city offers, catering to the divergent needs of governments as well as enterprises at different development stages looking to fund their projects and scale up. Beyond the stock and bond markets, Hong Kong has a vibrant private equity and venture capital ecosystem, with a capital under management of over US$230 billion, which is number two in Asia, just behind the Chinese Mainland.

We are keen on applying more innovative financial strategies to enhance our product offerings. One of these is the securitisation of infrastructure loans, which involves packaging mature, brownfield projects as an asset class for investors, thereby freeing up funds for greenfield initiatives, and in turn expanding the investor base for infrastructure projects.

Another example is catastrophe bonds, an insurance product designed to share natural disaster risks with international institutional investors. Since 2021, six catastrophe bonds have been issued in Hong Kong, covering events ranging from earthquakes in China to storms in the US, with a total value around US$750 million. Two of such bonds are listed on the Hong Kong Stock Exchange.

Apart from the suite of diversified services we could offer as an IFC, Hong Kong can create opportunities for all in many areas. Let me highlight just two.

The first is innovation and technology.With strong basic research capabilities and a vibrant startup ecosystem, Hong Kong strategically focuses on building its strengths in AI, biotech, fintech and new energy and new materials. We take a multipronged approach in this endeavour, including providing support for research and development, fostering cross-boundary collaboration, nurturing startups, attracting strategic enterprises to Hong Kong, and forming synergistic partnerships with sister cities in the Greater Bay Area (GBA).

A prime example of such a partnership is the innovation and technology co-operation zone sitting across the border between Hong Kong and Shenzhen – what we call “Hetao” – or the Loop area. The zone will host leading enterprises and research and development (R&D) institutions specialising in life and health technologies, AI, data science and other pillar industries. It will be a base to pioneer with innovative policies and collaboration, such as joint clinical trials that leverage on data and bio-samples from both the Mainland and Hong Kong, thereby accelerating the development and approval of pharmaceutical products.

Through enhancing and enriching our vibrant innovation and technology ecosystem, Hong Kong stands ready to share knowledge and contribute technological solutions to enhance productivity and support sustainable development in the region and beyond.

The second area to highlight is our role as a high value-added supply chain management centre. Many enterprises today seek to diversify their risks by realigning or restructuring their industrial and supply chains across different countries, particularly in the Global South. They would require project financing, corporate treasury and logistics services, professional consultancies, and extensive international connections to support this process. Hong Kong is well positioned and geared up to provide all these services as a one-stop shop, to help businesses expand their presence in the region and beyond effectively.

Ladies and gentlemen, like many economies, Hong Kong navigates this complex geopolitical and economic landscape with caution and confidence. As I alluded to earlier, every challenge holds the potential for opportunity. For Hong Kong, we recognise the immense possibilities in finance, innovation, supply chain management and beyond. By working together with our partners, upholding our steadfast commitment to free trade and multilateralism, we will be able to build a bright and prosperous future with benefits for all.

Financial Secretary Paul Chan gave these remarks at the Asian Financial Forum Keynote Luncheon on January 13.

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

Chief Executive John Lee

Good morning. Welcome to Hong Kong and the 18th Asian Financial Forum.

I am delighted to join you today – some 3,600 of you from more than 50 countries and regions. You are influential financial and business leaders, investors and entrepreneurs, senior policymakers, academics, economists, and a great many other prominent specialists. And you are here in Hong Kong for the Asian region’s first major international financial gathering of the new year.

You are here for the wealth of intelligence and insight this year’s forum, and its more than 100 expert speakers, will impart over these next two days under the theme “Powering the Next Growth Engine”. And you are certainly in the right place. Hong Kong, an international financial centre, and one of the world’s leading financial hubs, has long been celebrated for its connectivity and strategic location, bringing East and West together for finance, business, investment and more.

And I am here to tell you that Hong Kong is poised to power its next growth engine and, in doing so, contribute to the region’s overall development. Market estimates predict that the economy of Asia, excluding Japan, is expected to expand by some 4.4% this year – considerably above the expected global average of 2.7%. You will hear more about that, and other exciting opportunities in this growth region of the globe, over these next two eventful days.

For the next few minutes, allow me to tell you a little more about Hong Kong, where we are today, where we expect to be tomorrow, thanks to the policies we are implementing, and the initiatives and plans we are putting in place.

We ranked third, globally, and first in Asia, in the most recent Global Financial Centres Index. In last year’s World Competitiveness Yearbook, Hong Kong ranked fifth, globally, up two places from the previous year. And we topped the yearbook’s rankings in business legislation and international trade.

Thanks to “one country, two systems,” we enjoy the strong support of our country China, while developing ever-expanding global ties, making Hong Kong the world’s foremost “super connector” and “super value-adder”. Our established common law regime dovetails with the legal system of many major global financial hubs. Our professionals are proficient in both Chinese and English, and well-versed with the business practice of both China and the rest of the world.

These strengths help to reinforce our commitment to free and multi-lateral trade. Indeed, to date, we have signed 24 investment agreements with 33 economies, and nine free trade agreements with 21 economies. And we hope soon to add the Regional Comprehensive Economic Partnership – the world’s largest FTA (free trade agreement) – to our free trade agreements and global connectivity. 

Our financial regulatory system is robust, and we offer a deep and broad capital market.

Hong Kong has long been a hub for asset owners and family offices. We managed about US$4 trillion worth of assets in 2023, with net fund inflows up well over three times.

We are also home to about 2,700 single family offices. And more than half of them have been set up by ultra-high-net-worth-individuals, each with a wealth of at least US$50 million. And the industry has predicted that Hong Kong will become the world’s largest cross-boundary, wealth management centre in three years’ time, that is by 2028.

Hong Kong continues to be the global offshore renminbi business hub, with the world’s largest offshore pool of renminbi funds as well as a leading position in renminbi settlement, financing and asset management. In short, Hong Kong offers a wide and welcome range of renminbi products and services. 

About 80% of the world’s offshore renminbi payments are processed here. At the end of October, renminbi deposits in Hong Kong reached RMB1.1 trillion, supporting offshore renminbi trading and financial activities around the world.

Last year, Hong Kong’s stock market surged by some 18%, and the average daily turnover rose 26% compared to the previous year. We also became the world’s fourth largest initial public offering market last year. And we made good progress in developing the stock market, reforming GEM, our second board, which focuses on small and medium enterprises. We also enhanced the listing regime for specialist technology companies and enabled market trading under severe weather.

In November, Hong Kong Exchanges & Clearing celebrated the Connect programme’s 10th anniversary. Over the years, the Connect programme, which links our market with the Mainland market, has expanded beyond equities to include bonds, exchange-traded funds and interest rate swaps. This past year’s enhancements included the relaxation of ETF eligibility requirements under Stock Connect as well as new offerings under Swap Connect.

Last year, too, we established the first two exchange-traded funds tracking Hong Kong stocks on the Saudi Exchange, a significant milestone for two-way capital flow.

In arranging international bond issuance by Asian institutions, Hong Kong has been Asia’s leader for 16 consecutive years, and ranked first in the world for nine of those years, capturing about a quarter of the market in 2023.

Hong Kong is a leading green and sustainable finance hub. In 2023, the volume of green and sustainable bonds arranged in Hong Kong amounted to US$30 billion, topping the Asian market and accounting for 37% of the region’s total. Our Government Sustainable Bond Programme targets both global institutional investors and local retail investors, and covers multiple currencies, varying tenors and included the largest ESG bond issuance in Asia.

As of last September, we had issued some 230 ESG funds, with assets under management of over US$175 billion. The value is up over 50% from just three years ago.

Just last month, we launched a roadmap towards the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards). That provides a well-defined pathway for large publicly accountable entities to fully adopt the ISSB Standards no later than 2028. Hong Kong, ladies and gentlemen, is determined to become one of the first jurisdictions to align its local requirements with ISSB Standards.

Looking ahead, we will focus on three fronts.

First, we will enhance our existing advantages, including our competitiveness as an international asset and wealth management centre.

Last March, we established the New Capital Investment Entrant Scheme. From March this year, we will relax the net assessment and calculation requirements. We will also accept investments made through an applicant’s wholly owned eligible private company.

We have exempted the stamp duty on transfers of shares and units of real estate investment trusts. We will also boost the profits tax exemption regimes for funds and single-family offices. We are confident that these measures will help to bring in more of the world’s top companies and talent to our city, as we progress together in pursuit of growth and development.

We are expanding our mutual access programmes with the Mainland’s financial market, too. That includes enhancing southbound trading of Bond Connect, allowing Mainland investors to bring in non-bank financial institutions such as securities firms and insurance companies.

Second, we will explore new growth areas, including the development of an international gold trading centre. We will build world-class gold storage facilities, adding support services such as insurance, testing and certification and logistics. Ultimately, we plan to create a holistic gold trading centre with an industry chain. The stability in Hong Kong, amidst rapid changes in geopolitics around the world, will provide a world of investors a secure environment for gold storage as well as other forms of wealth management.

A working group has been established. And we will help the relevant international commodity exchange set up accredited warehouses in Hong Kong, enhancing associated financial services and assisting in building a commodity trading ecosystem.

Fintech is central to our financial future as well. Last October, the Hong Kong Special Administrative Region Government set out its policy regarding the responsible application of artificial intelligence in the financial market.

We will work closely with financial regulators to provide a clear supervisory framework and create a conducive and sustainable market environment.

Third, we will expand our overseas network, especially in countries and regions participating in our country’s Belt & Road Initiative.

Our strategy includes strengthening financial co-operation with the Middle East and the 10 member states of ASEAN (Association of Southeast Asian Nations) as well as other established and emerging markets. We will also organise more international financial events, seek collaboration in financial products, talent and experience sharing, and attract more overseas enterprises and capital to Hong Kong.

We are also putting in place a company re-domiciliation regime. It will offer a straightforward route for non-Hong Kong incorporated companies to transfer their domicile to Hong Kong, while ensuring business continuity.

The legislative bill was introduced into our Legislative Council last week. We are also developing a headquarters economy, attracting companies to set up their headquarters and corporate divisions in Hong Kong. I am sure these initiatives will help to give successful enterprises around the globe a welcome option in ensuring growth opportunities of their business interests.

Ladies and gentlemen, that is only part of our all-encompassing opportunities. But the salient point is that finance and business will be central to Hong Kong’s next growth engine. Creating far-reaching opportunities, with you, in Hong Kong, throughout China, the Asian region and around the world.

In just over two weeks, we will celebrate Chinese New Year – the Year of the Snake.

The snake symbolises agility and transformation, the ability to start anew – to adapt to changing circumstances. Something we all look forward to realising. Something I am sure we will all realise.

Chief Executive John Lee gave these remarks at the Asian Financial Forum on January 13.

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

Secretary for Transport & Logistics Mable Chan

Today is the Winter Solstice, one of the most important festivals for the Chinese community. First and foremost, I would like to wish everyone a joyful and peaceful reunion on this special occasion. Following the Winter Solstice, we have Christmas, New Year’s Eve, and New Year holidays around the corner. My colleagues and industry friends have already made full preparations for the seamless flow of people and goods, ensuring everyone can enjoy this festive season with their families and friends.

Aviation Capacity Restored to Pre-Pandemic Levels

Hong Kong International Airport (HKIA) successfully operated all three runways simultaneously last month, just in time for the Christmas peak. I believe some of you may have already set off last night as the Airport Authority anticipates that we will see a peak in departures this weekend.

Another piece of good news to share is that the Airport Authority expects daily passenger traffic to reach pre-pandemic peak of approximately 200,000 passengers during Christmas. In fact, we have reached 1,150 flight movements today, which is very close to the pre-pandemic 1,200 daily movement and these all reflect that the airport’s capacity has been fully restored. Local airlines are actively exploring new destinations to support the expansion of HKIA’s network, in order to provide more choices for travellers. To inject new demand into HKIA, we have launched direct passenger services to Xining, Zhoushan, Huangshan, and Yichang in Mainland China; Vientiane, Laos; Riyadh, Saudi Arabia; Sendai and Yonago, Japan; and Cairns, Australia earlier this year. Local airlines will also open direct flights in phases to the Gold Coast, Australia; Dallas, the US; Hyderabad, India; Munich, Germany; and Brussels, Belgium next year.

World-Class Temperature-Controlled Logistics

As the flow of people at HKIA is bustling, the achievements in our logistics industry are equally undeniable. Earlier, I celebrated Christmas with colleagues from my bureau and shared with them seasonal fruits from around the world. Hong Kong’s fruit market gathers top-quality produce with strict temperature requirements from the five continents, all at reasonable prices and arriving fresh to customers. This is made possible by Hong Kong’s world-class and highly efficient air transportation facilities, which clearly demonstrate the city’s advantages in air freight, especially in temperature-controlled logistics.

The Christmas holiday is filled with opportunities for gatherings and feasts. I invite everyone to take the chance to experience the convenience of Hong Kong’s temperature-controlled logistics, enjoying global cuisine right here in the city. The high-quality temperature-controlled goods in Hong Kong not only benefit the 7.8 million residents but also extend their reach to the 86 million people in the Greater Bay Area (GBA).

By the end of next year, the Airport Authority will complete the first phase of the permanent facilities for the “HKIA Dongguan Logistics Park” aiming to gradually handle 1 million tons of cargo annually. To meet the growing demand in the GBA for fresh food, such as high-value frozen tuna, salmon and other seafood, the Airport Authority is working with the Dongguan Municipal Government to establish a new customs-designated supervision area for fresh food at the HKIA Dongguan Logistics Park. The Dongguan Municipal Government has received approval from the General Administration of Customs of People’s Republic of China to establish a new designated customs supervision site for fresh food at the Logistics Park. Facilities such as refrigerated storage and inspection areas are currently being prepared for construction.

As the world’s busiest cargo airport, HKIA has always made me proud. In 2023, HKIA handled 4.3 million tonnes of cargo. This year, the growth momentum continues, with 4.5 million tonnes of cargo processed in the first eleven months alone, surpassing the total cargo volume for the entire previous year. HKIA was named “Cargo Airport of the Year – Asia Pacific” and “Air Cargo Technology Provider of The Year” at the 11th Payload Asia Awards, held in Singapore. I hope HKIA continues their excellent work, propelling both passenger and cargo services to new heights.

Welcoming travellers of Shenzhen’s Multiple-Entry Individual Visit Scheme

The central government has resumed the multiple-entry Individual Visit Scheme (IVS) for Shenzhen permanent residents and is implementing a new arrangement to expand the multiple-entry IVS to Shenzhen residence permit holders on December 1. In addition, various exciting activities are taking place across Hong Kong in December, including the New Year’s Eve countdown fireworks display, and it is expected that the number of visitors to Hong Kong will significantly increase during that period. I sincerely invite travellers from the Mainland and overseas to stay a few more days in Hong Kong to experience the charm of this metropolitan city and the unique blend of Eastern and Western Christmas atmosphere.

We have also made arrangements for transportation on New Year’s Eve. The Transport Department will coordinate with the opening hours of boundary control points to enhance transportation services connecting various ports, including increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge shuttle bus (Gold Bus), the Lok Ma Chau-Huanggang cross-boundary shuttle bus service. Public transport operators will increase their capacity. The Mass Transit Railway (MTR) Corporation will not only provide overnight service on most railway lines on New Year’s Eve but also extend the service of the East Rail Line to and from the MTR Lo Wu Station. There will be a bus route between MTR Sheung Shui Station and San Tin Public Transport Interchange to facilitate East Rail Line passengers in using the 24-hour crossing at Lok Ma Chau/Huanggang after the service to Lo Wu concludes.

Finally, I would like to take this opportunity to wish all citizens a sweet and warm Christmas, and to carry the joy into 2025. I also want to express my heartfelt gratitude to all those who will be on duty in various locations during the holiday period to serve the public.

Secretary for Transport & Logistics Mable Chan wrote this article and posted it on her blog on December 21.