Month: March 2025

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

Secretary for Financial Services & the Treasury Christopher Hui

Family offices are at the heart of a pivotal shift in global wealth management. As the number of ultra-high-net-worth individuals continues to rise, these offices are not just stewards of intergenerational wealth transfer, but also engines that drive both innovation and social impact through forward-thinking investments.

 

A global platform for wealth, impact

Now in its third edition, the Wealth for Good in Hong Kong Summit (WGHK) will return to the city on March 26. As a flagship event for global leaders in family office finance and philanthropy, the summit builds on the success of last year’s gathering, providing a platform for global elites to network while reinforcing Hong Kong’s reputation as a leading international financial centre. We are showcasing Hong Kong as a hub for global family offices that offers abundant business opportunities and helps bring big dreams to life.

 

Building on the Report on the Work of the Government adopted at the recently concluded National People’s Congress, which emphasised the need to deepen international engagement and co-operation, we have set the theme of this year’s forum as “Hong Kong of the World, for the World”. Amid global uncertainty and escalating trade tensions, Hong Kong takes a more crucial role as a “super-connector” and a “super value-adder” for the Mainland and the world than ever. With a distinct and independent regulatory and legal regime, Hong Kong will continue to deepen its co-operation with the international community, championing the city’s steadfast values and unique high-growth opportunities on the global stage.

 

The forum will bring together global leaders, influential family office principals and innovators from business and wealth management. With the aim to collaborate and create a better future, they will share insights on topics such as technology and artificial intelligence, philanthropy, and arts and culture.

 

Building momentum through “Wealth & Investment Mega Event Week”

Anchored by the WGHK, Hong Kong’s “Wealth & Investment Mega Event Week” at the end of March will feature several high-profile international gatherings. These include the Global Investors’ Symposium organised by the Milken Institute, the HSBC Global Investment Summit, the Bloomberg Family Office Summit, and a number of sustainability-themed events hosted by the World Economic Forum, which will showcase Hong Kong’s forward-looking vision in green finance and sustainable development. Each of these notable events unites global family offices, investors, and entrepreneurs to explore new opportunities, igniting fresh momentum in wealth management and global investment.

 

A stronger wealth management powerhouse

Hong Kong consistently excels in wealth management. We are Asia’s largest hedge fund centre and the second-largest private equity fund management centre after the Mainland. The number of open-ended fund companies in Hong Kong has doubled year-on-year to over 500, and we are on track to become the world’s largest cross-border wealth management centre by 2028. These achievements not only reflect international investors’ confidence in the Hong Kong market, but also showcase the city’s strength as a leading international financial centre.

 

To further consolidate Hong Kong’s position as the world’s premier wealth management centre, we are now formulating additional tax incentive schemes for funds, single-family offices, and carried interest. This will enhance Hong Kong’s appeal to global capital, foster the vibrant development of the family office ecosystem, and fuel the expansion of Hong Kong’s international asset and wealth management industry. Our plan is to engage with industry stakeholders this year, before submitting proposals to the Legislative Council for deliberation next year. If approved, the relevant measures will take effect from the 2025-26 financial year.

 

A stronger family office ecosystem

The FamilyOfficeHK team established by InvestHK has now entered its third year. With a commitment to providing diverse bespoke services for global family offices, it has earned recognition from family offices and high-net-worth individuals worldwide.

 

There are over 2,700 single-family offices in Hong Kong, more than half of which hold assets exceeding US$50 million. To date, our dedicated team has assisted over 160 family offices in establishing or expanding their operations in Hong Kong, and we are confident in achieving our goal of attracting 200 family offices to our city with the assistance of the dedicated team.

 

Last year, we launched the Hong Kong Family Office Nexus in a joint initiative with Bloomberg L.P., with the goal of attracting family offices from around the world to establish or expand their presence in Hong Kong.

 

From March 1 this year, we optimised the New Capital Investment Entrant Scheme to allow investments from eligible private companies wholly owned by applicants, specifically family-owned investment holding vehicles managed by qualified single-family offices, to be used for assessment purposes. This creates a synergistic effect with the tax concession system for single-family offices, further driving their growth and solidifying Hong Kong’s position as a leading global asset and wealth management hub. The scheme has been open for applications since March 1 last year, and as of the end of February this year, it has received over 910 applications, with an estimated investment amount of over $27 billion for Hong Kong.

 

Shaping the future of global finance

This March, Hong Kong will again be in the spotlight as a global hub of finance and international collaboration. Once again, Asia’s world city will showcase its unrivalled strength in connecting the world and shaping the future. By attracting international businesses, talent and capital, Hong Kong is not only reinforcing its position as an international metropolis, but also leveraging its distinct strengths to open a new chapter of global economic growth.

 

Secretary for Financial Services & the Treasury Christopher Hui wrote this article and posted it on his blog on March 12.

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

Chief Executive John Lee

Tonight is a grand occasion, the opening of Kai Tak Sports Park – the largest sports, entertainment and mega event complex in Hong Kong’s history, spanning over 28 hectares.

Formerly our Kai Tak Airport, this extensive piece of land opened Hong Kong to the world.

And now, Kai Tak Sports Park takes on an even more promising role. Today, we are witnesses to a state-of-the-art new stage for Hong Kong. And like this very stadium’s retractable roof, the sky is the limit.

From snooker, the Hong Kong Rugby Sevens, to football, the upcoming sports events are sure to delight all, on and off the pitch. And you can count on scores of concerts by top singers and bands from home and abroad, here to raise the roof of Kai Tak Stadium.

The magnificent, multi-purpose Kai Tak Sports Park is a grand stage offering the most enjoyable experience for sports and recreation, entertainment and a whole lot more. Our new home ground will raise every game, on every match!

Kai Tak Sports Park is made for you – Hong Kong and the world. Enjoy it all!

Chief Executive John Lee gave these remarks at the Kai Tak Sports Park Grand Opening Ceremony on March 1.

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

Financial Secretary Paul Chan

It is my pleasure to be here at Consensus Hong Kong 2025. Let me begin by expressing my heartfelt gratitude to CoinDesk for choosing Hong Kong as the first Asian city for hosting this iconic conference. Your decision underscores Hong Kong’s growing prominence as a global hub for Web3 and crypto innovation. This event also reflects our commitment to building a thriving digital asset ecosystem.

Vast potential of Web3 and AI

Consensus 2025 is a congregation of Web3 talent from around the world, and its agenda reflects the most pressing topics and trends in the Web3 space today. From the convergence of AI and blockchain to the tokenisation of real-world assets (RWA), crypto and consumers, and DeFi 2.0 (decentralised finance), the discussions here are set to shape the future landscape of digital finance and the digital economy.

One of the most exciting developments is, of course, the intersection of AI and blockchain, where decentralised AI can unlock many new applications and opportunities. For example, AI can assist blockchain platforms in performing more accurate credit assessments, improving smart contract audits, providing tailored investment advice, and more.

Globally, the application of Web3 in finance is gaining traction. Blockchain innovations not just reduce transaction costs but also enhance market transparency, and the efficiency and accessibility of financial services. Indeed, we are seeing more institutional adoption where traditional banks, asset managers and brokers increasingly integrate digital assets into their offerings. The benefits are clear. The World Economic Forum, for example, estimates that financial institutions could free up some US$100 billion per year by leveraging distributed ledger technology for collateral management.

Hong Kong, with its advanced financial infrastructure and robust regulatory environment, is at the forefront of this transformation. Hong Kong has already made history by issuing the world’s first tokenised government green bonds in 2023, followed by a groundbreaking multi-currency issuance in 2024.

Beyond finance, Web3 plus AI innovations are inspiring a host of applications in the real economy. From streamlining supply chain management to enhancing game players’ experience; and from improving healthcare management to making agricultural and industrial production more intelligent, they are empowering and transforming business operations and public services.

Rapid tech innovation does not come without challenges. Often, the progress of innovation outpaces regulatory response, creating gaps that can lead to substantial risks. The fallout from several crypto exchanges’ failures in recent years serves as vivid reminders that we must pay attention to market integrity, investor protection, money laundering and cybersecurity risks, as financial products and services continue to innovate and digitalise.

On a positive note, the history of financial innovations shows that we learnt and adapted fast, and put in better guardrails and became more resilient. The key to success lies in maintaining an open, fair, balanced and forward-looking regulatory approach that is conducive to the sustainable and responsible development of financial innovation, including Web3.

Hong Kong’s unparalleled advantages

This is the path taken by Hong Kong. While some major jurisdictions have recently begun to embrace cryptocurrencies, which has undoubtedly fuelled a boom of the crypto market, Hong Kong stands out as a market with consistent, predictable, forward-looking policies, and a balanced regulatory framework. For innovators and companies committed to building the future of Web3, or financial institutions looking to bridge traditional and digital finance, Hong Kong is where you want to be.

Our regime is premised on the “same activity, same risk, same regulation” principle, which ensures a level playing field for all market participants. In this regard, Hong Kong has already put in place a licensing regime for digital asset trading platforms. Our Securities & Futures Commission has already issued nine such licences, with more in the pipeline. We are also advancing on the regulation of stable coins, and have introduced the relevant piece of legislation.

To facilitate further innovation, regulatory sandboxes have been set up by our regulators to allow innovators to test and refine their ideas, and to get early regulatory feedback. Besides, initiatives like the Hong Kong Monetary Authority’s Project Ensemble are accelerating the development of tokenisation ecosystems, covering RWAs like fixed income, investment funds, green finance and trade finance.

Indeed, this pro-innovation and collaborative regulatory approach is a unique value proposition of Hong Kong to Web3 innovators and participants.

AI is constantly evolving and increasingly applied to finance. Its convergence with blockchain will create more use cases, with both new opportunities to be captured, and challenges to be addressed. Hong Kong has set out a clear policy stance on the use of AI in financial services. The Government and financial regulators are working closely with the industry to monitor technology and market development and establish a transparent supervisory framework.

Hong Kong’s commitment to Web3 extends beyond regulation. We are investing heavily in the related infrastructure and talent development. Our Cyberport and Science Park have become vibrant hubs for Web3 innovation and fintech, while our universities and partnerships with the industry are nurturing generations of blockchain experts. Through talent admission schemes, we are also attracting top-notch professionals from around the world, ensuring that Hong Kong remains at the cutting edge of technological advancement.

Concluding remarks

Ladies and gentlemen, while the tides of change may ebb and flow, the quest for innovation has never stopped. The digital asset market today may somewhat resemble the early days of all great transformative paradigms: as new frontiers emerge, there will always be champions of progress and cautious observers. What remains true is that the market ultimately rewards those who dare to innovate, and adapt and persevere.

The tides of change are upon us, and Hong Kong is ready to ride the wave. As the Web3 ecosystem continues to evolve, Hong Kong will remain a stable, open and vibrant market for digital assets. I am confident that global companies and institutions will join force with us to lead its development.

Once again, my heartfelt thanks to CoinDesk for hosting this event in Hong Kong. I wish you all a productive and inspiring event over the next two days. And do remember to take some time to enjoy Hong Kong, Asia’s world city. Thank you.

Financial Secretary Paul Chan gave these remarks at Consensus Hong Kong 2025 on February 19.

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

Chief Executive John Lee

I am delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.

Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let us remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.

The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future.

I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.

My thanks to HSBC (The Hongkong & Shanghai Banking Corporation) for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!

I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow.

Chief Executive John Lee gave these remarks at the 2025 Hong Kong Chinese New Year Fireworks Display on January 30.

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

Chief Executive John Lee

Hello, Hong Kong! Hello, friends from different parts of the world!

Welcome to the annual Hong Kong International Chinese New Year Night Parade, on this, the first fabulous day of the Chinese New Year – the Year of the Snake.

There is no better way, anywhere on earth, to welcome in the New Year than by following – and revelling in – Hong Kong’s magnificent Chinese New Year Night Parade.

This year’s celebration is led by 55 performing groups and floats from 14 countries and regions. Here in the world city of Hong Kong, to dance, sing and perform, skip, juggle, cheerlead and otherwise amaze and delight you, on this most auspicious of days.

And the Night Parade is just the start of our New Year’s festivities. Tomorrow night, a 23-minute fireworks display will light up our world-renowned Victoria Harbour. Our sky will be filled with auspicious symbols, as well as adorable pandas – showcasing Hong Kong’s giant panda family, now counting six and readying for their first full public appearance at the same time in mid-February.

And, alongside the horses at Chinese New Year Raceday, in Sha Tin on January 31, you will want to catch the lions – and lion dancers – on show, part of a fun-filled day at the track.

The Night Parade floats you see tonight, together with some of our performers, will find their way to Lam Tsuen, from tomorrow night, for the Hong Kong Well-wishing Festival. This year, the floats are on display there until February 13.

Only in Hong Kong, the world’s East-meets-West centre for cultural exchange – and day-and-night entertainment. All around town, you will be greeted by the magnificent spectacle of our festivities, and the warm hospitality of the people of Hong Kong, as we share the joy of the New Year with all of you.

I wish you all a happy, healthy and eventful Year of the Snake. Kung Hei Fat Choi! Thank you and enjoy the evening.

Chief Executive John Lee gave these remarks at the 2025 International Chinese New Year Night Parade on January 29.

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

Chief Executive John Lee today met Governor of Guangdong Province Wang Weizhong at Government House to discuss strengthening Hong Kong’s co-operation with Guangdong and promoting high-quality development in the Greater Bay Area (GBA).

Welcoming Mr Wang and his delegation, Mr Lee said the Hong Kong Special Administrative Region Government attaches importance to the work on Hong Kong’s integration into the overall national development.

He noted that shortly after the establishment of the current-term Government, the Steering Group on Integration into National Development was set up to take forward and provide a steer from the top level on the work of serving the GBA development.

Mr Lee said Guangdong and Hong Kong are adjacent to each other and interdependent, and have shared an all-round, deep and multidisciplinary co-operative relationship for many years.

With the strong support from the central authorities, the two places have worked with one mind to promote co-operation in finance, innovation and technology, logistics, healthcare and other fields to achieve fruitful results.

Mr Lee highlighted Guangdong’s issuance of offshore renminbi local government bonds in Hong Kong for the first time in September last year.

He said the initiative not only further strengthened Hong Kong’s position as a global offshore RMB business hub, but also promoted the GBA in better serving as the driving force for high-quality development.

Welcoming more Mainland local governments to issue offshore RMB bonds and green bonds in Hong Kong, Mr Lee stressed that the city will continue to leverage its advantages in connecting with the international financial system and providing professional services, contributing to the country’s promotion of high-level financial opening up.

The Chief Executive said the Hong Kong SAR Government will continue to actively maintain close co-operation with the Guangdong People’s Government, with a view to enhancing the innovation capabilities and influence of the GBA as a region with economic development advantages, as well as achieving complementarity and collaborative development among Guangdong, Hong Kong and Macau.

It also aims to align with national development strategies and leverage Hong Kong’s unique advantages of being backed by the motherland and connected to the world under the “one country, two systems” principle to deepen international exchanges and co-operation, and better integrate into the overall national development.

Chief Secretary Chan Kwok-ki, Secretary for Constitutional & Mainland Affairs Erick Tsang, Director of the Chief Executive’s Office Carol Yip and Commissioner for the Development of the Greater Bay Area Maisie Chan also attended the meeting.

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

The Civil Service College today held a talk on the topic of  “Xi Jinping Thought on Culture”, delivered by Vice President of the National Academy of Governance Li Wentang.

Addressing the talk, Secretary for the Civil Service Ingrid Yeung said that Xi Jinping Thought on Culture serves as the theoretical guidance for the development of a socialist culture with Chinese Characteristics for a new era.

Mrs Yeung noted that it emphasises strengthening cultural confidence, upholding openness and inclusiveness, and adhering to fundamental principles and breaking new ground.

The significance of Xi Jinping Thought on Culture lies not only in the inheritance and development of traditional Chinese culture, but also in providing spiritual strength for achieving the great rejuvenation of the Chinese nation through the promotion of building a strong cultural nation.

She pointed out that Hong Kong possesses a unique advantage in the integration of Chinese and Western cultures.

Hong Kong should leverage its role as a platform for cultural exchange between China and the West to promote the inheritance and innovation of the fine traditional Chinese culture, and facilitate the exchange and mutual learning between Chinese and other cultures. Hong Kong should tell the international community the story of the successful implementation of “one country, two systems” in China to attract more talent from across the world for enhancing its international competitiveness and influence, and make greater contributions to the high-level opening up of the country, Mrs Yeung added.

About 160 senior officials and civil servants in the directorate, senior and middle ranks attended the talk.

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

Chief Executive John Lee today met Secretary of the CPC Jiangmen Municipal Committee Chen Anming to discuss deepening Hong Kong’s co-operation with Jiangmen and promoting high-quality development in the Greater Bay Area (GBA).

Welcoming Mr Chen and his delegation, Mr Lee said there is vast potential for collaboration between the two places.

He commented that Jiangmen is a hub and gateway city in the western part of the GBA, and is experiencing rapid development in advanced manufacturing.

Mr Lee outlined that Hong Kong – as an international city that enjoys unique advantages under the “one country, two systems” arrangement – will continue to act as a super connector and a super value-adder, and will leverage its highly internationalised and market-oriented business environment in order to collaborate with Mainland enterprises and inject new impetus into the GBA’s development.

He expressed confidence that Hong Kong and Jiangmen can complement each other’s strengths through enhanced co-operation in areas such as green industries, scientific research and elderly care services.

Secretary for Constitutional & Mainland Affairs Erick Tsang and Secretary for Environment & Ecology Tse Chin-wan also attended the meeting.

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

All eight of the Security Bureau’s disciplined and auxiliary services will hold open days on weekends and holidays throughout April, dovetailing with the 10th National Security Education Day on April 15.

The open days will be held in the services’ training schools, museums, headquarters or divisional premises. They are targeted at deepening public understanding of the services and their work and achievements in safeguarding national security.

Activities will include flag raising ceremonies, Chinese-style foot drills, rescue demonstrations, displays of firearms and equipment, working dog demonstrations and game booths.

From today, interested parties can register for free tickets via the disciplined services’ websites or mobile applications. Tickets are not required for auxiliary service open days.

Click here for details.

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

The Chief Executive has specified that the general election for the eighth-term Legislative Council will be held on December 7.

The Government said the announcement takes into consideration relevant electoral legislation and practice adopted in past elections.

The Election Committee Subsector By-elections, which must be held before the LegCo General Election, will take place on September 7.

The polling date for the general election will be published in the Government Gazette on March 21.

In addition to liaising closely with the Electoral Affairs Commission, the Government said it will prepare for the two polls in accordance with relevant electoral legislation and actual circumstances, to ensure that they are conducted smoothly in a fair, just, honest, safe and orderly manner.

Full details of the electoral arrangements will be announced later this year.