Month: July 2025

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hospital Authority:

     The Hospital Authority (HA) held a sharing session today (July 31) with representatives from the Greater Bay Area International Clinical Trial Institute (GBAICTI) and Hong Kong’s pharmaceutical industry to outline a series of enhancement measures implemented by the HA for promoting clinical research development, including the recently implemented streamlined approval procedures aiming at attracting more clinical research projects from the industry.
 
     Last year, the HA established a Central Clinical Research and Innovation Office and Cluster Clinical Research Support Offices in each cluster to provide support for frontline healthcare professionals and proactively encourage participation in clinical research. In April this year, the HA further enhanced the application and approval procedures for commercially sponsored clinical research, including revising the long-standing standard clinical research agreement template to provide more up-to-date content and balance the interests of all parties. The HA has also engaged a professional organisation to assist in the review and approval of commercially sponsored clinical research applications, expediting the approval process and timeframe through the incorporation of industry expertise.
 
     The Director (Quality and Safety) of the HA, Dr Michael Wong, expressed confidence that the new measures will promote the clinical research development. “As a key player in local clinical research with professional medical teams and extensive healthcare data, the HA has been aligning with government policies and engaging in communication and exchange with various healthcare institutions and industry stakeholders. Through optimising processes and streamlining approval procedures, the HA aims to facilitate efficient implementation and execution of clinical research, fostering a more conducive environment for medical innovation and enhancing Hong Kong’s competitiveness in international clinical research.”
 
     About 100 participants in the sharing session included members and representatives from the GBAICTI and the Hong Kong Association of the Pharmaceutical Industry, who had in-depth exchanges on the development of clinical research in Hong Kong.
 
     The HA Central Institutional Review Board (Central IRB) completed the integration of all cluster Research Ethics Committees in March 2024 and has processed over 1 000 clinical research applications. The Central IRB serves as a co-ordinator and has been further streamlining the research ethics application and approval process and facilitating cross-cluster clinical research applications. Following process optimisation, simple clinical research applications can now be processed through an expedited review procedure, with approval times significantly reduced to within 30 days, while the ethics review for complex research applications can be completed within 60 days.
 
     The HA will continue to dovetail with government policy directions and the needs of the pharmaceutical industry, deepen collaboration with the GBAICTI, and fully support various clinical research applications, thereby promoting Hong Kong’s medical and scientific research, enhancing healthcare standards, and benefitting patients.

Source: Hong Kong Government special administrative region – 4

     The Government today (July 31) announced the revision of the eligibility criteria for government-subsidised post-secondary student places and subsidies: introducing two categories of tuition fees and revising the eligibility criteria. The revision will apply to the 2027/28 academic year and thereafter (the application cycle for the 2027/28 academic year commencing in October 2026). This will allow the affected persons reasonable time to make their own plans and the Joint University Programmes Admissions System (JUPAS) Office and the admissions offices of various institutions (including the University Grants Committee (UGC)-funded universities, the Hong Kong Academy for Performing Arts, and the Vocational Training Council) sufficient time to make corresponding administrative arrangements.
 
A Government spokesperson said, “Under the current admissions arrangements, dependant visa/entry permit holders who were below 18 years old when first issued with such visa/entry permit by the Immigration Department (ImmD) are considered local students. There has been recent concern that some of these students did not come to reside in Hong Kong but applied for government-subsidised student places at UGC-funded universities as local students, which affected opportunities for university admission and the targeted use of public funds.
 
     “To clarify the eligibility criteria for government-subsidised post-secondary student places and subsidies, and to ensure the proper use of public funds, the Education Bureau, having regard to overseas practices and the practical situation in Hong Kong, considers it necessary for dependant children to reside in Hong Kong for two years before becoming eligible for government-subsidised post-secondary student places. Holders of a full-time employment visa/work permit or a visa/entry permit for various admission schemes will no longer be eligible for government-subsidised post-secondary student places.”
 
     Two categories of tuition fees are introduced under the revision. Category I refers to subsidised fees. Persons holding the following documents are eligible for government-subsidised student places in relation to sub-degree, undergraduate and taught postgraduate programmes:
 

• A Hong Kong permanent identity card, other documents issued by the ImmD showing the right to land/right of abode in Hong Kong, and a visa label for unconditional stay;
• A One-way Permit for entry to Hong Kong; and
• A dependant visa/entry permit: holders who were below 18 years old when first issued with such visa/entry permit by the ImmD, provided that they have resided in Hong Kong for two years immediately preceding the first day of their respective programmes. Regarding first-year student places, to facilitate institutions’ admissions procedures, the two-year period will be specified appropriately by the JUPAS office or the institutions concerned having regard to the first day of the respective programmes. Whether the residency requirement is met is determined at or before the start of each academic year and shall remain the same for the remainder of that academic year. The first day of the academic year of a programme is determined by the programme’s start day. 

 
     Category II refers to non-subsidised fees and applies to persons not meeting the eligibility criteria in the above-mentioned Category I. These persons include:
 

• Dependant visa/entry permit holders who were below 18 years old when first issued with such visa/entry permit by the ImmD, and they do not meet the two-year residency requirement;
• Holders of a full-time employment visa/work permit;
• Holders of a visa/entry permit for various admission schemes (including the Quality Migrant Admission Scheme, the Capital Investment Entrant Scheme or the Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents); and
• Non-local students (such as holders of a student visa/entry permit; holders of a visa/entry permit under the Immigration Arrangements for Non-local Graduates; dependant visa/entry permit holders who were 18 years old or above when first issued with such visa/entry permit by the ImmD).

 
     Category II persons may still apply for government-subsidised sub-degree, undergraduate and taught postgraduate programmes but have to pay non-subsidised fees. The institutions may determine appropriate non-subsidised fee levels, following the established principles, having regard to their own circumstances and programme costs, and taking a holistic view of various factors. The levels have to be at least sufficient to recover all additional direct costs, and to be on par with those applicable to non-local students.
 
     The Government will put in place a transitional arrangement for the above-mentioned revision, whereby the residency requirement for the 2027/28 academic year (its application cycle commencing in October 2026) will be set at one year. The two-year residency requirement will be implemented starting from the 2028/29 academic year.
 
The spokesperson said, “When formulating the revision, the Government fully listened to various views in society and struck the right balance. The revision is not expected to have a significant impact on families with genuine intentions to come to Hong Kong for development.”
 
Regarding the residency requirement for JUPAS applications for government-subsidised first-year-first-degree student places, applicants are required to provide the following proof:

(a) proof from the applicant that he or she is enrolled as a full-time student in a school offering a formal curriculum in Hong Kong for the two-year period ending on May 31 in the year in which his or her respective programme begins; or
 
(b) for those who cannot provide the proof in (a) above, a statement of travel records of the applicant which can be obtained at a fee from the ImmD covering the two-year period to demonstrate that the applicant is not absent from Hong Kong for a maximum of 90 days in each year of the two-year period.
   
     Regarding other government-subsidised post-secondary student places, including those in relation to sub-degree, senior year undergraduate and taught postgraduate programmes of UGC-funded universities, the relevant institutions are required to process the applications in an approach similar to the above-mentioned one.
 
     The eligibility criteria and related arrangements for government scholarship, fellowship or subsidy schemes which are currently premised on the definitions of “local students” and “non-local students” (such as the Hong Kong Future Talents Scholarship Scheme for Advanced Studies, the Tuition Waiver for Local Research Postgraduate Students, the Study Subsidy Scheme for Designated Professions/Sectors, and the Non-means-tested Subsidy Scheme for Self-financing Undergraduate Studies in Hong Kong) will also be correspondingly revised to ensure consistency. 

Source: Hong Kong Information Services

The Lands Department today posted land resumption notices for private lots required for the construction of the Northern Link (NOL) Main Line, in accordance with the Railways Ordinance.

The land will revert to the Government on November 1.

The NOL Main Line project is a 10.7-kilometre underground railway connecting Kam Sheung Road Station, on the Tuen Ma Line, and Kwu Tung Station, a stop on the East Rail Line that is under construction. There will be three intermediate stations at Au Tau, Ngau Tam Mei and San Tin.

In all, 686 private lots, comprising about 26 hectares, and an underground batch of 252 private lots, comprising about 8.6 hectares, will be resumed. The Government will release ex-gratia land compensation to relevant land owners and handle statutory claims for compensation after the land reversion.

The Lands Department will post notices in relevant areas according to applicable procedures about three months before departure deadlines for affected households and business undertakings.

It is estimated the affected households and business undertakings will have to move out from early 2026 at the earliest. The Government will liaise with land owners and affected parties, and handle all compensation and rehousing matters proficiently. 

Source: Hong Kong Information Services

The Government today announced the revision of the eligibility criteria for government-subsidised post-secondary student places and subsidies.

The revision – which will introduce two categories of tuition fees and revise the eligibility criteria – will apply to the 2027-28 academic year and thereafter.

Under the current admissions arrangements, dependant visa/entry permit holders who were below 18 years old when first issued with the visa/entry permit by the Immigration Department (ImmD) are considered local students.

There has been recent concern that some of these students did not come to reside in Hong Kong but applied for government-subsidised student places at University Grants Committee-funded universities as local students, which affected opportunities for university admission and the targeted use of public funds.

Having regard to overseas practices and the practical situation in Hong Kong, the Education Bureau considers it necessary for dependant children to reside in Hong Kong for two years before becoming eligible for government-subsidised post-secondary student places.

In addition, holders of a full-time employment visa/work permit or a visa/entry permit for various admission schemes will no longer be eligible for government-subsidised post-secondary student places.

The two categories of tuition fees being introduced are subsidised fees and non-subsidised fees respectively.

Persons holding specific documents are eligible for government-subsidised student places in relation to sub-degree, undergraduate and taught postgraduate programmes.

These documents include a Hong Kong permanent identity card, other documents issued by the ImmD showing the right to land/right of abode in Hong Kong, and a visa label for unconditional stay; a One-way Permit for entry to Hong Kong; and a dependant visa/entry permit.

Holders of a dependant visa/entry permit who were below 18 years old when first issued with the visa/entry permit by the ImmD, must have resided in Hong Kong for two years immediately preceding the first day of their respective programmes. 

The Government will put in place a transitional arrangement for the revision, whereby the residency requirement for the 2027-28 academic year will be set at one year. The two-year residency requirement will be implemented starting from the 2028-29 academic year.

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) today (July 31) published the unaudited financial position of the Exchange Fund at end-June 2025.

     The Exchange Fund recorded an investment income of HK$194.4 billion in the first half of 2025. The main components were:
 

• gains on bonds of HK$75.3 billion;
• gains on Hong Kong equities of HK$22.9 billion;
• gains on other equities of HK$27.4 billion;
• positive currency translation effect of HK$56.8 billion on non-Hong Kong dollar assets (Note 1); and
• gains on other investments of HK$12.0 billion (Note 2).

     Fees on placements by the Fiscal Reserves and placements by Hong Kong Special Administrative Region Government funds and statutory bodies were HK$8.5 billion (Note 3) and HK$8.3 billion respectively in the first half of 2025, with the rate of fee payment at 4.4 per cent for 2025.

     Total assets of the Exchange Fund stood at HK$4,297.1 billion at end-June 2025, an increase of HK$216.1 billion from the end of 2024. Accumulated surplus stood at HK$877.9 billion at end-June 2025.

     The Chief Executive of the HKMA, Mr Eddie Yue, said, “The global financial markets experienced significant volatility in the first half of 2025 due to escalating trade barriers and frictions, as well as intensifying geopolitical tensions in the Middle East. In particular, following the announcement of a series of aggressive tariff measures by the US Government in early April, the global financial markets underwent massive sell-offs, with the equity and bond markets experiencing sharp declines. The S&P 500 fell by roughly 12 per cent over a few days since April 3. The 10-year US Treasury yield also surged by 50 basis points to around 4.5 per cent within a week in April, registering the sharpest weekly change since the pandemic outbreak in 2020.

     As the US and major economies made progress in tariff negotiations, investor confidence stabilised and global equity markets rebounded. The Hong Kong equities also benefitted from capital inflows and the Hang Seng Index rose by about 20 per cent in the first half. As for the bond market, the US Fed kept its monetary policy target unchanged in the first half of the year. Hence, US bond yields stayed at relatively high levels, generating good interest income for the Exchange Fund’s bond portfolio. 

     Against this backdrop, the Exchange Fund recorded a decent investment income in the first half of 2025, with positive returns across major asset classes of bonds, equities and alternative investments. The weakening of the US dollar against major currencies in the first half also resulted in significant positive currency translation effect on the Exchange Fund’s assets.”

     He added, “While the Exchange Fund achieved good returns in the first half of the year, the investment landscape in the second half remains highly uncertain. The uncertainty of US Government’s economic and trade policies will affect international capital flows, as well as corporates’ earnings and investment decisions. Any increase in trade frictions or deterioration in geopolitical situations may cause a slowdown in global economic growth, and may also trigger a sharp reversal of market optimism, bringing shocks to the financial markets. In addition, the pace of adjustments of the Fed’s monetary policy and concerns over the US Government’s debt servicing ability may also affect the performance of US dollar assets and the US dollar against other currencies. While a sizeable part of the Exchange Fund’s investment income in the first half was from the positive foreign currency translation effect, these valuation changes are subject to fluctuations and may not be sustained in the second half of the year.

     In the face of the complex and volatile investment environment, the HKMA will continue to adhere to the principle of capital preservation first while maintaining long-term growth. We will continue to manage the Exchange Fund with prudence and flexibility, implement appropriate defensive measures, and maintain a high degree of liquidity. We will also continue our investment diversification to strive for higher long-term returns, and ensure that the Exchange Fund remains effective in achieving its purpose of maintaining monetary and financial stability of Hong Kong.”

Note 1: This is primarily the effect of translating foreign currency assets into Hong Kong dollar after deducting the portion for currency hedging.
Note 2: This is the valuation change of investments held by investment holding subsidiaries of the Exchange Fund. This figure reflects the valuations at the end of March 2025. Valuation changes of these investments from April to June are not yet available.
Note 3: This does not include the 2025 fee payment to the Future Fund because such amount will only be disclosed when the composite rate for 2025 is available.

Source: Hong Kong Government special administrative region