Month: July 2025

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Legislative Council Secretariat: 

     The agenda of the Legislative Council (LegCo) meeting, scheduled for tomorrow (July 9) at 11am in the Chamber of the LegCo Complex, has been revised.

     The Legislative Council (Powers and Privileges) (Amendment) Bill 2025 will be introduced into the Council for the First Reading and the Second Reading. The Second Reading debate on the Bill will be adjourned.

     For the latest agenda items of tomorrow’s LegCo meeting, please refer to the LegCo Website: www.legco.gov.hk/yr2025/english/counmtg/agenda/cm20250709.htm.

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) announced today (July 8) enhancements to the offshore RMB bond repurchase (repo) business (Note 1), to facilitate the participation of Northbound Bond Connect investors in repo business. In particular, the enhancements include:

1. Supporting the rehypothecation of bond collaterals during the repo period (Note 2):

The offshore RMB repo business has been well received by the market since its official launch on February 10, 2025. In this initial phase, the bond collaterals acquired by participating institutions are locked and managed by the Central Moneymarkets Unit (CMU) platform and cannot be re-used during the repo period. In consultation with relevant Mainland authorities and taking into account industry feedback, we will allow rehypothecation of bond collateral during the repo period, bringing this into alignment with international market practice. The enhancement will facilitate more efficient use of collaterals, reduce the financing costs for market participants, and enhance the efficiency of liquidity management.

In particular, bond collaterals can be re-used during the repo period in four specific use cases: a) for re-use in offshore repo transactions; b) as collateral for the HKMA’s RMB Liquidity Facility; c) as margin collateral at OTC Clearing Hong Kong Limited (OTCC); and d) for cash bond trading through Northbound Bond Connect. Participating institutions shall follow relevant policies and operational rules for the respective use cases when re-using the collateral (for instance, if the collateral is re-used in a new offshore repo transaction during the repo period, the participating institution should follow the latest arrangements of offshore RMB repo business as set out further below).

2. Supporting cross-currency repo (including HKD, USD and EUR):

At present, offshore RMB repo can only be settled in RMB. With the enhancement, settlement in other currencies (including HKD, USD and EUR) will be supported, with a view to facilitating participating institutions’ multi-currency funding activities by collateralising onshore RMB bond holdings, enriching their liquidity management tools, and hence increasing the attractiveness of onshore bonds.

These two enhancement measures aim to adopt international market best practices and enhance operational efficiency. They will further expand the depth and breadth of the offshore repo market, improve the market-based mechanism for offshore RMB liquidity management, and broaden the use of onshore RMB bonds as collateral in the offshore market.

The above arrangements will be officially launched on August 25, 2025.

Latest Arrangements of Offshore RMB Repo Business

To facilitate the smooth implementation of the enhancement measures, the latest arrangements for offshore RMB repo transactions (including repo transactions conducted using bond collateral acquired through a repo transaction) are set out as follows:

1. Participating Institutions:

All existing Northbound Bond Connect investors, including CMU members and offshore investors with CMU sub-accounts opened through Hong Kong custodian banks that are CMU members.

2. Eligible Bonds:

Bonds held by participating institutions under Northbound Bond Connect, and bond collaterals acquired through offshore repo transactions, regardless of bond type.

3. Market Maker Arrangement:

The 11 Primary Liquidity Providers designated by the HKMA (Note 3) will serve as market makers. Each repo transaction must involve at least one of these market makers as a counterparty.

4. Transaction and Settlement Arrangements:

(a) Master Agreement: Participants may choose their own repo agreement template (e.g., Global Master Repurchase Agreement (GMRA) or National Association of Financial Market Institutional Investors (NAFMII)’s Bond Repurchase Master Agreement, etc.).

(b) Trading Arrangement: Transactions may be conducted:
 

1. bilaterally over-the-counter;
2. in the same manner as existing Northbound Bond Connect transactions, and via the linkage between the infrastructures in the onshore and offshore markets;
3. through offshore electronic trading platforms; or
4. through onshore electronic trading platform.

(c) Settlement Arrangement: Settlement will be completed under the Repo Service by CMU. Settlement currencies include RMB, HKD, USD and EUR.

5. Data Reporting:

Market makers are required to report repo transaction data (Note 4) to the HKMA on the same day of the transaction for market monitoring purpose. The HKMA will further communicate with the market makers to finalise the reporting requirements and submission channels.

The operational details for bond transfer and settlement will be announced by CMU separately. The HKMA will continue to closely monitor market conditions to ensure orderly market operations. The HKMA will also maintain communication with the industry and review and adjust the arrangements as appropriate to support the robust and sustainable development of offshore RMB business.

Note 1: The HKMA announced the launch of offshore RMB bond repo business on January 13, 2025 (please refer to the HKMA press release). This measure was implemented on February 10, 2025.

Note 2: Operational details will be announced by CMU later. Currently, the rehypothecation of bond collateral is only applicable to repo transactions settled in the Delivery versus Payment model. The timeline for CMU’s tri-party repo service to support the rehypothecation of bond collateral will be notified separately in due course.

Note 3: Including 1) Agricultural Bank of China Limited, 2) Bank of China (Hong Kong) Limited, 3) Bank of Communications Co., Ltd., 4) BNP Paribas, 5) China CITIC Bank International Limited, 6) China Construction Bank (Asia) Corporation Limited, 7) Citibank, N.A., 8) Hang Seng Bank Limited, 9) The Hongkong and Shanghai Banking Corporation Limited, 10) Industrial and Commercial Bank of China (Asia) Limited and 11) Standard Chartered Bank (Hong Kong) Limited.

Note 4: The specific information to be reported includes: names of the trading institutions (including both the repo party and the reverse repo party), total amount of funds borrowed by the repo party, bond name, bond code, repo term, total face value, repo rate, transaction/first settlement date, settlement amount, trading platform/means, default-related information etc.

Source: Republic of China Taiwan

MOFA response to EU expressing concern over cross-strait status quo during 13th EU-China Strategic Dialogue

July 3, 2025  

On July 2, European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas and Chinese Foreign Minister Wang Yi cochaired the 13th EU-China Strategic Dialogue in Brussels. When elaborating on Taiwan in a statement issued after the meeting, the European Union reaffirmed its commitment to its “one China policy” and expressed opposition to any unilateral attempts to alter the status quo, including by force or coercion. In addition, the European Union voiced concerns about human rights in China as well as hybrid threats in Europe coming from China.
 
In response to each of China’s three large-scale military drills targeting Taiwan since May 2024, the European External Action Service (EEAS) promptly issued statements expressing concern. In these statements, the EEAS stressed that peace and stability across the Taiwan Strait were of strategic importance for regional and global security and prosperity and that the European Union had a direct interest in the preservation of the status quo across the Taiwan Strait. The fact that EU High Representative Kallas has once again reiterated this position in a meeting with high-level Chinese officials demonstrates that the European Union pays close attention and attaches great importance to the cross-strait status quo. The Ministry of Foreign Affairs (MOFA) appreciates and welcomes such statements. 
 
Moving forward, MOFA will continue to strengthen cooperative relations with the European Union and other like-minded partners to jointly safeguard shared values of freedom and democracy, uphold the rules-based international order, preserve the status quo across the Taiwan Strait, and ensure peace and stability in the Indo-Pacific region.

Source: Hong Kong Government special administrative region

Source: Republic of China Taiwan

Foreign Minister Lin hosts welcome luncheon for Polish parliamentary delegation led by Deputy Horbatowski, announces Taiwan to open market to fresh blueberries from Poland

Date：2025-07-01
Data Source：Department of European Affairs

July 1, 2025  
No. 227  

On July 1, Minister of Foreign Affairs Lin Chia-lung hosted a luncheon for visiting deputies of the Sejm of the Republic of Poland—Łukasz Horbatowski, Marek Chmielewski, and Iwona Krawczyk—who also serve on the Polish-Taiwanese Parliamentarian Group. The two sides exchanged views on issues such as bilateral relations, economic and trade cooperation, and cultural exchanges.
 
In his remarks, Minister Lin pointed out that the Polish-Taiwanese Parliamentarian Group was the largest group of its kind in the Sejm. He thanked members of the Polish parliament for their long-term support of Taiwan through concrete actions. Minister Lin said that cooperation between Taiwan and Poland in economics, trade, higher education, judicial matters, technology, and other domains had continued to deepen in recent years. He expressed hope that, building on the existing foundations, the two countries would further work together to strengthen interactions and exchanges. 
 
Furthermore, Minister Lin announced that Taiwan had recently approved the import of fresh blueberries from Poland. Once final administrative procedures were completed, he said, the people of Taiwan would have the opportunity to enjoy high-quality Polish blueberries, benefiting both Polish farmers and Taiwanese consumers. Minister Lin also noted that Taiwan possessed a world-leading ICT sector while Poland had outstanding professional talent and production capacity, which presented opportunities for bilateral collaboration in artificial intelligence, drones, and advanced chips. Minister Lin said he looked forward to continued collaboration between the two countries to build resilient and democratic non-red supply chains.
 
Mr. Horbatowski, who was visiting Taiwan for the first time, expressed his appreciation for Minister Lin’s invitation and said that he was impressed with Taiwan’s advanced political and economic development. He added that Poland, as a major exporter of agricultural products, welcomed Taiwan’s decision to approve fresh blueberry imports and added that he looked forward to continued cooperation in the agricultural and high-tech sectors to enhance the welfare of the people of both countries.
 
Taiwan and Poland share the universal values of freedom and democracy. The Ministry of Foreign Affairs will continue to promote cooperation between the two nations in various fields so as to deepen their resilient partnership, create sustainable prosperity and well-being for the people of Taiwan and Poland, and uphold their hard-earned democratic achievements. (E)

Source: Republic of China Taiwan

Director General David Cheng-Wei Wu went to “1 Central Courtyard” in Macquarie University campus to visit our contestants from Taiwan.
The Taiwanese team, Whimsical , showed D.G. Wu robots assembled by themselves, and those robots were designed and coded to accomplish all tasks required in the competition.
Team Whimsical also set up a booth to demonstrate Taiwanese hospitality by offering local treats and games.
We thank Team Whimsical for perfectly promoting Taiwan’s image through their talent and technological ingenuity.

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Office of The Ombudsman:

The Ombudsman, Mr Jack Chan, today (July 8) attended an annual meeting with the Legislative Council (LegCo) and briefed members on the progress and results of the Office of The Ombudsman’s work in 2024-25. Looking forward, the Office will drive positive change in public administration, especially by streamlining workflow and enhancing efficiency to bring about further improvement in public administration. Mr Chan also exchanged constructive views with LegCo Members on matters of mutual concern.

At the meeting, Mr Chan mentioned that in response to the motherland’s expectations of the Hong Kong Special Administrative Region (HKSAR), the Office will stay bold in reform, dare to break new ground, and innovate continuously. In the reporting year, the Office championed three strategic focuses and achieved satisfactory results in various areas. Mr Chan said, “On the front of mediation, the Office achieved unprecedented results during the reporting year, concluding an all-time high of 555 cases involving no or only minor maladministration.” Based on the motto of “responding to people’s needs”, the Office helped the complainants out of their predicament speedily and amicably through mediation, while the departments could also review internal procedures and make improvements, thereby enhancing the standards of public administration. The results were encouraging as the Office’s mediation work was highly commended by both complainants and departments.

Interdepartmental collaboration is another strategic focus of the Office. At the meeting, Mr Chan elaborated that after analysing the interdepartmental collaboration cases handled over the past, positive impact was observed in four major areas: clarifying the demarcation of responsibilities, grasping the crux of the matter, facilitating direct communication and experience sharing among departments, and launching joint operations. The Office has introduced a new series featuring stories of good people and good deeds on social media and its website, showcasing mediation and interdepartmental collaboration closely related to people’s livelihood and highlighting the results brought about by complaint handling.

During the reporting year, the Office spared no effort in advocating a positive complaint culture through exchange meetings, publicity campaigns, education initiatives and commendation schemes. Not only are the public encouraged to participate in social issues and voice their opinions in a constructive manner, but departments and organisations are also urged to serve the public with open-mindedness. Mr Chan firmly believes that fostering constructive suggestions and positive feedback is conducive to the promotion of good governance.

Mr Chan highlighted at the meeting several direct investigation (DI) operations widely concerned by the Government, professions and the community, including regulation of occupational safety and health in construction industry, combating abuse of public housing resources, and the arrangements for recovery, refurbishment and reallocation of public housing rental flats. A poignant DI operation was conducted into the provision of public services relating to after-death arrangements. During the reporting year, the Office made 148 recommendations to government departments or public organisations in DI operation reports. Together with the 106 recommendations made in full investigation reports, the total number of 254 recommendations soared by 37 per cent over that in 2023-24 and hit a record high in the recent five years.

The Office completed a reorganisation in July, under which it has streamlined the directorate establishment from a three-tier to a two-tier directorate structure by freezing the vacancy of Deputy Ombudsman. Instead, three Assistant Ombudsmen, all reporting directly to the Ombudsman, are appointed to head three major divisions, namely the Complaints Investigation Division, the Direct Investigation Division, and the Complaints Assessment and Support Division. The Office has deployed resources more flexibly to increase the number of Direct Investigation Teams from two to three, augment the staffing for complaints assessment, and streamline the complement of Complaints Investigation Teams and administrative and support staff. Mr Chan said, “The Office will adhere to the strategy of training and internal promotion to cultivate a contingent of experienced and competent investigation officers and support staff that are dedicated to our country and Hong Kong.”

Separately, Mr Chan reported the Office’s international liaison work, including hosting the International Ombudsman Summit 2024 and The Ombudsman’s 35th Anniversary Reception Ceremony in December last year. The event was supported and commended by the Central Government, the HKSAR Government and international counterparts, and widely reported by the media. Around 140 Mainland and overseas participants from about 40 countries and regions across six continents attended the Summit. The Office also signed a Memorandum of Understanding on Bilateral Cooperation with representatives from eight countries and regions across five continents, demonstrating Hong Kong’s important role as a “super connector”.

The Office actively participated in international affairs. In addition to being the Secretary of the Asian Ombudsman Association, Mr Chan was appointed earlier this year as the Chairman of the Standing By-laws Committee and a member of the United Nations and International Cooperation Working Group  under the International Ombudsman Institute (IOI) respectively. In May, he was appointed to the Board of Directors of the Australasian and Pacific Region of the IOI. Mr Chan pledged to continue playing an active role on international co-operation platforms, presenting to global audiences a good story about Hong Kong from stability to prosperity under “one country, two systems”, and leveraging the unique position of having strong support from the motherland and close connections to the world. Furthermore, the Office will maintain a close relationship with its Mainland counterparts.

Looking forward, the Office will perform the gatekeeping function under The Ombudsman Ordinance to focus resources on those complaints that require assistance. It will press ahead with promoting mediation to redress public grievances, step up DI operations and make pragmatic and effective recommendations and observations, especially on streamlining workflow and enhancing efficiency to bring about improvement in public administration. Mr Chan also remarked that the preparations for establishing the Hong Kong International Ombudsman Academy are in full swing. The Academy’s first exchange session on mediation is scheduled for August 25, 2025. In line with Mr Chan’s firm belief in “prevention is better than cure”, the Academy will endeavour to instil the concept of “maladministration prevention” in public officers to enhance their vigilance and take precautions against maladministration. This also marks a new milestone of the Office in driving positive change in public administration.

Source: Hong Kong Information Services

Secretary for Justice Paul Lam began his European visit in Amsterdam, the Netherlands, on Sunday by meeting  international organisations, judges from the International Court of Justice (ICJ), government officials and the local business community.

Upon his arrival, Mr Lam met Hong Kong people and overseas Chinese organisation representatives living in the Netherlands and Luxembourg to learn about their work and life, and shared with them Hong Kong’s latest developments in various areas.

After arriving at The Hague the next day, he visited the Hague Conference on Private International Law (HCCH) and met Secretary General of the HCCH Christophe Bernasconi.

Mr Lam thanked the HCCH for its support for the secondment programme of legal professionals of the Department of Justice (DoJ) and exchanged views on further strengthening the co-operation between the DoJ and the HCCH, including hosting an international conference about the Hague Conventions during Hong Kong Legal Week in December.

During a meeting with Secretary General of the Ministry of Justice & Security of the Netherlands Anneke Van Dijk and officials, Mr Lam introduced the latest developments of Hong Kong and discussed issues such as the development and direction of international legal co-operation.

Afterwards, he had a lunch meeting with the Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the Kingdom of the Netherlands Tan Jian.

In the afternoon, Mr Lam visited the ICJ of the United Nations and met ICJ President Yuji Iwasawa, to exchange views on the latest developments in international dispute resolution, including the establishment of the International Organization for Mediation with its headquarters in Hong Kong. They also shared views on the training of international legal experts and professionals.

At the Permanent Court of Arbitration (PCA) Mr Lam discussed the co-operation between the DoJ and the PCA in the fields of capacity building and international law with PCA Secretary-General Marcin Czepelak.

In the evening, he attended a business seminar and dinner organised by the Netherlands Hong Kong Business Association, and shared with about 100 participants Hong Kong’s distinctive advantage of enjoying the strong support of the motherland while being closely connected to the world under the “one country, two systems” principle.

The justice chief stressed that Hong Kong’s legal system is credible and reputable, user-friendly, and closely tied with Mainland China and other parts of the world, making Hong Kong’s legal system exceptional among other common law peers.

Mr Lam will be in Paris for the second leg of his European visit today.

Source: Hong Kong Government special administrative region