Month: September 2025

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Tang Ka-piu and a reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (September 25):
 
Question:
 
     According to the Census and Statistics Department, the seasonally adjusted unemployment rate stood at 3.7 per cent between June and August this year. The unemployment rates in the construction sector, food and beverage service activities sector and retail sector were recorded at 6.9 per cent, 6.8 per cent and 5.1 per cent respectively, which is a cause of concern. In this connection, will the Government inform this Council:
 
(1) of the monthly number of new job vacancies received by the Labour Department over the past 24 months, and the sectoral distribution and employment arrangements of such vacancies; whether it has studied the wage trends for these positions and whether it has identified any instances of mismatch between employers and jobs seekers;
 
(2) as the construction sector, food and beverage service activities sector and retail sector have become three of the sectors with the highest unemployment rates, what other specific measures apart from organising job fairs put in place by the Government to alleviate the unemployment in these sectors; and
 
(3) to further assist elderly and middle-aged unemployed persons in entering the workforce, whether the Government will expeditiously conduct an interim review of the Re-employment Allowance Pilot Scheme, increase resource allocation to the scheme and extend its implementation period, while simultaneously strengthening the role of trade unions in employment counselling and actively providing on-the-job and career transition training alongside start-up support measures, so as to enhance the effectiveness and coverage of the scheme?
 
Reply:
 
President,
 
     The Government has been closely monitoring the situation and changes of Hong Kong’s employment market, and committed to promoting training and retraining to enhance the quality and productivity of our local labour force. In tandem, the Government provides employment services to encourage and assist people to join the labour market. The Government recognises that the business situations of certain sectors will continue to weigh on employment, nevertheless the steady growth of Hong Kong’s economy, and the Government’s various measures to boost economic growth, enhance economic momentum and bolster consumption sentiment will provide support to the overall labour demand.
 
     In consultation with the Development Bureau, the reply to the Member’s question is provided as follows:
 
(1) The Labour Department (LD) provides diversified and free employment services to job seekers and actively liaises with employers to canvass job vacancies from different industries with a view to expediting the dissemination of employment information. Over the past 24 months, the job vacancies received from private sector by the LD each month, with breakdowns by industry, job nature and salary range are at Annex. By industry distribution, the financing, insurance, real estate and business services sector recorded the largest number of job vacancies, followed by the restaurants and hotels industry, and the wholesale, retail and import/export trades. During the period, the proportion of job vacancies with a monthly salary of $15,000 or above, relative to the total number of vacancies, increased gradually from 61 per cent to 66 per cent.

     Currently, the vast majority (99 per cent) of job vacancies advertised through the LD allow job seekers to apply directly to employers without the need to register with the LD for job matching services. To enhance job seekers’ opportunities to find suitable employment, the LD’s job centres provide personalised employment advisory and job matching services. Employment officers provide job seekers with the latest information on the employment market, assist them in enroling retraining courses to acquire relevant work skills and improve their employability.
 
(2) The Employees Retraining Board (ERB) provides training and retraining services for the local workforce. Of these, placement-tied courses assist people in seeking employment and the unemployed in acquiring industry-specific vocational skills to enhance their employability. The ERB also provides tailor-made retraining support to industries with higher unemployment rates to enhance competitiveness.
 
     Apart from organising large-scale job fairs and district-based thematic job fairs, the LD has also established industry-based recruitment centres for the catering, retail, and construction industries. These centres specifically display job vacancies of the respective industries, and set up interview rooms so that employers and job seekers can conduct on-the-spot interviews, thereby shortening the time required for recruitment and job seeking. The LD has set up dedicated webpages for the catering, retail, and construction industries on its Interactive Employment Service (iES) website to facilitate job seekers in searching for relevant job vacancies, the latest details on job fairs and training information. Job seekers can also make use of the iES website or its mobile application to opt for receiving automatic updates on latest job vacancies matched automatically by the system with their pre-set criteria as well as information on job fairs.

     As regards the construction industry, the annual average government capital works expenditure will rise from $90 billion to $120 billion over the next five years. As the economy recovers and private sector construction works rebound, the demand for manpower in the construction industry will remain strong in the coming years. With the support of the Development Bureau, the Construction Industry Council has been actively coordinating with the industry to strengthen training for construction workers, including the part-time “multi-skilled” short course launched last year, and provide subsidies to encourage construction workers enhancing trade skill to improve their employability. Besides, the Construction Industry Council will strengthen employment matching services, including physical job fairs as well as online platform for job and training course matching, so as to facilitate construction workers’ access to information on vacancies and training opportunities.
 
(3) The LD launched the Re-employment Allowance Pilot Scheme (REA Scheme) on July 15 last year to encourage persons aged 40 or above who have not been engaged in paid work for three consecutive months or more to re-join the employment market. The LD has commissioned service organisations to assist in the implementation of the scheme. Each eligible participant who has worked full-time for 12 months continuously may receive a maximum Re-employment Allowance of $20,000 during the implementation period of the REA Scheme. The REA Scheme has been well-received, with over 50 000 participants and over 27 000 placements recorded as at August this year. The LD welcomes employers who hired the participants of the REA Scheme to join the Employment Programme for the Elderly and Middle-aged to uplift the work skills of older and middle-aged persons. Both schemes are complementary and achieve synergy in promoting the employment of older and middle-aged persons.

     The LD is collecting and collating information and data on the participants and placements of the REA Scheme, and planning to conduct a mid-term review in the first quarter of 2026, along with the Employment Programme for the Elderly and Middle-aged, to evaluate the effectiveness of the REA Scheme and map out the way forward, including exploring further measures to promote silver employment.
 
     The Government will continue to closely monitor changes in the economy and employment market, and review and adjust various measures and employment services in a timely manner.

Source: Hong Kong Government special administrative region

Following is a question by the Hon Benson Luk and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (September 25):
 
Question:
 
Electrical products currently supplied in Hong Kong are primarily regulated by the Electrical Products (Safety) Regulation (Cap. 406G) and must be issued a certificate of safety compliance. However, it is learnt that non-compliant electrical products are still sold in the market from time to time, posing potential safety hazards such as fires and electrical leakage accidents. In this connection, will the Government inform this Council:
 
(1) of the number of reports of accidents involving electrical products (including but not limited to fires, electrical leakage and minor explosions) received by the Government in the past five years, as well as the number of casualties in such accidents;
 
(2) of the specific measures put in place to step up monitoring or inspection of non-compliant electrical products in the market;
 
(3) given that according to the web page of the Electrical and Mechanical Services Department (EMSD), members of the public may report unsafe electrical products through channels such as 1823, fax and email, of the number of relevant reports or complaints received by the EMSD and other relevant organisations in the past five years; and
 
(4) whether the Government has specific plans to enhance public knowledge of electrical product safety to facilitate members of the public in choosing compliant electrical products; if so, of the details; if not, the reasons for that?
 
Reply:
 
President,

The Electrical and Mechanical Services Department (EMSD) is responsible for the enforcement of the Electrical Products (Safety) Regulation (Cap. 406G) (the Regulation) of the Electricity Ordinance (Cap. 406), with a view to ensuring the safety of household electrical products. The reply to the question raised by the Hon Benson Luk is as follows:
 
(1) The number of incident cases involving household electrical products and the corresponding numbers of casualties as investigated by the EMSD in the past five years are tabulated as follows:
 

Year	Incident cases	No. of injuries	No. of deaths
2020	36	2	0
2021	46	8	1
2022	50	13	1
2023	51	13	0
2024	50	12	0

(2) The Regulation provides statutory control over all household electrical products supplied in Hong Kong to ensure public safety in terms of the use of these electrical products. According to the Regulation, suppliers of electrical products are required to ensure that household electrical products comply with the applicable safety requirements and have been issued with certificates of safety compliance before they are supplied.
 
The EMSD conducts annual sample checks on household electrical products supplied in Hong Kong. In the past five years, the EMSD conducted sample checks on 26 types for 300 household electrical products supplied in Hong Kong. It also engages third party testing laboratories to conduct testing based on the relevant safety standards. If relevant products are suspected to be in violation of the Regulation, the EMSD will conduct follow-up investigations.
 
Besides, the EMSD conducts inspections at retail stores supplying household electrical products, local e-commerce platforms, and their suppliers. Prosecutions will be carried out against non-compliant household electrical products identified during the inspections. The EMSD has conducted around 19 600 inspections in the past five years, and uncovered about 380 cases of violations of the Regulation with follow-up prosecutions.
 
(3) The numbers of reports on unsafe household electrical products received by the EMSD through various channels in the past five years are tabulated as follows:
 

Year	No. of reports
2020	60
2021	86
2022	65
2023	56
2024	54

(4) The EMSD has been enhancing public awareness of smart purchasing and safe use of household electrical products through various channels. Major measures include:

(a) publishing a new series of posters and leaflets in 2024, which introduce safety tips for commonly-used household electrical products such as air conditioners, electric fans, plugs, adaptors, and extension units;

(b) displaying posters and screening animated advertisements on billboards next to escalators in more than 35 MTR stations, featuring various topics including safety tips for dehumidifiers and reminders on the risk associated with cross-border e-purchasing of electrical products;

(c) conducting visits to around 280 schools and 40 elderly centres between 2022 and 2024 to promote the key points of electrical product safety;

(d) producing TV Announcements in the Public Interest and radio broadcasts, and carrying out advertising campaigns in various media platforms to enhance the promotion of electrical product safety, such as the promotion of smart purchasing of household electrical products and related safety information in online advertisement platforms and price comparison websites;

(e) producing promotional materials on electrical safety in eight languages (including Tagalog, Indonesian, Thai, Nepali, Hindi, Punjabi, Urdu and Vietnamese) on the EMSD website as well as publishing leaflets, with a view to facilitating ethnic minorities to obtain important household safety information (www.emsd.gov.hk/en/electricity_safety/publications/general/index.html#hes);

(f) participating in the Hong Kong Book Fair 2025 and distributing tailor-made handbooks on the safe use of household electrical products to children and their parents visiting the booth; and

(g) continuously collaborating with various departments to promote electrical product safety through various channels including community and outreach activities, such as participating in various district carnivals organised by the Home Affairs Department, as well as the Hong Kong Island Disaster and Emergency Preparedness Day and Fire and Ambulance Services Academy Open Day organised by the Fire Services Department. Game booths were set up in these events to enhance public awareness of electrical product safety.

The EMSD will continue to step up its publicity and education efforts through various channels, with a view to enhancing the promotion of electrical product safety and assisting the public in choosing compliant electrical products.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Sunny Tan and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (September 25):
 
Question:
 
     The Government introduced the Guangdong (GD) Scheme and the Fujian (FJ) Scheme in 2013 and 2018 respectively to enable eligible Hong Kong elderly persons who choose to retire in GD or FJ Provinces to receive an Old Age Allowance or an Old Age Living Allowance without having to return to Hong Kong every year. Regarding support for Hong Kong elderly persons retiring in the Mainland, will the Government inform this Council:
 
(1) given that according to government figures, 26 592 and 2 542 elderly persons had enrolled in GD Scheme and FJ Scheme respectively as at June this year, while data from the Census and Statistics Department and the Fuzhou population census show that in 2020, around 90 000 Hong Kong elderly persons were residing long-term in GD Province and 1 667 in Fuzhou of FJ Province alone, and there are views that the relevant statistics reflect that many Hong Kong elderly persons retiring in GD and FJ Provinces do not intend to apply for the two schemes, whether the Government has examined the reasons behind this; whether it has studied how to enhance complementary policy measures and support to address the concerns of elderly persons, thereby attracting more elderly persons intending to retire in GD and FJ Provinces to apply for the two schemes;
 
(2) as the authorities announced in May this year the extension of the Elderly Health Care Voucher Greater Bay Area Pilot Scheme (EHCV Pilot Scheme) to cover all nine Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and indicated that they would consider implementing the scheme in other locations (such as FJ Province) after assessing the effectiveness of EHCV Pilot Scheme, of the progress of the relevant work; and
 
(3) as the authorities announced in March this year the extension of the Pilot Scheme for Supporting Patients of the Hospital Authority in the GBA (SPHA Pilot Scheme), which enables eligible patients of the Hospital Authority (HA) to receive subsidised consultation services at the University of Hong Kong-Shenzhen Hospital, and the Government has also indicated that it will evaluate the effectiveness of SPHA Pilot Scheme and its scope of services with HA each year and make necessary adjustments in a timely manner, whether the authorities will consider extending SPHA Pilot Scheme to suitable Tier 3 Class A hospitals in other GBA Mainland cities and FJ Province; if so, of the details; if not, the reasons for that?

Reply:
 
President,
 
     In consultation with the Health Bureau, I reply to the Hon Tan’s question as follows:
 
(1) The current portable cash assistance measures include the Portable Comprehensive Social Security Assistance Scheme under the Comprehensive Social Security Assistance Scheme and the Guangdong (GD) Scheme and Fujian (FJ) Scheme under the Social Security Allowance (SSA) Scheme.
 
     In recent years, the Government has continually improved the SSA Scheme, for instance by merging the Normal and Higher Old Age Living Allowances from September 2022 and relaxing the absence limit of SSA Scheme’s pre-application requirement of one-year continuous residence in Hong Kong from September 2023. These enhancements apply to the GD Scheme and FJ Scheme. Over the past three years, the total number of beneficiaries under the GD Scheme and FJ Scheme has risen by approximately 30 per cent: beneficiaries of the GD Scheme increased from 19 509 in 2021-22 to 26 077 in 2024-25; and beneficiaries of the FJ Scheme increased from 1 963 in 2021-22 to 2 510 in 2024-25.
 
     Hong Kong elderly persons who are planning to retire or have already retired in the GD and FJ Provinces decide on whether to join the GD Scheme or FJ Scheme based on their individual circumstances with varying reasons. The Government does not have relevant information in this regard.

     To assist Hong Kong elderly persons in understanding the above Schemes, the Social Welfare Department (SWD) appoints agents to publicise and promote the Schemes through multiple channels, including putting in place thematic webpages, setting up mobile outreach stations, distributing promotional leaflets and organising sharing sessions. The SWD also provides electronic forms to facilitate online applications by the elderly. If an elderly person is unable to return to Hong Kong for health reasons, the SWD’s agents will conduct home visits on the Mainland to help him/her complete the application. The SWD and its agents will continue to promote the Schemes to eligible elderly persons and assist in their applications.
 
(2) The Government launched the Elderly Health Care Voucher Greater Bay Area Pilot Scheme in 2024, offering more convenience and flexibility to eligible Hong Kong elderly persons by providing more service points in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) for them to better use their Elderly Health Care Vouchers (EHCVs) on primary healthcare services to improve health conditions. Since June 2024, the Government has extended the coverage of EHCVs by phases to seven integrated medical/dental institutions in the Mainland cities in the GBA, covering Guangzhou, Zhongshan, Dongguan and Shenzhen. In May this year, the Government announced an extension of the Pilot Scheme to include 12 additional medical institutions for full coverage of nine Mainland cities in the GBA and the goal was fully achieved in August. Together with the two existing service points operated by the University of Hong Kong-Shenzhen Hospital (HKU-SZH), eligible elderly persons can use their EHCVs at a total of 21 service points in the Mainland cities in the GBA, benefitting more than 1.78 million eligible Hong Kong elderly persons.

     The extension of the Pilot Scheme to full coverage of nine Mainland cities in the GBA marks another milestone in policy innovation and cross-boundary medical collaboration. The Pilot Scheme is still in its initial operation period. We will continue to assess and monitor the operation and usage of EHCVs in the pilot medical institutions and review the effectiveness of the Pilot Scheme in due course before studying further arrangements.
 
(3) Under the Pilot Scheme for Supporting Patients of the Hospital Authority in the GBA, eligible patients of the Hospital Authority (HA) may choose to receive subsidised consultation services at designated collaborating healthcare institution in GBA Mainland cities. The Pilot Scheme aims to provide Hong Kong people with more choices when receiving HA’s services, and is currently applicable to the HKU-SZH. Building on the Pilot Scheme and targeting specific HA services, the Government will explore the introduction of more healthcare choices of receiving services in the Mainland cities in the GBA for patients with follow-up appointments in the HA. Relevant measures will be rolled out once ready. At present, the Government will focus on identifying suitable Mainland healthcare institutions within the GBA and consider various factors such as the quality of healthcare services, cost-effectiveness, as well as cross-boundary laws and regulations, in accordance with the principle of complementarity and mutual benefits with the Mainland.

Source: Hong Kong Information Services

Super Typhoon Ragasa brought hurricane-force winds to many parts of Hong Kong, causing flooding in coastal and low-lying areas due to overtopping waves and storm surges. The steering committee on handling extreme weather, led by Chief Secretary Chan Kwok-ki, swiftly co-ordinated with various government departments to minimise the impact of the typhoon on the public.

This afternoon, Mr Chan visited a site in the Central & Western District affected by fallen trees and a landslide to inspect the clean-up and recovery progress. He then chaired a meeting of the steering committee on handling extreme weather, where he received updates from bureaus and departments, and comprehensively reviewed their emergency response and recovery efforts.

Government departments mobilised all necessary manpower and resources to expedite clearing obstacles from major roads and bus routes. According to current assessments, major roads and public transport are expected to reopen when the Observatory issues the Strong Wind Signal No. 3.

The Security Bureau’s Emergency Monitoring & Support Centre was fully activated more than 24 hours before the Observatory issued the No. 8 Gale or Storm Signal, ensuring the best priorities for emergency decision-making.

The Development Bureau maintained close liaison with works departments and the Buildings Department to deploy resources of contractors to expedite the progress of the recovery work.

As of 5pm, 19 flooding cases were confirmed, of which 14 were resolved by the Drainage Services Department. Once all flooding cases have been resolved, the department will conduct inspections and carry out clearance at about 240 flood-prone locations, as well as examine the drainage conditions of 80 major rivers and drainage channels to ensure their smooth operation.

Regarding the safety of structures, the Buildings Department’s Emergency Control Centre received 25 emergency reports related to signboards and scaffoldings at construction sites, 22 of which were resolved.

Meanwhile, the Geotechnical Engineering Office received four reports of landslides, with two of them involving slope and retaining wall failures caused by fallen trees. The office has arranged for geotechnical engineers to assist relevant departments for follow-up work.

As regards fallen trees, the Development Bureau had, for the purpose of enhancing efficiency, identified some 50 plots of government land for government departments’ temporary storage of fallen trees and debris before they can be sent to landfills for disposal.

Separately, the Fire Services Department handled 143 reports of people trapped in lifts, 454 reports from automatic fire alarm systems, 393 reports of fallen trees, and two reports of landslides. In 16 flooding incidents, assistance was also provided to 61 people to get them to safe places.

Furthermore, as of 5pm, the Highways Department received around 1,620 reports of road incidents. Its emergency response teams had also been mobilised to remove fallen trees and obstructions on roads, clear debris-clogged roadside drains and channels, as well as carry out emergency cordoning-off and urgent repair works for collapsed slopes. The 16 pedestrian subways along Shing Mun River, Lam Tsuen River and Tai Po River, which had been temporarily closed due to inclement weather, were reopened starting from 5pm.

Additionally, during the tropical cyclone, the Home Affairs Department and district offices had 50 temporary shelters in operation, accommodating a total of about 900 residents.

The steering committee on handling extreme weather emphasised that government staff will continue to fulfil their duties, working together with various sectors to fully engage in community recovery efforts and provide appropriate support to those in need. 

Source: Hong Kong Government special administrative region

     The Transport Department (TD) today (September 25) said that special traffic and transport arrangements will be implemented to facilitate the holding of concerts at Kai Tak Stadium on the evenings of September 27 and 28. As traffic in the vicinity of the Kai Tak Sports Park (KTSP) is expected to be heavy, concertgoers should opt for public transport and avoid driving or taking private cars (including cross-boundary private cars).

     The TD has co-ordinated with local and cross-boundary public transport operators to strengthen their services during dispersal. The MTR will enhance the frequency of trains on the Tuen Ma Line. The last MTR train to Lo Wu Station via interchanging at Tai Wai Station on the East Rail Line will depart from Sung Wong Toi Station at 10.59pm and Kai Tak Station at 11.01pm. Franchised bus companies will provide 11 special bus routes at the Sung Wong Toi Road Pick-up/Drop-off Area (PUDOA) to Lok Ma Chau (San Tin) Public Transport Interchange (route No. SP12), the Hong Kong-Zhuhai-Macao Bridge Hong Kong Port and Airport (route No. A25S), and major districts across the territory.

     Concertgoers who plan to return to the Mainland on the same day may also take the KTSP’s cross-boundary coach services during dispersal. Passengers should purchase tickets from the operators’ online platforms in advance. On-site ticket sales will not be available during dispersal.

     The Kai Tak Stadium Taxi PUDOA will be open. The Sung Wong Toi Road PUDOA will be open for taxi drop-off only during admission (2pm to 6.30pm) and suspended for taxi pick-up/drop-off during dispersal. The expected waiting time will be longer amid the outflux of spectators, and passengers’ patience is appreciated.

     Spectators are advised to heed real-time information via the on-site broadcast and the “Easy Leave” platform (easyleave.police.gov.hk) as well as the latest traffic news through the TD’s website (www.td.gov.hk), the “HKeMobility” mobile application and radio and television broadcasts.

Source: Republic of China Taiwan

September 21, 2025No. 358Minister of Foreign Affairs Lin Chia-lung visited the Czech Republic, Italy, and Austria from September 11 to 20. In addition to taking part in several events held under the Taiwan Culture in Europe 2025 initiative, he visited the Embassy of the Republic of China (Taiwan) to the Holy See and met with political leaders as well as individuals from the economic, technology, and cultural sectors. Among his interlocutors were Miloš Vystrčil, President of the Czech Senate; Markéta Pekarová Adamová, Speaker of the Czech Chamber of Deputies; Marek Benda, Chair of the Czech Republic-Taiwan Parliamentary Platform; Gian Marco Centinaio, Vice President of the Italian Senate; Lucio Malan, Chair of the Italy-Taiwan Parliamentary Friendship Group; Günther Ruprecht, Vice President of the Austrian Federal Council; Werner Amon, President of the Austria-Taiwan Association, and other prominent Taiwan-friendly parliamentarians. The trip was fruitful and helped to further strengthen the substantive, values-based partnership between Taiwan and Europe while deepening economic, trade, and cultural links.In the Czech Republic, Minister Lin attended the opening ceremony for a special exhibition of items from the collection of Taiwan’s National Palace Museum at the National Museum of the Czech Republic. He also took in a performance of the Taiwanese musical Formosa Roadside Wedding Banquet by the National Chinese Orchestra Taiwan. Traveling to Brno, the Czech Republic’s second-largest city, he visited the Advanced Chip Design and Research Center set up under the Taiwan-Czech Resilience Project. Minister Lin exchanged views with Professor Radek Holý, Principal Investigator of the ACDRC, and Dr. Karel Masařík, Director of the Czech Semiconductor Center. Minister Lin underscored that AI technology was a key to future national development that featured limitless potential and countless business opportunities. He further noted that AI industry cooperation could be considered to be part of the Taiwan-Czech Resilience Project 2.0.In addition, Minister Lin visited the Czech facilities of Inventec and Wistron and commended Taiwan’s enterprises for their investment in the Czech Republic, which were, he said, a cornerstone of bilateral relations. He also gained a deeper understanding of the opportunities and challenges facing Taiwanese businesses operating in the country. Statistics show that Foxconn has long ranked among the Czech Republic’s top three exporters and has created 5,000 jobs—tangible evidence of Taiwan’s achievements in economic and trade diplomacy.On September 17, Minister Lin attended a performance by and reception for the renowned Taiwanese performing arts troupe U-Theatre at the Sala Santa Cecilia in Rome. Such cultural exchanges highlight Taiwan’s resilient spirit. He also participated in an inauguration ceremony and reception to mark the renovation of the premises of the Taipei Representative Office in Italy. Here, he engaged with a number of Italian political leaders. In remarks at the event, Minister Lin emphasized that relations between Taiwan and Italy were built upon shared values and featured close cultural and economic exchanges. Minister Lin also noted that the completion of construction marked the beginning of a new chapter in bilateral ties.Minister Lin then visited the Embassy of the Republic of China (Taiwan) to the Holy See, where he encouraged colleagues to continue working to strengthen bilateral relations. On behalf of the government of Taiwan, he donated €100,000 to the Scalabrini Order in support of the humanitarian spirit emphasized by Pope Leo XIV. Minister Lin further reviewed preparations and previewed exhibits for Gloria: Hsieh Sheng-Min Religious and HOPE Taiwan Art Exhibition, an event held under the Taiwan Culture in Europe 2025 initiative.While in Austria, Minister Lin attended the When East Meets West concert, where he was joined by Hsinchu County Magistrate Yang Wen-ke and Austrian dignitaries in celebrating this cultural milestone. He also visited the Austrian Parliament accompanied by Taiwan-friendly members of parliament, and later attended a banquet with Günther Ruprecht, Vice President of the Federal Council; Werner Amon, President of the Austria-Taiwan Association; as well as Austrian political, business, and cultural leaders. During these exchanges, Minister Lin noted that Taiwan and Austria enjoyed close cooperation in industries such as ICT technology and machinery, and expressed hope that future parliamentary visits and government-to-government exchanges would further elevate bilateral relations.MOFA will continue to advance integrated diplomacy with like-minded European partners to strengthen democratic resilience and build a solid, mutually beneficial alliance based on sharefd values. Through cultural initiatives, Taiwan will seek to deepen its values-based connections with Europe while further expanding bilateral economic, trade, and technology cooperation. On the foundation of shared values, Taiwan and Europe will work together to forge a close democratic partnership that promotes mutual security and prosperity. (E)

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Fixed Income and Currency Forum today (September 25): 

Deputy Governor Zou Lan (Deputy Governor of the People’s Bank of China, Mr Zou Lan), Deputy Director Qi Bin (Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region), Kelvin (Chairman of the Securities and Futures Commission, Dr Kelvin Wong), Eddie (Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue), Julia (Chief Executive Officer of the Securities and Futures Commission, Ms Julia Leung), distinguished speakers and guests, ladies and gentlemen,
 
Good morning. It is my pleasure to join you today at the very first Hong Kong Fixed Income and Currency Forum. While the inclement weather has brought us together in a virtual setting, I am confident that the quality of discussions and exchange of ideas will be no less engaging. This conference promises to be both inspiring and productive.
 
A Strong Foundation amid Global Shifts
 
Hosting this forum in Hong Kong is very timely. This year, Hong Kong has once again captured the attention of global investors. In a world marked by geopolitical tensions and rising unilateralism, international investors are increasingly seeking to diversify their asset allocations. At the same time, Chinese tech enterprises like Deep Seek have inspired renewed optimism about the region’s technological prowess and investment prospects. Capital is flowing in because Hong Kong is both a safe heaven and a market offering superior returns. Our stock market is reflecting this momentum. 

Yet, what is often less highlighted is our fixed income and currency (FIC) market, which also offers compelling prospects. In fact, the Asian international bond market has been flourishing in recent years, with issuance volumes growing on average at 16 per cent per annum over the past 15 years. This far outpaces the global average of less than 4 per cent.

Hong Kong is a leader in this space. Last year, international bond issuance here exceeded US$130 billion. In fact, in 9 out of the past 10 years, Hong Kong topped Asia and captured nearly 30% of the regional market. Even more impressively, 45% of the region’s green and sustainable bonds were arranged by us.

It helps that Hong Kong is the world’s largest offshore RMB hub. We processed over RMB 3 trillion in payments daily in 2024, and maintain the deepest RMB liquidity pool outside the Chinese Mainland. This is becoming a key pillar of Hong Kong’s vibrant foreign exchange market, which now ranks fourth globally.

As RMB gains traction as a trade, investment and reserve currency, global investors are seeking more investment products and risk management tools denominated in RMB. Hong Kong is actively seizing these opportunities.

With the strong support from the Central Authorities, Hong Kong has become the offshore centre for RMB sovereign bonds. The Ministry of Finance has issued RMB sovereign bonds in Hong Kong for 17 years in a row, with cumulative value exceeding RMB 410 billion. Moreover, Mainland provinces and municipalities, such as Hainan, Guangdong and Shenzhen, have also issued bonds here to support their sustainable development. The HKSAR (Hong Kong Special Administrative Region) Government is also increasing the issuance of RMB-denominated bonds, which account for more than 20% of all bonds that we have issued thus far. 

The dim sum bond market in Hong Kong is also thriving, reaching RMB 1 trillion last year, doubling that of 2021. In addition, the diversity of issuers is expanding. A notable example is the RMB 2 billion 3-year bond issued by the Development Bank of Kazakhstan earlier this month. It is the first of its kind by a government in Central Asia. 

These encouraging developments are enriching Hong Kong’s fixed income ecosystem, including the growth of products like fixed income ETFs, the product suite of which is also expanding, providing exposure to US Treasuries, Chinese government bonds, Asian bonds, green bonds, and more. 

Above all, Hong Kong’s FIC market offers a unique value preposition. Under the “one country, two systems” framework, we uphold the free flow of capital and information. Our currency is pegged to the US dollar with a relatively stable exchange rate, and it is freely convertible. At the same time, we have established mutual market access arrangements with the Chinese Mainland. Together, these strengths give global issuers and investors access to deep liquidity in an efficient, familiar and trusted environment. 
 
Breaking New Ground in a Changing Landscape
 
Looking ahead, Hong Kong is committed to building an even more vibrant FIC ecosystem, one that creates lasting value and new opportunities for international issuers and investors. To this end, we are driving forward on three fronts.

First, we are enhancing market infrastructure. This includes strengthening the platforms for custody, management and trading of FIC products, while deepening our connectivity with global financial partners. 

As announced in the Policy Address last week, the HKMA and the Hong Kong Stock Exchange will collaborate to explore centralised asset management and cross-collateralisation of assets on a single platform. Our goal is to develop a globally competitive, multi-asset class custodial infrastructure, presenting investors with the opportunity to better manage their assets and optimise their value. For example, such assets could be collateralised to provide liquidity and enable derivative products to be developed. This arrangement will be made available also to assets under the various mutual market access schemes.

In parallel, the Securities and Futures Commission is exploring the feasibility of creating an electronic bond trading platform to be built and operated by market participants. It is aimed at broadening participation and enhancing market efficiency, transparency and resilience. 

On the international front, we are actively seeking cross-border collaboration on debt securities depository and settlement with more global partners, including the UAE (United Arab Emirates) and Switzerland.

Second, we are strengthening market liquidity and expanding product offerings. We are committed to broadening the FIC product issuer base and encouraging more corporates to raise funds through Hong Kong’s bond market.

One example is the establishment of a commercial repo market and a central counterparty regime, both of which will enhance secondary market liquidity. We are also working to expand the use of offshore Chinese Government bonds as collateral across different clearing houses. In this connection, the HKMA and the SFC will jointly promote the development of a market-based CNH yield curve, particularly at the long end.

The offshore RMB market continues to present significant potential. We are actively providing liquidity support, exploring more use cases of RMB and encouraging the development of RMB-denominated investment and risk management products. As part of such efforts, the HKMA is providing banks in Hong Kong with a trade finance liquidity facility of RMB 100 billion. We will also continue to expand and deepen mutual market access schemes with the Mainland. This will further enrich the product offerings available to both Mainland and international investors.

Third, embracing financial innovation. Tokenisation of real-world assets, including bonds and other financial instruments, is opening up exciting new frontiers in the FIC market.

We are leading by example. Over the past two years, the Government has issued two pioneering tranches of tokenised green bonds, making us the first government in the world to do so. Preparation for a third tranche is already under way and we plan to regularise this.

Another example, of course, is the HKMA’s Project Ensemble, which provides a sandbox to test the tokenisation of traditional financial products, including money market funds and others. The SFC has also been working with the HKMA to promote the wider adoption of tokenisation in the asset management industry.

On the private market side, the SFC authorised Asia’s first batch of three tokenised retail money market funds earlier this year. As of June this year, these three funds reached a combined AUM of US$350 million, with a 74% quarter-on-quarter growth. In July, two more tokenised retail money market funds were approved, further demonstrating the market’s growing appetite for such products.

The Fixed Income and Currency Roadmap
 
Ladies and gentlemen, later today, the SFC and the HKMA will jointly release the Fixed Income and Currency Roadmap, which outlines 10 initiatives across four focus areas: boosting primary market issuance, enhancing secondary market liquidity, expanding offshore RMB business, and building next-generation market infrastructure. 

This roadmap represents a shared commitment between the public and private sectors to reinforce Hong Kong’s role as a premier FIC hub, ensuring that our markets remain competitive, inclusive, and globally connected.

A Call to Collaboration
 
The journey to building a world-class, globally competitive FIC market cannot be undertaken by any one party alone. While the Government and regulators can lay the foundation, it is the market—issuers, investors, and intermediaries—that must bring it to life.

So today, I invite all of you to join us on this journey. Let us work together to unlock the full potential of Hong Kong’s FIC markets, and to shape the future of finance in the region and beyond. 

Thank you once again for joining us at this inaugural FIC Forum. I wish you all a productive, insightful, and rewarding event, and the best of business and health in the time ahead.

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Duncan Chiu and a reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (September 25): 

Question: