Source: Hong Kong Government special administrative region
Following is the speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the Swire Properties White Christmas Street Fair 2025 today (December 11):
Tim (Chief Executive of the Swire Properties, Mr Tim Blackburn), Tammy (Editor-in-Chief of the South China Morning Post, Ms Tammy Tam), distinguished guests, ladies and gentlemen,
Source: Hong Kong Government special administrative region
DH advises public to avoid visiting Tsing Yi Nature Trails to reduce risk of contracting chikungunya fever
Regarding some local cases of CF who visited the Tsing Yi Nature Trails or the surrounding area, the CHP has held an interdepartmental meeting with representatives from the Food and Environmental Hygiene Department (FEHD), the Home Affairs Department, the Drainage Services Department (DSD), the Lands Department, and the Civil Engineering and Development Department, to further confirm measures to strengthen mosquito prevention and control in the vicinity of the Tsing Yi Nature Trails.
The CHP continues to urge individuals who have recently hiked along the Tsing Yi Nature Trails to seek medical attention as soon as possible if they develop relevant symptoms and to call the enquiry hotline (Tel: 2125 2373). All doctors and hospitals in Hong Kong should closely monitor whether their patients present with compatible symptoms and arrange blood tests for those concerned. The CHP’s Public Health Laboratory Services Branch will provide free testing services.
Specifically targeting confirmed cases who visited the Tsing Yi Nature Trails or the surrounding area, the FEHD has been continuously conducting intensive fogging operations to eliminate adult mosquitoes along the hiking trails. At suitable locations, large ultra-low volume foggers have been deployed, and robot dog is being put on trial to enhance operational effectiveness. The FEHD has also set up new mosquito trapping devices, cleared discarded containers and garbage that could bring stagnant water, and applied larvicide oil or larvicides in areas with stagnant water that cannot be removed immediately. The FEHD has been collaborating with the Kwai Tsing District Office, the Lands Department and the DSD to strengthen efforts in eliminating potential mosquito breeding sites along the Tsing Yi Nature Trails. Pamphlets have been distributed to hikers in the area, urging citizens to be vigilant against mosquito infestations and take personal protective measures. The FEHD also held meetings of the interdepartmental task forces on anti-mosquito work across districts, to discuss the latest developments regarding the situation and plan accordingly to co-ordinate relevant departments and stakeholders in strengthening mosquito prevention and control measures in areas under their purview.
Furthermore, the FEHD and relevant departments have comprehensively enhanced the mosquito control operations in Hong Kong since July this year, and this has continued. Among these, the FEHD has conducted vector investigations and targeted mosquito control operations against the imported and local cases. In light of the local cases, the FEHD has immediately conducted follow-up actions, including:
The abovementioned measures will be continued. Furthermore, the Government will further enhance the mosquito control efforts in addition to the existing measures.
Members of the public should use DEET-containing insect repellents or other effective active ingredients properly to prevent mosquito bites, but the following precautions should be taken when using them:
The FEHD also appeals to members of the public to continue to stay alert and work together to carry out mosquito prevention and control measures early, including inspecting their homes and surroundings to remove potential breeding grounds, changing water in vases and scrubbing their inner surfaces, removing water in saucers under potted plants at least once a week, and properly disposing of containers such as empty cans and lunch boxes. The FEHD also advises members of the public and property management agencies to keep drains free of blockage and level all defective ground surfaces to prevent the accumulation of water. They should also scrub all drains and surface sewers with an alkaline detergent at least once a week to remove any mosquito eggs.
The public should call 1823 in case of mosquito problems, and may visit the following pages for more information: the CF page of the CHPIssued at HKT 18:37
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Source: Hong Kong Government special administrative region – 4
The Food and Environmental Hygiene Department (FEHD) today (December 11) released the first batch of gravidtrap indexes and density indexes for Aedes albopictus in December, covering 21 survey areas, as follows:
| District | Survey Area | December 2025 | |
| First Phase Gravidtrap Index | First Phase Density Index | ||
| Eastern | Chai Wan West | 0.0% | N/A |
| North Point | 0.0% | N/A | |
| Southern | Aberdeen and Ap Lei Chau | 0.0% | N/A |
| Deep Water Bay and Repulse Bay | 0.0% | N/A | |
| Wan Chai | Tin Hau | 0.0% | N/A |
| Wan Chai North | 0.0% | N/A | |
| Happy Valley | 0.0% | N/A | |
| Yau Tsim | Tsim Sha Tsui | 0.0% | N/A |
| Mong Kok | Mong Kok | 0.0% | N/A |
| Kowloon City | Ho Man Tin | 0.0% | N/A |
| Kai Tak North | 2.7% | 1.0 | |
| Sai Kung | Tseung Kwan O West | 0.0% | N/A |
| Sha Tin | Tai Wai | 0.0% | N/A |
| Sha Tin East | 0.0% | N/A | |
| Ma On Shan | 1.6% | 1.0 | |
| Sha Tin Town Centre and Fo Tan | 0.0% | N/A | |
| Tai Po | Tai Po East | 0.0% | N/A |
| North | Sheung Shui | 0.0% | N/A |
| Yuen Long | Tin Shui Wai | 0.0% | N/A |
| Tuen Mun | Tuen Mun South | 0.0% | N/A |
| Tsuen Wan | Ma Wan | 0.0% | N/A |
　
Among the first batch of First Phase Gravidtrap Indexes covering 21 survey areas in December, all were below 10 per cent.
Among these 21 survey areas, 20 recorded a decrease or remained unchanged in the individual gravidtrap index as compared to the Area Gravidtrap Index last month, i.e. November 2025, representing that the areas’ mosquito infestation improved or maintained a low level. Another area recorded a slight increase, but the index was lower than 10 per cent.
The eggs of Aedes albopictus can withstand long periods of desiccation and will hatch when the temperature becomes suitable and water is present. Members of the public should continue to take mosquito control measures during winter to eliminate mosquito eggs.
Public participation is crucial to the effective control of mosquito problems. The FEHD appeals to members of the public to continue to work together in strengthening personal mosquito control measures, including:
Starting in August this year, following the completion of the surveillance of individual survey areas, and once the latest gravidtrap index and the density index are available, the FEHD has been disseminating relevant information through press releases, its website, and social media. It aims to allow members of the public to quickly grasp the mosquito infestation situation and strengthen mosquito control efforts, thereby reducing the risk of chikungunya fever (CF) transmission.
​Following the recommendations from the World Health Organization and taking into account the local situation in Hong Kong, the FEHD sets up gravidtraps in districts where mosquito-borne diseases have been recorded in the past, as well as in densely populated places such as housing estates, hospitals and schools to monitor the breeding and distribution of Aedes albopictus mosquitoes, which can transmit CF and dengue fever. At present, the FEHD has set up gravidtraps in 64 survey areas of the community. During the two weeks of surveillance, the FEHD will collect the gravidtraps once a week. After the first week of surveillance, the FEHD will immediately examine the glue boards inside the retrieved gravidtraps for the presence of adult Aedine mosquitoes to compile the Gravidtrap Index (First Phase) and Density Index (First Phase). At the end of the second week of surveillance, the FEHD will instantly check the glue boards for the presence of adult Aedine mosquitoes. Data from the two weeks of surveillance will be combined to obtain the Area Gravidtrap Index and the Area Density Index. The gravidtrap and density indexes for Aedes albopictus in different survey areas, as well as information on mosquito prevention and control measures, are available on the department’s webpage (www.fehd.gov.hk/english/pestcontrol/dengue_fever/Dengue_Fever_Gravidtrap_Index_Update.html#).
Source: Hong Kong Government special administrative region – 4
The Cultural and Creative Industries Development Agency (CCIDA) under the Culture, Sports and Tourism Bureau led an industry delegation to participate in UnitedXR Europe 2025 in Brussels, Belgium, from December 8 to 10 (Brussels time).
Sponsored by CCIDA, the Hong Kong Pavilion at UnitedXR Europe showcased Hong Kong’s innovative capabilities of 20 Hong Kong digital entertainment companies in extended reality (XR), virtual reality (VR) and artificial intelligence (AI) technologies across gaming, training and education, animation, art-tech, and immersive experiences. During the exhibition period, CCIDA also organised a series of exchange activities, business meetings and company visits to enable the exhibiting Hong Kong companies to explore business and collaboration opportunities with their international counterparts and to enhance their understanding of the European XR market and industry development trends.
Speaking at the opening ceremony of the Hong Kong Pavilion on December 9 (Brussels time), the Commissioner for Cultural and Creative Industries, Miss Drew Lai, remarked that CCIDA is dedicated to supporting local creative talent in applying leading XR technologies to Hong Kong’s creative industries, as well as engaging and collaborating with XR ecosystems worldwide. The Hong Kong Pavilion at UnitedXR Europe not only presents Hong Kong’s cutting-edge technologies and creative applications in digital entertainment but also demonstrates its commitment to advancing creative technologies and strengthening Hong Kong’s connections with Europe and the global community.
The Hong Kong Pavilion is also supported by the Hong Kong Economic and Trade Office in Brussels. The Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung, also attended the opening ceremony.
UnitedXR Europe this year combines the Augmented World Expo EU and Stereopsia for the first time to launch Europe’s leading XR event. For more information about UnitedXR Europe 2025 and the Hong Kong Pavilion, please visit unitedxr.eu/ and www.hkpavilion.com/ respectively.
Source: Hong Kong Government special administrative region
Enforcement collaboration between HKMA and SFC – SFC reprimands and fines EFG Bank AG HK$10.85 million for regulatory breaches and internal control failures
The SFC’s investigation stemmed from a self-report from EFG and a referral of findings from the Hong Kong Monetary Authority (HKMA) (Note 3).
Regarding product due diligence, EFG failed to take into account special features of various products when conducting such assessment on 322 bonds and update its internal policies to reflect regulatory changes in a timely manner. It also failed to ensure that sufficient information and warning statements relating to the distribution of certain complex products were provided to customers before or at the point of each transaction.
As for record keeping and late reporting, EFG failed to keep product due diligence records for 141 bonds, and it did not immediately report to the SFC its product due diligence failures when it first suspected of them in July 2020 (Note 4).
In deciding the sanctions, the SFC took into account all relevant circumstances, including:
A copy of the Statement of Disciplinary Action (appended with a list of the 351 products) is available on the SFC website
Note 1: This press release is issued jointly by the SFC and the HKMA.
Note 2: EFG is registered to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance.
Note 3: The HKMA referred its findings to the SFC following an investigation into EFG’s self-report on its product due diligence failures.
Note 4: Contrary to the Code of Conduct for Persons Licensed by or Registered with the SFC and the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC.
Note 5: The ECHP is designed to ensure that EFG conducts an intensive review into the relevant transactions to ensure that complaints are resolved in a fair and reasonable manner. According to an impact assessment by EFG, it might have failed to take into account special features for 351 products when conducting product due diligence during the Relevant Period. EFG shall apply the ECHP to any complaints which may be made by customers who have acquired any of these 351 products during the Relevant Period.
Issued at HKT 16:40
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Source: Hong Kong Government special administrative region – 4
The total gross value of construction works (GVCW) performed by main contractors in the third quarter of 2025 decreased by 1.5% in nominal terms over a year earlier to $73.4 billion, according to the provisional results of the Quarterly Survey of Construction Output released today (December 11) by the Census and Statistics Department (C&SD).
After discounting the effect of price changes, the provisional results showed that the total GVCW performed by main contractors decreased by 5.5% in real terms over the same period. GVCW in real terms is derived by deflating the corresponding nominal value with an appropriate price index to the price level in the base period of 2000.
Analysed by type of construction works, the GVCW performed at private sector sites totalled $16.9 billion in the third quarter of 2025, down by 18.1% in nominal terms over a year earlier. In real terms, it decreased by 20.8%. The GVCW performed at public sector sites increased by 7.7% in nominal terms over a year earlier to $34.1 billion in the third quarter of 2025. In real terms, it increased by 2.0%.
The GVCW performed by main contractors at locations other than construction sites amounted to $22.4 billion in the third quarter of 2025, slightly up by 0.7% in nominal terms compared with a year earlier. In real terms, however, it slightly decreased by 0.4%. Construction works at locations other than construction sites included minor new construction activities and decoration, repair and maintenance for buildings; and electrical equipment installation and maintenance works at locations other than construction sites.
Analysed by major end-use group, the GVCW performed at construction sites in respect of residential buildings projects amounted to $21.3 billion in the third quarter of 2025, slightly up by 0.9% in nominal terms over a year earlier. Over the same period, the GVCW performed at construction sites in respect of transport projects down by 32.3% in nominal terms to $7.6 billion in the third quarter of 2025.
On a seasonally adjusted quarter-to-quarter basis, the GVCW performed by main contractors increased by 1.8% in nominal terms and 0.1% in real terms in the third quarter of 2025 compared with the second quarter of 2025.
Table 1 shows the provisional figures on the GVCW performed by main contractors in the third quarter of 2025. Table 2 shows the revised figures for the second quarter of 2025.
Owing to the widespread sub-contracting practices in the construction industry, a construction company can be a main contractor for one contract and a sub-contractor for another contract at the same time. The GVCW performed by main contractors covers only those projects in which the construction company takes the role of a main contractor, but not projects in which it takes only the role of a sub-contractor. However, sub-contractors’ contribution to projects should have been included in the GVCW performed by main contractors for whom they worked.
The classification in the construction sector follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the “Report on the Quarterly Survey of Construction Output”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1090002&scode=330).
For enquiries about the survey results, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD (Tel: 3903 6965; email: building@censtatd.gov.hk).
Source: Hong Kong Government special administrative region – 4
The Hong Kong Museum of Art (HKMoA), upon invitation from the Hong Kong Arts Development Council (HKADC), is collaborating with the HKADC for the first time to participate in the Collateral Event of the 61st International Art Exhibition – La Biennale di Venezia in Venice, Italy, from May to November 2026. The HKMoA and the HKADC will jointly present selected works of Hong Kong artists Kingsley Ng and Angel Hui at the exhibition to showcase Hong Kong’s artistic diversity on the international stage.
Curated by the HKMoA, the exhibition explores the poetic rhythms of everyday life, engaging in a dialogue with the curatorial theme “In Minor Keys” of the 61st International Art Exhibition – La Biennale di Venezia. Drawing on familiar yet fleeting moments from daily life in Hong Kong, the exhibition guides visitors on a journey of self-discovery within the flow of life.
Born and raised in Hong Kong, the two participating artists excel in drawing inspiration from Hong Kong’s cultural context and quotidian experiences, reinterpreting daily-life rhythms and aesthetics through varied mediums such as light, sound and installation. Ng, an established media artist, is known for his poetic, site-specific installations that extend the viewer’s perceptions of life. His works have been presented extensively in notable exhibitions locally and internationally. Hui, a promising emerging artist, is skilled at integrating traditional Chinese cultural elements with contemporary artistic language, recreating everyday objects to evoke cross-cultural artistic possibilities. Together, the two Hong Kong artists, as keen observers of the nuances of urban daily life, are transforming their reflections into creative inspirations for connecting Hong Kong and Venice – two international metropolises from various perspectives, thereby demonstrating the vitality and accomplishment of Hong Kong art to the international audience.
Established in 1895, the International Art Exhibition – La Biennale di Venezia is the world’s oldest international exhibition of contemporary visual arts. In each edition, some 100 countries and regions join the national pavilions and collateral events. Since 2001, the HKADC has been participating in the International Art Exhibition – La Biennale di Venezia through a collateral event, aiming to promote Hong Kong’s art development as well as cultural exchanges at international art platforms.
To foster broader participation from fellow art practitioners and create opportunities for Hong Kong artists to advance their careers on the international stage, the selection of artists to participate in the exhibition was guided by a nomination and assessment process. The HKMoA had invited nominations from local tertiary institutions as well as professional art organisations. Artists or artist collectives directly commissioned by the museums and offices of the Leisure and Cultural Services Department (LCSD) in recent years were also included. The nomination list covered over 200 artists. A professional selection panel then shortlisted artists for the HKMoA’s final consideration. The HKMoA has selected Ng and Hui from the shortlist.
The curatorial team of the HKMoA is deeply honoured to be curating the Hong Kong Exhibition at the International Art Exhibition – La Biennale di Venezia. Established in 1962, the HKMoA is the city’s first public art museum. For over six decades, it has been committed to collecting and promoting Hong Kong art, as well as fostering strong collaborative relationships within the sector. It has built up a wide network and extensive experience, nurturing the growth of local artists and actively fulfilling its role as “the art museum of Hong Kong”. The HKMoA expressed hope that, by joining hands with the two artists, representative Hong Kong art will be impressively brought onto the global stage.
The members of the selection panel are: Guest Professor of School of Intermedia Art of the China Academy of Art Professor Johnson Chang; Museum Expert Adviser of the LCSD Dr William Lim; Senior Advisor of the Mori Art Museum, Japan, Mr Fumio Nanjo; the Chairman of the Museum Advisory Committee of the LCSD, Professor Douglas So; Professor Wang Huangsheng from the Central Academy of Fine Arts; the Museum Director of the HKMoA, Dr Maria Mok; and the Curator (Modern and Hong Kong Art) of the HKMoA, Ms Prudence Ma.
The Hong Kong Exhibition at the 61st International Art Exhibition – La Biennale di Venezia is presented by the LCSD and the HKADC and organised by the HKMoA and the HKADC. It will be held in Venice, Italy (Campo della Tana, Castello 2126, 30122), from May 9 to November 22, 2026.
For details of the two participating artists, please refer to the Annex.
Source: Hong Kong Government special administrative region – 4
Hong Kong Customs detected two suspected smuggling cases involving two river trade vessels on November 19 and 20 respectively. A large batch of suspected smuggled goods with a total estimated market value of about $75 million was seized.
Through intelligence analysis and risk assessment, two river trade vessels departing from Hong Kong for Macao were selected for inspection on the abovementioned dates. Upon examination, Customs officers aboard the vessels found a large batch of suspected smuggled goods, including suspected pharmaceutical products, suspected scheduled endangered mobula plate gills and plants, dried seafood, cigars, and electronic products.
Investigations are ongoing. The likelihood of arrests is not ruled out.
Being a government department primarily responsible for tackling smuggling activities, Customs has long been combating various smuggling activities at the forefront. Customs will keep up its enforcement action and continue to resolutely combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to crack down on relevant crimes.
Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.
Under the Protection of Endangered Species of Animals and Plants Ordinance, any person importing, exporting or possessing specimens of endangered species not in accordance with the Ordinance commits an offence and will be liable to a maximum fine of $10 million and imprisonment for 10 years upon conviction with the specimens forfeited.
Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Source: Hong Kong Government special administrative region
Arrangements for registered Chinese medicine practitioners referring patients to services provided by allied health professionals take effect
The Supplementary Medical Professions (Amendment) Ordinance 2025 took effect on July 25, 2025. It renamed the Supplementary Medical Professions Ordinance (Cap. 359 of the Laws of Hong Kong) as the Allied Health Professions Ordinance and made various amendments to the Ordinance, including providing the legal basis for specified allied health professionals to accept referrals from registered Chinese medicine practitioners (RCMPs). To implement the specific arrangements of such referrals, the Chinese Medicine Practitioners Board (CMP Board) of the Chinese Medicine Council of Hong Kong promulgated today (December 11) the Guidelines for Registered Chinese Medicine Practitioners Referring Patients for Diagnostic Imaging and Laboratory Tests (Referral Guidelines) and revised the Code of Professional Conduct for Registered Chinese Medicine Practitioners in Hong Kong (RCMP Code of Conduct). Through establishing clear professional competency requirements and referral principles, the Referral Guidelines and revised RCMP Code of Conduct ensure that RCMPs possess the necessary professional knowledge and skills when making referrals, thereby safeguarding patient safety, further promoting interprofessional collaboration in an orderly manner and enhancing healthcare quality.
RCMPs’ referral of patients for diagnostic imaging and laboratory tests
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The Chinese medicine sector has been exploring how Chinese medicine practitioners can directly utilise modern diagnostic methods to assist in making more accurate diagnoses to serve the practical needs of the Chinese medicine profession while aligning with the best medical interests of patients. For this purpose, the CMP Board established the Medical Referral Working Group in December 2023 to conduct a study on the professional standards required, establish reference standards and guidelines, and propose amendments to the RCMP Code of Conduct. After extensive consultation with various stakeholders (including RCMPs and relevant medical professions and organisations), the CMP Board and its Medical Referral Working Group promulgated today the Referral Guidelines and revised the RCMP Code of Conduct to provide clearer guidance for RCMPs in making such referrals.
The Referral Guidelines set out the basic principles, professional responsibilities, and the necessary knowledge and skills required for RCMPs to refer patients for diagnostic imaging and laboratory tests. RCMPs arranging such referrals must ensure they have met the requirements on professional knowledge and competencies outlined in the Referral Guidelines and followed the practice rules stipulated in the Referral Guidelines when making and managing such referrals.
To safeguard patient safety and best interests, a step-by-step approach will be adopted for implementing the Referral Guidelines. Currently, the Referral Guidelines only apply to referrals for plain X-rays, while the Chinese Medicine Hospital of Hong Kong (CMHHK) will serve as a pilot site, in which RCMPs, when working as members of an attending clinical care team, may refer patients of the hospital to radiographers and/or medical laboratory technologists within the hospital’s clinical care team for other test items in accordance with the hospital’s internal clinical guidelines. The CMP Board expects that the experience obtained through this pilot arrangement at the CMHHK will facilitate future interprofessional discussions to progressively include other commonly used diagnostic imaging and laboratory test items into the Referral Guidelines.
RCMPs’ referral of patients for physiotherapist and occupational therapist services
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In addition, the Ordinance allows physiotherapists and occupational therapists to accept referrals from RCMPs. To this end, the CMP Board is consulting the RCMP and other relevant medical professional sectors on the draft Guidelines for Registered Chinese Medicine Practitioners Referring Patients for Services Provided by Healthcare Professionals, with a view to providing more specific guidance on the basic principles, professional responsibilities, and required professional knowledge and skills involved in such referrals to promote interprofessional collaboration in the long term.
To support the above development, the CMP Board has been closely communicating with the Supplementary Medical Professions Council (SMP Council) and noted that the SMP Council has endorsed the codes of practice for radiographers, medical laboratory technologists, physiotherapists and occupational therapists, enabling them to accept RCMPs’ referral for allied health services, with the revisions also taking effect today (December 11). The CMP Board and the SMP Council will continue to strengthen collaboration on matters relating to RCMPs’ referral for allied health services with a view to promoting the development of interprofessional collaboration.
Issued at HKT 15:01
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Source: Hong Kong Government special administrative region – 4
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKQAA Green and Sustainable Finance Forum Luncheon 2025 today (December 11):
Simon (Chairman of the Hong Kong Quality Assurance Agency (HKQAA), Professor Wong Ka-wo), Professor Sun (Deputy Secretary of the CPC Xi’an Jiaotong University Committee, Professor Sun Zao) distinguished guests, ladies and gentlemen,
Good morning. It is a great honour and pleasure for me to join you today at the HKQAA Green and Sustainable Finance Forum Luncheon 2025. I am very delighted to be here among such a distinguished gathering of industry leaders, experts, and stakeholders committed to advancing sustainable development. Let me begin by acknowledging the excellent theme curated by the HKQAA for this forum: “Fostering the Development of Sustainable Finance and Technology, Promoting Climate Risk and ESG Disclosure”. This theme is timely and relevant amid global challenges including climate change and environmental conservation, emphasising innovative solutions for economic resilience and planetary protection.
I must also take this opportunity to express my appreciation for the outstanding work that the HKQAA has accomplished in the realm of sustainable finance and beyond. The HKQAA has actively participated in shaping international standards for green finance. This agency has launched the Green and Sustainable Finance Certification Scheme, providing credible verification for issuers and building trust in the market. Your support for Hong Kong’s sustainability disclosure roadmap is equally commendable, exemplified by the development of pioneering industry-based technical guidance on climate disclosure. This guidance represents one of the initial global efforts in this area, highlighting Hong Kong’s strengths and leadership in sustainability reporting.
Furthermore, the HKQAA’s initiatives in capacity building, such as offering workshops and digital tools like the GHG (greenhouse gas) Scope 3 Emission Calculator, have been instrumental in preparing the business community for enhanced climate disclosures. All these tools empower companies to measure and manage their environmental impact effectively. In the domain of carbon markets and low-carbon ecosystems, the HKQAA has introduced innovative initiatives in carbon inclusion, event carbon offsetting, and low-carbon transportation infrastructure. These efforts not only support the growth of carbon trading but also contribute to building a comprehensive low-carbon ecosystem.
Turning to the broader landscape, the Central People’s Government has outlined in the 14th Five-Year Plan a commitment to green transformation, aiming to peak carbon emissions before 2030 and achieve neutrality before 2060. Hong Kong aligns with these goals, targeting carbon neutrality before 2050 and a 50 per cent emissions reduction before 2035. Globally, climate finance reached US$1.3 trillion in 2021/22, but is estimated to hit US$9 trillion annually by 2030 and US$10 trillion by 2050. This highlights the demand for green finance, where Hong Kong plays a key role in capital mobilisation.
As a premier international financial centre, Hong Kong is uniquely positioned as a “super connector” linking the Chinese Mainland with global markets. We leverage robust regulatory frameworks, expertise in standards, and connectivity to global capital. Last year, green and sustainable debt issued here exceeded US$84 billion, with bonds at US$43 billion – capturing 45 per cent of Asia’s total, ranking first for seven years since 2018. This success stems from comprehensive government policies working together with the industry, of course also with the HKQAA, to foster green finance, technology integration, and of course disclosure efforts, as highlighted by the theme of this forum.
The Government has been taking the lead to promote green finance. Under the Government Sustainable Bond Programme, we have issued bonds totalling about HK$250 billion equivalent since 2019. Notable issuances include two batches of retail green bonds of HK$20 billion each in 2022 and 2023 – the 2022 issuance being the largest retail green bond globally at the time. At the same time, we have multicurrency green bonds in RMB (Renminbi), USD (US dollars), and euro totalling around HK$45 billion equivalent in 2023, marking the largest ESG (environmental, social and governance) bond issuance in Asia; and innovative tokenised green bonds, including the world’s first multitranche digitally native green bonds last year and a HK$10 billion equivalent issuance last month that integrated tokenised central bank money like e-CNY and e-HKD for settlement.
To incentivise market participation, the Government launched the Green and Sustainable Finance Grant Scheme in 2021 to provide subsidy for eligible bond issuers and loan borrowers to cover part of their expenses on bond issuance and external review services. The Scheme has been extended by three years from 2024 to 2027, with an expanded scope of subsidies to cover transition bonds and loans. These measures encourage relevant industries in the region to make use of Hong Kong’s transition financing platform towards decarbonisation. As of end-November this year, we have granted around HK$410 million to over 640 green and sustainable debt instruments issued in Hong Kong, involving a total underlying debt issuance of over HK$1.3 trillion.
Innovation is at the heart of our strategy, particularly in green fintech. The Green and Sustainable Finance Cross-Agency Steering Group, co-chaired by regulators, launched the Hong Kong Green Fintech Map 2025 in June this year, developed with stakeholders like Cyberport and Invest Hong Kong. This map provides one-stop information on green fintech companies in Hong Kong, enhancing their visibility. And in June last year, we introduced the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme, approving 39 applicants for 60 projects with HK$150,000 grants each to foster commercialisation.
On sustainability disclosure, my bureau FSTB (Financial Services and the Treasury Bureau) launched in December last year the Roadmap on Sustainability Disclosure in Hong Kong. The roadmap sets out Hong Kong’s approach to require publicly accountable entities (PAEs), which are essentially our listing companies, to adopt the ISSB Standards (International Financial Reporting Standards – Sustainability Disclosure Standards). It provides a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028. In June this year, the International Financial Reporting Standards Foundation (IFRS Foundation) published the jurisdictional profiles on adoption of the ISSB Standards and Hong Kong was confirmed as among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards. This demonstrates Hong Kong’s commitment to enhancing the transparency of information on sustainable development in the capital markets, facilitating investors to make investment decisions and promoting global capital flows. My bureau in collaboration with financial regulators and stakeholders will continue to support the pragmatic implementation of the Hong Kong Standards through enhancing capacity building and promoting the use of technological solutions.
Another key topic is about carbon markets, we are extending our efforts to build Hong Kong into an international credible market to connect opportunities across the Mainland, Asia and the rest of the world. The Hong Kong Exchanges and Clearing Limited (HKEX) launched an international carbon marketplace Core Climate in October 2022, which is currently the only carbon marketplace that offers HKD (Hong Kong dollars) and RMB settlement for the trading of international voluntary carbon credits. The number of participants on the platform reached 100 by the end of last year. The HKEX signed a Memorandum of Understanding (MOU) in September this year with Guangzhou Emissions Exchange, Shenzhen Green Exchange and Macao International Carbon Emission Exchange to co-operate in accelerating the carbon markets and green finance ecosystem development across the Greater Bay Area. Under the MOU, the four exchanges will work closely to explore new opportunities in carbon markets and green finance. This collaboration aims to foster deeper dialogue and facilitate the exchange of expertise among the exchanges and markets participants, supporting the development of a robust and vibrant green finance ecosystem across Hong Kong and the Greater Bay Area.
Looking forward, Hong Kong’s leadership in sustainable finance requires unwavering commitment, innovation, and collaboration. This forum, with insights from a lineup of distinguished speakers, will provide visionary perspectives helping us to drive further development. Through partnerships with all stakeholders, we will continue to unlock capital for a greener future, extending beyond Hong Kong to Asia and globally. Thank you once again for having me today and at the same time, to the HKQAA for organising this event. I wish the forum every success and look forward to fruitful discussions and more insights to inform us to make better decisions going forward.
Thank you.