Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region – 4

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

To deepen financial cooperation between the Mainland and Hong Kong, and to meet the demand of residents in both places for secure, efficient and convenient cross-boundary remittance service, the People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) have jointly pushed forward the cooperation between the China National Clearing Center (CNCC) and the Hong Kong Interbank Clearing Limited (HKICL) in linking the faster payment systems in the Mainland and Hong Kong (hereafter referred to as Payment Connect). It is hereby announced that:

1. Payment Connect refers to the linkage between the Mainland’s Internet Banking Payment System (IBPS) and Hong Kong’s Faster Payment System (FPS). It supports real-time cross-boundary payment services for residents in both places, in compliance with relevant laws and regulations of the two places.

2. Payment Connect supports the participating institutions of the faster payment systems in both places to provide convenient remittance services in Renminbi and Hong Kong dollar for residents in both places under the current account. It also supports the participating institutions in both places, on the basis of implementing relevant policies, to provide instant remittance services for salary disbursements, payments of tuition fees and medical bills, as well as other use cases beneficial to the integration of the two places.

3. Payment Connect represents another key measure of the Central Government in supporting the development of Hong Kong. It brings convenience to people’s daily lives, deepens financial cooperation between the Mainland and Hong Kong, and enhances the efficiency and service quality of cross-boundary payments between the two places. It also facilitates economic and trade activities and flow of people, benefits Hong Kong in elevating its competitive edge, and reinforces its position as an international financial centre and a global offshore Renminbi business hub.

4. Under the framework of the Memorandum of Understanding on Cross-Boundary Linkage of Payment Systems between the Mainland and Hong Kong, the PBoC and the HKMA will establish an effective collaboration mechanism for the Payment Connect to ensure the related services are operated in an orderly manner and comply with the respective legal and regulatory requirements in the two places.

5. The CNCC and HKICL, having regard to the operation procedures and risk management principles, will coordinate with participating institutions to provide secure and efficient cross-boundary payment services to residents in both places, ensuring the smooth operation of the system and its transactions, while actively coordinating in resolving issues which may arise.

6. Institutions participating in the Payment Connect shall strictly comply with the relevant laws and regulations on anti-money laundering, counter-terrorist financing, counter-proliferation financing and cross-boundary payment settlement.

7. Payment Connect will be launched on June 22, 2025.

Note: This is a translated version of the official announcement in Chinese.

Source: Hong Kong Government special administrative region – 4

     The Immigration Department (ImmD) carried out repatriation operations from June 18 to today (June 20). A total of 56 unsubstantiated non-refoulement claimants who were illegal immigrants and overstayers were repatriated to their places of origin. The persons removed comprised 28 men and 28 women. Among them were discharged prisoners who had committed criminal offences and had been sentenced to imprisonment as well as former foreign domestic helpers.
 
     The ImmD has been committed to promptly removing unsubstantiated non-refoulement claimants from Hong Kong to maintain effective immigration control and safeguard the public interest. Under the updated removal policy effective from December 7, 2022, the ImmD may generally proceed with the removal of a claimant whose judicial review case has been dismissed by the Court of First Instance of the High Court, thereby enhancing the efficiency of and efforts in removing unsubstantiated claimants.

     Depending on circumstances and needs, the ImmD will remain committed to expediting the removal process and actively maintain close liaison with governments of major source countries of non-refoulement claimants, airline companies and other government departments to repatriate unsubstantiated non-refoulement claimants from Hong Kong as soon as practicable through all appropriate measures.

Source: Hong Kong Government special administrative region

     Following is the speech by the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, at the Canada Day Reception today (June 20):

Consul General Reeves (Consul General of Canada to Hong Kong and Macao, Mr Charles Edwin Reeves), Deputy Commissioner Li Yongsheng (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), distinguished guests, ladies and gentlemen,

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The Permanent Secretary for Development (Works), Mr Ricky Lau, visited the United Arab Emirates (UAE), Qatar and Saudi Arabia in the Middle East from June 15 to 19 to introduce and promote the developments and strengths of Hong Kong’s infrastructure development, learn about the development opportunities of the infrastructure and construction market in the Middle East and strengthen mutual ties and co-operation.
 
In his keynote presentation at the first Abu Dhabi Infrastructure Summit in Abu Dhabi of the UAE on June 17 (Abu Dhabi time), Mr Lau introduced the latest infrastructure developments in Hong Kong, as well as the experience, opportunities and strengths brought by the adoption of innovative technologies in the implementation of infrastructure projects, including proactively promoting high productivity construction methods such as Modular Integrated Construction, spearheading the digital transformation of the construction industry and adopting innovative procurement approaches to consolidate Hong Kong’s position as an international infrastructure centre. During the summit, Mr Lau met with the Director General of the Abu Dhabi Projects and Infrastructure Centre of the Government of the UAE, H.E. Maysarah Mahmoud Eid, to share strategies and initiatives for taking forward infrastructure projects in both places. Both parties will also enhance co-operation in infrastructure development in both places.
 
Mr Lau met with the President of the Public Works Authority of Qatar, H.E. Mohammed bin Abdulaziz Al-Meer, in Doha, Qatar, on June 18 (Doha time). They exchanged views on taking forward infrastructure projects and each learned about the challenges and experience of both places. Both parties plan to sign a Memorandum of Understanding, with a view to strengthening the exchange of professional knowledge and experience in taking forward major infrastructure projects and realising complementary advantages in both places. The areas of collaboration may include the promotion of a public-private partnership approach, collaboration with foreign investment, smart construction and innovative technologies, technical capability building and professional knowledge exchanges, thereby enhancing productivity, cost management and project performance of the construction industry in both places, as well as laying a foundation for seeking further collaboration in the future.
 
    On June 19 (Riyadh time), Mr Lau visited two major development projects, Qiddiya and Diriyah Gate, in Riyadh of Saudi Arabia and met with senior members of the projects to learn about the planning and progress of the work. They also shared experiences in taking forward major infrastructure projects.
 
During his visit to Dubai, Abu Dhabi, Doha and Riyadh, Mr Lau called on local officials, visited major infrastructure development projects and met with industry representatives to exchange views on issues related to infrastructure development, including the achievements of the introduction of advanced construction materials and technologies from the Mainland to Hong Kong. He said that Hong Kong would serve as a “super connector” between the Mainland and the rest of the world, support and take forward the development of the Belt and Road Initiative with a view to making significant contributions to the high-quality development of the country.
 
Mr Lau concluded his visit on June 19 (Riyadh time) and returned to Hong Kong today (June 20).

Source: Hong Kong Government special administrative region

Source: Hong Kong Information Services

Secretary for Commerce & Economic Development Algernon Yau yesterday arrived in Bordeaux, where he met representatives of local technology startups and attended the Bordeaux Wine Festival.

On arriving in the French city, Mr Yau held a business roundtable involving representatives of startup network La French Tech Bordeaux, and Bordeaux-based technology startups. He briefed them on Hong Kong’s startup ecosystem and business-friendly environment for startups and entrepreneurs.

He emphasised that the Hong Kong Special Administrative Region Government is firmly committed to positioning Hong Kong as a leading innovation and technology hub where startups play a pivotal role.

The commerce chief encouraged Bordeaux’s startup community to expand operations into Hong Kong, leveraging the city’s strategic position as a gateway to the vast markets on the Mainland and elsewhere in Asia.

Mr Yau also paid a courtesy call on Bordeaux Mayor Pierre Hurmic, and briefed him on Hong Kong’s latest initiatives to drive economic development, including its reduction of liquor duty.

The two officials also exchanged views on forging closer bilateral relations with regard to startups and the wine and liquor industries.

Mr Yau’s Thursday engagements concluded with his attendance at the Bordeaux Wine Festival, France’s leading wine event. 

Source: Hong Kong Information Services

Overall consumer prices rose 1.9% year on year in May, a slightly smaller increase than the 2% recorded in April, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, underlying inflation was 1%, also smaller than that in April.

Compared with a year before, price increases were recorded in May in the following categories: electricity, gas and water; housing; transport; miscellaneous services; meals out and takeaway food; miscellaneous goods; and alcoholic drinks and tobacco.

Meanwhile, year-on-year decreases were logged in clothing and footwear; durable goods; and basic food.

The Government said consumer price inflation has stayed modest in recent months, with price pressures on various major components being contained in general.

It expects that overall inflation should remain modest in the near term, with pressures from domestic costs and external prices staying broadly in check. 

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region