Category: MIL-OSI

Source: Hong Kong Information Services

Financial Secretary Paul Chan

Reflections from Davos

Ladies and gentlemen, we are living through an era of profound complexity and transformation. Having just returned from the World Economic Forum in Davos, I can attest to the deep sense of reflection shared among global leaders. While opinions may diverge on many fronts, there is a striking convergence on one point: the world is becoming increasingly unfamiliar. Longstanding allies stand at the risk of becoming adversaries. The very principles that underpin the international order for eight decades – sovereignty, territorial integrity, and the authority of the United Nations – are being openly denounced.

Some speak of the end of the rules-based international order. Others push for Europe’s independence. Yet the underlying message is clear: countries are reassessing their economic and security relationships, seeking to build strategic resilience, and adapting to a more fragmented global environment.

A key theme emerging from Davos was diversification – across trade, supply chains and finance. Faced with growing uncertainty, economies are striving to forge new partnerships and gain access to alternative markets.

China’s opportunities

It is against this backdrop that China’s role becomes particularly relevant.

In a world marked by volatility and unilateralism, China offers a high degree of stability and predictability. At the World Economic Forum, Vice Premier He Lifeng reaffirmed China’s unwavering commitment to openness and co-operation, emphasising that reform and opening-up remain fundamental pillars of national policy. He also reiterated China’s support for free trade, multilateralism, and mutual respect.

These are not aspirational statements. They signal policy continuity and consistency, qualities that are vital for global investors and businesses.

Looking ahead, China’s development will continue to create substantial opportunities for the world. Two areas are particularly notable.

First, China’s medium-to-long-term growth trajectory remains solid and resilient. Its economy met its 5% growth target last year, averaging 5.4% during the 14th Five-Year Plan period, and accounted for around 30% of global gross domestic product (GDP) growth.

The central authorities’ focus is now on stimulating domestic demand as a key driver of sustained growth. As the middle-income population expands, so too does the appetite for high-quality goods and services. It has made clear that foreign products and services are welcome. And in fact, China has been organising the China International Import Expo since 2018. This is creating considerable opportunities for international businesses.

Second, China is placing strategic emphasis on technological advancement. In the recommendations for the upcoming 15th Five-Year Plan, science and technological self-reliance are at the forefront of national development. China’s growing capabilities in articial intelligence (AI), robotics and biotechnology have already captured global attention – and this momentum will only accelerate. With a strong focus on integrating technological and industrial innovation, China is determined to lead in critical technologies that will define the future global economy.

Together with a growing Southeast Asia, this part of the world is becoming a vital source of growth, innovation, as well as business and investment opportunities.

Hong Kong’s value proposition

This naturally brings us to Hong Kong. What is our role in this evolving landscape? And what is our value proposition?

We believe Hong Kong’s significance will only grow. Hong Kong is very much the gateway for the world to access China’s and Asia’s opportunities, and vice versa. We have convenient and often priority access to the Mainland market, while maintaining all the characteristics that define us as an international metropolitan city: the common law system; a judiciary exercising powers independently; free flow of capital, goods, people and information; a low and simple tax system; a currency pegged to the US dollar; and more. As a free port, Hong Kong remains steadfastly committed to free trade and supportive of a rules-based multilateral trading system.

In a world where economies are reconfiguring value chains and seeking more resilient, diversified partnerships, Hong Kong stands out as a reliable, trusted, resourceful and well-positioned partner, bridging the Mainland and the world.

In the realms of finance, allow me to highlight two key specific areas that may be of interest to you.

Two-way funding platform

First, our role as the premier two-way international fundraising platform. Our stock market had a strong performance in the past two years, and in fact topped the initial public offering (IPO) league table last year. It continues to attract significant international interest, with more than 400 companies currently in the IPO pipeline. Many of them are Mainland enterprises engaged in frontier technologies and advanced manufacturing. These companies are choosing Hong Kong to fund and support their global expansion and supply chain diversification. A notable example is CATL, which launched the world’s then largest IPO in Hong Kong last year to fund its expansion into Hungary.

In other words, Hong Kong serves as a gateway for global investors to access China’s innovation-driven opportunities.

At the same time, we are working to bring more global companies to the Hong Kong market. For those exploring listing venues beyond the US, Hong Kong offers a compelling choice. Our secondary market is deep, liquid and international. Statistics show that approximately 50% of capital in our stock market comes from global institutional investors, 25% from Mainland Southbound flows, and another 25% from local institutional and retail investors. That is to say, by listing in Hong Kong, companies can gain access to both international and Mainland capital.

Hong Kong is indeed emerging as a listing hub for companies from across the globe. To drive this forward, the Hong Kong Stock Exchange has since 2023 expanded its list of recognised exchanges for dual primary or secondary listings – now covering 20 markets, including those in the Middle East and the Association of Southeast Asian Nations (ASEAN). In fact, recently, issuers from Thailand, Indonesia, Kazakhstan, Singapore, and the United Arab Emirates (UAE), have chosen Hong Kong as their platform to access global capital.

We are also strengthening connectivity with other markets through mutual listing of exchange-traded funds (ETFs) that invest in each other’s market, providing investors with more choices. For example, Hong Kong and Saudi Arabia each have listed two ETFs tracking each other’s markets. We are also working with Korea on similar arrangements.

Offshore RMB business hub

The second area is our position as the world’s leading offshore renminbi (RMB) business hub. This is particularly relevant today, as the use of RMB continues to grow globally – driven by two key forces.

First, the reconfiguration of global supply chains. As more Chinese enterprises expand overseas and deepen co-operation with international partners, the cross-border use of the RMB is naturally increasing.

Second, the growing demand for diversification. RMB assets tend to have a lower correlation with traditional global markets, making them an appealing option for investors seeking to manage risk.

Besides, China currently accounts for around 13% of global trade, but the RMB currently represents just 3 to 4% of global payments via SWIFT. The potential for further expansion is significant, especially at a time when the US dollar is being weaponised.

Hong Kong is expanding its offerings in RMB-denominated investment and risk management products, strengthening the related infrastructure, and enhancing its market liquidity. These efforts are creating more investment channels for international holders of the currency, and supporting the prudent internationlisation of the RMB.

Concluding remarks

Ladies and gentlemen, let me conclude by reflecting on Hong Kong’s enduring role in a rapidly changing world.

Hong Kong has always thrived as an open, transparent and outward-looking financial and commercial hub. We believe that prosperity is built not by erecting barriers, but by building bridges – bridges that connect capital with innovation, East with West, and ideas with impact.

At a time of global fragmentation, Hong Kong will continue to remain open for business, welcome partners from around the world to join us in shaping the future of Asia – and the world at large.

Financial Secretary Paul Chan gave these remarks at the Asian Financial Forum Keynote Luncheon on January 26.

Source: Hong Kong Information Services

The independent committee set up in relation to the fire at Wang Fuk Court in Tai Po announced today that it is inviting members of the public and organisations to provide information on the causes and circumstances that led to the fire, its rapid spread and related issues.

People wishing to provide information from 10am tomorrow to 11.59pm on February 10 may complete and submit an electronic form online or download and print a physical form. The completed physical form can be submitted by email, faxed to 2333 1302, or mailed to the Secretariat of the Committee at 10/F, Immigration Tower, 7 Gloucester Road, Wan Chai, Hong Kong.

Source: Hong Kong Information Services

Chief Executive John Lee

It is a great pleasure to be with you today – and so many of you, I am delighted to see. Over these next two days, more than 3,600 are expected – high-profile finance and business leaders, visionary investors and entrepreneurs, senior policymakers, academics, economists and many other respected decision-makers, from more than 60 countries and regions.

The inaugural Global Business Summit is among the many highlights of this year’s forum. Designed to encourage deeper financial and industrial co-operation, it will be held throughout tomorrow, day two of the AFF (Asian Financial Forum).

Both days, with their panel discussions, plenaries, thematic workshops, fireside chats and other sessions, are organised under the tagline “Finance Empowering Business” and overall theme, “Co-creating New Horizons amid an Evolving Landscape”. Featuring more than 150 prominent speakers, from Hong Kong, throughout the Asian region, and around the world, the forum will inspire insight and innovation, create partnerships and explore fresh business opportunities.

I can’t think of a better way to ring in this New Year, with its daunting issues and, yes, its boundless opportunities.

Speaking of “boundless opportunities”, allow me a few minutes to update you on Hong Kong, what we are doing and what we are planning to realise our far-reaching financial and business promise.

It begins with “one country, two systems”, the unique principle that assures us of the unwavering support of China, our country, while continuing to expand our global markets and reach. This unparalleled positioning solidifies our institutional strengths: the rule of law, a judiciary that exercises its power independently, an open and transparent market, the free flow of capital and a low and simple tax regime.

These have ensured Hong Kong thrives as a top destination for enterprises that seek to grow and develop, in an environment that is safe and convenient to do business. You don’t just have to take my word for it.

Ladies and gentlemen, as we welcome the New Year, I am pleased to announce to you all, a truly international audience, that Hong Kong has made unprecedented achievements in the past year in attracting quality businesses to our city.

According to our annual survey, the number of foreign- and Mainland-affiliated companies in Hong Kong was 11,070 in 2025, which is up 11% from the year before. That is a record-high number of firms with their parent companies located outside Hong Kong.

We have seen a robust growth of companies coming from a wide range of places. For example, those from Singapore, France, Australia, the US and Switzerland have all risen by over 11%. Companies from countries in ASEAN (the Association of Southeast Asian Nations) and the Middle East have also grown by some 10% and 5%, respectively. Meanwhile, Mainland Chinese companies here have grown a whopping 17%. Together, these enterprises from around the world hired nearly 510,000 people – more than half a million – in Hong Kong, up 3% from 2024.

We do more than bringing in companies – we are also good at nurturing them. Last year, the number of startups in Hong Kong grew to over 5,200, again a record-breaking high, and up 11% from 2024. Our startups hired nearly 20,000 people in Hong Kong; that is a 12% growth year on year. And like our companies, our non-local entrepreneurs come from a large variety of places, with half of them coming mainly from the UK, the US, France and different Asian countries, and the other half from the Mainland.

The encouraging results represent more than a vote of confidence in Hong Kong by these businesses and entrepreneurs. They also mean our solid efforts in facilitating business establishment and operation, and in creating an enabling ecosystem for startups, are bearing fruit. 

As you would know, companies turn to Hong Kong for many reasons – but our prowess as a financial hub is certainly a key factor. Hong Kong’s financial regulatory system is robust, and our financial market stands out for its deep liquidity, innovative products and world-class investor protection. We also boast a highly educated workforce, a welcoming environment for global talent and transparent financial regulations aligned with international standards. 

These strengths are widely recognised. We ranked third, globally, and first in Asia, in the most recent Global Financial Centres Index. And we placed third in the 2025 World Competitiveness Yearbook, up two places over the previous year.

Over the past year, we introduced a series of measures to enhance Hong Kong’s listing mechanism and stock market. The results are clearly encouraging: the Hang Seng Index surged about 30% last year, while average daily turnover rose to over US$32 billion. 

And Hong Kong ranked No.1 in the world last year in initial public offerings, raising some US$36 billion.

Hong Kong has long been recognised as a hub for asset owners and family offices. At the end of 2024, we managed more than US$4.5 trillion in assets, 11 times our GDP – a year-on-year growth of 13%.

More than 200 family offices had set up operations or expanded their business here by the end of 2025. And we are working to welcome at least 220 more family offices to establish operations or expand their business in Hong Kong by 2028.

As the world’s largest offshore renminbi business hub, Hong Kong processes about three quarters of global offshore renminbi payments and has the largest offshore renminbi liquidity pool. 

Last year, the Hong Kong Monetary Authority introduced a Renminbi Trade Finance Liquidity Facility. It was upgraded, last October, into a Renminbi Business Facility, allowing banks to expand the use of renminbi by their corporate customers. 

The launch, also last year, of offshore renminbi repurchase and cross-boundary repurchase businesses has boosted renminbi liquidity channels. These arrangements provide investors with greater convenience, and more stable support, in obtaining liquidity and accessing the onshore repurchase business. 

In international bond issuance by Asian institutions, the volume arranged by Hong Kong in 2024 totalled more than US$130 billion, accounting for about 30% of the market.

Hong Kong has an active dim sum bond market as well, with issuance volume breaking the RMB1 trillion mark in 2024 and expected to reach a similar level in 2025. 

Hong Kong is also a leading green and sustainable finance hub. In 2024, the volume of green and sustainable bonds arranged in Hong Kong amounted to about US$43 billion, capturing 45% of the regional total and topping the Asian market for seven consecutive years.

To date, we have issued government green bonds totalling US$32 billion, including retail, institutional and tokenised bonds of multiple currencies and tenors, raising funds for many local green projects.

As of last September, we had issued over 200 ESG (environmental, social and governance) funds, with assets under management of more than US$141 billion. The number of ESG funds and assets under management increased 32% and 23%, respectively, from three years ago.

To boost our status as an international financial centre, we are focused on three main areas.

First, we are working to reinforce Hong Kong’s strengths. That includes deepening our equity market, expanding our bond market and advancing the asset management and wealth management sector.

To boost our stock market, we introduced the Technology Enterprises Channel. It helps Mainland and international technology companies raise funds in Hong Kong. 

To elevate our status as one of the world’s leading fundraising and investment hubs, we will optimise the Main Board’s regimes for listing and issuing products. 

The HKEX (Hong Kong Exchanges & Clearing Limited) is working to enable electronic securities holding and trading and will put forward a proposal, in the coming months, to shorten the settlement cycle for Hong Kong’s cash equities market. That, ladies and gentlemen, will create a solid foundation for the sustained growth of our capital markets.

Rising global investor interest in renminbi-denominated bonds highlights Hong Kong’s pivotal role as a gateway for cross-boundary capital flow. And we will continue to explore measures that deepen mutual access between Mainland and Hong Kong financial markets. That includes introducing offshore treasury bond futures in Hong Kong and expanding interest rate derivatives under Swap Connect. 

Second, we are expediting the development of new growth areas. That very much includes building an international gold trading market and commodities trading ecosystem in Hong Kong.

In a moment, you will witness a bright illustration of our gold ambitions – the signing of a co-operation agreement between the Shanghai Gold Exchange and the Hong Kong Special Administrative Region Government. The co-operation agreement will set in motion a cross-boundary, trade-clearing system for the precious metal.

The Hong Kong SAR Government is also committed to expanding Hong Kong’s gold storage, targeting a storing capacity of more than 2,000 tonnes in three years. That, ladies and gentlemen, will see Hong Kong’s rise as a regional gold reserve hub. 

A central clearing system for gold will be established here, to provide efficient and reliable clearing services for gold transactions, in compliance with international standards. 

We will also diversify gold investment and work with the trade to form an industry organisation in Hong Kong. 

In commodities trading, we joined the London Metal Exchange’s global warehousing network last January.

To date, 15 Hong Kong warehouses have begun operations, with more than 20,000 tonnes of metals on warrant to support the exchange’s contract delivery.

Turning to fintech, last June we issued a second policy statement on digital assets, reinforcing the Government’s commitment to establishing Hong Kong as a global hub for digital asset innovation.

And last August, our Stablecoins Ordinance came into effect, providing a licensing regime for issuers of fiat-referenced stablecoins in Hong Kong. 

Last month, we published the consultation conclusions on proposed licensing regimes for digital asset dealing and custodian service providers. We plan to introduce a bill into the legislature later this year.

Last November, we expanded the products and services that can be offered by licensed, virtual asset trading platforms, and we will also promote artificial intelligence business applications.

In the carbon market, the HKEX signed an MoU last year with the Guangzhou Emissions Exchange, the Shenzhen Green Exchange and the Macao International Carbon Emission Exchange, pledging to accelerate the Greater Bay Area’s carbon markets and green finance development.

Because there is so much more that Hong Kong, a leading financial hub, could do to promote sustainability in the capital market. That, I am glad to add, has been recognised by the International Financial Reporting Standards Foundation, which confirmed, last June, that Hong Kong is one of the first jurisdictions to have set a target for fully adopting the Sustainability Disclosure Standards of the International Financial Reporting Standards.

Third, international exchanges and co-operation remain a priority. We will assist companies interested in re-domiciling to Hong Kong, a world city that makes it much easier to connect with the globe and excel. Our company re-domiciliation regime, in effect since last May, has been positively received. 

To date, 14 non-Hong Kong corporations have re-domiciled to Hong Kong. 

And we are working on measures to attract more Mainland enterprises to establish Corporate Treasury Centres here.

Ladies and gentlemen, that is just a taste of what we are doing to boost Hong Kong’s status as an international business and financial centre, while ensuring a safe and stable environment for companies and investors.

I am grateful to the organisers of the Asian Financial Forum, the Hong Kong Trade Development Council and the Government’s Financial Services and the Treasury Bureau, for once again bringing us together for finance and business – and, I trust, the many pleasures that Hong Kong, Asia’s world city, offers.

In just over three weeks, we will celebrate the Lunar New Year – the Year of the Horse. 

The horse symbolises vitality, perseverance and progress, qualities I am sure we all look forward to realising, despite the hurdles and obstacles we face in today’s non-stop geopolitical steeplechase.

Chief Executive John Lee gave these remarks at the Asian Financial Forum on January 26.

Source: Hong Kong Information Services

The Government today announced that the number of companies in Hong Kong with Chinese Mainland or overseas parent companies rose to 11,070 in 2025, while the number of startups in Hong Kong increased to 5,221, both reaching new record highs.

The results demonstrate that Hong Kong’s unique attractiveness to enterprises from around the globe continues growing, and that the city is the ideal investment destination to set up or expand businesses, it added.

The record-high figures were contained in the 2025 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong and the 2025 Startup Survey announced by the Government today.

The 2025 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong revealed a record 11,070 non-local firms operating in the city. This represents an 11% increase of 1,110 companies over 2024, while total employment within these firms rose 3% to 509,000.

When analysed by the location of the parent company, the Chinese Mainland ranked first with 3,090 companies, followed by the United States and Japan, both with 1,550 companies, the United Kingdom with 770 and Singapore with 590.

The major lines of business of the 11,070 companies in Hong Kong are mostly import/export trade and wholesale and retail, followed by financing and banking, and professional, business and education services.

A record high number of 5,221 startups continued to flourish in Hong Kong in 2025, a year-on-year increase of 11%. These startups employed 19,753 people, a 12% rise over the previous year, and spanned various sectors, including financial technology; information, computer and technology; biotechnology; education and learning; and health and medical.

Secretary for Commerce & Economic Development Algernon Yau said even though geopolitics and the global economic and trade landscape are evolving, Hong Kong has been proactively demonstrating its incomparably unique advantages under the “one country, two systems” principle as the best two-way springboard for overseas enterprises to tap into the vast Chinese Mainland market and for those enterprises to go global.

“Together with the wide array of the latest initiatives to promote economic development, including the establishment of the Task Force on Supporting Mainland Enterprises in Going Global, the formulation of preferential policy packages to attract high value-added industries to Hong Kong, the accelerated development of the Northern Metropolis, the establishment of the Economic & Trade Office in Kuala Lumpur, etc, Hong Kong’s advantages will continue to strengthen, thereby accelerating the injection of new impetus to our economy and providing more opportunities for both Chinese Mainland and overseas companies based in Hong Kong,” he said.

Mr Yau also noted that the number of startups in Hong Kong continues to grow at a double-digit rate, signaling the city as an ideal place for startups to thrive, and demonstrating the great confidence that global startup entrepreneurs have in Hong Kong.

“Startups can leverage the strengths of Hong Kong – including its concentration of internationally renowned universities and research institutes, entrepreneurial talent, and investors from around the world, as well as a strong local network of incubators and accelerators, to rapidly develop innovation and technology businesses that showcase their strengths,” he added.

Source: Government of the Republic of Korea

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Canadian Engineering Asia-Pacific Conference – A Centennial Celebration of Engineering Excellence today (January 24):
 
Chairman Kan (Chairman of the Iron Ring 100 Organising Committee, Mr Fred Kan), Charles (Consul General of Canada to Hong Kong and Macao, Mr Charles Edwin Reeves), deans, distinguished guests and speakers, ladies and gentlemen,
 
     Good morning. It is my great pleasure to join all of you here at the Canadian Engineering Asia-Pacific Conference.
 
     Today, we mark a milestone of profound significance as we celebrate the centennial of the Iron Ring, a symbol that has guided generations of Canadian engineers in their commitment to integrity, humility and service to society. As a Fellow of the Canadian Academy of Engineering, today’s gathering in Hong Kong bears especial meaning to me. Like many of you, my studies and work experience in Canada have shaped my teaching and research journey in Hong Kong, and continue to inspire my work until this day.
 
     For one hundred years, the Iron Ring has not only reminded engineers of their professional obligations, but also borne witness to the passage of time and the progress of civilisation. As we honour this century-long legacy, we must also look ahead and recognise that engineering is undergoing unprecedented transformation. The next hundred years of engineering, like the whole world, will be defined, and redefined, by innovation and technology (I&T).
 
     Hong Kong is embracing this transformation with ambition and determination. Guided by the Hong Kong I&T Development Blueprint promulgated in 2022, the Hong Kong Special Administrative Region Government is investing heavily to build a fast-growing, globally-connected I&T ecosystem powered by solid R&D (research and development) capability, world-class talents, and an increasingly vibrant startup community.

     Home to five of the world’s top 100 universities, Hong Kong has a rich pool of top-tier scientists, engineers, and tech talents, and possesses exceptional strengths in scientific research. Our flagship global research collaboration initiative, the InnoHK Clusters, which hosts 31 research centres, pools together over 30 world-renowned non-local universities and research institutes from 12 economies to collaborate with our local universities. The University of Waterloo and the University Health Network stand among our most valued partners, contributing Canadian excellence to Hong Kong’s research landscape.
 
     To welcome more top-notch talent to Hong Kong, we have launched the Frontier Technology Research Support Scheme. In recent years, Hong Kong has also taken decisive steps to strengthen its position in frontier technologies. Notably, we have established the Hong Kong Microelectronics Research and Development Institute in 2024 to drive third-generation semiconductor research and accelerate the transformation of R&D outcomes into industry applications. And we will also set up the Hong Kong AI Research and Development Institute within this year.
 
     Furthermore, the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone formally commenced operation last month, housing more than 60 enterprises at the moment. The Park signals our commitment to building world-class innovative platform and deepening cross-boundary collaboration. We welcome I&T talent and enterprises from around the world to join us in our I&T journey.
 
     Over the years, Hong Kong and Canada share many similarities and a wide range of common interests. We both thrive on engineering ingenuity, education aspiration, and a bold vision for I&T development. As we navigate an era defined by AI, robotics, and rapid technological transformation, the I&T partnership between the two economies will become ever more vital.
 
     The presence of eight distinguished Canadian engineering deans at this conference speaks to the strength of our academic ties and the shared vision we hold for the future. Let us further strengthen the ties between Hong Kong and Canada, between engineering, innovation, and beyond.
 
     Finally, I congratulate the organising committee on this remarkable milestone and wish you all a rewarding conference. Thank you.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region