Category: MIL-OSI

Source: Hong Kong Government special administrative region

Following is a question by the Hon Robert Lee and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (July 8):

Question:

The National 15th Five-Year Plan clearly supports Hong Kong in strengthening its functions as an international asset and wealth management centre. There are views that there is room for further improvement in the Mainland-Hong Kong Mutual Recognition of Funds arrangement, operation of the Integrated Fund Platform under the Hong Kong Exchanges and Clearing Limited (HKEX), as well as the sales and promotion arrangements under the Cross-boundary Wealth Management Connect (Cross-boundary WMC) Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, in order to facilitate development of the asset and wealth management industry in Hong Kong. In this connection, will the Government inform this Council:

(1) whether the Government will step up negotiations with the Mainland regulatory authorities to further increase the number of funds mutually recognised between the Mainland and Hong Kong, so as to cover all funds authorised by the Securities and Futures Commission (SFC);

(2) whether it will study the establishment of a dedicated committee and engagement of industry players to jointly review and enhance the operation of HKEX’s Integrated Fund Platform; and urge HKEX to expedite expansion of the services provided by the Platform to include one-stop services such as fund trading (including funds authorised by SFC), settlement and analysis;

(3) given that the Hong Kong Monetary Authority introduced enhancement measures for the Cross-boundary WMC Scheme last year, including the establishment of the “Three-party Online Conference”, to facilitate promotion and sales efforts under the Southbound Scheme, whether the Government will, against this background, further discuss with the Mainland authorities the implementation of relaxation measures to allow financial services practitioners in the Mainland and Hong Kong to have direct mutual market access under a system of mutual recognition of licenses so that they can conduct offline product sales and promotion with physical presence in both markets;

(4) whether it will explore with the Mainland further expansion of the scope of investment products under the Cross-boundary WMC Scheme and the enhancement of efficiency of the relevant approval process; and whether it will consider enhancing the relevant measures under the Cross-boundary WMC Scheme to encourage Mainland securities dealers to collaborate with more securities dealers in Hong Kong; if so, of the details; and

(5) given that the Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector had concluded at the end of March this year, whether the Government will consider relaunching and regularising the Programme, with a view to continuously nurturing more relevant talents to address the development needs of the industry?

Reply:

President,

The National 15th Five-Year Plan clearly supports strengthening Hong Kong’s functions as an international asset and wealth management centre. The Government has been working in concert with the financial industry to continuously improve the financial infrastructure and ecosystem, enrich investment products and risk management tools, and deepen the mutual access with capital markets of different places. These measures have been bearing fruit. According to the Asset and Wealth Management Activities Survey 2025 just published by the Securities and Futures Commission (SFC), Hong Kong’s assets under management in 2025 jumped 20 per cent year-on-year to a record high of $42.2 trillion, with net fund inflow surging 193 per cent year-on-year to $2.1 trillion. In addition, Hong Kong has become the world’s largest cross-boundary wealth management centre and it is projected that, from 2025 to 2030, the cross-boundary wealth managed by Hong Kong will grow by 9 per cent on average annually, maintaining first place globally. To maintain the strong growth momentum, the Government recently introduced a bill to the Legislative Council on June 24 for further enhancing the preferential tax regimes for funds, single family offices and carried interest, with a view to attracting more global capital to be managed in Hong Kong.

In consultation with the SFC, the Hong Kong Monetary Authority and the Hong Kong Exchanges and Clearing Limited (HKEX), the reply to the various parts of the question is as follows:

(1) The Government is committed to enhancing the mutual market access mechanism with the Mainland. The Mainland-Hong Kong Mutual Recognition of Funds arrangement (the Arrangement) was launched in July 2015, where eligible Mainland and Hong Kong funds can be offered to retail investors in each other’s market through a streamlined vetting process. The regulators of the two places implemented enhancement measures starting from January 1, 2025, which include relaxing the sales restriction of mutual recognition funds in the other market and allowing Hong Kong mutual recognition funds (i.e. Hong Kong funds authorised to be offered in the Mainland market) to delegate investment management functions to overseas asset management companies within the same group. The measures enhanced the flexibility and scale of the Arrangement, where a total of 85 funds were authorised by the regulators of the two places as of end-May 2026. In 2025, the net subscription amount of Hong Kong mutual recognition funds on the Mainland reached RMB82.5 billion, representing a 2.3-fold increase year-on-year.

The SFC has been maintaining close communication with local fund managers to encourage them to actively participate in the Arrangement, having regard to factors such as their business development plans. The Government and regulators will continue discussions with Mainland counterparts on different enhancement measures for the mutual market access mechanism to support market development.

(2) The Integrated Fund Platform (IFP) established by HKEX has been well received by the fund industry since its launch. The IFP introduced earlier the “Fund Repository” providing a one-stop information portal for investors to access key details on funds authorised by the SFC, as well as the “Order Routing Service” enhancing connectivity between market participants of all sizes across the fund value chain to elevate operational efficiencies in fund distribution. As at end-May 2026, the IFP has successfully attracted 55 financial institutions, including fund houses, distributors and transfer agents.

The IFP is expected to launch the “Platform and Nominee Services” in the second half of 2026, expanding its services to include the provision of nominee services, as well as the facilitation of payments and settlement, so as to enhance market efficiency and lower transaction costs. During the planning, preparation and operation of the IFP, HKEX as always will continue to maintain close communication with regulators and industry stakeholders to enhance the efficiency of the IFP and promote broader industry participation in the platform.

(3) and (4) Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diverse wealth management products and marks a milestone in the financial development of the GBA.

Regarding mutual recognition of professional qualifications with the Mainland, for the securities and futures sector, the SFC and the China Securities Regulatory Commission have implemented an arrangement for mutual recognition of professional qualifications, and simplified the relevant procedures for obtaining securities practising registration and applying for the futures or fund practising qualifications on the Mainland. Hong Kong professionals with relevant licence issued by the SFC only need to pass the Mainland’s examination on the relevant laws and regulations; the examination on the foundation paper is not required. For the banking sector, the Hong Kong Institute of Bankers and the China Banking Association signed the Memorandum of Understanding on Mutual Recognition of Personal Wealth Management Qualification Certificates (MoU) in 2009, officially launching the mutual recognition mechanism. Subsequently, the two sides signed addendums in 2010, 2015 and 2022 to improve the relevant arrangements. Under the MoU, financial practitioners from the Mainland and Hong Kong can obtain “dual qualifications” (Level 1 of Qualification Certificate of Banking Professional in the Mainland and the Associate Retail Wealth Professional in Hong Kong) through the mutual recognition mechanism. Hong Kong will continue to examine enhancement measures with Mainland regulators to explore ways of broadening Hong Kong professionals’ entry into the Mainland market, thereby increasing the flexibility in the provision of human capital for the Mainland and Hong Kong markets.

As an innovative financial co-operation measure in the GBA involving three different regulatory systems of the Mainland, Hong Kong and Macao, the WMC has been implemented under a pilot approach in a gradual and incremental manner. Under the current regulations on the Mainland, Mainland brokers are already allowed to collaborate with multiple Hong Kong brokers to participate in the WMC. Regarding the product scope, “WMC 2.0” has also scoped in (1) all non-complex funds domiciled in Hong Kong, authorised by the SFC and primarily investing in Greater China equity (with no limitation on risk ratings), (2) other low- to medium-high-risk funds (excluding single emerging market equity funds and high-yield bond funds), (3) low- to medium-risk and non-complex bonds, etc.

Following the launch of “WMC 2.0” in February 2024, the number of Mainland investors investing in Hong Kong’s wealth products has increased from about 25 000 to about 126 000. As of end-May 2026, over 181 000 individual investors participated in the WMC, and cross-boundary fund remittances (including Guangdong, Hong Kong and Macao) totalled over RMB138 billion. The Government and the financial regulators will closely monitor market developments and the operation of the WMC, maintain close communication, regularly review the implementation of “WMC 2.0”, and explore further enhancement measures with Mainland regulatory authorities.

(5) The Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector was implemented from August 2016 to March 2026. Under the Pilot Programme, over 1 130 tertiary students completed internships, and 5 700 subsidy applications for eligible course fees were approved. The Pilot Programme effectively prompted the industry in offering a variety of professional training courses and student internship opportunities, thereby enhancing the professional competence of practitioners and laying the foundation for talent training and development in the asset and wealth management sector. The Government will continue to work closely with the industry to review the talent development policy and measures in light of market needs.

Source: Hong Kong Government special administrative region

Following is a question by the Hon Jonathan Stuart Lamport and a reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (July 8):

Question:

The Government is vigorously developing the mega event economy to promote the development of the tourism industry. However, while the number of visitor arrivals increased by 12 per cent year-on-year last year, the increase in overnight visitors was only 6 per cent. There are views that although the ancillary facilities for cross-boundary transport following mega events facilitate travel for visitors, they also encourage visitors to depart immediately after the events, thereby preventing the mega event economy from transforming into actual economic benefits. Regarding promoting the high-quality development of the tourism industry, will the Government inform this Council:

(1) of the expenditure and revenue for each mega economic event organised or subsidised by the Government in the past three years, as well as the details of the per capita spending in Hong Kong by overnight and same-day visitors participating in these events; whether it has assessed the actual economic impact on local sectors, such as catering, retail and hotel, caused by the large number of visitors who do not stay overnight after participating in mega events;

(2) of the ways to promote the high-quality development of Hong Kong’s tourism industry, ensuring that the visitor flows generated by the mega event economy can effectively transform into commercial dividends, so that sectors such as catering, retail, hotel, public transport and various leisure experiences can benefit comprehensively; and

(3) given that the Government has been vigorously exploring international tourism in recent years, and it is learnt that foreign investors are considering building hotels on outlying islands to develop a resort destination similar to Bali in Indonesia, whether the Government will consider providing assistance?

Reply:

Thank you, President.

Mega events are a vital engine driving Hong Kong’s tourism and economic development. On the one hand, mega events directly attract visitors to Hong Kong, boosting consumption in sectors such as hotels, catering, and retail; on the other hand, they create employment opportunities in industries such as transport, logistics, and event production. The benefits of mega event economy should not be measured solely by whether visitors stay overnight. Even if some visitors arrive and depart on the same day, they generate actual spending on transport, catering, and experiential activities, etc, thereby driving the development of the entire industry chain. In particular, since its opening last year, the Kai Tak Sports Park (KTSP) has achieved a critical breakthrough for “Mega Events + Tourism”. To date, the Kai Tak Stadium has hosted over 60 major sports events and concerts, attracting over 2.4 million spectators, effectively driving surrounding consumption and employment, and injecting tangible momentum into the local economy. The continuous rise in visitor arrivals also reflects the success of the “Mega Events + Tourism” strategy. In the first half of 2026, visitor arrivals to Hong Kong reached about 26.71 million, representing a year-on-year increase of 13 per cent, with Mainland and non-Mainland visitors increasing by 16 per cent and 5 per cent year-on-year respectively.

In response to the Hon Jonathan Stuart Lamport’s question, my reply is as follows:

(1) In recent years, the Government, in collaboration with the Hong Kong Tourism Board (HKTB), has promoted various mega events to foster the integrated development of culture, sports, and tourism. Over the past three years, the “M” Mark System and the Mega Arts and Cultural Events Fund have supported a total of 95 events, involving an amount of approximately $1,125.04 million. The HKTB will also continue to enhance the scale of its six flagship events and introduce new elements to attract more visitors to Hong Kong.

Regarding visitor spending, there is a structural shift in visitor consumption patterns, moving from a previous focus on shopping to a greater emphasis on culture and experiences. In recent years, the per capita spending of overnight and same-day visitors remained at levels of over $5,000 and $1,000 respectively. In 2025, the per capita spending of overnight visitors rose slightly from $5,490 in 2024 to $5,503, and it is expected to increase slightly to $5,530 in 2026. For same-day visitors, per capita spending was adjusted from $1,235 in 2024 to $1,139 in 2025, and is expected to remain at a similar level in 2026. Although some visitors attending mega events do not stay overnight, they still spend on transport, catering, and entertainment. Taking the KTSP as an example, each event can create nearly 10 000 temporary jobs, and the actual economic contribution far exceeds ticket revenues and visitor spending. Benefiting from the robust growth in visitor arrivals, the tourism expenditure associated to inbound tourism in 2025 rose by 13 per cent over the previous year to $217.5 billion, and is expected to further increase by about 10 per cent to $238.1 billion in 2026.

(2) In response to changing visitor travel patterns, we are adopting a “Mega Events+” strategy to promote high-quality tourism development. Mega events are upgraded from standalone items into cross-period, cross-district themed experiences, with a view to extending visitors’ stay in Hong Kong and broadening consumption scenarios so that catering, retail, hotels, and transport can all benefit. Taking the Hong Kong Rugby Sevens this year as an example, the three-day event attracted over 113 000 spectators, with over 30 per cent being non-local visitors. In the same week, the Tradition HKFC 10s and the “Racing with Rugby” activities at Happy Valley Racecourse were also held. Complemented by city-wide celebrations and catering discounts, this successfully stimulated the surrounding economy. On cultural mega events, “Art March” this year linked up multiple cultural events spanning the entire month, with Art Basel Hong Kong and Art Central jointly attracting around 55 000 visitor admissions. To further amplify the benefits of mega events, the HKTB will leverage major events in August this year, such as the Hong Kong Football Festival 2026 and the musical “CATS”, to proactively collaborate with merchants across different districts to launch a new round of ticket stub discounts. It will also upgrade the Hong Kong Wine & Dine Festival, one of its flagship events, into a month-long “November Gourmet Month” to entice visitors to extend their stay in Hong Kong. We will also continue our efforts to bring major cultural, sports and tourism events to Hong Kong. For example, we have successfully secured the “HYROX World Championships 2027” to be held in Hong Kong for the first time.

Meetings, incentive travel, conventions and exhibitions tourism is a major source of high value-added overnight visitors. The Government, together with the HKTB, is actively striving to secure major international conventions and exhibitions to be staged in Hong Kong. For example, the five‑day 108th Lions International Convention successfully concluded yesterday (July 7), attracting around 17 000 delegates from across the globe. Some delegates also travelled to the city with their family members, generating demand for over 10 000 hotel rooms and boosting spending in catering, retail and related sectors, with significant economic benefits. In May this year, the HKTB also signed a three-year Memorandum of Understanding with Informa Markets, a leading global trade exhibition organiser, to introduce a portfolio of premium international exhibitions, such as supercars and luxurious yachts, to Hong Kong, thereby attracting international high-end business visitors. Concurrently, the HKTB is actively expanding potential and high value-added source markets, such as the Middle East, to increase the proportion of overnight visitors.

(3) Hong Kong possesses unique coastal and island resources, with an edge in developing island tourism. The Government welcomes interested organisations to make good use of these natural resources to develop integrated resort projects on the premise of respecting and protecting the ecological environment, thereby offering visitors novel and diverse tourism experiences. If any organisation raises concrete proposal, the Culture, Sports and Tourism Bureau is pleased to actively explore with relevant organisations and serve as a facilitator, co-ordinating with relevant bureaux and departments to remove administrative barriers and jointly foster the development.

Source: Hong Kong Government special administrative region – 4

The Police will implement special traffic arrangements in Happy Valley today (July 8). These arrangements will remain in effect until the race meeting has concluded, spectators have dispersed, and traffic conditions return to normal.

A. Traffic arrangements before the commencement of the first race

The following road closure and traffic diversions will be implemented from 50 minutes before the start of the first race for day racing, or from 6pm onwards for night racing:

1. Road closure

 Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp outside the Hong Kong Jockey Club (HKJC) will be closed, except for vehicles heading for Aberdeen Tunnel.

2. Traffic diversions

– Southbound Wong Nai Chung Road between Village Road and the up-ramp outside the HKJC will be rerouted one way northbound;
– Traffic along eastbound Queen’s Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
– Traffic along Queen’s Road East cannot turn right to Wong Nai Chung Road, except for vehicles heading for Aberdeen Tunnel;
– Traffic from Cross Harbour Tunnel heading for Queen’s Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen’s Road East; and
– Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.

B. Traffic arrangements before the conclusion of race meeting

     The following road closure and traffic diversions will be implemented from about 35 minutes before the start of the last race:

1. Road closure

– The up-ramp on Wong Nai Chung Road outside the HKJC leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp leading to Aberdeen Tunnel;
– Southbound Wong Nai Chung Road between Village Road and the Public Stands of the HKJC;
– Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
– Southbound Morrison Hill Road between Leighton Road and Queen’s Road East.

     In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of the HKJC will be closed from about 10 minutes before the start of the last race.

2. Traffic diversions

– Eastbound Queen’s Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
– Traffic from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
– Traffic from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
– Traffic along southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
– Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
– Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.

C. Prohibition for learner drivers

     Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time: 

– Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
– Village Road between its upper and lower junctions with Shan Kwong Road;
– Percival Street between Hennessy Road and Leighton Road;
– Canal Road East; and
– The service road leading from Gloucester Road to Canal Road flyover.

D. Suspension of parking spaces

     Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm for day racing, and from 5pm to 11.59pm for night racing respectively. 

     All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.

Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of police officers on site.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region