Category: MIL-OSI

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

​The Environmental Protection Department (EPD) today (December 22) announced that the Integrated Waste Management Facilities Phase I (I·PARK1) has commenced the first phase of trial operation.
 
The Secretary for Environment and Ecology, Mr Tse Chin-wan; the Permanent Secretary for Environment and Ecology (Environment), Mr Eddie Cheung; the Under Secretary for Environment and Ecology, Miss Diane Wong; and the Director of Environmental Protection, Dr Samuel Chui, recently visited I·PARK1 to inspect its operations, observing various facility sections, including the unloading and tipping of waste compactor containers, waste treatment processes, waste-to-energy equipment, and flue gas treatment and emission control. They were also briefed by the project team on the progress of the trial operation.
 
Located on an artificial island off Shek Kwu Chau, I·PARK1 adopts advanced waste incineration technology capable of effectively decomposing organic compounds, including dioxins. I·PARK1 consists of three incineration modules, with a designed municipal solid waste (MSW) treatment capacity of 3 000 tonnes per day. At present, the first module, capable of processing 1 000 tonnes of MSW daily, has already commenced trial operation. The remaining two modules will begin phased trial operations at a later stage. The heat recovered from the incineration process is used to generate electricity, not only powering the facility’s daily operation but also exporting 480 million kilowatt-hours of electricity to the public power grid, which is enough to power 100 000 households each year.
 
Following the inspection, Mr Tse said, “The completion and phased commissioning of I·PARK1 marks the launch of a new approach for managing MSW in Hong Kong beyond reliance on landfills. It signifies a crucial step of Hong Kong toward achieving our target of ‘zero waste landfilling’ by 2035. In the meantime, we are advancing at full steam the construction of the Integrated Waste Management Facility Phase 2 (I·PARK2) in Tsang Tsui, Tuen Mun, while we remain committed to driving forward various initiatives on waste reduction, recycling, and resource circulation, continuing our progress toward the goal of ‘zero waste landfilling’ and carbon neutrality.”
 
Dr Chui said that the EPD has been closely monitoring the trial operation of I·PARK1 to ensure its operation and emissions comply with the stringent safety and environmental standards. Following I·PARK1’s progressive commencement of operation, the total amount of MSW transported to West New Territories Landfill and North East New Territories Landfill will be reduced accordingly, alleviating the pressure on the two landfills.
 
In 2024, a total of 10 510 tonnes of MSW daily was disposed of in Hong Kong. I.PARK1 and the proposed I.PARK2 can treat 9 000 tonnes of MSW in total per day. If Hong Kong society can keep the momentum of waste reduction and increase the recycling rate, there may not be a need to construct I·PARK3 to achieve “zero waste landfilling”.

Source: Hong Kong Government special administrative region

     The Government announced today (December 22) the official launch of the intellectual property (IP) financing sandbox and the opening of the Hong Kong Technology and Innovation Support Centre (HKTISC), marking key milestones in promoting IP financing and further developing Hong Kong’s IP trading ecosystem while fostering innovation.

     The Chief Executive announced in the 2025 Policy Address the launch of the sandbox to assist pilot sectors (particularly the technology sector) in leveraging IPs for financing with the support of the banking, insurance, valuation, legal and other professions. The sandbox will provide a collaborative and risk-controlled environment for stakeholders to test out the full lifecycle of IP financing and accumulate practical experience in providing IP financing.

     With the Commerce and Economic Development Bureau (CEDB), the Intellectual Property Department (IPD) and the Hong Kong Monetary Authority’s (HKMA) deliberation, the sandbox is underpinned by the following four core operating principles:

(1) Recognition of IP value: Participating banks will consider the value of IPs owned by borrowing enterprises, alongside the borrower’s credit demand, financial position and repayment ability in their credit underwriting process.

(2) Independent and standardised valuation: To ensure credibility, IP valuation will be conducted by independent service providers using universally accepted methods. Where appropriate, qualitative patent evaluation reports can be obtained to support this process. 

(3) Risk management: Participating banks should comply with applicable supervisory requirements on risk management, while participating enterprises should comply with the legal and regulatory requirements in respect of maintaining and developing the IP assets concerned.

(4) Stakeholder collaboration: The initiative relies on a cohesive ecosystem. It brings together enterprises that hold IP assets, banks, valuation experts, legal practitioners and other relevant professionals to co-create successful financing transactions.

     The Secretary for Commerce and Economic Development, Mr Algernon Yau, said that the IP financing sandbox, together with other related measures announced in “The Chief Executive’s 2025 Policy Address”, would help leverage Hong Kong’s unique strengths to build an ecosystem where IP is protected with rigour, valued with clarity, and financed with confidence, with a view to strengthening Hong Kong’s role as a regional IP trading centre.

     By enabling enterprises to leverage their IP assets for financing, the sandbox will help unlock a new financing channel, thereby supporting the commercialisation of outcomes of research and development as well as creativity, and promoting innovation and technology as a key driver of economic growth.

     Three major banks have committed to participating in the sandbox, while nearly 30 professional firms from the legal and valuation sectors have indicated keen interest in participating. The CEDB, the IPD and the HKMA will closely monitor the progress of the pilot projects, gather feedback, and provide guidance as needed. It is anticipated that several trial cases are in the pipeline for the first phase of the sandbox.

     In addition, the HKTISC that officially commenced full operations today is another key complementary initiative in promoting IP financing. With the support of the IPD, the HKTISC will closely engage small and medium-sized enterprises (SMEs) in the innovation and technology sector and provide a qualitative patent evaluation service to assess, based on national standards, the quality of their patents from legal, technological and economic perspectives. The Government will also launch a support scheme through the HKTISC in 2026 to financially assist SMEs to engage professional service providers for the valuation of their whole IP portfolios in monetary terms. 

     These integrated measures aim to provide an objective reference about the strengths of the patents and the monetary valuation of the whole IP portfolios owned by the SMEs, facilitating more effective credit assessment and investment analysis.

     The Technology and Innovation Support Centre is a dedicated programme of the World Intellectual Property Organization (WIPO), which supports researchers and innovators at different stages of the innovation cycle, helping them make use of the IP system (especially by means of patents) to protect their inventions and guiding them to bring the technology to market. With the recognition of the Hong Kong Productivity Council as a Technology and Innovation Support Centre hosting institution by the China National Intellectual Property Administration and WIPO, the HKTISC will join the 200-plus strong Technology and Innovation Support Centre network in the country, which promotes better integration of Hong Kong into overall national development.

Source: Hong Kong Government special administrative region – 4

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

Tenders to be held in the week beginning December 29, 2025:
 

Tender date	:	December 30, 2025
Paper on offer	:	EF Bills
Issue number	:	Q2553
Issue date	:	December 31, 2025
Maturity date	:	April 1, 2026
Tenor	:	91 Days
Amount on offer	:	HK$69,030 MN
****************************
Tender date	:	December 30, 2025
Paper on offer	:	EF Bills
Issue number	:	H2582
Issue date	:	December 31, 2025
Maturity date	:	July 2, 2026
Tenor	:	183 Days
Amount on offer	:	HK$20,400 MN

Source: Hong Kong Government special administrative region

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

     The Hong Kong Monetary Authority (HKMA), in collaboration with the Commerce and Economic Development Bureau (CEDB) and the Intellectual Property Department (IPD), launched the Intellectual Property (IP) Financing Sandbox today (December 22). 
      
     As set out in “The Chief Executive’s 2025 Policy Address”, the IP Financing Sandbox aims to assist pilot sectors in leveraging IP assets for financing. 
      
     The Sandbox serves to provide a collaborative and risk-controlled environment for banks, IP valuation firms, legal practitioners and other relevant professions to test the full lifecycle of IP financing arrangements that are based on IP assets such as patents, trademarks and copyrights. 
      
     Through the Sandbox, banks can develop and refine their IP financing arrangements with the support from multidisciplinary professionals as well as guidance by the HKMA, the CEDB and the IPD. This initiative can also enable banks to accumulate practical experience in providing IP financing to better serve the needs of innovative enterprises, particularly small and medium-sized enterprises which are rich in IP assets but may lack tangible assets that can be pledged as collateral for bank financing.
      
     Three major banks in Hong Kong have joined the Sandbox as inaugural participants, and have solicited interests from clients from the biotechnology, electronics and technology sectors to conduct pilot trials of IP financing through the Sandbox (see Annex). 

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (December 22) the preliminary Balance of Payments (BoP) and International Investment Position (IIP) statistics of Hong Kong for the third quarter of 2025. This release also included the preliminary External Debt (ED) statistics of Hong Kong for the same period.

I. Balance of Payments

     Hong Kong recorded a BoP deficit of $136.5 billion (16.0% of Gross Domestic Product (GDP)) in the third quarter of 2025. Reserve assets correspondingly decreased by the same amount. This was against a BoP surplus of $105.5 billion (13.4% of GDP) in the second quarter of 2025.

Current account

     The current account recorded a surplus of $98.2 billion (11.5% of GDP) in the third quarter of 2025. This reflects that Hong Kong’s savings was greater than its investment, enabling Hong Kong to accumulate external financial assets (such as equity securities or debt securities) as a buffer against global financial volatilities. Compared with the current account surplus of $113.2 billion (13.9% of GDP) in the third quarter of 2024, the decrease in surplus was mainly due to the decrease in net inflow of primary income, partly offset by the increase in services surplus.

     The goods account recorded a surplus of $1.5 billion in the third quarter of 2025, as against a deficit of $0.6 billion in the same quarter of 2024. Over the same period, the services surplus increased from $38.8 billion to $48.1 billion. The primary income inflow and outflow amounted to $576.1 billion and $521.5 billion respectively, thus yielding a net inflow of $54.5 billion in the third quarter of 2025, compared with a net inflow of $80.3 billion in the same quarter of 2024.

Financial account

     An overall increase in financial non-reserve assets amounting to $271.0 billion (31.7% of GDP) was recorded in the third quarter of 2025, compared with an overall increase of $21.1 billion (2.7% of GDP) in the second quarter of 2025. The overall increase recorded in the third quarter of 2025 was due to the net increases in other investment, portfolio investment and financial derivatives, partly offset by the net decrease in direct investment.

     In the third quarter of 2025, reserve assets decreased by $136.5 billion, as against an increase of $105.5 billion in the second quarter of 2025.

II. International Investment Position

     At the end of the third quarter of 2025, both Hong Kong’s external financial assets and liabilities stood at a very high level, amounting to $59,586.8 billion (18.2 times of GDP) and $39,936.9 billion (12.2 times of GDP) respectively, a typical feature of a prominent international financial centre.

     Hong Kong’s net external financial assets (i.e. assets minus liabilities) amounted to $19,649.9 billion (6.0 times of GDP) at the end of the third quarter of 2025, compared with $18,364.7 billion (5.7 times of GDP) at the end of the second quarter of 2025. Hong Kong’s net external financial assets to GDP ratio is one of the largest in the world, which provides the economy with a strong cushion against sudden external shocks.

III. External Debt

     At the end of the third quarter of 2025, Hong Kong’s gross ED amounted to $15,746.1 billion (4.8 times of GDP). Compared with $15,463.6 billion (also 4.8 times of GDP) at the end of the second quarter of 2025, gross ED increased by $282.5 billion. This was mainly attributable to the increase in ED of other sectors, while increases in ED of the banking sector, debt liabilities in direct investment (intercompany lending) and ED of the Hong Kong Monetary Authority also contributed.

     As one of the world’s major financial centres, Hong Kong has a significant amount of ED held against the local banking sector arising through normal banking businesses. At the end of the third quarter of 2025, 52.3% of Hong Kong’s ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (29.9%) and debt liabilities in direct investment (intercompany lending) (16.5%).

Further information

     BoP is a statistical statement that systematically summarises, for a specific time period (typically a year or a quarter), the economic transactions of an economy with the rest of the world (i.e. between residents and non-residents).

     IIP is a balance sheet showing the stock of external financial assets and liabilities of an economy at a particular time point. 

     The difference between the total value of external financial assets and liabilities is the net IIP of the economy, which provides a measure of net financial claims on non residents plus gold bullion held as monetary gold.

     Gross ED, at a particular time point, is the outstanding amount of those actual current, and not contingent, liabilities that are owed to non-residents by residents of an economy and that require payment of principals and / or interests by the debtors at some time points in the future.

     Table 1 presents Hong Kong’s BoP. Table 2 presents the detailed current account and capital account, while Table 3 presents the detailed financial account. Table 4 shows Hong Kong’s IIP, and Table 5 shows Hong Kong’s ED.
 
     Statistics on BoP, IIP and ED for the third quarter of 2025 are preliminary figures, which are subject to revision upon the availability of more data. With the incorporation of the latest data from surveys and other sources, the statistics on BoP, IIP and ED for 2024 have been revised.

     The latest statistical tables of BoP (including seasonally adjusted current account), IIP and ED can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode260.html). Analysis of the statistics, together with the conceptual and methodological details, are presented in the publication Balance of Payments, International Investment Position and External Debt Statistics of Hong Kong, Third Quarter 2025 published by the C&SD. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040001&scode=260).

     For enquiries about the BoP, IIP and ED statistics, please contact the Balance of Payments Section of the C&SD (Tel: 3903 6979 or email: bop@censtatd.gov.hk).

Source: Hong Kong Government special administrative region

     The Environmental Protection Department (EPD) today (December 22) published the report “Monitoring of Solid Waste in Hong Kong – Waste Statistics for 2024”. It presents the 2024 statistics on disposal and recovery/recycling of solid waste generated in Hong Kong, including municipal solid waste (MSW) (covering both domestic waste and commercial and industrial waste), overall construction waste and special waste.
      
     The total quantity of MSW disposed of at landfills has dropped for three consecutive years to 3.85 million tonnes in 2024, and the average daily quantity was 10 510 tonnes, representing a decrease of 3.4 per cent comparing with the average of 10 884 tonnes in 2023. Among these, disposal of waste plastics has dropped by 11.1 per cent; disposal of food waste has dropped by 6.0 per cent; disposal of waste glass has decreased by 7.1 per cent. The per capita MSW disposal rate per day was 1.40 kilograms, down from 1.44 kilograms in 2023 by 3.3 per cent. Among the three major categories of MSW in 2024, food waste accounted for 29 per cent, followed by waste paper and waste plastics, accounting for 23 per cent and 18 per cent respectively.
      
     With the implementation of various measures by the Government in promoting food waste recycling and plastic-free culture, including the implementation of the regulation on disposable plastic products in 2024, both the shares of disposal of food waste and waste plastics had decreased compared to 2023. The drop in the disposal amount of waste plastics also reflected the increasing global awareness of being “plastic-free” in recent years and the effectiveness of the Government’s active promotion of various related measures. Since the Government enhanced the Plastic Shopping Bag Charging Scheme on December 31, 2022, the amount of plastic shopping bags disposed in 2024 has dropped to 56 408 tonnes, down from 63 367 tonnes in 2023 by 11 per cent. Meanwhile, the share of waste paper has increased; this was mainly paper waste other than cardboard, newsprint, office paper or tetrapak that could not be easily recycled.
      
     The overall MSW recovery rate has risen for four consecutive years. The latest figures show that it rose from 33 per cent in 2023 to 34 per cent in 2024 and the increase in the total recovery amount was about 50 000 tonnes. The increase was mainly driven by the recycling of food waste (around 26 000 tonnes) and ferrous metal recyclables (around 53 000 tonnes).
      
     An EPD spokesperson said that in order to achieve the vision of “Waste Reduction‧Resources Circulation‧Zero Landfill” by 2035, the current term Government is working at full steam to promote the culture of waste reduction and recovery, and to encourage active participation in waste reduction by citizens through the community recycling network GREEN@COMMUNITY and the food waste collection network. The latest statistics show that the current-term Government has successfully reversed the long-term upward trend in waste disposal quantities. The recovery rate showed a continuous upward trend, reflecting the achievements of the Government’s persistent effort in promoting waste reduction and recovery.
      
     Regarding construction waste, the overall quantity of construction waste generation in 2024 increased by about 4 945 tonnes per day (11 per cent) as compared to 2023, to 50 505 tonnes per day on average. The quantity of construction waste disposed of at landfills increased slightly by 6 per cent to about 4 694 tonnes per day. The construction activities performed by the main contractors in the same period increased by 6.3% compared to 2023. The overall construction waste recovery rate was above 90 per cent; the average quantity of construction waste reused was 45 810 tonnes per day.
      
     The Government will continue to encourage small-scale works to properly dispose of construction waste in a compliant and paid manner through publicity and education, strengthened enforcement actions, as well as a pilot scheme to assist with collection of construction waste. The EPD also encourages private enterprises to upcycle construction waste into products like eco-blocks, ceramic products and outdoor paving materials. In terms of land, there is an enterprise operating construction waste recycling facilities in the EcoPark, and the EPD has also provided land for short-term lease for the purpose of recycling construction waste. Moreover, the Recycling Fund has also subsidised different enterprises’ projects on upcycling of construction waste.
      
     Looking ahead, seizing the opportunity of increasing public participation in waste reduction and recycling, the Government will further promote a green waste reduction and recycling culture in society and will take forward waste reduction and recycling initiatives along four directions, namely: (1) Strengthen publicity and education to change public behaviour and cultivate a green living culture; (2) Continue to enhance the recycling network; (3) Strengthen collaboration with industries to explore and take forward practical environmental protection measures; (4) Utilise market forces to develop environmental infrastructure and assist in the transition to a green economy.
      
     In the meantime, the Government is building an advanced and efficient network of modern waste-to-energy facilities at full steam. The first waste-to-energy facility for treating municipal solid waste, Integrated Waste Management Facilities Phase 1 (I·PARK1), commenced operation at the end of this year; and the Government is also working in full steam on the preparation work for Integrated Waste Management Facility Phase 2 (I·PARK2) to expand waste-to-energy capacity. The goal is to achieve zero landfill with the efforts of the HKSAR Government and citizens.
                 
     The report and “Hong Kong 2024 Municipal Solid Waste – At a Glance” are both available in electronic format and can be obtained from the EPD website at www.wastereduction.gov.hk/en/assistancewizard/waste_red_sat.htm.

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (December 22) the Consumer Price Index (CPI) figures for November 2025. According to the Composite CPI, overall consumer prices rose by 1.2% in November 2025 over the same month a year earlier, the same as that in October 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in November 2025 was 1.0%, also the same as that in October 2025. 

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending November 2025 was 0.1%, the same as that for the 3-month period ending October 2025. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of increase were both 0.1%.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.1% and 1.1% respectively in November 2025, as compared to 1.4%, 1.1% and 1.0% respectively in October 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 1.0% and 1.1% respectively in November 2025, as compared to 0.9%, 1.0% and 1.0% respectively in October 2025.

     On a seasonally adjusted basis, for the 3-month period ending November 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.0%, 0.1% and 0.1% respectively. The corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively. Netting out the effects of all Government’s one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending November 2025 were 0.0%, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively.

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2025 for transport (3.5%), alcoholic drinks and tobacco (2.1%), miscellaneous services (1.9%), housing (1.6%), meals out and takeaway food (1.3%), miscellaneous goods (1.3%), and basic food (0.7%).

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2025 for clothing and footwear (-4.1%), durable goods (-3.3%), and electricity, gas and water (-0.5%).

     Taking the first 11 months of 2025 together, the Composite CPI rose by 1.4% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 0.9% respectively.

     For the 3 months ending November 2025, the Composite CPI rose by 1.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.4%, 1.0% and 1.0% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.0%, 1.1%, 1.0% and 1.0% respectively.

     For the 12 months ending November 2025, the Composite CPI was on average 1.4% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 1.0% respectively.

Commentary

     A Government spokesman said that consumer price inflation stayed subdued in November, with the year-on-year increase in underlying Composite CPI unchanged at 1.0%. Price pressures on various major components were contained in general.

     Looking ahead, overall inflation should remain modest in the near term, as cost pressures on the domestic and external fronts are still broadly in check.

Further information

     The CPIs and year-on-year rates of change at section level for November 2025 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government’s one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed statistics are given in the “Monthly Report on the Consumer Price Index”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).