Category: MIL-OSI

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the HKTA 35th Anniversary Conference today (June 3):

Ka-shi (Chairman of the Hong Kong Trustees’ Association, Ms Lau Ka-shi), members of the Hong Kong Trustees’ Association (HKTA), distinguished guests, ladies and gentlemen,

     Good afternoon. It is a pleasure to join you today to celebrate the 35th anniversary of the Hong Kong Trustees’ Association.

     Let me begin by offering my warmest congratulations to the HKTA – to your leadership, your members, and everyone who has contributed to building this institution and its strong reputation over the years.

Hong Kong’s growth as an IFC

     Looking back over the past 35 years, Hong Kong, as an international financial centre, has undergone a remarkable transformation. In particular, over the past decade or so, alongside our country’s high-quality development, Hong Kong’s financial centre status has been elevated to a new level.

     Take our stock market as an example. Over the past 10 years, market capitalisation has more than doubled, from around $23 trillion to over $47 trillion. Bank deposits have increased by about 80 per cent, or $9 trillion, to reach over $19 trillion.

     Asset and wealth management, an area closely connected with everyone here today, has grown from $18.2 trillion to more than $35 trillion. MPF (Mandatory Provident Fund) assets have also almost doubled, from around $800 billion to about $1.5 trillion.

     Last week, Hong Kong was named the world’s largest cross-boundary wealth management centre. It was also projected that Hong Kong’s growth in this area would continue to lead the world over the next five years. 

     Hong Kong has indeed been moving up rapidly in the IFC league table. In the Global Financial Centres Index, our score is now only two points behind New York and one point behind London. A decade ago, the gap was around 40 points.

     Our growth is not merely a story of scale. It is a story of constant reinvention. Through the reforms to our listing regime, deepening of the Connect schemes, and stronger connectivity with Southeast Asia and the Middle East, Hong Kong has been expanding its role as a bridge between the Mainland and the world. In the face of trials and tribulations, Hong Kong has remained resilient, and emerged stronger. 

     The trust industry is an integral part of this success. You provide the fiduciary backbone that underpins the sustained and smooth operation of MPF schemes, private trusts, family offices, philanthropic structures and other arrangements. You safeguard assets, protect beneficiaries, uphold governance, and reinforce confidence in Hong Kong as a trusted place to manage, preserve and pass on wealth.  You are an indispensable institutional infrastructure safeguarding our financial security. 

     Going forward, I believe three major trends will bring more capital flows, more cross-boundary activities, and stronger demand for the services of our trust industry.

     First, the growing demand for diversification and reallocation in an increasingly fragmented geo-economic environment. Global capital is looking for safe harbours. Investors are looking for markets that are stable, reliable and predictable, while offering opportunities and investment returns.

     Second, the global wave of innovation and technology. China’s technological innovation will be one of the most compelling long-term themes in the investment world. Capital that believes in the growth potential of China and Asia, and in this region’s capacity for innovation, will increasingly look to this part of the world for opportunities. 

     And third, our country’s high-level two-way opening up under the National 15th Five-Year Plan. Hong Kong will serve as a hub for more Mainland companies going global, while attracting more capital and enterprises from around the world to access Mainland opportunities through our platform.

The “Finance+” strategy

     These trends are also the very basis upon which we proposed the “Finance+” strategy in the Budget this year. 

     The goal is clear. We want to capitalise on these major trends to grow a bigger pie, empower different industries, and create more opportunities for the financial services sector.

     This means advancing further in areas where we have enduring competitive strengths.

     Hong Kong has a mature and sophisticated fundraising market. Our IPO (initial public offering) performance has been strong. We have a vibrant venture capital and private equity sector. Yet, we are working to build an even more comprehensive financing chain, a richer product offering and a more vibrant financial ecosystem, so that we can unleash fully our development potential.

     On products, we support the introduction of more diverse and innovative investment products and risk management tools to satisfy different investors’ needs and appetites.
 
     Bonds are a good example. We are working to attract more national governments, international institutions and companies to issue bonds of various tenors and currencies here. We are also developing a one-stop, multi-asset class post-trade securities infrastructure. That will cover both Mainland and Hong Kong equity and debt securities, facilitating cross-product collateralisation to enhance market liquidity.

     Exchange-traded products (ETPs) are another example. In 2024, there were fewer than 200 listed ETPs in Hong Kong, with an AUM (asset under management) of about $460 billion. Today, the number has grown to more than 240, with AUM reaching around $650 billion, a 40 per cent increase in just two years’ time.

     So are gold and commodities. We are strengthening this market by expanding warehousing capacity, enhancing settlement arrangements, and supporting product innovation through digitalisation, tokenisation and development of derivatives.

     Together, these initiatives are opening up new horizons for Hong Kong’s financial markets, broadening the range of opportunities for investors and creating new room for growth across the financial services sector.

     For the trust industry, our efforts to facilitate re-domiciliation are highly relevant. Since last year, 37 companies have moved their place of incorporation to Hong Kong, while preserving their legal identity and business continuity.  They include some of the world’s leading insurance companies.
 
     Later this year, we will introduce a bill to enhance our tax regime for funds and family offices. 

     These send a clear message. Hong Kong is an open and welcoming home for family offices, trusts, funds, talent and enterprises.

A word to the trust industry

     Ladies and gentlemen, I believe the trust industry is well placed to benefit from the “Finance+” strategy. But to capture these opportunities, three priorities are important.

     First, uphold the highest standards of integrity and professionalism. Trustees have a special role because you often stand at the centre of long-term relationships involving families, beneficiaries, investors and institutions. That trust carries tremendous responsibilities.

     Second, strive for excellence and embrace technology and innovation. Technology is transforming investment products, compliance, administration, reporting and risk management – in short, every aspect of your operations. Embracing technology is no longer optional.

     At a more fundamental level, artificial intelligence (AI) and digitalisation are reshaping the very foundations of the trust business – from what constitutes an asset, to how ownership and control are established and exercised, how fiduciary duties are discharged, and how business is conducted. For trustees, this poses new challenges in custody, valuation, cross-boundary regulatory compliance, daily administration and cyber security. 
 
     But it also creates new opportunities. For example, as assets become more digital, the market will need greater legal certainty, stronger governance and trusted fiduciary oversight. These are areas where Hong Kong has clear strengths, and where our trust industry can play an important role in safeguarding assets for families, pension members and investors.

     Our task, together, is to harness cutting-edge technology while staying true to the timeless principles of prudence and loyalty, so that the trust business remains an anchor of confidence in an increasingly digital market.

     Third, invest in talent. More complex rules, more cross-boundary work, new technologies and new product types will increase demand for experienced trustees, risk managers, compliance professionals, lawyers, accountants, and wealth planners.
 
     We need people who can discharge fiduciary duties in the age of technological and digital transformation. We need people who understand family succession, public accountability and cross-boundary regulation in the age of AI. And we need people who understand both the Chinese Mainland and the world – people who can bridge the two and contribute to both. 

     I am pleased to note that the HKTA has long been committed to professional training, which is essential to building a deeper and more resilient talent pool for Hong Kong.

     On our part, the Government is committed to building a stronger asset and wealth management ecosystem and the trust industry. We will continue to work with the industry to further enhance the competitiveness of Hong Kong as a centre of excellence for the trust industry. 

Closing

     Ladies and gentlemen, for 35 years, the HKTA has demonstrated leadership, professionalism and commitment to excellence. 

     The next 35 years will be even more exciting. The global geo-economic balance is shifting. Technological innovation is accelerating. Wealth in Asia is fast building up and clients are becoming more sophisticated and demanding. Families, enterprises and investors will need better structures, better governance and better advice.

     But the foundation of success will remain true and the same: professionalism, integrity and trust.

     I am confident that the HKTA will continue to bring the industry together, lead with vision, and contribute to the next stage of Hong Kong’s success as an international financial centre.

     The Government will be your partner every step of the way.

     Once again, my heartfelt congratulations to the HKTA on your 35th anniversary. Here is to the next 35 years.

     Thank you very much.

Source: Hong Kong Government special administrative region – 4

Following is a question by the Hon Stanley Ng and a written reply by the Secretary for Housing, Ms Winnie Ho, in the Legislative Council today (June 3):
 
Question:
 
     There are views suggesting that in order to respond proactively to population ageing, the Government should make reference to the approach set out in our country’s Outline of the 15th Five-Year Plan on promoting elderly-friendly home modifications and undertake elderly-friendly modifications for the units of elderly persons in need. In this connection, will the Government inform this Council:

(1) of the number of cases where the Hong Kong Housing Authority (HA) undertook modification or adaptation works in public rental housing (PRH) units at the request of elderly households in each of the past three years, with a breakdown by (i) the actual types of works and (ii) family conditions of households (e.g. singleton elderly households, doubleton elderly households, households with “elderly members taking care of members with disabilities” and households with “members with disabilities taking care of elderly members”);
 
(2) of the eligibility criteria that elderly households are required to meet before the HA approves modification or adaptation works in their PRH units; whether the HA has drawn up any order of priority for the relevant works (e.g. on a first-come, first-served basis or according to the risk-‍based principle);
 
(3) whether the HA has proactively approached elderly PRH households to ascertain their latest living needs and taken the initiative to undertake modification or adaptation works for their units;
 
(4) of the elderly-friendly modifications undertaken by the HA in the past three years in areas outside the units of elderly households in various PRH estates (e.g. ‍the corridors outside their units, lift lobbies and letter boxes), with a breakdown by PRH estate;
 
(5) whether the HA will undertake elderly-friendly modifications in the future for the units of elderly households before they move in; and
 
(6) whether subsidies have been offered to elderly households living in Home Ownership Scheme units or private properties as assistance for undertaking elderly-friendly modifications in their units; if not, whether the Government will make use of the Building Maintenance Grant Scheme for Needy Owners or the subsidy schemes under the Community Care Fund, or introduce a dedicated subsidy scheme to offer subsidies to such elderly households for undertaking elderly-‍friendly modifications in their units; if so, of the details; if not, the reasons for that?

Reply:
 
President,
 
     The Hong Kong Housing Authority (HA) has always upheld the core values of “Caring” and keeps abreast of the times to actively explore measures to support the elderly and create a liveable as well as inclusive living environment that fosters a greater sense of belonging among residents. In line with the Government’s “Ageing in Place” policy, the Housing Bureau and the HA launched the “Well-being design” Guide in September 2024. The Guide, which covers eight well-being design concepts, serves as a reference and design framework for new public housing projects and improvement works for existing Public Rental Housing (PRH) estates. The HA has progressively applied the concepts in the “Well-being design” Guide to public housing projects currently under construction, and will incorporate suitable designs into the improvement works of existing PRH estates based on actual circumstances, thereby creating an age-friendly environment for elderly residents.
 
     With regard to private buildings, in order to establish an elderly-friendly built environment, the Task Force on Promoting Elderly-friendly Building Design, led by the Deputy Financial Secretary, announced 28 encouraged features and 16 mandatory requirements in July last year. The encouraged features, which include encouraging the adoption of designs that facilitate future aging-in-place in private residential buildings, have been implemented since the middle of last year. The subsidiary legislation for implementing the mandatory requirements, such as requiring at least one of the main entrances of a residential building to be provided with an automatic door, has been submitted to the Legislative Council for scrutiny, with a view to taking effect in August this year.
 
     In response to the question raised by the Hon Stanley Ng, having consulted the Labour and Welfare Bureau, the Development Bureau and the Health Bureau, our reply is as follows:

(1) During the period from 2023 to 2025, the HA completed approximately 15 000 adaptation or modification works for elderly households in need. Common works items included the installation of handrails, provision of ramps, modification of folding doors in bathrooms, and the re-laying of waterproofing layers and non-slip floor tiles. Among the households which received the aforementioned adaptation or modification works, singleton elderly households amounted to around 4 500, while the numbers of doubleton elderly households and elderly households with persons with disabilities accounted for around 3 000 and 130 respectively. The adaptation or modification works were carried out according to the needs of the elderly households, and each household could be arranged with more than one works item.

(2) to (3) The HA’s frontline estate management staff have always proactively reached out to and cared for elderly residents. Through daily management and proactive home visits, the staff identify the living needs of elderly residents and take the initiative to introduce relevant adaptation or modification works. Upon receiving such requests from residents, the HA will make immediate arrangements. In addition, the Department of Health’s Elderly Health Services, through the Community Carer Capacity Building Programme, collaborates with social welfare organisations, District Elderly Community Centres, and Neighbourhood Elderly Centres to train volunteers to identify elderly residents at high risk of falls, assess home environmental risk factors, and offer recommendations on environmental modifications during their regular home visits. Where appropriate, relevant cases will be referred to the Housing Department (HD). If eligible households, which include elderly people aged 60 or above and persons with disabilities, require simple adaptations such as installation of grab rails in bathrooms, conversion to a shower cubicle, or replacement of taps with level-type faucets, they can simply notify their respective estate offices to have the relevant works arranged free of charge. As for relatively complex modification works, such as installing ramps at the flat entrance or widening the bathroom doorway, on the recommendations from doctors, physiotherapists or other professionals, the HA will carry out such works free of charge subject to technical feasibility, with a view to ensuring that the specific needs of individual elderly residents are well catered to.

     Furthermore, in April 2025, the HA selected two PRH estates with higher population of elderly households, namely Wan Hon Estate in Kwun Tong and Sheung Lok Estate in Homantin, to trial the IoT Door Sensor System Installation for Elderly Households. Elderly households who voluntarily participate in the trial are equipped with sensors at their flat entrance to detect the movement of the door.  Designated relatives or friends can hence keep track of the movement of the elderly in and out of their flats. If the door has not been opened during the specified timeframe, the system will send a mobile notification to the designated contact person(s), enabling the provision of timely and appropriate support. Currently, 55 elderly households are participating in the trial. The HD will further extend the trial in 2026 to two other PRH estates with higher population of elderly households, namely Tung Wui Estate in Wong Tai Sin and Tin Yan Estate in Tin Shui Wai, and will review the effectiveness of the trial and formulate the way forward. The HA is also actively exploring collaboration with other social welfare organisations and government departments to take forward more schemes to support the elderly. For example, the HA has engaged the Senior Citizen Home Safety Association to assist them in rolling out the pilot scheme of Smart Accident Detection System and Service. Under this initiative, indoor fall detection sensors were installed in around 200 singleton or doubleton elderly households living in PRH units or Home Ownership Scheme (HOS) flats with an aim of detecting emergencies such as falls or prolonged inactivity. Once triggered, the sensor will automatically connect to the Care-on-Call 24-hour Service Centre, staff of which will verify the situation of the elderly resident via two-way communication. If the elderly resident’s safety cannot be ascertained, the Centre will immediately notify the designated emergency contacts or call the police for assistance where necessary. We will continue to explore various geotechnologies to better address the growing safety needs of elderly PRH residents.

(4) Since 2023, the HA has selected around 10 PRH estates every year to carry out minor estate improvement works and/or façade beautification to optimise public spaces, renovate recreational facilities and improve the estate environment, thereby enhancing residents’ sense of well-being. The concepts of “Age-Friendliness” and “Intergenerational & Inclusive Living” in the “Well-being design” Guide provide concrete design directions for addressing the needs of elderly residents and promoting an age-friendly community.

     In accordance with the “Well-being design”, the HA has carried out a range of age-friendly modifications in the common areas in estates. For example, at Yue Wan Estate in Chai Wan and Ping Shek Estate in Kwun Tong, shelves, handrails, and hooks were installed near mailboxes for the elderly to set down their belongings while collecting mails and for support. Furthermore, additional seating was installed in ground floor lobbies, lift lobbies, and public spaces of Wan Hon Estate in Kwun Tong, with design features incorporated to accommodate walking sticks and shopping bags. The above allows elderly residents to take a rest while waiting for lifts or getting out.

     Furthermore, the HA has created more shared spaces and introduced social seating within estates to foster an inclusive community for people of all ages. For instance, communal fitness playscapes were established at Lee On Estate in Sha Tin and Choi Yuen Estate in Sheung Shui, integrating fitness facilities for the elderly into children play areas and seating areas to cater to the exercise needs of residents of all ages. Also, at Ping Shek Estate in Kwun Tong, the Wellness Corner was set up in the lobby with social seating and community information notice boards installed. At Shek Wai Kok Estate in Tsuen Wan, the ventilation corridor was revitalised into communal space with social seating. The above encourages elderly residents to leave their homes and interact with neighbours of different age groups, thereby promoting intergenerational harmony and mutual support in the neighborhood.

     In addition, HD piloted the use of Smart Access Control System (SACS) at Tung Wui Estate in Wong Tai Sin and Long Shin Estate in Yuen Long in March 2026. Residents can use Octopus cards and “iAM Smart” Personal Code or other smart systems without entering building access codes, thereby further facilitating residents’ access to the premises. Not only does the system spare the elderly from troubles of forgetting or leaking building access codes, but it also enhances security. HD also plans to extend the system to more PRH estates to benefit more residents.

     On the other hand, since lifts cannot be retrofitted on certain floors of some old estates, the HA is piloting the introduction of a new type of “Stair Climbers” to enable residents with mobility impairments and the elderly to use when needed. The HA has arranged suppliers to test the performance of the “Stair Climbers” at Yau Oi Estate in Tuen Mun and Lok Fu Estate in Wong Tai Sin. Subject to the operational effectiveness of the “Stair Climbers” and the specific circumstances of individual estates, the HA will arrange suitable “Stair Climbers” for use in estates.

(5) The HA has widely applied the concepts of “Universal Design” to residential flats and common areas of PRH estates. Barrier-free design standards are also adopted to cater for the needs of the elderly and mobility-impaired residents. In terms of the flat design, relevant facilities include laying non-slip floor tiles in kitchens and bathrooms of flats, adopting lever-type mixers for door handles, water basin and shower taps, and installing larger switches and doorbell buttons at easily accessible heights. Prospective eligible tenants with special needs may apply to the HA for free adaptation or modification works in the PRH units allocated to them. The HA will take into account the advice from doctors, physiotherapists or other professionals to modify the facilities in the unit in a pragmatic manner to meet their actual living needs. Should an applicant request adaptation works before or upon moving in, the HA will process the application as soon as possible so that the tenant may move in early. If necessary, the HA will consider deferring the commencement date of the tenancy agreement until the completion of the adaptation works for eligible tenants subject to the circumstances. In short, where the needs of elderly tenants arise, the HA can arrange appropriate adaptation or modification works prior to their in-take of flats, so as to ensure a safe and suitable living environment for them.

(6) Regarding private properties, the Building Maintenance Grant Scheme for Needy Owners (the Grant Scheme), implemented by the Urban Renewal Authority with a total of $3 billion allocated by the Government over time, mainly provides subsidies for owner-occupiers who are elderly persons in need (i.e. elderly persons aged 60 or above who meet the asset and income limits) to maintain their property units and conduct interior alterations, thereby improving building safety and the living environment. So far, commitments of approximately $1.7 billion has been approved under the Grant Scheme, with over 90 per cent of the applicants being elderly persons aged 60 or above. Each elderly owner-occupier is eligible for a maximum subsidy of $80,000, which can be used for interior alterations to make homes age-friendly, such as installation of slip-resistance floor tiles in bathrooms, grab bars, and shower seats, thereby creating a safer and more comfortable home environment. As the flats sold under HOS are no different from general private properties and are under private ownership, HOS flat owners are also eligible to apply for the abovesaid Grant Scheme. 

     Moreover, frail elderly persons assessed as suitable for receiving residential or community care services may apply to the Social Welfare Department for Home Care Services for Frail Elderly Persons. Alternatively, they may receive subsidised home care services through the “Community Care Service Voucher Scheme for the Elderly”. As for elderly persons assessed to be at the state of mild or higher level of impairment, they may apply for “Home Support Services”. The services of the above-mentioned schemes provide elderly people with home environment risk assessment and modification suggestions.

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Chan Yung and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (June 3):

Question:     
(1) of the Park Company’s specific ways to maintain regular interface with the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone of Shenzhen Municipality (the Qianhai Authority) and strengthen co-operation in areas such as industrial planning, attracting enterprises and investment, mutual recognition of standards, professional services;     
     In alignment with the overall strategy of the Northern Metropolis (NM) as “industry-driven”, the Hong Kong Special Administrative Region (HKSAR) Government, in the beginning of this year, established the wholly government-owned Hung Shui Kiu Industry Park Company Limited (the Park Company), which will be responsible for the development and operation of the around 23-hectare Industry Park located in the Hung Shui Kiu/Ha Tsuen New Development Area, with a view to capitalising on the locational advantage of Hung Shui Kiu for its good transport network and proximity to Qianhai and Nanshan in Shenzhen to drive the development of industries with a competitive edge and supported by the HKSAR Government, including high value-added or smart production (such as pharmaceutical manufacturing and food processing) and advanced construction.
     
     The Industry Park, in conjunction development with the Hung Shui Kiu University Town, will foster deep integration of the industry, academia and research sectors, and attract talent. The Park Company will proactively attract high-quality enterprises to establish a foothold in the Industry Park through tailored packages, and provide support services such as testing and certification, business matching and staff training, etc. The Park Company will support enterprises in expanding their businesses, help Chinese Mainland enterprises to “go global” and “bring in” overseas firms, fully utilising Hong Kong’s advantages as an international city and boosting the economic impetus.
     
     In respect of the various parts of the question, having consulted the Transport and Logistics Bureau (TLB), the reply is as follows:
     
(1) The Qianhai Co-operation Zone, with its high-standard opening up, promotes the innovative development of modern service industry, gathering the finance, technology, legal, and cultural and creative sectors, while the Nanshan District is a gathering place of high-tech innovation. Hung Shui Kiu is just a bay away from the Qianhai Co-operation Zone and the Nanshan District, offering great prospects for co-operation.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     Following is a question by Professor the Hon Chan Wing-kwong and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (June 3):

Question:(ii) Displaying signages and broadcasting announcements in the airport arrival area and through airlines to urge passengers who have visited the DRC or Uganda within the past 21 days to proactively declare their travel history to the on-site staff of the DH for further health assessment;
(iii) If an inbound traveller exhibits relevant symptoms and is assessed as a suspected case by the Port Health Division officers, arrangements will be made immediately to transfer the individual to the Hospital Authority Infectious Disease Centre (HAIDC) for isolation and treatment;
(iv) Strengthening public awareness and health education efforts regarding Ebola disease at all boundary control points, including broadcasting announcements and posting posters to alert travellers; and
(v) Providing the Airport Authority Hong Kong and airlines with the latest information on the virus, and urging airlines to remind their flight crews to strictly enforce established prevention and control measures if they identify suspected cases on their flights.　 
     The HA will continue to work closely with the CHP to monitor the development of the situation and review the relevant measures in a timely manner.

Source: Hong Kong Government special administrative region – 4

     Following is a question by the Hon Albert Chuang and a written reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (June 3):

Question:

     Following the successful launch of the Shenzhou-23 manned spaceship recently, the first female payload specialist from Hong Kong also travelled into space on board. At the same time, our country’s “Outline of the 15th Five-Year Plan” has included for the first time the need to “work faster to boost China’s strength in aerospace” as a key task while expressly pointing out the need to promote the development of strategic emerging industries such as aviation and aerospace. Regarding areas such as promoting the development of aerospace and space technologies as an industry, leveraging Hong Kong’s advantages as a financing platform, and deepening the training of young talents, will the Government inform this Council:

(1) whether the Government will formulate specific strategies for areas such as scientific and technological research, talent cultivation and industry development in the aerospace domain, so as to build up the role of Hong Kong in the commercial aerospace industry chain of our country;

(2) how the Government will attract Mainland and international commercial aerospace enterprises to Hong Kong for listing, issuing bonds, undertaking private equity financing, and setting up regional headquarters or research and development centres;

(3) as the authorities indicated earlier that the Hong Kong Exchanges and Clearing Limited had been requested to review the relevant listing mechanisms and requirements to facilitate and dovetail with financing activities involving aerospace enterprises, of the specific progress of the review at present and the timetable for implementing the relevant measures;

(4) whether the authorities will assess the number of high-end employment opportunities that can be created by the aerospace science and technology industry for Hong Kong’s young people and its manpower demand in the coming 5 to 10 years; and

(5) whether the Government will launch more dedicated training programmes or subsidy funds specifically for tertiary students and young people who have just begun their careers, so as to encourage young people to enrol in advanced professional programmes relating to the aerospace domain and nurture more aerospace industry talents equipped with interdisciplinary capabilities for Hong Kong; apart from training programmes and subsidy funds, what other specific schemes have been put in place by the authorities to nurture the relevant talents?

Reply:

President: 

     The National 15th Five-Year Plan clearly sets out key strategies to develop a modernised industrial system and expedite the development into an aerospace power. With the strong support of the country, a Hong Kong payload specialist takes part in the Shenzhou-23 manned spaceflight mission for the first time, which is a testimony to the country’s high recognition of Hong Kong’s innovation and technology (I&T) talent, development, and achievements. It also reflects the great importance attached, as well as the care and support given to the technological development in Hong Kong by our country. Hong Kong has transformed from being a “supporter” of the country’s great aerospace endeavours into a “participator”. This does not only demonstrate Hong Kong’s capability in contributing to the country’s development into an aerospace power, but also showcases how Hong Kong could better integrate into and serve the overall national development.

     Having consulted the Education Bureau (EDB), the Financial Services and Treasury Bureau (FSTB) and the Labour and Welfare Bureau (LWB), our reply to the Hon Albert Chuang’s question is as follows:

(1) Hong Kong Special Administrative Region (HKSAR) possesses strong capabilities in scientific research. Various research institutions and universities have been participating in aerospace research projects, including providing systems, instruments, and technical support for the country’s lunar and Mars exploration missions, as well as conducting spaceborne experiments, actively contributing to the country’s aerospace development. In future, Hong Kong can play a unique role in fostering international exchanges and collaborations as the country’s aerospace development goes global, so as to leverage Hong Kong’s strengths to contribute to the national needs.

     The Government has a clear plan on promoting the development of aerospace technology. Talent is a critical element for promoting I&T development. The Government is taking forward the development under the principle of “promoting technology with talents, leading industries with technology, and attracting talents with industries”. Under the “one country, two systems” principle, Hong Kong possesses the distinctive advantages of enjoying strong support of the motherland and being closely connected to the world. With five universities ranking among the world’s top 100, Hong Kong provides a powerful impetus for nurturing and attracting I&T talents.

     The Innovation, Technology and Industry Bureau and the Innovation and Technology Commission (ITC) have been expanding the local research and I&T talent pool through a multipronged approach, supporting enterprises and research institutions in grooming technology (including aerospace technology) talents and promoting I&T development. Such measures include:

(i) the STEM Internship Scheme, which subsidises undergraduates and postgraduates taking full-time STEM (science, technology, engineering and mathematics)-related programmes to enrol in short-term internships, with a view to encouraging them to gain I&T-related work experience;
(ii) the Research Talent Hub, which provides funding support to eligible companies or organisations to engage research talents to conduct research and development (R&D) work; and
(iii) the New Industrialisation and Technology Training Programme, which subsidises local enterprises on a 1(Government):1(enterprise) matching basis to train their staff in advanced technologies.

     Furthermore, the Hong Kong Space Robotics and Energy Centre has been established under the InnoHK research clusters to participate in relevant aerospace missions of our nation. The ITC also launched the Innovation and Technology Support Programme Special Call on Aerospace Technology in July 2024 and deployed over $100 million funding to support six projects related to aerospace technology. One of them was the Multi-Spectral Imaging Carbon Observatory (MUSICO) camera, which has recently arrived at Tiangong Space Station. The development of MUSICO was led by the Hong Kong University of Science and Technology (HKUST).

     Regarding industry development, the Government’s relevant existing policy measures are all applicable to the realm of aerospace. For example, the New Industrialisation Funding Scheme supports enterprises in obtaining funding on a matching basis to set up new smart production lines in Hong Kong; the New Industrialisation Acceleration Scheme provides funding on a matching basis to enterprises engaged in strategic industries to establish new smart production facilities in Hong Kong; and the Innovation and Technology Industry-Oriented Fund is also planned to commence operation within the year to channel more market capital into strategic emerging and future industries, thereby systematically building up the I&T industry ecosystem.

     All in all, the Government will continue to enhance research capability, initiatives on nurturing talent and industry support, with a view to enabling Hong Kong to perform its unique role in the country’s aerospace development.

(2) & (3) The FSTB is committed to building a vibrant and sustainable fundraising platform in Hong Kong. As a global major listing platform for companies from different jurisdictions and the second largest private equity management centre in Asia following the Mainland, the FSTB actively drives the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX) to study broadening the fundraising channels for enterprises, as well as keeping abreast of international trends and continuously enhancing Hong Kong’s listing regime, thereby facilitating listing by companies from different industries in Hong Kong. On the other hand, through the active promotion of the Government, Hong Kong has been a major international bond issuance hub in Asia. In fact, the Hong Kong bond market has seen vibrant development in recent years, with annual issuance size gradually rising and issuers becoming more diversified. A number of major technology companies have issued bonds in Hong Kong in recent years. The Government, the SFC and the Hong Kong Monetary Authority will continue to implement the various initiatives under the Roadmap for the Development of Fixed Income and Currency (FIC) Markets, and step up market outreach to various target markets, with a view to attracting more issuers and investors (including technology enterprises) to participate in Hong Kong’s FIC markets.

     In recent years, the aerospace industry has experienced significant development, extending beyond national strategic initiatives into the commercial sphere. On the listing platform, the HKEX introduced Chapter 18C in March 2023 to provide a listing pathway for early-stage specialist technology companies. According to the HKEX’s guidance, Chapter 18C captures a broad range of aerospace-related business activities under the existing acceptable sectors of specialist technology industries, including aerospace technology, advanced communication technology and advanced transportation technology. Applicants from the aerospace industry may apply for listing under Chapter 18C and benefit from the Technology Enterprises Channel. To support the high-speed developments of relevant industries, the HKEX has commenced a review to assess and optimise the existing listing framework to meet the fundraising needs arising from the development of the aerospace industry, and will announce specific measures or provide further guidance as appropriate in due course.

     Furthermore, the Hong Kong Investment Corporation Limited (HKIC) is actively exploring investment directions related to commercial aerospace and the space economy. By synergising capital, technology, talent and application scenarios, the HKIC will facilitate to connect promising aerospace enterprises with the diverse financing channels, high calibre talent, and common law system advantages of Hong Kong as an international financial centre, thereby helping relevant enterprises accelerate technological translation and market implementation. The HKIC will also deepen collaborative innovation with local universities and research institutions, promote industry-academia-research collaboration, and assist Hong Kong in contributing to our country’s aerospace development with its own strengths, while injecting new momentum into Hong Kong’s high-quality economic development.

(4) The HKSAR Government has been conducting periodic manpower projection (MP) exercises to assess Hong Kong’s future manpower supply and requirement trends at a macro level, with a view to providing an important reference for the planning of medium-term manpower strategies. The LWB is currently conducting a mid-term update of the MP to assess Hong Kong’s manpower supply and demand trends from 2025 to 2028 at the macro level. The scope of the MP covers 17 key economic sectors, including the “international I&T centre”. The development of various advanced technologies (including aerospace technology and related cutting-edge technologies) as well as relevant scientific research activities (including R&D activities in the public, business and higher education sectors) have been subsumed under the overall manpower demand assessment for the “international I&T centre”. At present, the stakeholder consultation and data analysis for the mid-term update of the MP have been largely completed. Final data consolidation is underway, and the LWB expects to release the findings in the fourth quarter of 2026. 

     Regarding the specific breakdown of data analysis, preliminary feedback from the stakeholder consultation indicates that the manpower demand related to aerospace technology only accounts for a relatively small proportion of the entire manpower demand for the international I&T centre at the current stage. Hence, an independent quantitative assessment on aerospace technology has not been conducted in this mid-term update of the MP. The Government will continue to closely monitor the development trends of I&T (including aerospace technology) in Hong Kong. Where necessary, consideration may be given in future MPs to conducting more targeted sub-sectoral assessments on specific technology areas, so as to ensure that the manpower supply can dovetail with the development needs of the industries and our country. 

(5) The EDB advised that the Government has all along encouraged the University Grants Committee (UGC)-funded universities to offer programmes which cater for Hong Kong’s development needs, expand the talent pool of important areas such as I&T, and strengthen Hong Kong’s competitiveness. In “The Chief Executive’s 2022 Policy Address”, we announced our target that by the 2026/27 academic year, 35 per cent of the students of the UGC-funded universities will be studying STEAM (science, technology, engineering, art and mathematics) subjects and 60 per cent will be studying subjects relevant to Hong Kong’s development into the “eight centres” in the 14th Five-Year Plan. During the 2025-28 triennium, the eight UGC-funded universities collectively introduce 27 new undergraduate programmes related to STEAM and the “eight centres”, covering emerging fields that have been rapidly developing and highly popular among young people in recent years, such as aerospace science and technology, etc. They will not only consolidate Hong Kong’s development in I&T and the “eight centres”, but also create opportunities for young people to give full play to their strengths, thereby promoting greater social and economic diversification.

     The UGC allocates recurrent funding to the eight UGC-funded universities, in the form of a block grant on a triennial basis, for offering programmes and allocating student places among different disciplines.

     At present, there are four UGC-funded universities offering undergraduate programmes in aerospace knowledge and training in Hong Kong, namely City University of Hong Kong, the Chinese University of Hong Kong, the Hong Kong Polytechnic University (PolyU) and the HKUST. PolyU also provides postgraduate programmes. These programmes all serve to nurture talent in aerospace engineering for both Hong Kong and the nation.

Source: Republic of China Taiwan

Director-General David Cheng-Wei Wu held meetings with bipartisan leaders at the New South Wales (NSW) Parliament to enhance bilateral cooperation.
During the discussions, Director-General Wu shared updates on Taiwan’s recent economic and technological growth, noting that Taiwan’s stock market capitalization has surpassed the UK and India to become the fifth largest globally. He also highlighted Nvidia’s first overseas headquarters and innovation center set to open in Taiwan by 2030, alongside President Lai Ching-te’s newly launched “New Strategic Plan for Taiwan’s Population Policy,” which addresses demographic challenges to secure national competitiveness and social resilience.
Director-General Wu reaffirmed that Taiwan and Australia are key, like-minded partners sharing values of freedom and democracy, committed to the rules-based international order. He emphasized that this office will continue to deepen the strong partnership between Taiwan and New South Wales across all key sectors.