Category: MIL-OSI

Source: Hong Kong Government special administrative region

Following is the speech by the Chief Executive, Mr John Lee, at the South China Morning Post China Conference 2026 today (July 7):

Ms Tammy Tam (Publisher of the South China Morning Post), Mr Steve Finch (President and Chief Executive Officer of Manulife Asia), distinguished guests, ladies and gentlemen,

Good morning. I am very pleased to join you, once again, for the South China Morning Post’s China Conference, the 12th edition of this forum on our country’s development.

A week ago, we marked the 29th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR). We proudly celebrated the anniversary, and the achievements of the “one country, two systems” principle, which continues to fuel the long-term stability and prosperity of our economy, and power our community long down the road.

The theme of today’s conference -“Intelligence at Scale: Hong Kong’s AI-Powered Future” – is all about Hong Kong’s commitment to innovation. And rightly so.

China, our country, is fast becoming a global powerhouse of innovation and modern industries. And with Hong Kong’s “one country, two systems” advantages and dedication to innovation and technology, we are well-placed to connect the world to the wide range of opportunities of this AI-powered future.

Hong Kong is recognised worldwide for its openness, deep international networks and role as a vital bridge between the Chinese Mainland and the rest of the world.

We have long been the world’s number one in economic freedom. In the latest World Competitiveness Ranking, released three weeks ago, Hong Kong’s position rose one spot to rank second, globally. We are the world’s fifth-largest merchandise trading entity, and one of the world’s three global financial centres.

Hong Kong’s prowess as a two-way bridge between our country and the world is recognised by not only rankings, but also companies from around the globe. Hong Kong is the preferred location for international companies establishing regional headquarters.

The numbers underline that statement. Last year, Invest Hong Kong, our investment promotion agency, assisted 560 Mainland and overseas companies in setting up or expanding their businesses in Hong Kong – up 4 per cent, year on year.

In addition, 124 strategic enterprises have settled in Hong Kong since the Office for Attracting Strategic Enterprises was established in late 2022. The companies come from high-tech industries such as advanced manufacturing and new energy technology, AI and data science, fintech, and life and health technology.

These strategic enterprises will invest some HK$73 billion in the years to come, while creating some 25,000 jobs. And there’s more. Their presence is drawing a wave of complementary businesses, reinforcing Hong Kong’s status as a global hub, where innovation, investment and continuing opportunities converge. Where Mainland Chinese companies can better connect to the world, and foreign investors could more easily tap into the Chinese market.

It helps that Hong Kong is a core city of the Guangdong-Hong Kong-Macao Greater Bay Area.

The Greater Bay Area is a national strategy, designed to harness the complementary strengths of nine cities in Guangdong, plus Hong Kong and Macao, and in doing so, build a world-class region for innovation and technology – and a lot more.

Hong Kong strives to work with other cities in the Greater Bay Area to develop an international I&T (innovation and technology) centre. Last year, the Shenzhen-Hong Kong-Guangzhou innovation cluster topped the world’s 100 leading innovation clusters in the World Intellectual Property Organization’s Global Innovation Index.

The cluster has demonstrated exceptional strength in mobilising capital to transform innovative ideas into tangible, market-ready outcomes.

And we will fully utilitse the Northern Metropolis, which takes up one-third of Hong Kong’s land area and is adjacent to Shenzhen, to provide the much-needed space for innovation and research developments.

Straddling the Shenzhen River, the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone promotes I&T collaboration between Hong Kong and the Mainland. The Hong Kong Park in the Zone, and very much part of the Northern Metropolis, now boasts tenants from life and health technology, AI, microelectronics and other pillar industries. We welcome more global companies to establish a presence in the Hong Kong Park, and the wider Northern Metropolis, to capitalise on our I&T ambitions.

Hong Kong is drawing up its First Five-Year Plan. It will mark a historic milestone, as the strategic road map aligning Hong Kong with the National 15th Five-Year Plan. Hong Kong’s Five-Year Plan will feature, prominently, our vision in accelerating the development of the Northern Metropolis, as well as Hong Kong’s finance, shipping, trade, innovation, technology and other industries.

I’m also preparing my annual Policy Address, which sets out the Government’s policy agenda. Together, the two documents will guide our high-quality economic progress, and the livelihood of our people. One obvious area of importance is further developing Hong Kong as an international innovation and technology centre.

In that development, artificial intelligence is a central plank.

It’s why, 18 months ago, Cyberport established the Artificial Intelligence Supercomputing Centre, providing high-performance computing power to industry, R&D (research and development) centres and local institutions.

The three-year, HK$3 billion Artificial Intelligence Subsidy Scheme was set up to help enterprises take advantage of Cyberport’s AI Supercomputing Centre. As of March this year, nearly 30 projects had been approved.

The Digital Transformation Support Pilot Programme has been supporting small and medium-sized enterprises (SMEs) in adopting digital solutions. We are upgrading the scheme and will launch, later this year, an enhanced programme that will give SMEs subsidies, on a matching basis, to help them take advantage of AI’s far-reaching promise.

The Hong Kong AI R&D Institute will also commence operation in the second half of 2026. It will help to promote our R&D efforts, as well as the commercialisation of AI technology.

Just last week, the Committee on AI+ and Industry Development Strategy held its first meeting. Made up of senior representatives from the business and professional sectors, the Committee will formulate strategies for Hong Kong’s AI-driven industrial transformation, innovation and development.

Beyond I&T, Hong Kong’s world-class financial services will drive development of the Greater Bay Area. The Cross-boundary Wealth Management Connect Scheme has steadily expanded financial opportunities, further opening up the financial markets of the Mainland.

Then there’s the issuance of offshore Renminbi government bonds by the Shenzhen Municipal Government and the Guangdong Provincial Government in Hong Kong, which has reinforced our role as the world’s largest offshore Renminbi business hub.

Earlier this morning, I announced the trial launch of Hong Kong’s central clearing system for gold. We will work closely with the Shanghai Gold Exchange, as well as other stakeholders in and outside of Hong Kong, to build a comprehensive gold trading ecosystem.

Ladies and gentlemen, the HKSAR Government is determined to open up new opportunities for global business and talent, helping them access, engage with and thrive in the Greater Bay Area and the Chinese Mainland, with Hong Kong as their trusted gateway and strategic partner.

My thanks to the South China Morning Post for organising this illustrious event. I wish you all an inspiring conference, and the best of business and investment through the rest of this challenging, endlessly promising, year.

Thank you.

Source: Hong Kong Government special administrative region

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong FIC & Bond Connect Summit today (July 7):

Kelvin (Chairman of the Securities and Futures Commission (SFC), Dr Kelvin Wong), Eddie (Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Eddie Yue), Julia (Chief Executive Officer of the SFC, Ms Julia Leung), Bonnie (Chief Executive Officer of the Hong Kong Exchanges and Clearing Limited, Ms Bonnie Chan), distinguished guests, ladies and gentlemen,
Increasingly, renminbi financing is part of that success story. Dim sum bond issuance has exceeded RMB1 trillion in each of the past two years, with outstanding stock surpassing RMB1.6 trillion. In 2025, we saw first-time issuances by the Government of Indonesia and the Development Bank of Kazakhstan – and Indonesia is back again this year. International issuers increasingly see Hong Kong as a natural venue for offshore renminbi financing.

The HKSAR Government has a role to play as an issuer and market builder. In May, our multi-currency, multi-tenor green and infrastructure bond issuance attracted investors from more than 30 jurisdictions across Asia, Europe, the Middle East and the Americas, with an order book 8.6 times the issuance size.

On the fintech front, we made early moves in applying tokenisation to government bond issuance. Beyond our own issuances, we are working with the market to develop the broader FIC ecosystem, including the use of tokenisation and distributed ledger technology in the fixed income market. These measures help us build a market that is deeper, more efficient and accessible, and better able to connect Mainland opportunities with global capital.

Hong Kong’s Value Proposition

Taken together, the developments above point to Hong Kong’s distinctive value proposition. International capital turns to Hong Kong for more than market depth. It’s here because Hong Kong offers two things at the same time: an open, trusted and well-regulated platform; and efficient access to the opportunities arising from the Mainland’s continued development.

This combination matters even more in the current geoeconomic environment. As investors reassess allocation, liquidity and risk across markets, they look for platforms that are open, stable and predictable. Under the “one country, two systems” framework, Hong Kong continues to give them the confidence they seek.

At the same time, investors are keen to seek exposure to the Chinese Mainland’s steady long-term growth and technological innovation. Hong Kong is where that access can be achieved through market practices that international investors understand and trust. Hong Kong is chosen not because of geographic proximity, but our institutional strengths.

Figures in respect of our Connect Schemes speak volumes about this. Today, more than 70 per cent of international investors’ A-share holdings were acquired through Stock Connect, and around two-thirds of their Mainland bond holdings were transacted through Bond Connect. These channels have become part of the operating architecture of cross-border investment into China. As liquidity gathers here, it also creates demand for a broader range of products, better risk management tools and deeper links with the Mainland’s FIC markets.

This morning, Governor Pan announced a series of important measures to deepen two-way connectivity between Hong Kong and the Mainland. These measures will further widen the channels through which investors can access Mainland assets, allocate capital and manage risk. The HKSAR Government welcomes these initiatives, and the HKMA, the SFC and other relevant authorities will work closely with the market to implement them in a timely manner.

The second part of Hong Kong’s value proposition lies in supporting the international use of the renminbi. The country’s 15th Five-Year Plan explicitly calls for advancing renminbi internationalisation, and Hong Kong is well placed to contribute to this national strategy. Last year, we published the Fixed Income and Currency Market Development Roadmap, which sets out our vision and action agenda for strengthening primary issuance, deepening secondary-market liquidity, developing offshore renminbi business and building next-generation market infrastructure.

In the context of offshore RMB business, we will work on three fronts: first, enriching the offshore renminbi product ecosystem; second, strengthening the infrastructure that supports clearing, settlement and risk management; and third, deepening liquidity so as to serve investment and financing needs more effectively.

Not a Fragmenting System

Now, on the third question: As the international use of the renminbi expands, are we witnessing the fragmentation of the financial system?

My answer is that we should not confuse diversification with fragmentation. The wider use of different currencies is a natural response to a more multipolar global economy. Countries and companies are looking for more options in clearing, settlement and financing. They seek to reduce concentration risk, to manage external shocks, and to improve cost and efficiency; in other words, to add resilience and optionality to the regime.

The renminbi is an important part of this evolution, given China’s role as a major trading and industrial power, and the growing international appetite for Chinese financial assets.

The numbers illustrate the point. China accounts for around 12 per cent of global merchandise trade, yet the renminbi represents only about 4 per cent of global trade settlement and just 2 per cent of global central bank reserves. This does not mean the gap will be closed overnight. But it does suggest that, as market infrastructure deepens and more use cases develop, the renminbi can play a larger role in trade, investment and reserve management.

In other words, the story is not one of substitution, but of complementarity. The US dollar and other established reserve currencies will continue to play important roles. Meanwhile, more economies and market participants will use their own or regional currencies where it makes commercial and financial sense to do so. A more diversified currency system can still be an integrated one, provided that the channels of connectivity remain open, trusted and efficient.

The same logic applies to new payment and settlement infrastructures. CIPS (Cross-border Interbank Payment System), CBDCs (Central Bank Digital Currency), stablecoins and other digital solutions should not be seen simply as alternatives to existing ones. The real question is whether they can make cross-border payments and settlement more open, interoperable, efficient and cheaper. For many emerging markets, particularly those with large remittance flows and SME trade, the practical needs are clear: lower cost, faster processing, greater transparency and less friction in cross-border transactions.

What we are likely to see, therefore, is not the breakdown of the international financial system, but the gradual emergence of a more diversified network of interoperable infrastructures. The key question for the coming decade will not be which single system prevails. It will be whether different systems can work together safely, efficiently and under standards that market participants trust.

Concluding remarks

Ladies and gentlemen, as Hong Kong continues to develop its fixed income and currency markets, our choice is clear. We will strengthen connectivity, build more robust, efficient and open market infrastructure, and continue to help global capital access Mainland opportunities. The future of finance should be shaped by systems that can work together – and Hong Kong is ready to help realise that connectivity faster.

I wish this Summit every success, and all of you good health, and the best of business. Thank you very much.

Source: Hong Kong Government special administrative region – 4

The Government announced today (July 7) the launch of a one-month public consultation on proposals to improve the laws on sexual offences in Hong Kong. 
 
A Government spokesman said, “The Government attaches great importance to the well-being of the general public, in particular children and persons with mental impairment (PMIs), and is committed to protecting them from sexual exploitation and abuse. This is the Government’s original intent in enacting the laws on sexual offences.”
 
The spokesman further said, “At present, many of the sexual offences in Hong Kong are based on similar provisions in the laws of England enacted in 1956. Social perceptions related to sexual offences have been evolving over the years. Meanwhile, there are inadequacies in the existing sexual offence provisions. For instance, some provisions lack clarity and certainty with outdated terminologies; some offences lack consistency on treatments across genders, or carry distinctions based on sexual orientation; the provisions and penalties of some sexual offences are not fully commensurate with the gravity of the relevant acts, etc. The Government considers it necessary to review and improve the laws on sexual offences in Hong Kong to address the inadequacies of the current provisions and respond to changes in social perceptions related to sexual offences.”
 
The Law Reform Commission (LRC) had conducted a comprehensive review on sexual offences and related matters, and published a total of four consultation papers on specific areas. The LRC published two reports subsequently, making a total of 72 final recommendations. On the basis of the LRC’s recommendations and with reference to the development of relevant laws in other major common law jurisdictions, the Government has formulated a range of legislative amendment proposals, mainly covering the following areas:
 
1. non-consensual sexual offences;
2. sexual offences involving children;
3. sexual offences involving PMIs;
4. miscellaneous sexual offences; and
5. other related amendments to strengthen protection for victims of sexual offences.
 
“We hope to improve the laws on sexual offences in Hong Kong, the earlier the better, to strengthen protection for victims of sexual offences while ensuring that the laws on sexual offences can keep pace with the times,” the Government spokesman added.
 
The consultation paper has been uploaded onto the website of the Security Bureau (www.sb.gov.hk/eng/pub/consultation/loso.html). Members of the public are invited to submit their views by mail (Security Bureau A Division, 8th Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong), by fax (2524 3762) or by email (sexualoffences@sb.gov.hk) on or before August 5.

Source: Hong Kong Government special administrative region – 4

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

     The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC) and the Securities and Futures Commission (SFC) announced today (July 7) a series of new measures to deepen the financial co-operation between Hong Kong and the Chinese Mainland, support the development of Hong Kong’s fixed income and currency (FIC) market and offshore Renminbi (RMB) business, and reinforce Hong Kong’s position as an international financial centre. These measures include:
 

1. supporting the collaboration of financial infrastructure institutions in Hong Kong and Chinese Mainland to develop a Hong Kong FIC electronic trading platform;
2. further enhancing and expanding the Southbound Bond Connect, including increasing the annual investment quota, developing bond repurchase (repo) business using Southbound Bond Connect bonds as collateral, expanding the product scope to cover products with HKD bonds and RMB bonds as underlying assets, connecting to the Macao bond market, and enhancing the management of Southbound Bond Connect market makers;
3. supporting the inclusion of onshore bonds issued by the Ministry of Finance and Mainland policy banks that are held under Northbound Bond Connect as eligible margin collateral at the HKFE Clearing Corporation and the SEHK Options Clearing House;
4. enhancing the Northbound Bond Connect operational arrangement to extend the settlement time and improve efficiency;
5. further enhancing the Swap Connect to include the interbank Seven-Day Fixing Depository-Institutions Repo Rate (FDR007) as a reference rate; and
6. supporting the launch of Hong Kong Exchanges and Clearing Limited Five-Year China Government Bond Futures in Hong Kong on August 3.

 
     Building on this, the HKMA also announced five measures to support the development of the offshore RMB market and strengthen Hong Kong’s role as a leading offshore RMB business hub, thereby enabling greater outreach to other regions and enhancing support for the real economy. These measures, underpinned by strong support from the PBoC, address industry suggestions for developing the offshore RMB market. These include:
 

1. increasing the size of the HKMA’s RMB Business Facility from RMB200 billion to RMB500 billion and extending tenors to include nine-month, two-year and three-year, effective on July 10;
2. exploring to introduce a tendering mechanism of seven-day offshore RMB liquidity;
3. exploring the issuance of offshore RMB short-term debt instruments to support the building of the offshore RMB yield curve;
4. promoting the development of a bilateral currency transaction framework between Indonesian Rupiah and offshore RMB; and
5. issuing good practices to banks to promote RMB adoption.

 
     The Chief Executive of the HKMA, Mr Eddie Yue, said, “We are pleased to announce this series of measures, which will further deepen cross-boundary financial co-operation, strengthen financial market connectivity between Hong Kong and the Chinese Mainland, promote the development of Hong Kong’s fixed income and currency market, and reinforce Hong Kong’s position as an offshore RMB business hub and international financial centre. These measures are the result of concerted efforts of the HKMA, the PBoC and other relevant financial regulatory authorities in Hong Kong and on the Chinese Mainland. We will continue to work closely with the relevant regulatory authorities, the industry and financial infrastructure institutions to ensure timely and smooth implementation of the measures, and explore further enhancements.”

Source: Hong Kong Government special administrative region – 4

     The opening ceremony of the Women Wellness Satellite under the Primary Healthcare Commission (PHC Commission) was held today (July 7), marking a new milestone in primary healthcare services focused on women’s holistic health. Effective today, the Women Wellness Satellite has been officially named the Jockey Club Women Wellness Satellite (WWS).

     The Under Secretary for Health, Dr Cecilia Fan, officiated at the opening ceremony and naming ceremony of the WWS today. She said, “Integrating services of the Department of Health’s Woman Health Centres and setting up the WWS has implemented the development directions and strategies for strengthening the primary healthcare system set out in the Primary Healthcare Blueprint by the Hong Kong Special Administrative Region Government. It also aligns with the Chief Executive’s proposal in the 2024 Policy Address to promote the development of primary healthcare on all fronts, demonstrating the great importance the Government attaches to women’s health.” Operated by the Tung Wah Group of Hospitals (TWGHs) under the commission of the PHC Commission, the three WWSs located on Hong Kong Island, in Kowloon and in the New Territories respectively have commenced operations in phases since June last year. They form a network with the District Health Centres/District Health Centre Expresses (collectively referred to as DHCs) across all 18 districts in Hong Kong to provide eligible women with prevention-oriented and more personalised women’s health services. As of the end of April this year, the WWSs have recorded a cumulative total of more than 18 200 attendances.

     “To address the specific health needs of women planning for pregnancy, the WWS plans to introduce pre-pregnancy services within this year. The services will cover health assessments, individual consultations and education, doctor consultations as well as examinations and follow-ups according to protocol-driven care pathways. At the same time, the Government is actively exploring the introduction of Chinese medicine services at the WWS tailored to women’s health needs, with a view to providing women with a more comprehensive health support network.”

     The related works and medical equipment of the three WWSs are funded by the Hong Kong Jockey Club Charities Trust. In appreciation of the Hong Kong Jockey Club’s support in promoting primary healthcare services for women, the three WWSs have been named the Jockey Club Women Wellness Satellite (Hong Kong), the Jockey Club Women Wellness Satellite (Kowloon) and the Jockey Club Women Wellness Satellite (New Territories) respectively, effective today. 

     The Chief Executive of the Hospital Authority, Dr Libby Lee; the Commissioner for Primary Healthcare of the Health Bureau, Dr Pang Fei-chau; the Deputy Director of Health, Dr Edmund Fong; the Head of Charities (Health & Older Adults Cluster) of the Hong Kong Jockey Club, Ms Imelda Chan; and the Chairman of the TWGHs, Mr York Tseng, also attended the ceremony today.

     Through a co-payment model, the WWS provides personalised women’s health services to women holding a Hong Kong identity card or a Certificate of Exemption. Those who wish to use the services have to register as members of the DHC and give consent to enrol in eHealth. The DHC will arrange health risk assessments and family doctor pairings, and arrange for users to receive services at the WWS as needed. Apart from providing free health education for eligible women, the WWS offers services such as basic health assessments, individual consultations, cervical and breast cancer screenings to participants upon paying the co-payment. After assessment, participants with clinical needs for laboratory tests can also access relevant private laboratory services. Moreover, the WWS has also introduced various value-added services, including breast ultrasounds, 3D mammograms, human papillomavirus (HPV) DNA testing, HPV testing by self-sampling, and vaccination services. Members of the public can visit the WWS website for more information on the services and service charges of the WWS.

Source: Hong Kong Government special administrative region