Category: MIL-OSI

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     ​According to the latest labour force statistics (i.e. provisional figures for December 2025 – February 2026) released today (March 18) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate decreased from 3.9% in November 2025 – January 2026 to 3.8% in December 2025 – February 2026. The underemployment rate remained unchanged at 1.7% in the two periods.

     Comparing December 2025 – February 2026 with November 2025 – January 2026, the unemployment rate (not seasonally adjusted) decreased in many major economic sectors, with more distinct decreases observed in the retail sector, accommodation services sector, and foundation and superstructure sector. Movements in the underemployment rate in different industry sectors varied, but the magnitudes were generally not large.

Source: Hong Kong Government special administrative region – 4

Following is a question by the Hon Chirs Ip and a reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (March 18):

Question:
 
It has been reported that during the Lunar New Year (LNY) holidays this year, quite a number of visitors camped in Hong Kong’s countryside, leaving substantial amounts of litter on nearby beaches and in public toilets, and some were even suspected of illegally lighting fires. In this connection, will the Government inform this Council:
 
(1) as an environmental group has estimated that more than 10 000 people visited the Sai Kung Country Park (including Ham Tin Wan and Sai Wan) via Pak Tam Chung during this year’s LNY holidays, and over 1 200 tents were pitched at campsites, whether the Government has compiled statistics on the numbers of tents and overnight visitors at various designated government-managed campsites in the Sai Kung District between the first and the seventh days of LNY this year, and of the highest figures recorded;
 
(2) of the total number of enforcement operations conducted by the Agriculture, Fisheries and Conservation Department (AFCD) at various designated campsites in the Sai Kung District during the first seven days of LNY this year, and the respective numbers of Hong Kong residents and inbound visitors prosecuted in those operations; and
 
(3) given the Government’s previous indication that it would study the introduction of a booking or fee-charging system for scenic spots in the countryside, of the preliminary details of such a system; whether, prior to the implementation of any new system, special measures will be taken during festive holidays to prevent a recurrence of crowding and disorder at campsites; if so, of the details; if not, the reasons for that?
 
Reply:
 
President,

Our country has been stressing “lucid waters and lush mountains are invaluable assets”, and advances the visionary initiative of harmonious coexistence between humanity and nature. To implement the country’s principle and protect Hong Kong’s irreplaceable biodiversity, the Government has been attaching great importance to ecological conservation, with a view to contributing to the building of a “Beautiful China” and a “Beautiful Hong Kong”. In December 2025, Hong Kong’s Mirs Bay was selected as an “Outstanding Example of Beautiful Bays” with an excellent overall score, reflecting the Government’s efforts and achievements in protecting, planning, managing, and restoring the natural ecology.
 
In recent years, Hong Kong’s beautiful countryside has attracted many visitors, in particular, the Sai Kung East Country Park has become a favourable destination for hiking and camping for many people. Before the start of this year’s Chinese New Year Golden Week, the Government had already made arrangements for designated camp sites in the Sai Kung district, including erecting promotional and educational banners and signs at prominent locations in the campsites, formulating management measures, as well as conducting patrol, cleaning, litter collection, and public education. Since February 14, the AFCD had deployed staff at hotspots, including Ham Tin Wan, Sai Wan, and Long Ke Wan, to patrol and remind campers to observe camping etiquette and code. The Food and Environmental Hygiene Department had also assigned toilet attendants to be on duty at the Ham Tin Wan public toilet during the Golden Week on a daily basis, and installed network cameras to monitor the cleanliness of the areas outside the public toilet.
 
During the Chinese New Year Golden Week, while the number of camping tents was significantly higher than usual with intense atmosphere of camping, the Government had implemented various measures, and the overall usage, hygiene, and order of the Sai Kung district campsites were largely in line with the plan. During the period, the AFCD had released photos a number of times showing the actual conditions of the campsites after the campers had left, and there had been no severe damage to the ecological environment of Ham Tin Wan, Sai Wan, and Long Ke Wan. Regarding another hotspot, namely the East Dam, under inter-departmental collaboration, public transport services and traffic management had been enhanced. The AFCD had also published crowd information of the East Dam on the “Enjoy Hiking” website, arranged cleaning services, added fencing and erected warning signs at the Po Pin Chau viewing platform, and conducted patrols as planned. The overall situation was also largely in line with the plan, and visitor activities were generally smooth.
 
On where camping and lighting fires are permitted, according to the Country Parks and Special Areas Regulations, campers may erect tents or camps in designated areas within country parks and special areas. The Country Parks and Special Areas Regulations also allow campers and visitors to light and use fires in designated campsites or designated barbecue sites. The entire beach areas of Ham Tin Wan and Long Ke Wan have been designated as campsites, where visitors are permitted to light and use fires.  Additionally, campers should keep the countryside clean, and the fixed penalty for littering offences within country parks is $3,000.
 
In response to the question raised by the Hon Chris Ip, my reply is as follows:
 
(i) The AFCD has established a total of 41 designated campsites in country parks across Hong Kong, of which nine are located in the Sai Kung district, including Ham Tin Wan Campsite, Sai Wan Campsite, Long Ke Wan Campsite, and Pak Lap Campsite. For campers’ reference, the AFCD classifies the campsites into large, medium, and small sizes. One that can accommodate over 50 tent spaces is a large campsite. Ham Tin Wan Campsite and Sai Wan Campsite are classified as large campsites, and because their areas are significantly larger than other typical large campsites, they can accommodate a much higher number of tents than others. Currently, except for the Twisk Campsite which requires reservation, all other designated campsites are available for visitors on a “first-come, first-served” basis. Therefore, the AFCD does not keep records of the maximum number of tents or overnight visitors for these campsites, though it is roughly estimated that Ham Tin Wan Campsite had around 300 tents at the peak.
 
(ii) During the Chinese New Year Golden Week period, i.e. from  February 14 to 23, the AFCD took enforcement actions against 32 suspected offenders at popular countryside locations within the Sai Kung district’s country parks.  Among these, 27 were non-local residents, with 16 involved in littering, eight spitting, and three lighting fires outside designated campsites or designated barbecue sites. Five were local residents, with one involved in littering, one lighting fires outside designated campsites or designated barbecue sites, and three illegal bicycle activities. The above violations mainly occurred along Sections 1 and 2 of the MacLehose Trail and the East Dam area.
 
(iii) To better manage popular hiking sites under the AFCD’s purview and to support the development of the tourism industry, the Environment and Ecology Bureau and the AFCD are examining the feasibility of introducing a reservation and fee-charging system at some popular countryside locations and campsites. The review will fully consider the conditions of different sites, ecological protection, visitor safety, access control and various details of practical implementation, such as reservation arrangements, how to collect fee, whether to adopt real-name reservation system, corresponding enforcement and management arrangements, necessary supporting facilities and promotional plans.  As the reservation and fee-charging system differs from the current management measures applicable to most of the countryside sites managed by it, the AFCD plans to conduct trials to test different management methods and measures prior to implementation. This aims to gain experience and evaluate the pros and cons of different approaches and help formulate a long-term implementation plan.
 
At the same time, the AFCD will continue to formulate management measures and make preparation for its popular countryside and camping sites during holiday periods, closely monitor the situation at popular countryside locations, and execute the plan of conducting various cleaning and management works, patrols and enforcement, as well as wider publicity and education on countryside etiquette. The department will also collaborate with other departments and organisations to promote different countryside attractions across Hong Kong to diverse visitor flow.
 
Thank you, President.

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Lau Ka-keung and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (March 18):
 
Question:
 
     There are views that while the recent dramatic changes in the Middle East situation have heightened geopolitical risks and brought uncertainties to international financial markets, energy prices and global supply chains, they have also presented new opportunities to Hong Kong for co-operation with Middle East economies and other Global South economies. In this connection, will the Government inform this Council:
 
(1) whether it has assessed the respective aggregate asset sizes and risk exposures of Hong Kong’s banks and major licensed financial institutions in Middle East economies and other Global South economies in each of the past three years; if it has assessed, set out the data in tabular form by jurisdiction and asset type; if not, whether it will conduct an assessment;
 
(2) whether it has compiled statistics on the values of bilateral trade (including imports and total exports) between Hong Kong and Global South economies, their year-on-year rates of change, and the proportions of Global South economies in Hong Kong’s total external trade value in each of the past three years; if it has compiled, set out the data in tabular form by jurisdiction and service type; if not, whether it will compile such statistics;
 
(3) whether it knows if the Hong Kong Monetary Authority and the Securities and Futures Commission have taken specific measures to assess and monitor the risks assumed by Hong Kong’s banks and financial institutions for their investments in the Middle East (such as requiring the relevant banks and financial institutions to undergo targeted stress tests or step up risk monitoring); if so, of the details; if not, the reasons for that;
 
(4) as there are views that geopolitical tensions may cause fluctuations in energy and commodity prices, thereby affecting inflation and business operations, whether a cross-departmental alert and response mechanism will be formulated to reduce the potential impact of such fluctuations on the economic and financial stability of Hong Kong; if it will, of the details; if not, the reasons for that;
 
(5) as there are views that the Government has actively promoted co-operation with Middle East economies and other Global South economies in the areas of finance, economy and trade in recent years, and yet the current geopolitical risks may impact the advancement of such co-operation and the exploration of new markets, how the authorities assess and manage the risks involved and provide ongoing support to Hong Kong’s financial institutions and enterprises interested in exploring those markets, thereby assisting relevant bodies in seizing development opportunities, subject to compliance with laws and regulations; and
 
(6) as there are views pointing out the pressing demands from Middle East economies and other Global South economies in areas such as Islamic finance and green sustainable finance, whether timely deployment has been made in light of the current international turmoil to further strengthen Hong Kong’s institutional advantages in such areas so as not to miss development opportunities, and, where risks are controllable, develop Hong Kong into a key hub connecting capital and projects between China and the Global South; if so, of the details; if not, the reasons for that?
 
Reply:
 
President,
 
     The tensions in the Middle East have brought volatility to global energy supply, financial markets and trade. Geopolitical uncertainties have highlighted the importance of Hong Kong as an international financial centre in providing security, stability, and certainty. With the free flow of capital, merchandise and talent into and out of Hong Kong, coupled with the stability of the Hong Kong dollar under the Linked Exchange Rate System, as well as Hong Kong’s comprehensive capital markets, robust financial infrastructure and quality professional services and talent, Hong Kong is well-positioned to play the role of a “safe haven” amidst these changes. Notably, as co-operation between Hong Kong and the Middle Eastern financial markets continues to deepen in recent years, some Middle East funds may flow into Hong Kong to avert risk. At the same time, the Government and financial regulators will closely monitor market conditions and put in place contingency plans to properly manage geopolitical risks while seizing the opportunities that arise.

     After consulting the Commerce and Economic Development Bureau, the Environment and Ecology Bureau, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), our reply to the six parts of the question is as follows:
 
(1) The exposure of the local banking sector to the Middle East is very small, accounting for less than 3 per cent of the total assets of the banking industry over the past three years. Besides, the exposure of Hong Kong banks to other major Global South economies (excluding Chinese Mainland) over the past three years also accounted for only about 3 per cent of the total assets of the banking industry.
 
     The SFC has been closely monitoring the operation of the market, and has not detected any significant risks relating to the recent situation in the Middle East, nor has it identified any major issues arising from the Middle East situation in the operation or risk management of licensed corporations.
 
(2) The Government has been proactively expanding into the emerging markets in the Global South, including the Association of Southeast Asian Nations (ASEAN) and the Middle East, to promote the long-term economic development of Hong Kong.
 
     Taking ASEAN as an example, in 2025, ASEAN as a bloc was Hong Kong’s second largest trading partner in the world. The bilateral trade in goods between Hong Kong and ASEAN amounted to HK$1,668.5 billion (US$214.0 billion), representing 15.3 per cent of Hong Kong’s global merchandise trade and registering an average annual growth rate of 7.6 per cent in the past five years.
 
     In 2025, the Middle East as a bloc was our 10th largest trading partner in the world. The bilateral trade in goods between Hong Kong and the Middle East amounted to HK$192.8 billion (US$24.7 billion), representing 1.8 per cent of Hong Kong’s global merchandise trade and registering an average annual growth rate of 5.8 per cent in the past five years.
 
     Hong Kong and the emerging markets in the Global South have significant room for trade and economic development. Hong Kong is committed to giving full play of our role as the functional platform for the Belt and Road Initiative, and stepping up efforts to deepen co-operation with the Global South markets.
 
(3) In view of the escalation of the situation in the Middle East and geopolitical risks, the HKMA has stepped up its monitoring of market conditions, including conducting stress tests, and maintaining close communication with banks. Banks have also enhanced their risk monitoring and management, and have been formulating appropriate contingency measures for different risk scenarios. Overall, as pointed out in part (1) of the reply, the exposure of Hong Kong banks to the Middle East is very small. The Hong Kong banking sector remains stable, with ample capital and liquidity levels that are well above international standards. The HKMA will closely monitor the developments and continue to guide Hong Kong banks in adopting prudent risk management measures to properly manage the risks arising from financial market volatility and external uncertainties. On the monetary front, Hong Kong’s foreign exchange reserves are substantial, exceeding US$430 billion, which is about 1.7 times the size of the Hong Kong monetary base, ensuring the smooth functioning of the Linked Exchange Rate System at all times. Hong Kong’s money market continues to operate in an orderly manner, and the Hong Kong dollar exchange rate has been maintained within the convertibility zone of 7.75 to 7.85 against the US dollar.
 
     The SFC has also been closely monitoring the operation of the local stock market, exchanges and the over-the-counter derivatives market. The SFC conducts regular stress tests based on the financial information reported by brokers to assess their financial resilience. During periods of relative market volatility, the SFC also pays particular attention by inquiring with major investment banks and hedge funds about their short positions in heavyweight stocks, as well as seeking to understand the trading strategies, overall positions and risk management measures of market participants. The SFC has not detected any significant risks relating to the recent situation in the Middle East.
 
     The Government and financial regulators will continue to closely monitor market changes to maintain the stability of Hong Kong’s monetary and financial markets.
 
(4) In response to the recent developments, the Government has strengthened communication with the two power companies and major energy companies, closely monitoring the inventory levels and supply status of major fuels. The Government has in place a mechanism that sets minimum stockpile requirements for major fuels and contingency plans to deal with potential supply tightness. The Government will remain vigilant, closely monitoring geopolitical developments, international energy price trends and the local fuel supply situation to ensure the stability of Hong Kong’s energy supply.
 
     The financial market is operating smoothly with regard to the trading of other commodities. The Government and financial regulators will continue to closely monitor the situation to ensure its effective functioning.
 
(5) and (6) The Government has been actively promoting enhanced co-operation between Hong Kong and emerging markets in the Global South, including the Middle East and ASEAN, in areas such as finance and trade, and is committed to developing and providing products and services that meet the needs of these markets to seize relevant opportunities.
 
     In the area of finance, as an international financial centre, Hong Kong is dedicated to providing investors and issuers with a diverse range of products and services. Islamic financial products, in particular, can offer issuers additional financing channels and broaden their investor base. The Government amended the laws in 2013 and 2014 to provide a tax framework for issuing sukuk that is comparable to that for conventional bonds, and to allow the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, demonstrating that Hong Kong’s legal, regulatory and taxation framework can readily support sukuk issuances of different structures, making it a suitable platform for raising funds through sukuk.
 
     In addition, an array of Islamic financial products and services have been rolled out in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices tracking Hong Kong stocks, and Islamic banking windows. Hong Kong and Saudi Arabia have also achieved continuous breakthroughs in developing new financial products in recent years. Following the listing of Asia’s first exchange-traded fund (ETF) investing in Saudi-listed stocks on the HKEX in November 2023, two ETFs tracking Hong Kong stock indices were listed on the Saudi Exchange via master-feeder structure in October 2024. Asia’s first government sukuk ETF was also listed on the HKEX in May 2025.
 
     At the same time, financial regulators are actively promoting the strengths of Hong Kong’s financial system and market through market development efforts, with a view to further strengthening co-operation with Islamic markets such as the Middle East and ASEAN.
 
     In recent years, the HKMA has held multiple bilateral meetings and signed Memoranda of Understanding (MOUs) with central banks in the United Arab Emirates (UAE), Saudi Arabia, Qatar, etc., discussing topics of financial infrastructure development, sustainable finance, fintech, market connectivity and Islamic finance, etc. Notably, the Central Bank of the UAE officially joined the HKMA’s Central Moneymarkets Unit in February 2026, enabling the Central Bank of the UAE and investors in the UAE to fully utilise Hong Kong’s mature financial infrastructure to access the Mainland Chinese capital market and invest in related financial assets. Furthermore, the HKMA and the Dubai Financial Services Authority have co-organised the Joint Climate Finance Conference for two consecutive years since 2024 and, in 2025, initiated a joint study exploring the role of sustainable debt instruments in scaling up climate finance for the emerging markets in the Global South, subsequently publishing a research report titled Scaling Sustainable Debt in Emerging Markets.
 
     In addition, the SFC has also been actively forging greater connectivity with the Middle East region to further reinforce Hong Kong’s role as Asia’s premier capital intermediary. In 2025, the SFC has signed four MOUs with financial regulators in the Middle East region, strengthening co-operation between Hong Kong and the Middle East on the areas of market regulatory oversight, supervision of collective investment scheme managers, cross-border regulatory co-operation on digital assets and the establishment of Mutual Recognition of Funds arrangement.
 
     The Government and financial regulators will continue to advance relevant market development efforts, seeking further co-operation with emerging markets in the Global South, including the Middle East and ASEAN, in the financial field. This will better leverage Hong Kong’s advantages as an international financial centre to connect markets and capital between China and the Global South.
 
     In the area of trade, the Government has been actively seeking to conclude free trade agreements and investment agreements (IAs) with economies in the Middle East and the Global South. The Government has concluded negotiations of IAs with Qatar, Bangladesh and Peru respectively, and is exploring new IAs with Saudi Arabia and Egypt. These agreements require long-term negotiations and have consistently received support from the governments of both sides. The recent situation in the Middle East does not affect the authorities’ intentions regarding these agreements. The Government will continue to actively advance this work. At the same time, the Government will strengthen its role as the functional node for the Belt and Road Initiative, collaborating with industry players to further develop the ASEAN, Middle East and Global South markets, and explore the potential of markets in Central Asia, South Asia and North Africa.

Source: Hong Kong Government special administrative region