Source: Hong Kong Government special administrative region
LCQ12: Silver Bond issued in 2026 Question:
Hong Kong’s First Five-Year Plan emphasises “promoting the enhancement and upgrading of the pension finance system and continuing to diversify pension finance product offerings”. Both the number of valid applicants and the total principal amount of subscription of the Silver Bond issued in 2026 have reached historic highs. In this connection, will the Government inform this Council:
(1) as it is learnt that the Silver Bond issued in 2026 recorded over 476 000 valid applications with subscription amount close to $120 billion, which is more than double the final issuance amount of $55 billion, whether the Government will, based on the eligible elderly population and subscription situations over the years, regularly review and increase the final issuance amount of Silver Bond, so as to further promote the silver economy; if so, of the details; if not, the reasons for that;
(2) as it is learnt that under the allocation mechanism of the Silver Bond issued in 2026, the maximum allocation of bonds per person was capped at 13 units, which was far lower than the maximum of 17 units allocated for the Silver Bond in 2025; as a result, over 388 000 applications seeking more than 12 units were only allocated 12 units initially, with the additional unit to be determined by ballot, the success rate of which was only about one in four, whether the Government will study increasing the per capita allocation of Silver Bond (such as increasing the basic guaranteed number of units to be allocated), and evaluate the role of Silver Bond in providing retirement income protection for the elderly; if so, of the details; if not, the reasons for that; and
(3) as it is learnt that Silver Bond holders may redeem their bonds early if they have financial needs, whether the Government has compiled statistics on the respective numbers of redemption cases and the amounts involved throughout the years since the issuance of Silver Bond in the 2016-2017 financial year, and whether it will review the redemption arrangements with reference to the relevant data, so as to enhance the flexibility of Silver Bond in the financial management of the elderly?
Reply:
President,
The Government set up the Government Sustainable Bond Programme (GSBP) and the Infrastructure Bond Programme (IBP) in 2018 and 2024 respectively, with the aim of utilising market resources to meet the funding needs of sustainable projects and public works projects which are conducive to long-term development of Hong Kong, pushing ahead Hong Kong’s infrastructure and urban development, and facilitating the early completion of projects for the good of the economy and people’s livelihood.
As the Government accelerates the development of the Northern Metropolis and other public works projects relating to the economy and people’s livelihood, the total borrowing ceiling of the GSBP and the IBP was raised to HK$900 billion following approval by the Legislative Council in May this year. During 2026-27 to 2030-31, the Government plans to issue about HK$160 billion to $220 billion worth of bonds each year under the two bond programmes. Silver Bond is offered under the IBP (Note).
Note: Silver bond was first launched in 2016. During 2016 to 2023, it was offered under the Government Bond Programme (GBP); since 2024, it was offered under the IBP. The GBP was a Government initiative to develop the local bond market. In February 2024, the Government announced that the IBP and the GSBP would gradually replace the GBP.
In response to the question raised by Hon Maggie Chan, having consulted the Hong Kong Monetary Authority, our reply is as follows:
(1) and (2) Currently, the Government issues Silver Bond mainly for raising funds for capital works projects, while at the same time providing senior citizens with a reliable investment option with steady returns. The target issuance amount of the 2026 Silver Bond was HK$50 billion. In view of the positive response in subscription, the final issuance amount was increased to HK$55 billion.
When formulating specific arrangements of the bond issuance plan each year, the Government will take into consideration a basket of factors, including interest rates and tenors of different currencies and types of bonds, issuance costs of the Government, market response, fiscal position of the Government and duration and progress of works. The above factors are also applicable to the formulation of issuance arrangements of Silver Bond. The population of senior citizens and historical subscription results are some of the reference information when considering the issuance arrangements of Silver Bond, but not the decisive factors regarding the issuance amount.
Apart from Silver Bond, the Government has various measures on promoting silver economy. Among them, the Financial Services and the Treasury Bureau is taking the lead to promote the “silver financial and security arrangements”, to assist senior citizens in prudent financial planning and risk management through arrangements such as retirement financial planning products, mortgage and investor education. Silver Bond provides senior citizens with a reliable investment option with steady returns, but is not for retirement income protection. Since the financial situation and investment plans vary significantly among individual senior citizens, we are not able to make an assessment in this regard.
On the “maximum principal allocation amount” of Silver Bond, as the Government aims at allowing more citizens to join the scheme, the allocation mechanism in the Issue Circular of the 2026 Silver Bond specified that the maximum allocation amount per investor is HK$1 million, viz each investor would be allocated 100 units at most. Under the current mechanism via allocation cycles, the highest number of allocated units for each Silver Bond issuance is determined subject to the total number of valid applications and amounts applied for. Using the Silver Bond issued in 2026 as an example, all valid applications received have been allocated bonds up to a maximum of 13 units. For the 88 422 applications seeking 12 or fewer units, they will be allocated the full amounts applied for. The remaining 388 281 applications applying for more than 12 units would be allocated 12 units each and then entered into a ballot. Of these applications, 97 396 applications would be allocated one additional unit.
The current allocation mechanism can cover all valid applications while satisfying the demand of small-lot investors. The Government will continue to take into account of the market response of Silver Bond when formulating suitable bond issuance arrangements in the future.
(3) An early redemption arrangement has been in place since the launch of Silver Bond in 2016. Currently, a bondholder can submit an early redemption request to the Government through a Placing Bank or Designated Securities Broker on any business day. The bonds will be redeemed at par by the Placing Bank or Designated Securities Broker on the third business day after the submission of the request. The amount equals to the principal amount together with accrued but unpaid interest (for the period up to (but excluding) the Early Redemption Settlement Date), which is calculated at the fixed rate applicable to the respective batches of bonds.
The amount involved in the early redemption of Silver Bond during the past 10 years (up to September 2026) is set out below. The Government does not keep records of the number of early redemption cases.
Year of issuance(HK$’billion)(%) The early redemption ratio of Silver Bond during the aforementioned period is on average around 5 per cent of the issuance amount. This shows that the majority of senior citizens held/are holding their bonds until maturity and also reflects that Silver Bond and its issuance arrangements are supported by senior citizens. The current early redemption arrangements render Silver Bond both a safe and flexible investment option, offering senior citizens considerable liquidity in investment. Issued at HKT 14:27
Source: Hong Kong Government special administrative region – 4
Following is a question by the Hon Chan Yung and a reply by the Secretary for Home and Youth Affairs, Miss Alice Mak, in the Legislative Council today (October 14):
Question:
It is learnt that the Government has established a steering committee and a project planning office to co-ordinate the celebration activities for the 30th anniversary of Hong Kong’s return to the motherland. In this connection, will the Government inform this Council:
(1) of the expected timeframe for announcement of the overall plan, current progress of the preparation work and timetable of the celebration activities for the 30th anniversary of Hong Kong’s return to the motherland, and whether it will study collaborating with the relevant Central authorities and the Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area to jointly co-ordinate national-level celebration projects, so as to expand the impact of the activities;
(2) whether it will roll out celebration activities at three levels, namely community, education and sports, including mobilising resources in 18 districts to organise activities with distinctive characteristics, encouraging various sectors to continue providing special offers on the 1st of July, making good use of the existing patriotic education facilities and red tourism elements to design thematic activities integrating celebration with education, as well as organising the event of Reunification Cup at the Kai Tak Sports Park to bring together tradition and international sports events, with a view to promoting the mega event economy; and
(3) whether it will organise international forums, exhibitions or economic and trade activities relating to Hong Kong’s return to the motherland, so as to attract visitors and inward investment, and demonstrate the achievements of the successful implementation of “one country, two systems” in Hong Kong over the past 30 years since its return to the motherland, and how the Government assesses the effectiveness of these activities in reinforcing the international image of Hong Kong and telling good stories of Hong Kong, China?
Reply
President,
July 1, 2027, marks the glorious and historic moment of the 30th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) and the 30th anniversary of Hong Kong’s return to the motherland. This is the first major establishment anniversary Hong Kong celebrates following the full implementation of the principle of “Patriots Administering Hong Kong”. It signifies that Hong Kong has entered a historic phase of advancing from stability to prosperity in the march to fully implementing the “one country, two systems” policy, safeguarding national sovereignty and security, and ensuring long-term prosperity and stability. As the country takes forward the National 15th Five-Year Plan in full steam, the HKSAR Government has also formulated Hong Kong’s first Five-Year Plan to proactively align with the National 15th Five-Year Plan, ensuring that Hong Kong can better seize the development opportunities while integrating into and serving the overall development of the country.
Leveraging this important historic moment, the Government will celebrate the extraordinary achievements made over the 30 years of return to the motherland together with all sectors of society and citizens of Hong Kong, while showcasing Hong Kong’s ever brighter future to the world. Under the steer of the Chief Executive, the Government has established a steering committee chaired by the Chief Secretary for Administration to provide overall steer on the planning and preparation of celebrations. Designated task forces chaired by the Deputy Chief Secretary for Administration have been set up under the steering committee to co-ordinate and oversee the implementation of specific tasks. The Government has also set up a Project Planning Office to support the steering committee and task forces, and to take forward the planning and preparation work.
Under the leadership of the steering committee, all Government bureaux and departments are fully committed to organising a diverse and exciting array of celebratory activities for rolling out in 2027. The celebratory activities will cover a wide range of areas and incorporate elements of national education. This will allow members of the public to deepen their understanding of the history and development of the country and Hong Kong while celebrating the anniversary, thereby enhancing their sense of national identity and belonging, and deeply cultivating a sense of patriotism. While sharing the joy of the return to the motherland with the citizens and compatriots in the Chinese Mainland, the Government will also leverage the celebratory activities to showcase Hong Kong’s distinctive edge of enjoying strong support of the motherland while being closely connected to the world under the “one country, two systems” principle, and to highlight Hong Kong’s unique role and status on the international stage. The opportunity will be taken to tell the good stories of China and Hong Kong to the world, and to demonstrate the good opportunities awaiting Hong Kong under the National 15th Five-Year Plan.
Celebrating the 30th anniversary of return to the motherland is keenly anticipated by the entire city. The Government looks forward to the participation and support of all sectors of society, including the Legislative Council, in this important celebration in their different ways. The Government is currently making every effort to plan and advance the celebratory activities for the 30th anniversary; announcements will be made at suitable junctures when plans are firmed up.
Source: Hong Kong Government special administrative region
LCQ14: Illegal parking and illegal activities in Wan Chai District
issued by the HKPF(as at September)(as at September)(as at September)Note: As identical complaints may be received by the HKPF and the TD at the same time, there may be double-counting in the numbers of complaints received by the two departments.
(2) The HKPF has been committed to combating all forms of illegal prostitution, especially organised prostitution activities. Under section 130 of the Crimes Ordinance (Cap. 200), a person who harbours another person or exercises control, direction or influence over another person for the purpose of or with a view to that person’s prostitution shall be guilty of an offence, and offenders shall be liable to imprisonment for up to 14 years; under section 137 of the Ordinance, a person who knowingly lives wholly or in part on the earnings of prostitution of another shall also be guilty of an offence, and offenders shall be liable to imprisonment for up to 10 years.Issued at HKT 14:45
Source: Hong Kong Government special administrative region – 4
Attention TV/radio announcers:
Please broadcast the following as soon as possible:
Here is an item of interest to swimmers.
The Leisure and Cultural Services Department announced today (October 14) that due to big waves, red flags have been hoisted at Big Wave Bay Beach in Southern District, Hong Kong Island, and Cheung Chau Tung Wan Beach in Islands District. Beachgoers are advised not to swim at these beaches.
Source: Hong Kong Government special administrative region
Following is a question by Professor the Hon Priscilla Leung and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (October 14):
Question:
In light of the recent spate of dog attacks in Hong Kong that have caused injury or loss of life to humans and other dogs, public concern has been raised over the identification and control of dangerous dogs, the responsibility of dog owners to keep their dogs under proper control, and the management of stray dogs. In this connection, will the Government inform this Council:
Source: Hong Kong Government special administrative region
HKMA welcomes launch of Chongqing-Hong Kong Cross-Boundary Data Validation Platform The Chongqing and Hong Kong authorities announced today (October 14) the launch of the Chongqing-Hong Kong Cross-boundary Data Validation Platform (CQ-HK DVP).
As set out in the Chief Executive’s 2026 Policy Address, this new cross-boundary data validation mechanism jointly established with Chongqing is one of the measures for encouraging the orderly flow of financial elements between the Chinese Mainland and Hong Kong. The Hong Kong Monetary Authority (HKMA) facilitated the establishment of the CQ-HK DVP (Note 1) together with authorities including the People’s Bank of China Chongqing Municipal Branch, the Office of the Financial Commission of the Chongqing Municipal Committee, the Office of the Cyberspace Affairs Commission of the Chongqing Municipal Committee, and the Hong Kong and Macao Affairs Office of the Chongqing Municipal People’s Government.
Leveraging blockchain technology and data coding (i.e. hash values), the CQ-HK DVP enables the verification of data presented by customers without involving the cross-boundary transfer or storage of the original documents. The relevant innovative technologies and mechanism have been successfully applied and proven to be stable and effective via the Shenzhen-Hong Kong Cross-boundary Data Validation Platform (Note 2).
The CQ-HK DVP will mainly support cross-boundary financial use cases at the outset. Banks in Chongqing and Hong Kong are actively advancing use cases involving the validation of both Northbound and Southbound data flows, which will support customers in the two places to engage in diverse banking services, including account opening and loan applications.
The Chief Executive of the HKMA, Mr Eddie Yue, said, “Under the ‘Fintech 2030’ strategy, the HKMA is committed to creating next-generation data infrastructure. The CQ-HK DVP will further foster secure and efficient cross-boundary data flow between Chongqing and Hong Kong. We will maintain close liaison with the relevant Mainland authorities, the banking industry, frontier technology companies and other stakeholders to continuously enhance the platform. This, in turn, will benefit residents and corporates from both places and support the development of the real economy.”
Note 1: The platform is operated by Chongqing Credit Co., Ltd and WeBank Technology Services Limited in Chongqing and Hong Kong respectively.Issued at HKT 15:30
Source: Hong Kong Government special administrative region – 4
Following is a question by the Hon Lee Chun-keung and a written reply by the Secretary for Home and Youth Affairs, Miss Alice Mak, in the Legislative Council today (October 14):
Question:
In the 2026 Policy Address (Policy Address), the Chief Executive proposes to deepen patriotic education for young people by making good use of the Mainland’s resources to deliver multi-faceted and content-rich exchange and internship activities as well as designating annual themes, which will enable young people to witness first-hand the country’s development and achievements, deepening their understanding of the nation’s history and culture as well as its enduring bond and kinship with Hong Kong. There are concerns over the implementation details and long-term effectiveness of the relevant programmes. In this connection, will the Government inform this Council:
(1) of the detailed plans and timetables for implementation of the proposal in the Policy Address to list the Yan’an Revolutionary Memorial Hall in Shaanxi Province as the second patriotic education base for the youth of the Hong Kong Special Administrative Region (HKSAR) in the Mainland and to designate annual themes, such as the country’s aerospace achievements and the supply of Dongjiang water to Hong Kong for exchange and internship activities;
(2) of the specific criteria and strategy to enhance the quality of youth exchange and study tours to the Mainland and prevent the itineraries from becoming merely a formality; for example, whether it will introduce high-quality thematic project learning and immersive experiences into youth exchange tours and establish quantifiable indicators for performance assessment to ensure that the exchange activities can truly deepen young people’s recognition of the nation’s history, development and achievements; if so, of the details; if not, the reasons for that; and
(3) while national education and the Values Education Curriculum Framework have now been formally implemented in all primary and secondary schools across the territory, whether the Government will, together with the Working Group on Patriotic Education, make use of new media platforms, such as short videos and interactive games or partner with youth hostels and local clansmen associations to establish dedicated promotional networks for tertiary students who have graduated or left school, or for young people who are in employment or not in education, so as to prevent a gap in national education; if so, of the details; if not, the reasons for that?
Reply:
President,
Having consulted the Constitutional and Mainland Affairs Bureau and the Education Bureau (EDB), the reply in response to the questions raised by the Hon Lee Chun-keung is as follows:
(1) The 2026 Policy Address stipulates that the Government will deepen patriotic education for young people by making good use of the Mainland’s resources to deliver multi faceted and content rich exchange and internship activities as well as designating annual themes, such as the country’s aerospace achievements and the supply of Dongjiang water to Hong Kong. This will enable young people to witness first hand the country’s development and achievements, deepening their understanding of the nation’s history and culture as well as its enduring bond and kinship with Hong Kong, thereby strengthening young people’s sense of national identity, national pride and cultural confidence.
This year marks the 90th anniversary of the victory of the Long March. Yan’an is a sacred place of the Chinese revolution and the cradle of New China. With the support of the Central Government, the HKSAR Government will list the Yan’an Revolutionary Memorial Hall in Shaanxi Province as the second patriotic education base for the youth of the HKSAR in the Mainland, and encourage students and young people to visit the place for study. The HKSAR Government is now liaising with the relevant Mainland authorities on the timing and other arrangements for the establishment of this base.
The EDB has been arranging for students to visit the Mainland for learning through the Mainland Exchange Programmes for Primary and Secondary School Students (MEPs) and the Senior Secondary Citizenship and Social Development (CS) Mainland Study Tours. The Yan’an Revolutionary Memorial Hall in Shaanxi has been incorporated into the routes of the MEPs and CS Mainland Study Tours, with a view to enabling students to learn, through visits, about the journey of the Red Army under the leadership of the Communist Party of China (CPC) in the Long March, its establishment of a foothold in Yan’an, and the history of Yan’an once serving as the seat of the CPC Central Committee. In addition, other relevant visiting spots, such as Zhuhai Aerospace Land in Guangdong, the source of Dongjiang water at Sanbai Mountain in Jiangxi, and the Memorial Hall of the Victims in Nanjing Massacre by Japanese Invaders, have also been incorporated into the routes of the MEPs and CS Mainland Study Tours. The EDB will continue to review and optimise the arrangements for Mainland exchange activities for students, maintain close communication and liaison with relevant Mainland units, and disseminate successful experiences for enhancing the effectiveness of the study tours.
At present, the Home and Youth Affairs Bureau (HYAB) provides funding for non-governmental organisations (NGOs) to organise youth exchange projects in the Mainland through the HYAB Funding Scheme for Youth Exchange in the Mainland (FSYEM). The FSYEM aims to enhance young people’s understanding of the country’s culture, history, way of life and latest developments, and strengthening exchanges with their Mainland peers. Applications for the 2027-28 FSYEM will open in mid-November this year. The HYAB will actively encourage NGOs to arrange for youth participants to visit the patriotic education bases for Hong Kong and Macao youth in their exchange projects, and relevant applications will be given priority consideration. Furthermore, to deepen patriotic education for young people, the HYAB will designate annual themes for 2027-28, which include: (i) the 30th anniversary of Hong Kong’s return to the Motherland; (ii) the 100th anniversary of the founding of Chinese People’s Liberation Army; (iii) the country’s aerospace achievements; and (iv) supply of Dongjiang water to Hong Kong.
(2) The EDB has been collecting views from different stakeholders, taking various factors into consideration, and maintaining close exchanges with relevant Mainland authorities to adjust and optimise the arrangements for Mainland exchange activities for students in each school year. Like a “walking classroom”, the exchange programmes enable students to gain first-hand understanding of national affairs and the latest development of our country. Apart from emphasising close connection with curriculum elements, the EDB has also enriched relevant visiting spots and learning objectives in response to the latest national developments and major historical events. For instance, inclusion of the Museum of the War of the Chinese People’s Resistance Against Japanese Aggression in Beijing and the Yan’an Revolutionary Memorial Hall in Shaanxi, both being patriotic education bases for Hong Kong and Macao youth, and designated itineraries for the theme of the 80th Anniversary of victory in the War of Resistance. The cross-province route in Jiangxi and Guangdong, on the theme of “Remembering the Source When Drinking Water”, combines the history of the Long March and revolutionary deeds, allowing students to appreciate, through thematic project-based learning and immersive experience, the profound affection of our country towards Hong Kong. The EDB will continue to gauge the learning effectiveness of Mainland exchange activities for students through participant questionnaires, school visits, inspections, collection of student works (including photos, video clips and student reflections), and interviews with teachers and students, using quantifiable performance indicators. The EDB also regularly organises experience-sharing sessions to promote professional exchanges among teachers, and showcase the outcomes of students’ experiential learning through diversified means, such as the CS Mainland Study Tour Project Learning Report Award Scheme.
The HYAB provides young people with Mainland exchange opportunities outside of those that complement the school curriculum, allowing them to choose exchange activities with different themes based on their interests and gain more in-depth experience of the latest developments in various aspects in the Mainland. Funded exchange projects under the FSYEM should feature specific themes, such as understanding the National 15th Five-Year Plan, the development of the Guangdong-Hong Kong-Macao Greater Bay Area, the Belt and Road initiative, as well as national history, economy, science, culture, etc. In the past two years, the HYAB has also strongly encouraged funded NGOs to organise exchange projects centered on themes such as the 80th Anniversary of victory in the War of Resistance, the 60th Anniversary of Dongjiang Water Supply to Hong Kong, the 90th Anniversary of the victory of the Long March, and the 160th Anniversary of Dr Sun Yat-sen’s birthday. Through thematic exchanges and immersive experiences, these projects enable young people to gain a deeper understanding of the country’s historical development and achievements, thereby further enhancing their sense of national identity and patriotism. Upon completion of the exchange projects, participants are invited to fill in evaluation questionnaires, from which the HYAB can gauge their feedback and monitor project effectiveness and quality. Representatives of the HYAB and the Youth Development Commission also attend local activities (such as sharing sessions) organised by the funded NGOs to gather participants’ views on the projects and monitor their effectiveness and quality.
(3) In 2024, the Government established the Working Group on Patriotic Education (the Working Group) under the Constitution and Basic Law Promotion Steering Committee chaired by the Chief Secretary for Administration. The Working Group is responsible for co-ordinating the work of government departments and NGOs in taking forward patriotic education in Hong Kong. Four sub-groups of the Working Group focus on school education, community engagement, cultural and historical promotion, and media publicity. The Working Group has been emphasising on conducting patriotic education through a soft and heart-moving, as well as innovative and diversified approach for comprehensive patriotic education in various aspects for all walks of life. The Working Group will continue its work under this approach, including to further adopt new media platforms, to take forward patriotic education in Hong Kong.
For recent graduates, working youth and out-of-school youth, the HYAB has been working closely with the Committee on the Promotion of Civic Education to promote civic and national education (including patriotic education) to general public outside schools and within the community through different channels and diverse means. These efforts include disseminating information via the Committee’s website and social media pages; organising the Basic Law Quiz Competition and Basic Law Seminars, etc; and sponsoring eligible organisations (including various youth organisations and district clansmen associations) to host activities in promoting national and patriotic education under the Community Participation Scheme. Also, through the Youth Hostel Scheme, the HYAB and the operating organisations provide various activities on national education to the youth tenants, such as visits and guided tours to the Chinese People’s Liberation Army Hong Kong Garrison Exhibition Center, the National Security Exhibition Gallery and Xuelong 2; sharing sessions on the spirit of the “two sessions”; and exchange tours to the Mainland, in order to deepen their understanding of the country. In terms of the adaption of new media, to commemorate the 80th anniversary of victory in the War of Resistance, the Information Services Department (ISD), in collaboration with Radio Television Hong Kong (RTHK), have produced a 5-episode mini-drama titled “Victory in War of Resistance” and have the series available on the official websites and social media platforms of the ISD and RTHK, to enhance public awareness of the War of Resistance on the Chinese Mainland and in Hong Kong, to allow citizens to remember history, honour martyrs, and cherish and safeguard peace.
Source: Hong Kong Government special administrative region
LCQ18: Support measures for carers
Carers of the ElderlyCarers of Persons with DisabilitiesNote: Counted from the regularisation of the schemes in October 2023. All cases receiving an allowance under the pilot schemes before regularisation were required to submit fresh applications after October 2023. This number includes relevant eligible applications.
Table 2: Number of ineligible cases and reasons for ineligibility under the two carer allowance schemes
Reason for ineligibilityCarers of the ElderlyCarers of Persons with DisabilitiesNote 1: Counted from the regularisation of the schemes in October 2023.
Note 2: Under the Allowance Scheme for Carers of the Elderly, at the time of application the elderly person being cared for must have been assessed under the Social Welfare Department (SWD)’s Standardised Care Need Assessment Mechanism for Elderly Services (SCNAMES) and recommended as suitable for community care services and/or residential care services, and must still be waitlisted on the Central Waiting List (CWL) for subsidised long-term care services (that is, residential care services and/or community care services). Under the Allowance Scheme for Carers of Persons with Disabilities, at the time of application the person with disabilities being cared for must be waitlisted for any specified rehabilitation services of the SWD, the boarding placement of special schools under the Education Bureau (EDB), or the infirmary service under the Hospital Authority (HA).Issued at HKT 15:40
Financial Secretary Paul Chan today concluded his visit to Nanjing by meeting the leadership of Jiangsu Province and touring advanced manufacturing and pharmaceutical enterprises.
Mr Chan began the day with a breakfast meeting with member of the Standing Committee of the CPC Jiangsu Provincial Committee and Executive Vice Governor of Jiangsu Province Zhang Wenbing to discuss deepening economic and trade co-operation, strengthening collaboration in innovation and technology (I&T), and supporting enterprises in their international expansion.
Mr Chan noted that the visit strengthened ties with the Jiangsu Provincial Government, universities, I&T institutions and enterprises, adding that Hong Kong will actively follow up on various co-operation projects to deliver more concrete results in Jiangsu-Hong Kong collaboration.
The delegation then visited a Jiangsu-based energy and energy-saving equipment enterprise to learn about its technology research and development (R&D), commercialisation of its research outcomes and its business development. They also toured a pharmaceutical company to examine its drug R&D, production methods and global marketing operations.
During the visits, Mr Chan emphasised that I&T remains a key area of co-operation between Jiangsu and Hong Kong. He highlighted that both regions have ample scope for collaboration in technology R&D, the commercialisation of research outcomes and international market expansion.
He added that both regions can further promote two-way investment and talent exchanges to foster deeper industrial integration.
Turning to innovative drugs, Mr Chan explained that enterprises can leverage Hong Kong’s strengths in drug R&D and its reformed drug approval regime to accelerate market expansion.
The Financial Secretary encouraged both businesses to utilise Hong Kong’s internationally connected capital markets, experience in meeting the highest international standards, high-quality professional services, and strengths as an international financial and talent hub to scale up in overseas markets.
The Financial Services & the Treasury Bureau today welcomed the inaugural issuance of insurance-linked securities (ILS) in the form of a “sidecar” by the PICC Property & Casualty Company (PICC P&C) in Hong Kong.
With a size of US$12 million, equivalent to about HK$94 million, the “sidecar” issuance provides quota share reinsurance protection for offshore windfarm property insurance businesses on the Chinese Mainland.
Secretary for Financial Services & the Treasury Christopher Hui said: “We welcome PICC P&C’s issuance of Hong Kong’s first ‘sidecar’. This demonstrates Hong Kong’s combined strengths in reinsurance and capital markets.”
“The issuance marks significant progress gained for Hong Kong’s insurance industry and capital markets in risk transfer and the use of alternative capital under the support of our country. It will further enhance the market’s capacity to manage catastrophe and other specialty risks, and consolidate Hong Kong’s position as an international risk management centre,” Mr Hui added.
The financial services chief pointed out that Hong Kong’s First Five-Year Plan has proposed fully leveraging Hong Kong’s competitive edge in the international insurance, reinsurance, and capital markets, to advance the synergised development of traditional insurance and non-traditional risk management tools.
“This will enable us to unleash the synergy effect of multilayered risk transfer and pooling mechanisms through ILS and other tools, thus consolidating our strategic role as a regional and global catastrophe and specialty risk management hub,” he said.
Ultimately, the proposal aims to support the National 15th Five-Year Plan which identifies the enhancement of the catastrophe risk protection framework and risk-pooling mechanisms as a key task.
“ILS and captive insurance, which we have long been promoting, can provide enterprises ‘going global’ with diversified means of spreading and managing risks,” Mr Hui added.
“We expect this combination of financial policy measures will allow enterprises to leverage Hong Kong as a safe haven for ‘going global’ with greater ease of mind.”