Category: MIL-OSI

Source: Hong Kong Government special administrative region – 4

Following is a question by the Hon Chu Lap-wai and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 22):
 
Question:
 
The National 15th Five-Year Plan further strengthens Hong Kong’s functions as an international financial, shipping, trade centre, a global offshore Renminbi (RMB) business hub, an international asset and wealth management centre, an international risk management centre, etc, while the Belt and Road Office (the Office) plays a crucial role in promoting Hong Kong’s integration into the national development of the Belt and Road Initiative, particularly in promoting our country’s initiatives for internationalisation of the RMB by leveraging Hong Kong’s traditional strengths. In this connection, will the Government inform this Council:
 
(1) according to the information provided by the Government in reply to a question raised by a Member of this Council on the Estimates of Expenditure for the financial year 2025-2026, as at February 28, 2025, the staff establishment of the Office was 19 and the strength was 17; whether the authorities will adjust the Office’s staffing level, its work strategies and objectives in response to the need to align with the National 15th Five-Year Plan; if so, of the details; if not, the reasons for that;
 
(2) of the Office’s specific future work plan in place to promote the wider use of the RMB by the Belt and Road countries for transaction and settlement in infrastructure projects and commodity trade to promote the internationalisation of the RMB; of the number of collaboration agreements concluded with the Belt and Road countries by the Office over the past three years, and among which, the respective distribution of the countries involved and the categories of commodities covered;
 
(3) of the number of economies where importers and exporters settle their trade in the RMB through Hong Kong’s payment system, and the total volume of trade involved; of the specific measures put in place by the Office to encourage more economies to settle their trade in the RMB through Hong Kong’s payment system;
 
(4) given the three successful offerings of sukuk by the Government under the Government Bond Programme, of the authorities’ latest plans to attract the Belt and Road countries to issue bonds in Hong Kong;
 
(5) as there are views that the existing thematic web page of the Office is available in Chinese and English only, which causes inconvenience to people who use other languages, whether the Office will draw reference from our country’s practices of developing the relevant websites and create additional versions of its web page in multiple languages (such as French, Russian, Spanish, and Arabic), so that people from the Belt and Road partner countries can access the information of Hong Kong more easily; if so, of the details; if not, the reasons for that; and
 
(6) whether the authorities have plans to co-ordinate the relevant policy bureaux and departments through the Office to expeditiously review the contents of their respective web pages and information, and provide additional simplified versions of introduction concerning the Belt and Road Initiative in multiple languages as mentioned above, with a view to enhancing promotional effect; if so, of the details; if not, the reasons for that?
 
Reply:
 
President,
 
The Hong Kong Special Administrative Region (HKSAR) Government has been adopting a whole government strategic approach, under which the Belt and Road Office (BRO) of the Commerce and Economic Development Bureau is tasked to lead and co-ordinate Hong Kong’s work on deep participation in and contribution to the Belt and Road Initiative (B&RI), with a view to promoting all-round and multi-field connectivity. Policies and measures related to promoting Renminbi (RMB) internationalisation (including encouraging wider use of the RMB in Belt and Road (B&R) countries) and sukuk are under the Financial Services and the Treasury Bureau (FSTB)’s purview.
 
The National 15th Five‑Year Plan has called for advancing the RMB internationalisation and pursuing greater openness of the RMB capital accounts. We will leverage Hong Kong’s unique strengths and proactively align with national development strategies to strengthen Hong Kong’s function as a global offshore RMB business hub while promoting the progress of the RMB internationalisation, including actively promoting offshore RMB business in the B&R regions and other emerging markets.
 
Having consulted the FSTB and the Constitutional and Mainland Affairs Bureau (CMAB), the consolidated reply to the question raised by the Hon Chu Lap-wai is as follows:
 
(1) The HKSAR Government is formulating the first Hong Kong five-year plan at full speed, with a view to providing clear guidance for Hong Kong’s socio-economic and livelihood developments for the coming five years, and align with the 15th Five-Year Plan, driving Hong Kong’s deeper integration into and contribution to the overall national development. The formulation of the Hong Kong five-year plan is led by the Chief Executive and responsible by the CMAB, and each policy bureau would establish its working group to take forward the work, which is expected to be completed this year.
 
Relevant bureaux/departments will suitably align with the 15th Five-Year Plan, including the parts related to the B&RI. Currently, we do not have plans to adjust the manpower of the BRO for the work of aligning with the 15th Five-Year Plan, but we will review the manpower and resources arrangements from time to time in accordance with the office’s work strategy and targets.
 
(2) and (3) Hong Kong currently processes about 75 per cent of global offshore RMB payments, and has the largest offshore pool of RMB funds. As at end-2025, the RMB deposits (including outstanding Certificates of Deposit) in Hong Kong was about RMB1.1 trillion, providing liquidity support to offshore RMB trading and financial activities globally including B&R regions. The average daily turnover of Hong Kong’s RMB Real Time Gross Settlement System was about RMB2.5 trillion in 2025, remaining at a high level, reflecting continuously active RMB financial activities supported by Hong Kong’s RMB financial infrastructure. We do not have information of the number of economies with importers and exporters currently using the Hong Kong payment system for the RMB trade settlement, and the trading volume involved.
 
In terms of promoting the broader use of the RMB for trade settlement within the B&R regions, the Hong Kong Monetary Authority (HKMA) introduced the RMB Trade Financing Liquidity Facility (TFLF) in February 2025. The facility offers banks a relatively stable source of RMB funding for their provision of trade finance-related services to corporate customers. To enhance the liquidity and global reach (including B&R regions) of the offshore RMB market in Hong Kong, the HKMA introduced the RMB Business Facility (RBF) in October 2025, which replaced the RMB TFLF, featuring multiple enhancements such as providing corporates with the longer-term RMB financing required for trade, daily operations and capital expenditures, so as to support the use of the RMB in the real economy. Eligible end-users have also been extended from corporate clients of participating banks to cover also corporate clients of the participating banks’ overseas intragroup banking entities. From February 2, 2026, the total size of the RBF was increased from RMB100 billion to RMB200 billion to support banking institutions in facilitating the wider use of the RMB by their corporate clients. The HKMA will continue to monitor the implementation of the RBF, including quota utilisation by participating banks, collect market feedback, and consider further enhancements with the support of the People’s Bank of China if and as appropriate.

In terms of commodity trading, with the progress of the RMB internationalisation, the influence of the RMB in the commodities market is gradually increasing. At the same time, the Mainland is one of the leading commodity consumers in the world. With our country’s strong support, Hong Kong has the potential to continue optimising product development and infrastructure and strive to become a major cross-boundary commodity market. The Hong Kong Exchanges and Clearing Limited (HKEX) has launched a series of commodity futures products settled in the RMB, covering metal types such as gold, silver, aluminium, zinc, copper, nickel, tin and lead, as well as RMB-denominated gold exchange-traded funds. The Shanghai Gold Exchange also listed RMB-denominated gold contracts for delivery in Hong Kong on its International Board in 2025. On the other hand, the London Metal Exchange and Qianhai Mercantile Exchange, both a subsidiary of the HKEX, operate the world’s largest base metals exchange and our country’s only offshore spot trading platform for soybeans respectively, laying the foundation for the expansion of RMB-denominated commodity products, channelling the RMB’s vitality in the currency market to the commodity market and promoting the RMB internationalisation. We will also establish the Hong Kong central clearing system for gold to provide efficient and reliable clearing services for transactions of gold in compliance with international standards.
  
Regarding the co-operation with B&R countries mentioned in the question, the HKSAR Government and financial regulators have been actively promoting co-operation with B&R regions in various financial areas. For example, in September 2023, the FSTB signed a Memorandum of Understanding (MOU) with the Emirate of Dubai to strengthen bilateral relations and co-operation, and to promote the mutual development of the financial services sectors of both places. In August 2024, the Chief Executive led a delegation to visit Vietnam, during which the HKSAR Government also signed a MOU with the Ministry of Finance of Vietnam to enhance communication and knowledge exchange between Hong Kong and Vietnam in the field of financial services. In December 2024, the HKMA signed a MOU with the Central Bank of the United Arab Emirates (UAE), agreeing to establish connectivity of the debt capital markets and the related financial market infrastructures between Hong Kong and the UAE, with a view to facilitating cross-border debt securities issuance and investment activities. In September 2025, the Securities and Futures Commission of Hong Kong signed a MOU with the Securities and Commodities Authority of the UAE to expand cross-border market access for public funds under a Mutual Recognition of Funds arrangement, marking a new milestone in advancing Hong Kong-UAE market connectivity.
 
(4) In 2014, 2015 and 2017, three sukuk of different structures and tenors totalling US$3 billion were issued under the Government Bond Programme. Below are the highlights of the three Government issuances of sukuk:
 

Issue date	September 2014	June 2015	February 2017
Structure	Ijarah	Wakalah	Wakalah
Issuance size	US$1 billion	US$1 billion	US$1 billion
Subscription amount	US$4.7 billion	US$2 billion	US$1.72 billion
Tenor	5 years	5 years	10 years
Yield	2.005% (23 basis points over 5-year US Treasuries)	1.894% (35 basis points over 5-year US Treasuries)	3.132% (68 basis points over 10-year US Treasuries)
Listings	Hong Kong Stock Exchange, Bursa Malaysia and Nasdaq Dubai
Allocation	Allocated to over 120 global institutional investors, with 36% of the sukuk distributed to the Middle East, 47% to Asia, 6% to Europe and 11% to the Americas	Allocated to 49 global institutional investors, with 42% of the sukuk distributed to the Middle East, 43% to Asia and 15% to Europe	Orders were received from over 88 global institutional investors, and 57% of the sukuk was distributed to Asia, 25% to the Middle East and 18% to Europe

 
Also, we are actively developing emerging markets such as the Middle East and other B&R markets. Some sovereign and quasi-sovereign entities, such as the Indonesian Government and the Development Bank of Kazakhstan, issued offshore RMB bonds in Hong Kong for the first time in 2025. In February 2026, the Indonesian Government issued bonds (including offshore RMB bonds) in Hong Kong again. Multilateral development banks such as the Asian Infrastructure Investment Bank and the Asian Development Bank have also been issuing offshore RMB bonds in Hong Kong. These developments underscore Hong Kong’s growing appeal as a leading hub for offshore RMB bond issuance. We will strengthen our promotional efforts through delegation visits, conferences, roadshows, etc, to actively highlight the advantages of Hong Kong’s offshore RMB services to the international market.
 
Meanwhile, the HKMA is 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 sukuk issuers and investors. For example, on March 30, 2026, the HKMA and the Islamic Development Bank co-hosted a sukuk seminar in Hong Kong, attracting over 200 participants to discuss the development of the sukuk market and explore the role of Hong Kong’s debt raising platform.
 
(5) and (6) The BRO is currently conducting a revamp on the “Belt and Road Initiative．Hong Kong” thematic website to enhance and optimise the website design and enrich its content, with a view to disseminating information about the B&RI to different stakeholders more effectively. During the revamp of the website, we will study and consider the suggestion to add other languages to the website.

Source: Hong Kong Information Services

The Hospital Authority (HA) said it is very concerned about a fatal work accident at the Kai Tak Hospital Phase II main construction site and has instructed the main contractor to thoroughly investigate the accident’s cause and to submit a report to the HA as soon as possible.

The HA said it was notified by the project’s main contractor this evening that a 59-year-old male worker employed by the subcontractor lost consciousness after being injured while working. The worker was sent to United Christian Hospital but was certified dead after resuscitation.

The HA expressed deep sorrow over the incident and extended its sincere condolences to the deceased worker’s family. It has directed the main contractor to provide appropriate assistance to the family and support them in handling the worker’s after-death arrangements.

The HA added that it is aware that site staff immediately contacted and followed up with the main contractor, China State Construction Engineering (Hong Kong).

The main contractor has been urged to take the incident seriously and adopt all necessary measures expeditiously to ensure site safety.

The HA highlighted that it has always placed paramount importance on industrial safety at hospital construction sites.

It noted that the main contractor will report the incident to the Labour Department (LD) and urge the main contractor to fully co-operate with the LD and other relevant enforcement agencies in their investigation.

The LD said it immediately deployed staff to the scene upon receiving a report of the accident and is now conducting an investigation into its cause.

Source: Hong Kong Information Services

Today was the third day of phased arrangements for residents of seven blocks of Wang Fuk Court in Tai Po to return to their units. The Government said 264 people from 78 households turned up and the access arrangements were carried out in an orderly manner and operated smoothly.

Eleven high-zone floors of Wang Sun House were opened today.

Concluding the arrangements, the Government said a total of 271 people from 79 households registered to return to their units today through the “one social worker per household” service, while 264 people from 78 households actually turned up.

The average time residents spent entering and leaving the building today was two hours and 34 minutes, with the shortest time being 50 minutes and the longest four hours and five minutes.

About one fourth of the residents stayed in the building for less than two hours, while around 1.5% of them stayed for less than one hour.

A total of 45 people from 21 households went up and down the building more than once. Among them, 32 people from 14 households made one additional trip, seven people from four households made two additional trips, and four people from two households made three additional trips, with the highest record being two people from one household making four additional trips.

The integrated enquiry counter today received seven cases requesting police assistance and five cases involving residents seeking help due to physical discomfort, as well as three cases seeking psychological counselling services.

The seven cases requesting police assistance involved suspected loss of property, including laptop computers, jewellery and gold items. Officers were immediately deployed to assist in searches, and lost property was recovered in six cases. For the remaining one case, there were no signs of ransacking in the unit, and the residents could not provide details on the property concerned. 

The Government outlined that it deploys over 1,000 personnel from various departments each day, including Police, the Civil Aid Service, the Fire Services Department, the Auxiliary Medical Service, the Home Affairs Department, the Social Welfare Department, the Housing Department, and the Housing Bureau, and staff mobilised from other departments, as well as District Services & Community Care Teams members to fully support residents returning to their units.

Source: Hong Kong Information Services

A delegation of permanent secretaries and heads of departments of the Hong Kong Special Administrative Region Government completed a national affairs study programme at the National Academy of Governance (NAG) in Beijing this morning, with Vice President of NAG Li Wentang officiating at its closing ceremony.

 

On behalf of the delegation, Secretary for the Civil Service Ingrid Yeung expressed gratitude to the Hong Kong & Macao Affairs Office of the State Council and NAG for their thoughtful arrangements.

 

She said that although the study programme lasted only four days, it offered rich and in-depth content, covering subjects ranging from Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, to the National 15th Five-Year Plan, the international landscape and national technological developments.

 

Mrs Yeung expressed confidence that all participants were deeply inspired and benefited immensely.

 

She also noted that the Beijing trip gave the participants a clearer and deeper understanding of the country’s latest developments and strategies.

 

With the insights gained from this study, Mrs Yeung believes that the permanent secretaries will take a more comprehensive perspective when leading their teams in formulating Hong Kong’s five-year plan, ensuring better alignment with the national development strategies.

 

The delegation arrived in Chengdu this evening. They will visit a supercomputing centre, a low-altitude economy enterprise, and a high-tech industrial development zone over the next two days to gain a first-hand understanding of the latest local developments.

Source: Hong Kong Information Services

On day two of their Korea visit, Chief Secretary Chan Kwok-ki and a delegation visited local universities and held meetings with officials, with a view to providing a solid reference for the planning and development of the Northern Metropolis University Town (NMUT).

Mr Chan is leading a delegation of the Working Group on Planning & Construction of the University Town under the Committee on Development of the Northern Metropolis.

In the morning, they visited the Korea Advanced Institute of Science & Technology in Daejeon and toured its campus facilities.

The delegation met Hong Kong students studying there to learn about their studies and the institute’s efforts in fostering students’ innovation capabilities.

The delegation specifically discussed with them student support and ancillary measures on campus, the institute’s strategies for attracting international students, and its liaison and co-operation with industry, accumulating practical observations for the NMUT’s campus ecosystem and industry-academia collaboration.

Afterwards, the delegation met the Vice Mayor for Political Affairs, Economy & Science of Daejeon Metropolitan City Choi Sung-ah to learn about the local development of the institutions and innovation districts, governance and funding models, industry-academia-research integration, and talent attraction.

They also exchanged views on deepening co-operation in the education sector between the two places.

Mr Chan said the Hong Kong Special Administrative Region Government is fully committed to developing the NMUT, with the aim of establishing it as an international education, innovation, and technology hub.

He expressed hope that through this visit, the delegation could learn from Daejeon’s successful experience in attracting top scientific and research talent, its efficient governance and funding models, and understand how the city transforms scientific discoveries into industrial applications.

In the afternoon, Mr Chan led the delegation to the Institute for Basic Science (IBS) located in the Daedeok Innopolis, where they visited the Science Culture Center and met the institute’s Acting President Kim Yeong-duk.

They gained an in-depth understanding of the institute’s experience in areas such as basic research and applied innovation, as well as talent attraction.

Established in 2011, the IBS is Korea’s first institute solely focused on basic science. It possesses advanced shared facilities and large-scale scientific research infrastructure.

The Chief Secretary said the IBS is devoted to integrating basic research with applied innovation, and focuses on establishing a vibrant scientific research ecosystem, adding that the experience provides valuable reference for Hong Kong in planning the NMUT.

Mr Chan hoped to learn more about the institute’s continuous support for fundamental research and how it facilitates the seamless integration with applied innovation and industry, helping Hong Kong better plan the NMUT, and thereby promoting the transformation of excellent research outputs into impactful scientific discoveries, achieving technological breakthroughs and unlocking potential economic value. 

Source: Hong Kong Information Services

The Sale of Home Ownership Scheme (HOS) Flats 2025, the Sale of Green Form Subsidised Home Ownership Scheme (GSH) Flats 2025 and the White Form Secondary Market Scheme (WSM) 2025 will accept joint applications from 8am on April 30.

The Housing Authority (HA) made the announcement today, saying there will be a supply of almost 8,000 units in six projects for the sale of HOS and GSH in this batch.

The flats for sale under HOS 2025 include about 7,000 flats in five new HOS developments located in Kai Tak, Kam Tin, Tseung Kwan O, Ping Shan and Tung Chung respectively, with saleable areas ranging from about 26.1 sq m to about 52 sq m.

The discount for HOS 2025 is set at 30% of the assessed market values. The selling prices of the flats in the five new HOS developments range from about $1.5 million to about $4.8 million.

Flats for sale under GSH 2025 include over 800 new flats from the new GSH development in Kowloon Bay, Shing Chi Court, with saleable areas ranging from about 26 sq m to about 43.6 sq m. In addition, a new batch of recovered Tenants Purchase Scheme (TPS) flats will be offered for sale under GSH 2025.

With the discount for GSH 2025 setting at 40% from the assessed market values, the selling prices of flats in the new GSH development range from about $1.68 million to $3.54 million.

The list prices of the unsold TPS flats in the 39 estates range from about $0.16 million to $1.37 million, and the discounts range from 79% to 83% of the assessed market values. The final price range will depend on the recovered TPS flats that will be put up for sale under this sales exercise.

HOS 2025, GSH 2025 and WSM 2025 will implement a series of measures that encourage members of the public to move upward along the housing ladder, including allocating an extra ballot number to young family applicants and young one-person applicants aged below 40 with White Form (WF) status who opted to join the Youth Scheme (HOS).

In addition, an extra ballot number will be allocated to applicants who have failed to purchase a subsidised sale flat (SSF) in the last two consecutive sale exercises of the same type of SSF. The HOS and GSH will be conducted separately.

To encourage public rental housing (PRH) tenants to purchase SSFs, the quota allocation ratio between Green Form and WF will be increased from 40:60 to 50:50.

The alienation restriction period of new SSFs put up for sale in the open market will be shortened from 15 years to 10 years from the date of the first assignment.

As for the WSM quota, it will be further increased by 1,000 to 7,000, which includes 2,000 quotas for young applicants aged below 40, while the remaining 5,000 are ordinary quotas.

Separately, the authority sets a quota of 2,800 new HOS flats under HOS 2025 and 350 new GSH flats under GSH 2025 for family applicants applying under the Priority Scheme for Families with Elderly Members and the Families with Newborns Flat Selection Priority Scheme for ballot and priority flat selection.

To provide one-person applicants with a reasonable opportunity to purchase, the HA has set a quota of 700 new HOS flats under HOS 2025 and 100 new GSH flats under GSH 2025 for one-person applicants.

Eligible applicants may submit an online application or a paper application either in person or by post until 7pm on May 20.

Call the 24-hour hotline at 2712 8000 for enquiries.

Source: Hong Kong Government special administrative region – 4

The 2026 Voter Registration Campaign was launched today (April 22). The Registration and Electoral Office (REO) appeals to eligible persons/bodies not yet registered as electors/voters of a geographical constituency (GC), a functional constituency and/or an Election Committee subsector to submit registration applications as early as possible before or on the statutory deadline of June 2, so that the registration particulars can be included in the final registers of electors/voters to be published in September this year.
 
     Hong Kong permanent residents who hold an identity document, will reach 18 years of age by September 25 this year and ordinarily reside in Hong Kong are eligible to register as GC electors. Registered electors/voters do not need to register again. However, if there are any changes in their residential addresses or other registration particulars, they should also submit applications for changes of particulars to the REO by the same statutory deadline of June 2.

A spokesperson for the REO said, “Eligible persons may easily check their voter registration status, submit applications for registration or changes of voter registration particulars, as well as providing/updating their mobile phone numbers and email addresses through ‘iAM Smart’.”

New registrations as GC electors or applications for updates of residential addresses must be submitted along with address proofs, except for applicants who are the registered occupants of public rental housing under the Housing Department or subsidised housing under the Hong Kong Housing Society. The REO also encourages applicants to provide their phone numbers and email addresses to facilitate contact. 　

“Under no circumstances would the REO require the provision of an address proof with personal bank information. Members of the public shall remain vigilant in avoiding fraud,” the spokesperson reminded.

To enhance the accuracy and integrity of the registration particulars of electors, the REO continues to implement checking measures and issues inquiry letters to them. A message, “Immediate action required. Your voting right is at stake”, is printed on the envelopes of all inquiry letters to remind electors of the importance of the letters. The REO will, based on the other contact information provided by the electors, contact the electors under inquiry by phone, SMS, email or fax, to remind them to reply as soon as possible. Electors under inquiry must reply to the REO on or before June 2 by scanning the QR code on the letter to upload the reply slip, or by email, post or fax, to maintain their voter registration status. Members of the public who have doubts about their registration status may also check their registration status through “iAM Smart” or the Voter Registration website (vr.gov.hk), or by calling the REO’s hotline (2891 1001).

     Announcements in the Public Interest on the Voter Registration Campaign will be broadcast through various media channels and at different venues starting from today. The relevant information will also be publicised through websites, mobile applications, posters/banners in districts, and displayed in the public transportation system, such as on bus and tram bodies, in MTR stations and at bus shelters. The Ballot Box Family mascots comprising Blue Ballot, Red Ballot and Grandpa Ballot, which are well-received by members of the public, will continue to be adopted for publicity purposes in motivating the public to register.

     Apart from submitting applications through “iAM Smart”, members of the public can also submit applications through specified forms. Specified forms for new registration and changes of registration particulars are available on the Voter Registration website for download, or may be obtained at the District Offices, the management offices of public housing estates and the REO. Completed forms can be submitted by email to form@reo.gov.hk, via the REO e-Form Upload Platform (www.reo-form.gov.hk), by post to the REO, 29/F, Standard Chartered Tower, Millennium City 1, 388 Kwun Tong Road, Kwun Tong, Kowloon, or by fax to 2891 1180.

Source: Hong Kong Government special administrative region – 4

​The Leisure and Cultural Services Department (LCSD) has collaborated with the Shaanxi Provincial Cultural Heritage Administration to present the exhibition “The Hong Kong Jockey Club Series: Prosperity and Magnificence – Civilisation of the Sui and Tang Dynasties in Shaanxi Province” at the Hong Kong Museum of History (HKMH). The exhibition will run from April 25 to August 24, with free admission. Over 165 pieces/sets of selected exhibits will be presented to enable visitors to experience the splendour of the Sui and Tang dynasties. The invaluable cultural relics from Shaanxi have arrived in Hong Kong. The curatorial team in Hong Kong and Chinese Mainland experts are working intensively on preparing the exhibition.
 
As the third exhibition of the LCSD’s General History of China Series, the exhibition journeys from the Wei, Jin and Northern and Southern dynasties, and the Sui dynasty, and mainly narrates the grandeur of the Tang dynasty, exploring its historical context and development origins. The exhibition showcases exhibits from the collections of over 10 museums and cultural institutions in Shaanxi province. Among the exhibits, 18 pieces/sets are grade-one national treasures, including a painted female figurine of dancer with a double-looped bun, a white pottery dancing horse, a silver-gilt incense caddy with scenes showing human figures and a pure gold reliquary casket with a roof-curb-shaped lid.

Female figurine of dancer in elegant dance pose

The painted female figurine of a dancer with a double-looped bun from the Tang dynasty was unearthed from the tomb of Zhang Chenhe, Changwu County, Xianyang City. This figurine is of a tall, slender lady with sloping shoulders and a tiny waist. Her hair is styled in a double spiral bun, and she looks light-hearted and lively, representing highly fashionable young women in the early to high Tang period, and reflecting the standards of female beauty at that time.

White pottery dancing horse beautifully akin as white jade

Another exhibit is a white pottery dancing horse from the Tang dynasty, unearthed from the tomb of Zhang Shigui, Liquan County, Xianyang City. The horse is muscular with an elegant, slender body. Its head is slightly lowered and its right front hoof is raised. Entirely unadorned, it emanates a pure beauty akin to that of white jade, and perfectly shows off the exquisite craftsmanship of Tang dynasty artisans with its extremely high ornamental and artistic value. Dancing horses, a unique form of entertainment combining the movements of horses with music and dance, was introduced into China from the western regions, and was seen as symbols of a prosperous and auspicious age.
 
Masterful engravement of patterns and inscriptions on gold ware

The exhibition presents two relics unearthed from the Underground Palace of Famen Temple from the Tang dynasty. Xiangbaozi (silver-gilt incense caddies with scenes showing human figures) were standard parts of the set used by the Tang people in making offerings of incense. The lid of this incense caddy features a raised surface divided into four petals, each adorned with a flying lion. Its background is of scrolling vines. The lid fits snugly onto the body, divided into four sinuously curving arched panels. Each panel shows a scene from a famous classical story. The other exhibit, the pure gold reliquary casket with its roof-curb-shaped lid was created by a famous esoteric Buddhist monk from the late Tang period, Zhihuilun, for holding the relic of the Buddha’s actual body. An inscription was engraved on the front of the casket, reflecting the wish for peace, prosperity, and good weather.
 
Exhibition layout mirroring city planning of Tang Chang’an

The museum designed the layout of the exhibition mirroring the Tang Chang’an City, vividly presenting the large-scale and well-organised city planning to visitors. Multimedia programmes including projections, animation and interactive games will be used to introduce Emperor Taizong of Tang’s Six Steeds of Zhaoling, a stone relief showing his six beloved horses, famous historic figures in the Sui and Tang dynasties, women’s makeup and the imperial examination system in the Tang dynasty, enabling visitors to view social characteristics of various aspects in Sui Tang period. Apart from the precious cultural relics from Shaanxi, the exhibition will also feature relics of Sui and Tang dynasties unearthed in Hong Kong, including a glazed shard of Changsha ware unearthed from Sham Wan Tsuen, Chek Lap Kok; a spirit jar with its lid unearthed from Shek Kong, Yuen Long; and a celadon cup unearthed from San Tau, Lantau Island, from the Tang dynasty.
 
This exhibition is jointly presented by the LCSD and the Shaanxi Provincial Cultural Heritage Administration, jointly organised by the HKMH and the Shaanxi Cultural Heritage Promotion Center, solely sponsored by the Hong Kong Jockey Club Charities Trust, in collaboration with the Chinese Culture Promotion Office.

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) and the Hong Kong Association of Banks (HKAB) announced today (April 22) the joint establishment of the Northern Metropolis Financial Advisory Taskforce (Taskforce). The Taskforce will explore financing solutions that support the development of the Northern Metropolis.
 
The Northern Metropolis, which encompasses extensive new development land and industrial projects, plays a pivotal role in driving Hong Kong’s future development and enhancing its competitiveness. With the facilitation of the HKMA, the banking sector initiated dialogues with the Development Bureau in 2025 to understand the development and planning of the Northern Metropolis.
 
To strengthen the banking sector’s communication and collaboration with the Hong Kong Special Administrative Region Government and other stakeholders, and to explore ways to actively support the Northern Metropolis development through financing, the Taskforce will:
 

1. provide professional advice on financing and banking services for the development of the Northern Metropolis;
2. explore Northern Metropolis opportunities and related financing needs with a view to proposing practical financing recommendations to advance relevant projects; and
3. facilitate the exchange of expertise and experience for the purpose of strengthening the banking sector’s financing support for key Northern Metropolis projects.

 
The Taskforce comprises representatives from the HKMA, the HKAB and 15 banks that possess experience in large-scale project financing (see Annex). In addition, the Chinese Banking Association of Hong Kong will participate as an observer and support the relevant work.
      
     The Taskforce conducted a site visit to Hung Shui Kiu/Ha Tsuen New Development Area and the Loop in the Northern Metropolis yesterday to learn about the latest developments and overall planning of the Northern Metropolis projects, paving the way for more informed future discussions and advice. 
      
     Deputy Chief Executive of the HKMA Mr Arthur Yuen said, “The establishment of the Northern Metropolis Financial Advisory Taskforce provides a vital co-ordination platform for the HKMA and the banking sector to collaboratively advance the development of the Northern Metropolis. The participating banks will draw on their financial expertise and experience to provide practical financing advice and solutions that can help expedite the implementation of the Northern Metropolis projects, thereby providing solid support for Hong Kong’s long-term growth.”
      
     The Chairman of the HKAB and Vice Chairman and Chief Executive of Bank of China (Hong Kong), Mr Sun Yu, said, “With the outline of the 15th Five-Year Plan for the country expressing explicit support for expediting the development of the Northern Metropolis, the Northern Metropolis has not only become a key engine for driving Hong Kong’s economic growth, but also a strategic gateway for Hong Kong to integrate into and contribute to the overall national development. Through the Taskforce, the banking sector will closely align with the development needs of the Northern Metropolis, leveraging its financial expertise in financing, innovation and technology development, attracting business investment and promoting connectivity. We are fully committed to supporting the accelerated development of the Northern Metropolis and creating new growth momentum for Hong Kong’s future.”

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the 40th General Assembly of the Asian and Oceanian Stock Exchanges Federation (AOSEF) today (April 22):

Carlson (Chairman of the Hong Kong Exchanges and Clearing Limited (HKEX), Mr Carlson Tong), Bonnie (Chief Executive Officer of the HKEX, Ms Bonnie Chan), distinguished representatives of stock exchanges, honoured guests, ladies and gentlemen,

     It is a pleasure to welcome you to Hong Kong. We gather today not merely as operators of individual markets, but as stewards of a shared ecosystem. Global capital has never been more mobile – or more selective. The question before us is this: How do Asia’s exchanges move from competing with one another to collaborating as a network, so that international capital sees our region not as fragmented markets, but as a compelling, coherent whole?

     Together, the Federation’s 17 members represent roughly one-third of global market capitalisation and more than half of the world’s listed companies. Yet many international investors still treat Asia as an afterthought. Why? Because of too many global funds; navigating across our markets remains complex and unfamiliar when approaching us one by one.

     The opportunity – and the challenge – are ours to address together. When an international asset manager can deploy capital into Korean semiconductors, Indian fintech, and Southeast Asian green infrastructure through a single, familiar infrastructure, we all benefit. When a long-term investor can gain exposure to Asian innovation without the hassle of navigating a maze of separate custodian accounts, the entire region wins. Our diversity is our strength, but only if we build the bridges that turn complexity into seamless accessibility.
 
     Hong Kong’s role in this ecosystem is evolving. For decades, we have served as a gateway between international capital and the Chinese Mainland market. That role remains vital: more than half of our listed companies are Mainland enterprises, accounting for around 80 per cent of total market capitalisation. Our Connect schemes with the Mainland now account for roughly 70 per cent of international holdings of A-shares and about 60 per cent of offshore holdings of Mainland bonds.

     But Hong Kong’s role is larger than any single corridor. We are increasingly a platform where the assets of one Asian market can be packaged and discovered by global investors who might otherwise never look at it. Last year, a Hong Kong fund manager worked with her Korean counterpart to list leveraged and inverse products in Hong Kong tracking Korean equities. These instruments have attracted a wave of international investors – many previously unfamiliar with the Korean market – effectively channelling fresh capital towards Korean stocks.
 
     This is not a zero-sum transaction. For Korea, this means new global visibility. For investors, more tools to express their views. For Hong Kong, deeper markets. That is collective value creation – and a model we can replicate.
 
     The lesson of our Connect schemes is clear: when two markets align on standards, clearing, and trading protocols, the multiplier effect far exceeds the sum of its parts. This playbook – built through managing cross-border order routing and settlement at scale – can be adapted to deepen linkages between any AOSEF members. Be it ETF (exchange-traded funds) cross-listings, co-developed indices, or mutual recognition of derivatives clearing.
 
     This year, Hong Kong introduced our “Finance+” strategy. Its purpose is not to expand our market share alone, but to strengthen Hong Kong as capital-formation infrastructure for the entire region’s innovation economy. Our previous listing reforms have attracted pre-revenue biotech and specialist technology firms from across Asia to access global long-term capital. Our transition to a T+1 settlement cycle by late 2027 will reduce risk and improve capital efficiency – not only for Hong Kong, but for any regional partner with whom we share cross-listed products.
 
     We are also broadening our product ecosystem. Hong Kong has become one of the world’s top three ETP (exchange-traded products) markets, with average daily turnover around US$5 billion. The expansion of thematic ETFs – spanning gold and commodities technology, cross-border indices, and digital assets – adds vibrancy and vitality to our market. Our ETF mutual recognition with Saudi Arabia’s Tadawul has created the largest such products in the Middle East. We are eager to pursue similar arrangements with more of you. Imagine an investor in one Asian market gaining exposure to another’s benchmark through a Hong Kong-listed product. These are not distant ambitions; they are the next logical steps.
 
     Connectivity remains central. We have agreements with 20 exchanges worldwide to facilitate dual listings, and we will conclude more across the region. Our one-stop, multi-asset custodial platform, CMU OmniClear – a joint venture between the Hong Kong Monetary Authority and HKEX – will enable integrated management of equities and bonds, facilitating cross-asset collateralisation that supports the growth of derivatives markets across our network.
 
     Ladies and gentlemen, these capital flows are not abstract. They fuel the real economy. Global institutional investors are actively seeking diversification and long-term growth. They are looking for Asia’s next generation of enterprises – green-energy innovators, digital banks, advanced manufacturers, etc. Hong Kong’s role is to ensure that when that capital arrives, it flows efficiently to where Asia’s best opportunities are – wherever they may be listed.
 
     Our region’s demographic dividend, urbanisation, and expanding middle class will drive demand. Supply-chain and industry base reconfiguration is creating new industrial clusters. The 15th Five-Year Plan emphasises high-level opening up, encouraging more Chinese enterprises to go global while continuing to welcome international companies. The listing of CATL – the world’s then largest IPO (initial public offering) – illustrated this dynamism. But our vision is larger: we want to be the platform where Asian innovation meets global capital, and where global capital meets Asian growth, regardless of which AOSEF market that growth calls home.
 
     So let me close with a proposal. Let us transform the AOSEF from an annual forum into a working group for tangible interoperability: mutual ETF listings, co-developed indices, shared disclosure standards, and eventually, multilateral connectivity that allows capital to move across our markets with greater ease.

     We are not just marketplaces. We are the plumbing through which the region’s economic destiny flows. When we collaborate, we create incremental liquidity for each other. When we align our infrastructure, we lower the cost of global participation. When we pool access to international capital, we give every innovative enterprise in our region a better chance to scale and succeed.
 
     And if I may borrow from our industry: in finance, as in plumbing, the best connections are the ones you do not have to think about – they simply work. Let us build those connections.
 
     I wish you all a very fruitful General Assembly. Thank you.