Category: MIL-OSI

Source: Hong Kong Government special administrative region – 4

The Chief Executive, Mr John Lee, met the Secretary of the CPC Hainan Provincial Committee, Mr Feng Fei, at Government House today (September 9) to exchange views on deepening Hong Kong’s co-operation with Hainan. Also attending the meeting were the Director of the Chief Executive’s Office, Ms Carol Yip, and the Under Secretary for Constitutional and Mainland Affairs, Mr Clement Woo.
 
Mr Lee welcomed Mr Feng and his delegation to Hong Kong to attend the 10th Belt and Road Summit. Mr Lee said that he is pleased to meet Mr Feng again since they last met during the Chief Executive’s visit to Hainan in March. Noting that Hong Kong and Hainan enjoy close geographical, cultural and business ties, Mr Lee said that the two governments signed the Hainan Provincial People’s Government and Hong Kong Special Administrative Region Government (HKSAR) Memorandum of Cooperation in March, covering five areas of in-depth collaboration, namely trade and investment, finance, safe and orderly flow of data, tourism, and talent exchanges, further strengthening co-operation between the two places.
 
Mr Lee said that Hainan and Hong Kong are both key links under the Belt and Road Initiative. This year marks the customs closure operation and further opening of the Hainan Free Trade Port, actively achieving a high level of opening up and high-quality development. Hong Kong and Hainan can fully leverage their collaborative potential, jointly serving as a functional platform and contributing to the Belt and Road Initiative.
 
Highlighting that the Hainan Provincial People’s Government is the first provincial government of the Mainland to utilise Hong Kong’s financing platform and professional services to issue bonds, Mr Lee welcomed and thanked the Hainan Provincial People’s Government for leveraging Hong Kong’s advantages as an international financial centre and a platform for offshore Renminbi debt products, jointly contributing to the Belt and Road Initiative. The HKSAR Government will continue to actively play its bridging role, deepening exchanges and co-operation between Hong Kong and Hainan in various areas such as economy and trade, tourism, and talent, achieving complementarities and mutual benefits, and contributing to the country’s high-quality development.
 

Source: Hong Kong Government special administrative region – 4

​     The Labour Department (LD) will hold job fairs under the Enhanced Supplementary Labour Scheme (ESLS) from tomorrow (September 10), providing job vacancies of waiter/waitress, junior cook, and more for local job seekers. Over 25 organisations will participate in the job fairs this week, offering over 800 job vacancies.

     To safeguard employment priority for local workers, the LD has been continuously enhancing the implementation arrangements for the ESLS. The LD announced that from tomorrow, if an employer applies to import waiters/waitresses or junior cooks under the ESLS, the employer will be required to join a job fair once a week during the four-week local recruitment period at job centres assigned by the LD and conduct job interviews on the spot. If an employer fails to join the arranged job fair(s), the LD will reject their application(s) for labour importation under the ESLS.

     The LD encourages job seekers to participate in the job fairs to apply for vacancies of waiter/waitress, junior cook, and more. The job fairs will be held from 10am to 1pm or from 2.30pm to 5.30pm at designated job centres. Admission is free. For details of the job fairs, please visit the LD’s Interactive Employment Service website (www.jobs.gov.hk/en/esls/jobfair).

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Financial Secretary, Mr Paul Chan, at Brazil’s Independence Day Reception today (September 9):

Ambassador Valler (Consul-General of Brazil in Hong Kong, Mr Wladimir Valler Filho), Deputy Commissioner Pan Yundong (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region), Consuls-General, distinguished guests, ladies and gentlemen,

    Good afternoon.

It’s a pleasure to be here, today, in celebration of Brazil’s National Day – the 203rd anniversary of its Declaration of Independence. On this special occasion, we honour not only the rich history and culture of Brazil but also the enduring friendship between our peoples.

Brazil is a country of enviable superlatives. The world’s fifth-largest nation in area, it’s also the seventh-largest in population, with some 213 million people.  

As Latin America’s largest economy, Brazil has built an impressive and diversified industrial base, with globally competitive companies spanning agriculture, manufacturing, aerospace, metallurgy, services, and more.

I’m pleased to say that Brazil is also our key trading partner in Latin America. Last year, Brazil was Hong Kong’s largest import source and second-largest export market in the region. Bilateral merchandise trade between our economies last year reached US$3.4 billion – an increase of more than 18 per cent year on year. These figures speak to the strength and potential of our economic ties.

At a time when protectionism and unilateralism are on the rise globally, Brazil continues to champion multilateralism and international co-operation. It has been a steadfast partner to our country, China, in building a multipolar world and a more sustainable planet. These shared values are more important than ever, as we work together to build a more inclusive and resilient global community.    
 
Last year marked the 50th anniversary of diplomatic relations between China and Brazil, when President Xi Jinping paid a state visit to Brazil. It was a milestone celebrated with the signing of over 30 bilateral agreements. And during President Lula da Silva’s state visit to our country in May this year, a further 20 co-operation agreements were concluded, covering a wide range of areas including science and technology, digital economy, finance, and more.  

This deepening of co-operation between Brazil and China opens up new and exciting avenues for Hong Kong to strengthen its engagement with Brazil. Under the unique “one country, two systems” framework, Hong Kong serves as a vital bridge between China and the rest of the world. We are well positioned to facilitate and expand bilateral ties across business, trade and innovation. 

Hong Kong offers a world-class business environment, underpinned by the rule of law, a free and open economy, and a regulatory regime that is aligned with the best international standards and enriched by a vibrant international and diverse community. These core strengths continue to earn us high recognition in global competitiveness rankings and positive feedback from international businesses operating here.

In trade, our zero-tariff regime, efficient logistics, and seamless customs clearance make Hong Kong an ideal gateway for Brazilian goods entering the Greater Bay Area and the broader Chinese and Asian markets.   

One area of particular promise for future collaboration is innovation and technology. Brazil leads Latin America in the number and diversity of its start-ups, reflecting a dynamic and entrepreneurial spirit. Likewise, Hong Kong is emerging as a leading I&T hub, bolstered by the strength of the Greater Bay Area, which hosted an innovation cluster that tops the world in a recent ranking by the World Intellectual Property Organization. 

We are actively attracting global talent, companies and start-ups to join our thriving innovation ecosystem, with nearly 30 per cent of start-up founders coming from outside Hong Kong.

It helps that Hong Kong is Asia’s leading financial centre, offering a full range of funding options, with deep liquidity, exceptional professional services, and unparalleled international connectivity. For start-ups and innovators, launching here is effectively an international seal of approval. If a start-up can thrive in Hong Kong, it is likely to succeed elsewhere. 

Of course, our growing ties are not limited to business alone. We welcome Brazilian music, dance, food and drink, entertainment and, yes, football, too. I had the pleasure of enjoying a taste of Brazilian culture in June, at the opening ceremony of “Extravaganza! When Brazil Meets Hong Kong”, down by the harbour. It was a joyful and colourful celebration that added vibrancy to Hong Kong’s calendar as Asia’s events capital. 

I am delighted to hear that Brazil’s “Extravaganza” will return to Hong Kong next year, and I look forward to even more cultural exchanges that bring our communities closer together. 

On this note, I wish you a happy national day. Thank you very much. 

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Chief Executive, Mr John Lee, at the HK-Asean Summit 2025 today (September 9):

Honourable Minister Anthony (Minister of Transport of Malaysia, Mr Loke Siew Fook), Secretary Rodolfo (Undersecretary for the Industry Development Group of the Department of Trade and Industry of Philippines, Dr Ceferino Rodolfo), Ms Catherine So (Chief Executive Officer of the South China Morning Post), Dr Daryl Ng (Chairman of the Hong Kong-ASEAN Foundation), distinguished guests, ladies and gentlemen,

     Good morning. I am very delighted to join you today at the 2025 Hong Kong-Asean Summit. 

     This is, I’m pleased to say, the fourth consecutive year I’ve addressed this Summit, an annual event created to put a bright spotlight on the dynamic and mutually rewarding ties between Hong Kong and ASEAN, the Association of Southeast Asian Nations. 

     Allow me first to welcome Minister Loke, our good friend from Malaysia, together with many other senior government officials, business leaders and distinguished guests from ASEAN and beyond. 

     Indeed, some 400 of you are here today, with another 300 or so taking in this year’s Summit virtually, and you’ll be hearing from 20 prominent speakers from some 30 countries and regions. Your presence underscores the enduring strength of our partnership, and shared commitment, to enhancing regional development and prosperity.

     There are good reasons for our partnership. The recent rise of protectionism and unilateralism is creating significant uncertainties in international trade, damaging trading systems and escalating geopolitical risks. 

     In such trying times, it is all the more important for like-minded economies to work together, upholding multilateralism with an open, rules-based order. Hong Kong has long been a free port and a champion of multilateral trade. That’s why we attach great importance to our relations with ASEAN, whose 10 member states share similar values and a clear commitment to promoting free and open trade.

     And that’s why the ASEAN region was the destination of my first overseas visit, after assuming office some three years ago. Over the years, I’m glad to have led high-level business delegations from Hong Kong to visit seven different ASEAN countries, concluding some 90 documents of co-operation on various fronts.

      ASEAN, after all, is the third-most populous region and fifth-largest economy in the world. 

     For 15 years in a row, ASEAN has been Hong Kong’s second-largest merchandise trading partner. Last year, our trade was valued at more than US$165 billion, up almost 15 per cent over the previous year. 

     And our merchandise trade in the first half of this year continued to soar, I’m delighted to note, rising nearly one quarter. Our services trade is equally cheering, climbing about 30 per cent, year-on-year, and reaching US$18 billion in 2023, making ASEAN our third-largest services trading partner.

     We like to invest in each other’s opportunities, too. ASEAN is Hong Kong’s third-largest outward investment destination, and sixth-largest source of inward direct investment. 

     More than our long years of friendship, the robust relationship between us is backed by the ASEAN-Hong Kong, China Free Trade Agreement and its related Investment Agreement. They have been in full force since 2021, with the linked Economic and Technical Co-operation Work Programme focused on ensuring continuing trade and investment growth. 

     Last year, the number of offices set up in Hong Kong with parent companies located in ASEAN grew 13 per cent. Some 730 ASEAN companies now call Hong Kong home. 

     There are plenty of good reasons for ASEAN companies to look to Hong Kong for their future. Long the world’s freest economy, Hong Kong was also the world’s seventh-largest merchandise trading entity last year. 

     This year, the International Institute for Management Development’s World Competitiveness Yearbook ranked Hong Kong third, globally, in competitiveness. That is the second year, in a row, that we’ve gone up two places in this ranking, and our first return to the global top three since 2019.

     More good news. Just this morning, the Institute released its annual World Talent Ranking, in which Hong Kong’s ranking rose to fourth, globally, and first in the Asia Pacific. This is our highest-ever position in the ranking, having climbed up five places from last year. Indeed, our ranking rose 12 places over the past two years, a clear testament to the HKSAR Government’s enhanced efforts in education and talent development.

     The World Talent Ranking, I’m pleased to add, recognises Hong Kong’s outstanding academic achievement, ranking us first in the indicator “Graduates in Sciences”.

     Yes, Hong Kong is the only city in the globe with as many as five universities in the world’s top 100. Our excellent institutions nurture world-class scientists and research talent in different disciplines. 

     Leveraging that strength, Hong Kong is fast rising as an innovation and technology hub. Earlier this month, the Shenzhen-Hong Kong-Guangzhou innovation cluster topped the world – for the first time – in the World Intellectual Property Organization’s annual Global Innovation Index. 

     All three cities in the cluster are core cities in the Guangdong-Hong Kong-Macao Greater Bay Area, a cluster city development that brings together a population of 87 million. 

     By synergising Hong Kong’s research prowess with the Mainland’s innovation and manufacturing capabilities, we are committed to becoming one of the world’s leading I&T centres. 

     And, as one of the world’s top three international financial centres, Hong Kong has the liquidity, along with the angel investors, venture capital and private equity funds, to drive innovation and innovative companies. These, ladies and gentlemen, present far-reaching opportunities for ASEAN companies and entrepreneurs looking to tap into the vast and promising markets of the Mainland.

     And we are continually seeking to expand our co-operation and ties. In addition to our Economic and Trade Offices in Singapore, Jakarta and Bangkok, we are working closely with the Malaysian Government to open a fourth ASEAN-based Office in Kuala Lumpur. 

     I am pleased to note that excellent progress has been made towards establishing this new office, and I am sure our ties with ASEAN will reach another level entirely with the new addition.

     Then there’s the Regional Comprehensive Economic Partnership, the world’s largest free trade bloc. The theme of this year’s Summit, “Bridging Horizons, Building Futures”, seems to me to speak to the value and contributions Hong Kong will add to the Partnership with our accession.

     That includes serving as a multilevel bridge between the Chinese Mainland and ASEAN. Ladies and gentlemen, I count on your continuing support in realising Hong Kong’s bid for accession.

     Trade and investment aside, we enjoy close people-to-people ties and exchanges. We have relaxed the criteria for nationals of Cambodia, Laos, Myanmar and Vietnam in applying for multi-entry visas for travel and business. And we have extended their validity period from two to three years.

     We are, as well, providing self-service immigration clearance for invited visitors participating in business, development and related activities from all ASEAN countries.

     Those “related activities” include enjoying the world-class arts, culture and entertainment, everywhere you turn, in Hong Kong, a world city rising as the East-meets-West centre for international cultural exchange. Sports exchange and excitement, too, thanks to our world-class facilities, including new, state-of-the-art Kai Tak Sports Park. Or a fond exchange with our six cuddly giant pandas, right here in Ocean Park.

     Before I go, allow me to mention that Hong Kong’s Belt and Road Summit, the 10th anniversary edition, opens tomorrow. The annual event attracts government officials and business leaders and investors from Hong Kong, the Mainland and throughout the region, including those from ASEAN states. 

     Hong Kong, of course, plays a key role in our country’s Belt and Road Initiative. It’s part of our continuing contribution to regional connectivity. I look forward to seeing you there. 

     Because we believe in partnership. Despite all the uncertainties and unease across the globe, Hong Kong holds on to the belief that free trade is the backbone for boosting global output. It’s the key ingredient for a more interconnected, peaceful and productive world economy. 

     As Hong Kong and ASEAN deepen our collaboration, we are paving the way for stronger economic partnerships and enhanced regional connectivity, creating opportunities for shared growth and prosperity. Together, we are not afraid of storms. United, we will sail our ships, through thick and thin, whether it is Typhoon Nine, Typhoon Eight, or Typhoon Eight-Goodbye.

     In closing, my thanks to the South China Morning Post for once again hosting this significant annual gathering, made for business, for networking, for creating partnerships and enduring co-operation. And that, ladies and gentlemen, will ensure that today’s trying times soon give way to inspiring times. Rewarding times for us all.

     I wish you the best of business and a memorable stay in Hong Kong. 

     Thank you.

Source: Hong Kong Government special administrative region – 4

     The Secretary for Home and Youth Affairs (SHYA), Miss Alice Mak, informed Tuen Mun District Council (DC) member Mr Kenneth Yip Kat-kong in writing today (September 9) that, in light of his dangerous driving conviction, which constituted misconduct, his functions and duties as a DC member shall be suspended for one week.
 
     The SHYA appointed a supervisory committee on July 18 pursuant to section 72C of the District Councils Ordinance (Cap. 547) to investigate the alleged misconduct of Mr Yip. The supervisory committee submitted a report to the SHYA on September 1. After considering the evidence related to the misconduct, the negative impact of the incident on DC members, DCs and the Government’s reputation and credibility, as well as Mr Yip’s written representation, the supervisory committee concluded that Mr Yip’s dangerous driving conviction constituted misconduct and recommended suspending Mr Yip’s functions and duties as a DC member for one week.
 
     Pursuant to section 72D of the Ordinance and the Performance Monitoring Guidelines for Members of the District Councils, and after considering the report of the supervisory committee, the SHYA concurred with the supervisory committee’s opinions that Mr Yip’s dangerous driving conviction constituted misconduct, and decided to suspend his functions and duties as a DC member for one week. For the period of suspension, he shall not be entitled to receive any remuneration or allowances, including end-of-service gratuity, but shall be entitled to be reimbursed for the operating expenses incurred, e.g. office rentals and staff salaries, during the period.
 
     Miss Mak said, “This is the first time the Government has investigated and imposed sanctions on a DC member for misconduct in accordance with the performance monitoring mechanism for DC members under the improved district governance. The Government places strong emphasis on the conduct and integrity of DC members, and they should conduct themselves in a manner that is in line with public expectations and commensurate with the reputation of the DC and its members. The Government will continue to monitor the performance of DC members to ensure that every DC member upholds their duties to serve the people. The Government would also like to express gratitude to the five members of the supervisory committee for their work and opinions on the case.”
  
     Mr Yip will be suspended from his functions and duties as a DC member from tomorrow (September 10) to September 16 (both dates inclusive). The DC website has been updated accordingly for public information.

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Legislative Council Secretariat:

     The Legislative Council (LegCo) will hold a meeting tomorrow (September 10) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Registration of Same-sex Partnerships Bill will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.

     The Second Reading debates on the Supplementary Appropriation (2024-2025) Bill, the Betting Duty (Amendment) Bill 2025 and the Tobacco Control Legislation (Amendment) Bill 2025 will resume. If the Bills are supported by Members and receive their Second Reading, they will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bills and their reports are adopted by the Council, the Bills will be set down for the Third Reading.

     Meanwhile, the Road Traffic (Amendment) (Ride-hailing Service) Bill 2025 will be introduced into the Council for the First Reading and the Second Reading. The Second Reading debate on the Bill will be adjourned.

     On Member’s Bill, the Second Reading debate on Hong Kong Baptist University (Amendment) Bill 2025 will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.

     On Members’ motions, Professor Chan Wing-kwong will move a motion on stepping up efforts in combating illegal medical practices to safeguard public health. The motion is set out in Appendix 1.

     Mr Kwok Wai-keung will move a motion on firmly upholding the safeguards of the employment priority for local employees. The motion is set out in Appendix 2. Mr Michael Tien will move an amendment to Mr Kwok’s motion.

     In addition, Mr Chan Kin-por will move a motion under Rule 49E(2) of the Rules of Procedure to take note of a report of the House Committee on consideration of subsidiary legislation and other instruments. The motion is set out in Appendix 3.

     Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.

     The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hk). Members of the public can watch or listen to the meeting via the “Webcast” system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats.

Source: Hong Kong Government special administrative region – 4

Attention TV/radio announcers:

Please broadcast the following as soon as possible and repeat it at regular intervals:

     Here is an item of interest to swimmers.

     The Leisure and Cultural Services Department said today (September 9) that the red flag at Tai Po Lung Mei Beach in Tai Po District has been lowered, and the beach has been reopened.

     The beach was closed earlier on after an oil spill.

Source: Hong Kong Government special administrative region – 4

     The Census and Statistics Department (C&SD) released today (September 9) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for August 2025.
 
     The current diffusion index (DI) on business receipts amongst SMEs increased slightly from 42.1 in July 2025 in the contractionary zone to 42.3 in August 2025, whereas the one-month’s ahead (i.e. September 2025) outlook DI on business receipts was 45.7. Analysed by sector, the current DIs on business receipts, despite below the 50-mark, rose in August 2025 as compared with previous month for some surveyed sectors, including retail trade (from 39.3 to 41.1) and wholesale trade (from 40.4 to 41.3).
  
     The current DI on new orders for the import and export trades decreased from 45.0 in July 2025 to 44.2 in August 2025, whereas the outlook DI on new orders in one month’s time (i.e. September 2025) was 47.0.
 
Commentary
 
     A Government spokesman said that business sentiment among SMEs and their outlook in one month’s time both improved slightly further in August. The overall employment situation also turned better.
 
     Looking ahead, local business sentiment would continue to be affected by the uncertain external environment. Nonetheless, solid growth in the local economy, coupled with steady economic growth in Asia in particular the Mainland, should provide support. The Government will continue to monitor the situation closely.
 
Further information
 
     The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled “Report on Quarterly Business Tendency Survey” released by the C&SD.
 
     The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
 
     More detailed statistics are given in the “Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
 
     Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

     Business receipts in value terms of most of the major service industries showed increases of varying magnitudes in the second quarter of 2025 when compared with the second quarter of 2024, according to the provisional figures of business receipts indices released today (September 9) by the Census and Statistics Department (C&SD).
 
     Comparing the second quarter of 2025 with the second quarter of 2024, double-digit increases were recorded in business receipts indices of the financing (except banking) (+27.7%), import/export trade (+21.2%), insurance (+20.7%) and banking (+14.5%) industries. On the other hand, the real estate industry recorded a decrease of 8.1% in business receipts index during the same period.
 
     Analysed by service domain, business receipts index of the computer and information technology services domain increased by 75.6% year-on-year during the same period, while that of the tourism, convention and exhibition services domain also increased by 9.6% year-on-year.
 
     On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of around half of the major service industries recorded increases of varying magnitudes in the second quarter of 2025 when compared with the first quarter of 2025. In particular, business receipts indices of the financing (except banking) and real estate industries increased by 3.5% and 3.0% respectively. On the other hand, business receipts index of the insurance industry decreased by 13.9% during the same period.
 
     Analysed by service domain, comparing the second quarter of 2025 with the first quarter of 2025 on a seasonally adjusted basis, business receipts index of the computer and information technology services domain increased by 10.0%, whereas that of the tourism, convention and exhibition services domain decreased by 5.6%.
 
Commentary
 
     A Government spokesman said that business receipts of most service industries recorded increases in the second quarter of 2025 over a year earlier. More notable increases in business receipts were seen for the financing (except banking), import/export trade, insurance, and banking industries.
 
     Looking ahead, the continued economic expansion should benefit the business of various service industries. Though some industries may be more affected by external uncertainties, steady economic growth in Asia particularly the Mainland, sustained increases in local employment earnings, together with the Government’s various measures to boost the economy and attract investment, would provide support to different service industries.
 
Further information
 
     Table 1 presents the business receipts indices and their corresponding year-on-year rates of change in respect of selected service industries and service domains for the recent five quarters, while Table 2 shows the corresponding quarter-to-quarter rates of change in the business receipts indices for the recent five quarters based on the seasonally adjusted series.
 
     The revised figures of business receipts indices for the second quarter of 2025 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=660-69001) on October 17, 2025.
 
     Data for compiling the business receipts indices are mainly based on the Quarterly Survey of Service Industries conducted by the C&SD, supplemented by relevant data provided by the Hong Kong Monetary Authority and the Hong Kong Tourism Board.
 
     A service domain differs from a service industry in that it comprises those economic activities which straddle different industries but are somehow related to a common theme. It may include all activities carried out by all establishments in a service industry that is closely related to the domain. For a service industry that is less closely related, however, only a portion of the establishments in the industry or even only part of the economic activities of the establishments is related to the domain. Taking the tourism, convention and exhibition services domain as an example, it includes all services of convention and exhibition organisers, short-term accommodation services and services of travel agents, and some of the services (only those involving visitors as customers) of restaurants, retailers and transport operators.
 
     The classification of service industries follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into relevant industry classes.
 
     More detailed statistics are given in the report “Quarterly Business Receipts Indices for Service Industries, Second Quarter 2025”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080006&scode=520).
 
     For enquiries about the business receipts indices, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7274 or e-mail: business-receipts@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the AVPN Global Conference 2025 today (September 9):
 
Ms Batra (Chief Executive Officer of AVPN, Ms Naina Batra), Winfried (Chief Executive Officer of the Hong Kong Jockey Club (HKJC), Mr Winfried Engelbrecht-Bresges), distinguished guests, ladies and gentlemen,

     Good morning.

     On behalf of the Government of the Hong Kong Special Administrative Region, I would like to extend a very warm welcome to you all. 

     The AVPN conference brings together some of the most influential minds in philanthropy, family offices and impact investing. I would like to express my sincere thanks to AVPN and the Hong Kong Jockey Club Charities Trust for hosting this impactful event right here in Hong Kong.  

     You are here because you all recognise a profound shift in the global investment narrative. You are here because you know the importance of forging partnerships and breaking silos. And you are here because Hong Kong stands as a global centre and a strategic hub for philanthropy, sustainable finance and impact investing. 

     Today marks Day 2 of Hong Kong Green Week, and I’m delighted that impact investing is front and centre. This is an area that Hong Kong has made significant strides in recent years. As a global financial and business centre, and the gateway connecting the Chinese Mainland and the rest of the world, we have been doing well, particularly for the financial markets over the past year or so. But we know that doing well alone is no longer enough. The imperative of our time is clear: we must do good while doing well. 

The Asian opportunity

     Indeed, Asia presents both an enormous need, and a tremendous opportunity, for impact investing. 

     To put it into perspective: Asia is home to around 60 per cent of the world’s population and is undergoing an unprecedented economic transformation. Yet, the region is also highly vulnerable to natural disasters. In 2022, for example, 140 disasters struck this continent, resulting in economic damage equivalent to the GDP (Gross Domestic Product) of Myanmar.  

     The UN (United Nations) has estimated that Asia requires around US$1.5 trillion in annual investments to meet the Sustainable Development Goals by 2030. Apparently, the gap between need and available private capital is vast. 

     Globally, the impact investing market has expanded rapidly, with AUM (assets under management) reaching US$1.6 trillion in 2024, more than double the total in 2020. The amount is projected to reach US$6 trillion by 2031. Yet, capital allocation for impact investing remains uneven. Studies show that North America accounts for 47 per cent, Europe 23 per cent, while South Asia, Southeast Asia and East Asia combined account for less than 15 per cent.

     But within this gap lies hope and immense potential. Asia is home to a fast-growing generation of wealth holders. According to market analysis, the region counted over 850 000 high-net-worth individuals in 2024. Many are not just wealthy entrepreneurs or heirs to fortunes. They are impact-minded leaders who seek to define their legacy through positive social and environmental change. 

     With these trends and challenges, the key question is: How can we better connect opportunities with capital where it is needed most?

Hong Kong: a platform for purposeful capital 

     This is exactly where Hong Kong comes in. 

     Hong Kong has always been a super connector. A conduit for global capital and a value adder. We are built for this. 

     Our world-class financial and legal systems as well as top-notch professional services are underpinned by the “one country, two systems” framework. We consistently rank among the world’s top cities, from business competitiveness to economic freedom, and from innovation prowess to talent quality. These make us uniquely positioned to serve as a launch pad for purpose-driven investments.  
 
     For philanthropists and social businesses, Hong Kong offers access to global networks and best practices, institutions and talent, and a diverse pool of impact-first capital.  

     One example is the Impact Link, launched by the Hong Kong Academy for Wealth Legacy last year. This platform connects donors and family offices with high-impact charitable initiatives, matching capital with projects of worthy causes. Our city is also home to a vibrant network of charitable organisations, NGOs (non-governmental organisations) and international foundations. They, of course, include the HKJC Charities Trust, which may well be Hong Kong’s largest charity donor. 

     In fact, over the past three years, tax deductible charitable donations made by individuals and businesses stood at about HK$40 billion.

     We are magnifying this impact through proactive policies, such as providing tax concessions and attracting more family offices which are forces for good. And our policy statement for developing family offices offers a clear roadmap to support the growth of family offices. 

     Our ESG (environmental, social and governance) and green finance ecosystem is one of the most vibrant in Asia. In 2024, Hong Kong issued over US$80 billion in sustainable debt, with green bonds making up 45 per cent of the regional total. Today, more than 200 ESG funds are authorised by the Securities and Futures Commission with a combined AUM exceeding US$140 billion. 

     We are also innovating. From tokenised green bonds to more thematic ESG ETFs (exchange traded funds), we are expanding the suite of financial instruments and product offerings. 

     Beyond finance, the Greater Bay Area, including Hong Kong, is fast rising as the world’s leading innovation cluster. Start-ups here are developing transformative solutions, ranging from AI-powered greentech to medtech and inclusive fintech, all designed to solve real-world problems and promote equitable development. 

     Indeed, across the Chinese Mainland and Asia, a new wave of innovation is emerging, brimming with tech start-ups and enterprises.  They are offering scalable, tech-enabled solutions to address our most pressing challenges like climate change. 

     With these advantages, Hong Kong is keen to create a seamless ecosystem where capital can be efficiently structured, deployed and scaled for maximum sustainable impact, both within our region and across the globe.

     At our core, Hong Kong believes in collaboration. We are committed to building strong, cross-sector partnerships that create value for all.  

Step forward: showcasing our capability

     In this connection, understanding how to mobilise impact capital effectively is crucial. I am pleased to note that tomorrow, our Financial Services Development Council will launch a special report right here at this conference.

     That report will highlight real-world case studies that showcase how Hong Kong is already serving as a powerful agent in mobilising impact capital. I hope you will find inspiration and actionable insight in its pages.   

Conclusion

     Ladies and gentlemen, we live in uncertain times. But gatherings like this one give me tremendous hope.   

     You are the change makers, the architects of a more inclusive and sustainable future. And Hong Kong is your committed partner. We are ready, willing and uniquely positioned to help you channel capital for purpose, connect ambition with action, and turn the vision of doing good into a reality that changes lives. 

     Enjoy the rich discussions over the next few days. Let us learn from one another, forge new partnerships, and leave here ready to build a better world, together. Thank you.