Appointments to Industry Advisory Committee on General Business of Insurance Authority

Source: Hong Kong Government special administrative region

The Government announced today (June 30) the appointments of Mr Jacky Lio Veng-hei and Professor Hui Kai-lung as non-official members of the Industry Advisory Committee (IAC) on General Business (GB) of the Insurance Authority for a term of two years from July 1, 2025, to June 30, 2027. 
 
Welcoming the appointments, a spokesman for the Financial Services and the Treasury Bureau said, “With their rich professional knowledge, we believe Mr Lio and Professor Hui will tender insightful advice to the IAC and facilitate the growth of the insurance industry.
 
     “We would like to express our sincere gratitude to the two outgoing members, Dr Fung Hong and Professor Tang Heiwai, for their unwavering support and valuable contributions to the IAC during their tenure.”
 
The IAC on GB is a statutory committee established under the Insurance Ordinance (Cap. 41) to advise the Insurance Authority on matters relating to general business. Members come from different lines of business with expertise within the insurance industry, as well as from related fields such as fintech, medical, legal and academia.

Process Review Panel for the Mandatory Provident Fund Schemes Authority publishes 2024 Annual Report

Source: Hong Kong Government special administrative region

     The Process Review Panel for the Mandatory Provident Fund Schemes Authority (PRP) published its 2024 Annual Report today (June 30), covering its work from May 1, 2023, to April 30, 2024.
  
     The PRP Chairman, Mr Eugene Fung, SC, said, “Out of 6 557 cases closed or discontinued from May 1, 2023, to April 30, 2024, the PRP selected 29 cases for detailed review covering the core regulatory activities of the Mandatory Provident Fund Schemes Authority (MPFA). The PRP is delighted to note the considerable efforts made by the MPFA to enhance the consistency and transparency in its enforcement actions, and has identified room for continuous improvement in this regard. On this front, we have made various recommendations with a view to further promoting public confidence in the MPF System.”
 
     He added, “Taking this opportunity, we would like to thank the outgoing members, Mr Allen Lau Kai-hung and Ms Grace Yu Ho-wun, for their valuable and constructive advice to the PRP during their six-year tenure.”
  
     The 2024 Annual Report has been uploaded to the website of the Financial Services and the Treasury Bureau at www.fstb.gov.hk/fsb/en/business/prp/doc/prp_mpfa_2024_e.pdf.
 
     The PRP welcomes views from the public and market participants on its work. Comments may be sent to the PRP via email at prpmpf@fstb.gov.hk.

Government’s financial results for two months ended May 31, 2025

Source: Hong Kong Government special administrative region

     The Government announced today (June 30) its financial results for the two months ended May 31, 2025.

     Expenditure and revenue from April to May 2025 amounted to HK$129.7 billion and HK$55.9 billion respectively, resulting in a deficit of HK$78.4 billion after taking into account HK$15.5 billion received from issuance of Government Bonds and repayment of HK$20.1 billion principal on Government Bonds.

     A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes, are mostly received towards the end of a financial year.

     The fiscal reserves stood at HK$575.9 billion as at May 31, 2025.

     Detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

  Month ended
May 31, 2025
HK$ million
Two months ended
May 31, 2025
HK$ million
Revenue 17,448.6 55,906.5
Expenditure (66,328.1) (129,774.6)
     
Deficit before issuance
and repayment of
Government Bonds
(48,879.5) (73,868.1)
     
Proceeds received from
issuance of
Government Bonds
9,435.9 15,534.8
     
Repayment of
Government Bonds*
(20,070.1) (20,120.5)
     
Deficit after issuance
and repayment of
Government Bonds
(59,513.7) (78,453.8)
     
Financing    
Domestic    
     Banking Sector (Note 2) 59,210.2 75,933.7
     Non-Banking Sector 303.5 2,520.1
External
       
Total 59,513.7 78,453.8
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

Government Debts as at May 31, 2025 (Note 3)
    HK$298,332 million
Debts Guaranteed by Government as at May 31, 2025 (Note 4)
    HK$123,199 million

TABLE 2. FISCAL RESERVES
 

 
 
Month ended
May 31, 2025
HK$ million
Two months ended
May 31, 2025
HK$ million
Fiscal Reserves at start of period 635,376.7 654,316.8
Consolidated Deficit after
issuance and repayment of
Government Bonds
(59,513.7) (78,453.8)
     
Fiscal Reserves at end of period
(Note 5)
575,863.0 575,863.0

Notes:

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at May 31, 2025, was HK$216,896 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:

(i) the Green Bonds (equivalent to HK$177,761 million as at May 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);

(ii) the Infrastructure Bonds (equivalent to HK$65,900 million as at May 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB19,000 million with maturity from December 2025 to May 2035) and Hong Kong dollars (HK$45,230 million with maturity from November 2025 to March 2045); and

(iii) the Silver Bonds with nominal value of HK$54,671 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.

     They do not include the outstanding bonds with nominal value of HK$168,090 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,841 million as at May 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,090 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$66,959 million will mature within the period from June 2025 to May 2026 and the rest within the period from June 2026 to May 2042.

4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.

5. Includes HK$250,041 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

2025 edition of “Hong Kong as an Information Society” now available

Source: Hong Kong Government special administrative region

2025 edition of “Hong Kong as an Information Society” now available 
This publication presents statistics compiled from a variety of data sources relevant to the development of an information society in Hong Kong, including the recent developments in information and communication technology services, the external trade of information and communication technology goods and services, and the use and penetration of information technology in the business, household and government sectors. Analyses of the demand for manpower in the information technology field and development of relevant educational programmes are also provided.
 
Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1110006&scode=590Issued at HKT 16:30

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Government invites proposals for operation of pilot scheme on sports dispute resolution

Source: Hong Kong Government special administrative region

Government invites proposals for operation of pilot scheme on sports dispute resolution 
As announced in the Chief Executive’s 2024 Policy Address, the Government will explore establishing a sports dispute resolution system and promote sports arbitration, leveraging the institutional advantages of Hong Kong in dispute resolution. In this regard, the Government supports the industry in launching the pilot scheme in Hong Kong within 2025.
 
The DoJ has prepared the invitation for proposals to identify a suitable administering body and a technology provider for the pilot scheme. The appointed dispute resolution institution will administer the pilot scheme and provide institutional support for the conduct of mediation and arbitration. To promote wider use of lawtech and online dispute resolution, the administering body shall partner with an online dispute resolution institution as a technology provider to provide the technological infrastructure and support required for the operation of the pilot scheme. Interested dispute resolution institutions and online dispute resolution institutions may submit joint proposals in this exercise.
 
All joint proposals must be submitted along with all necessary information and supporting documents to the DoJ no later than 5pm on July 31, 2025, by e-mail (lead@doj.gov.hkIssued at HKT 16:28

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HyD signs investigation, design and construction consultancy agreement for Hong Kong section of Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai) (with photo)

Source: Hong Kong Government special administrative region

HyD signs investigation, design and construction consultancy agreement for Hong Kong section of Hong Kong-Shenzhen Western Rail Link (Hung Shui Kiu-Qianhai) (with photo) 
​     A spokesman for the HyD said, “Construction of the HSWRL is a crucial initiative in support of thorough implementation of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). It enhances the infrastructure connectivity in the GBA and facilitates Hong Kong’s better integration into national development. The HSWRL will connect the metro networks in the western regions of Hong Kong and Shenzhen. A trip from Hung Shui Kiu to Qianhai will only take approximately 15 minutes, which will help to foster the ‘one-hour living circle’ in the GBA and facilitate convenient cross-boundary commerce, work, living, study and travelling activities of the residents of the two places. The HSWRL is also an important transport infrastructure promoting the development of the Northern Metropolis, catering to the local travelling demand in the Hung Shui Kiu/Ha Tsuen New Development Area as well as Lau Fau Shan, Tsim Bei Tsui and Pak Nai areas. We aim to have the project ready for tendering in 2027, so that the detailed design and construction works can commence promptly, striving to achieve completion of construction works in 2034, followed by integrated testing and commissioning to realise the common goal of the governments of Hong Kong and Shenzhen to commission the HSWRL in 2035.”
 
​     The HSWRL is approximately 18.1 kilometres long (with the Hong Kong section and the Shenzhen section being about 7.3 km long and 10.8 km long respectively). The alignment will start from the west of Hung Shui Kiu Station under construction on the Tuen Ma Line, passing through Ha Tsuen and Lau Fau Shan, crossing Deep Bay and connecting to Qianhai via Shenzhen Bay Port. It is an underground railway line comprising a total of five stations, with three stations in Hong Kong (located in Hung Shui Kiu, Ha Tsuen and Lau Fau Shan respectively) and two stations in Shenzhen (located in Shenzhen Bay Port and Qianhaiwan respectively). Hong Kong and Shenzhen have agreed to establish the co-location of the immigration and customs facilities in Shenzhen and the depot will be located at Ha Tsuen.
 
​     The project provides opportunities for Hong Kong and Shenzhen to draw on each other’s strengths and experiences in taking forward railway projects, so as to further enhance the efficiency and quality of railway development and strive for excellence. The HyD endeavours to explore ways to combine Hong Kong’s flexibility and versatility with the Mainland’s strengths in infrastructure development. Through “dual-innovation” in policy and technology, the HyD will explore different implementation approaches with the goal to reduce construction cost and compress construction time.
Issued at HKT 15:58

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HA appeals to public for two patients requiring urgent liver transplants

Source: Hong Kong Government special administrative region

HA appeals to public for two patients requiring urgent liver transplants 
     The spokesperson for the Hospital Authority (HA) today (June 30) made the following appeal regarding two patients whose condition requires urgent liver transplants:
 
     Two patients who require urgent liver transplants are currently hospitalised at Queen Mary Hospital and are in critical condition. One of the patients has been experiencing severe hepatic and renal failure, entering the state of hepatic coma. He has developed hepatorenal syndrome and severe complications due to hepatic encephalopathy. The patient is currently in the Adult Intensive Care Unit due to his critical condition. He is intubated and requires mechanical ventilation to maintain life. The other patient has been experiencing severe liver failure and severe damage to his kidney function. He has developed severe complications due to hepatorenal syndrome. Both patients are clinically assessed as requiring urgent liver transplants and are listed at the top of the liver transplant waiting list, according to the blood groups.
 
     In response to the urgent appeal from the patients’ families, the HA appeals to members of the public to proactively support organ donation and consider donating the organ of a deceased relative to rekindle the lives of others.
    
     In view of the critical condition of the patients, in addition to proactively searching for suitable livers locally, the HA will also seek assistance from the Mainland through the Hong Kong Special Administrative Region Government as soon as possible. When a patient who is willing to donate an organ passes away and no suitable patient is identified to receive the organ on the Mainland, the cross-boundary organ donation and matching mechanism will facilitate a transplant in Hong Kong to bring hope to a critically ill patient.
    
     The spokesperson emphasised that when a suitable liver is found, the HA will strictly follow the relevant organ transplant regulations and make an application with the authorities to ensure that all procedures comply with relevant standards and regulatory requirements. The HA will arrange transplant operations that aim to save the patient’s life as soon as possible.
 
     For critically ill patients with organ failure, an organ transplant is often the only hope to extend their lives. When the families of deceased patients show a selfless act of love and donate the deceased person’s organs to save dying patients, it not only gives critically ill patients the hope of life, but also eases the hardship of their families. The HA appeals to the public to pass on their great love, blessing and care to those who are still fighting for their well-deserved lives. 
Issued at HKT 15:56

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New requirement for application for or revalidation of local certificates of competency fully implemented today

Source: Hong Kong Government special administrative region

New requirement for application for or revalidation of local certificates of competency fully implemented today 
     The Merchant Shipping (Local Vessels) (Certification and Licensing) Regulation (Cap. 548D) stipulates that all local vessel operators must hold a valid local CoC.
 
     To enhance marine safety, the MD has revised the eligibility criteria for applying for or revalidating local CoCs by introducing a medical fitness certificate requirement to ensure that holders of local CoCs are physically fit to operate vessels. The medical fitness requirement involves two categories of persons: Category I covers all applicants for the initial issuance or revalidation of any grade of local CoCs; Category II only covers coxswains and engine operators in charge of passenger vessels (i.e. Class I vessels) and vessels carrying gases, noxious liquid substances, oil, etc (i.e. Class II vessels with designated types) (collectively referred to as “high-risk vessels”).
 
     All applicants for issuance and revalidation of local CoCs are required to submit to the MD a medical fitness certificate issued by a registered medical practitioner recognised by the MD together with the application form. Once issued, a local CoC will remain valid until the holder reaches the age of 65. Holders of local CoCs who wish to revalidate their CoCs after reaching the age of 65 will have to undergo and pass a medical assessment every three years. After reaching the age of 71, a holder must pass a medical assessment every year in order to revalidate the CoC.
 
     Considering the relatively higher marine safety risks associated with operating high-risk vessels, all coxswains and engine operators of high-risk vessels are required to undergo a medical assessment every five years to ensure that they are physically fit to operate the relevant vessels. Operators of high-risk vessels must submit a copy of the medical fitness certificate to the MD for record after obtaining the certificate. This requirement will be implemented by the MD through adding a new licensing condition to the Operating Licences of relevant high-risk vessels.
 
     The MD has already conducted extensive consultations with the industry regarding the new arrangements and detailed requirements, and has received support from various stakeholders, including the Legislative Council Panel on Economic Development, the Local Vessels Advisory Committee, trade associations, trade unions, and fishermen’s associations. The MD will continue to promote the new requirements to local CoC holders through various means.
 
     For details about the latest requirements for application for or revalidation of local CoC, including the list of recognised medical practitioners, the medical assessment form, the examination rules for local CoCs and the relevant MD Notice, please visit the MD’s websiteIssued at HKT 15:05

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Marine Department launches Green Maritime Fuel Bunkering Incentive Scheme to encourage relevant development

Source: Hong Kong Government special administrative region

Marine Department launches Green Maritime Fuel Bunkering Incentive Scheme to encourage relevant development 
     The International Maritime Organization (IMO) has set an ambitious target to reach net-zero carbon emissions from international shipping by or around 2025. Under the key policy drive of the IMO, the international maritime industry is now undergoing an irreversible green transformation, and the use of low- or even zero-carbon fuels is quickly gaining popularity. 
 
     To complement and encourage the green transformation of the shipping industry, the Government promulgated the Action Plan on Green Maritime Fuel Bunkering on November 15, 2024, setting out clear targets, five green-centric strategies and 10 actions to support the development of green maritime fuel bunkering and trading in Hong Kong. One of the actions proposed in the Action Plan is to set up a Green Maritime Fuel Bunkering Incentive Scheme, which serves to encourage pioneer companies to develop green maritime fuel bunkering business in Hong Kong. 
 
     Considering that certain investments in preparatory work, including risk assessments by companies, are required before carrying out green maritime fuel bunkering, and the pioneer companies will help kick-start the industry development by paving the way and accumulating invaluable experience, incentives will be granted to these companies. Under the current tranche of the Scheme, which targets liquefied natural gas (LNG) and green methanol, an incentive of $500,000 will be granted to each pioneer company for each of its first two LNG or green methanol bunkering operations completed within one year from the MD’s acceptance of its risk assessment. Pioneer companies that have already completed the relevant assessments and/or bunkering operations before the Scheme launch are also eligible to receive incentives under the Scheme. The maximum amount of incentive for each type of recognised green maritime fuel is $2,000,000, and incentives will be disbursed on a first-come, first-served basis. Details are set out in the Introduction of the Green Maritime Fuel Bunkering Incentive Scheme in the Annex.
 
     A spokesperson for the MD said, “Hong Kong, China, as an associate member of the IMO, has long been committed to supporting the IMO’s emission reduction target. At the same time, the development of green maritime fuel bunkering capabilities in Hong Kong will allow us to capitalise on the existing unique advantages of our port, including our location at the southernmost tip of China next to the international fairway, to maintain our positioning as a major bunkering port and international maritime centre. The Scheme will help encourage pioneer enterprises to start green maritime fuel bunkering businesses in Hong Kong early, as well as help level the playing field between pioneers and late joiners.”
 
     “The MD has established a dedicated team that provides one-stop services to companies interested in setting up green shipping-related businesses in Hong Kong. At the same time, we also provide clear guidelines and support to companies interested in conducting green maritime fuel bunkering operations in Hong Kong, to facilitate their smooth completion of the relevant assessments and pre-bunkering procedures,” the spokesperson continued.
 
     The application form of the Scheme has been uploaded onto the MD’s websiteIssued at HKT 15:00

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Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to visit Portugal to promote development opportunities in GBA

Source: Hong Kong Government special administrative region

Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to visit Portugal to promote development opportunities in GBA 
     On July 3, Ms Chan will attend a business luncheon titled “Unlocking New Horizons: Affordable Housing and Opportunities in Hong Kong and the Greater Bay Area”, co-organised by the Guangdong-Hong Kong-Macao Greater Bay Area Development Office and the Hong Kong Economic and Trade Office in Brussels. She will deliver a keynote speech to promote the enormous business opportunities brought about by the GBA to the Portuguese business community and how Hong Kong can play its important function as a “super-connector” and “super value-adder” between the two places.
 
     During her stay in Lisbon, Ms Chan will call on the Chinese Embassy in the Portuguese Republic to learn about the latest developments in Portugal and Sino-Portuguese culture, and will also attend the International Forum on Urbanism there.
 
     Ms Chan will return to Hong Kong on July 4.
Issued at HKT 14:29

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