Source: Hong Kong Government special administrative region
Following is a question by the Hon Tommy Cheung and a written reply by the Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, in the Legislative Council today (March 26):
Question:
The United States (US) Government has imposed additional duties on products from China, and Hong Kong products are likewise subject to such additional duties. As at the fourth of this month, a cumulative 20 per cent duty has been imposed on Hong Kong products. In this connection, will the Government inform this Council:
(1) of the Government’s progress in filing a complaint regarding the matter with the World Trade Organization to defend Hong Kong’s legitimate rights; whether it has estimated how long it will take to process the complaint;
(2) whether the Government will consider working with the country to take countermeasures, including imposing additional duties on certain US products and placing some US enterprises on the export control list; if so, of the details; if not, the reasons for that; and
(3) how the Government assesses the impacts of the additional duties on the exports of Hong Kong products, and of the proactive corresponding measures to minimise the negative impacts and identify new opportunities?
Reply:
President,
The United States (US)’s imposition of additional tariffs on products of Hong Kong undermines the rule-based multilateral trading system, is grossly inconsistent with the relevant World Trade Organization (WTO) rules and ignores Hong Kong’s status as a separate customs territory as stipulated in Article 116 of the Basic Law and recognised by the WTO. As announced earlier, the Hong Kong Special Administrative Region (HKSAR) Government will file a complaint against the US’s measure in accordance with the WTO dispute settlement mechanism. We are now mapping out the strategy and taking forward the relevant work progressively. Generally speaking, the time required for handling individual WTO dispute cases would depend on different factors such as the complexity of the case, the progress and outcome of the consultations between the disputing parties involved, etc. With reference to previous cases, the time required is generally measured in years, and there is no specific time limit.
The US’s additional 20 per cent tariffs on Hong Kong products would inevitably affect export of Hong Kong products to the US, particularly in the short term. That said, the domestic exports value of Hong Kong products to the US is relatively small in terms of Hong Kong’s total trade value. In 2024, the domestic exports value of relevant products to the US was about HK$5.9 billion, accounting for about 0.1 per cent of Hong Kong’s total exports value and about 0.06 per cent of Hong Kong’s total trade value. Given the foregoing, it is estimated that the US’s tariff measures on Hong Kong products would have a limited impact on Hong Kong’s overall merchandise trade. On the other hand, Hong Kong enterprises have responded to market changes through various arrangements, such as reintegrating supply chains, and exploring different emerging markets as well as different means including e-commerce in recent years. It is expected that the above measures would offset, to a certain extent, the possible impact brought about by the US tariffs.
As the founding member of the WTO, Hong Kong has been a staunch supporter of a rule-based multilateral trading system, and commended by WTO members on various occasions for our continued adoption of free and open trade policies. We are one of the most open economies welcoming trade and investments, and have never imposed any tariffs on imported goods. Notwithstanding this, to tackle unfair trade practices targeting Hong Kong and in light of the evolving international trade landscape, the HKSAR Government has been actively expanding the economic and trade network and exploring development opportunities in markets with potential, especially emerging markets. At the same time, in order to help the trade cope with the various challenges (including the impact of the US’s tariffs), the HKSAR Government has been providing assistance to the trade, including keeping them abreast of the latest developments through disseminating relevant trade information to the trade via different channels and implementing various funding schemes to assist the trade in enhancing their competitiveness and exploring diversified markets.
The HKSAR Government will continue with the relevant work. In the meantime, we will closely monitor the situation with a view to considering further follow-up.
Source: Hong Kong Government special administrative region
Wealth for Good in Hong Kong Summit 2025 reinforces city’s role as global family office hub, driving innovation, collaboration and lasting legacies Co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the third edition of the Summit delivered an influential platform for collaboration and innovation and drew global decision-makers from regions including the Mainland, Asia, Europe, the Americas, the Middle East, Africa and Hong Kong to engage in interactive discussions exploring how wealth can drive social progress and sustainable impact.
As a flagship event of the Wealth and Investment Mega Event Week during Hong Kong Super March, the WGHK was opened by the Financial Secretary, Mr Paul Chan. He said, “Family offices play a vital role in preserving family wealth, creating lasting influences through philanthropy worldwide and leading impact investment. As an international financial centre, we have a robust network of world-class financial service professionals and offer an extensive array of investment opportunities. In this city, international foundations, charities and non-governmental organisations come together to form a vibrant philanthropy network. We are also investing heavily to propel Hong Kong’s development in innovation and technology like green tech and AI, benefiting the future of humanity. All these, together with the quality lifestyle in Hong Kong, the convergence of Eastern and Western cultures, the dazzling array of mega events, make Hong Kong the ideal place for family offices to thrive and realise their ambitions.”
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, stated that the well-received event reaffirmed Hong Kong’s stature as a pre-eminent global hub for family offices. He said, “This vibrant city – a beacon of opportunity, a super connector between East and West, and a thriving hub for over 2 700 single family offices – is where your vision, your capital, and your passion can flourish. Together, we stand on the cusp of a new era, one where wealth is not just preserved but harnessed as a force for good, transcending borders and generations. I invite you to join us in a shared mission: to build, to learn, and to give. These three pillars will define our collaboration, inspiring you to leverage Hong Kong’s unique ecosystem to create a lasting impact.”
The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “Hong Kong is Asia’s leading global hub for wealth management, innovation, and sustainable investment. The WGHK again proved to be an exceptional platform for thought leadership, uniting global family offices to exchange ideas and drive positive change while leveraging the city’s robust financial infrastructure and connectivity. At InvestHK, we are dedicated to supporting global investors in unlocking new opportunities and making a lasting impact in Asia and beyond.”
The WGHK featured a distinguished lineup of international speakers who shared insights on the transformative power of wealth. Through insightful sharing of speakers on three sub-themes at panel discussions, participants delved into the evolving landscape of art, culture and luxury, the strategic delivery of impact philanthropy, and the expanding role of technology and artificial intelligence in driving sustainable wealth creation. There was also a fireside chat discussing on the theme “Crafting Success Across Continents and Industries”.
Many speakers today rated Hong Kong highly as an idea place for setting up family offices.
Founder of ADLEGACY, Mr Horst Bente, said, “Hong Kong has always been a special place for our family. The expansion of the company in the ’60s and ’70s to Asia came through Hong Kong. My parents and I were here when I was a little boy, so we’ve spent a lot of time in this city. To me, Hong Kong has always been the gateway to Asia. Investors are here, money is here, and obviously the talent is here. Hong Kong has a dynamic energy, brand-new facilities, and a genuine enthusiasm for sports. We want to be part of that and help create something that doesn’t exist here yet.”
The Vice Chairman of Swarovski International Holding, Mr Robert Buchbauer, said, “When I look at Hong Kong, I see a city that offers stability, predictability, and an environment that is business-friendly – key elements for any family office seeking a solid foundation for long-term growth. People in Hong Kong want to do business, and that entrepreneurial spirit hasn’t changed. It’s what makes Hong Kong so dynamic and a perfect place for legacy-focused companies like ours to explore new partnerships and paths for growth.”
The Co-founder and Chairman of Alibaba Group, Mr Joe Tsai, said, “I first discovered Hong Kong in the 1980s, and it struck me as a truly international city with an unmatched entrepreneurial energy. Even through challenging times, Hong Kong’s free-market DNA, vibrant financial markets, and supportive tax environment stand out – making it, in my view, one of the best places for businesses and family offices to thrive.”
The Summit concluded with a Gala Dinner, uniting family offices and industry leaders from around the world for an evening of connections and insight-sharing. Set against the stunning backdrop of Victoria Harbour and Hong Kong’s iconic skyline, attendees engaged in meaningful discussions about family legacies and opportunities, and appreciated the city’s energy, entrepreneurial spirit, and commitment to fostering innovation and collaboration. Issued at HKT 20:00
Source: Hong Kong Government special administrative region
Housing Authority to pass on rates concession to tenants The Hong Kong Housing Authority (HA) will pass on the rates concession for the first quarter of 2025-26, as set out in the Budget Speech of the Financial Secretary in February this year, to its domestic and non-domestic tenants, starting from April 2025.
“Following approval by the Subsidised Housing Committee of the HA, the apportioned amount of rates concession will be passed on to domestic tenants on a monthly basis over a three-month period from April 1, 2025, to June 30, 2025, by offsetting an equivalent amount of the monthly rent payable by them, subject to a ceiling of $500 for each rateable property,” a spokesman for the HA said today (March 26). For tenancies that do not cover the entire month, the transfer of the rates concession will be made on a pro-rata basis.
“The rates concession passing-on arrangement will apply to all domestic lettings including interim housing licensees,” the spokesman said.
“Similarly, the Commercial Properties Committee (CPC) of the HA approved that the rates concession for the first quarter of 2025-26 for the HA’s non-domestic properties (excluding car parks) will also be passed on to the non-domestic tenants/licensees on a ‘no loss, no gain’ principle. Their monthly rates from April to June 2025 will be waived subject to a ceiling of $500 for each rateable non-domestic property,” the spokesman said.
Also, for the HA’s 18 single-operator markets, namely Ching Long, Choi Fook, Chun Yeung, Hoi Tat, Hung Fuk, Kwai Chung, Lei Muk Shue, Mun Tung, On Tai, Pak Tin, Queens Hill, Shek Mun, Shui Chuen O, Tin Yan, Yan Tin, Ying Tung, Kai Chuen and Ping Yan, the operators will also pass on the rates concession to their licensees in full.
“Given the small amount of rates concession to individual car park users and the significant administrative costs involved for its distribution to these users, the CPC endorsed the exclusion of car parks from this exercise in line with the arrangements for passing on the rates concession in previous exercises. The rates concession for car parks received by the HA will be invested in enhancing the HA’s car park facilities, such as installation of electric vehicle charging facilities at suitable sites, replacement of energy-efficient lighting to promote environmental protection and upgrading of security systems,” the spokesman said.
The maximum total amount of rates concession to be passed on to domestic and non-domestic tenants/licensees by the HA is estimated to be about $397 million and $4.5 million respectively. They will be individually notified of the detailed arrangements by the Housing Department. Issued at HKT 14:30
Source: Hong Kong Government special administrative region
LCQ9: New Capital Investment Entrant Scheme Question:
The Chief Executive announced in the 2024 Policy Address enhancements to the New Capital Investment Entrant Scheme (New CIES) to further strengthen Hong Kong’s status as an international asset and wealth management centre. The enhancement measures have taken effect from the 1st of this month. Regarding the implementation of New CIES, will the Government inform this Council:
(1) of the respective numbers of applications received and approved by the authorities since the launch of New CIES;
(2) whether the authorities have compiled statistics on the types of approved investment of the integrated financial assets of the applicants since the launch of New CIES, together with a breakdown in table form by total investment amount (in descending order);
(3) as the scope of investment of New CIES has been extended to cover single residential properties with a transaction price of no less than $50 million since October 16 last year, whether the authorities have compiled statistics on the number of transactions involving the sale and purchase of such residential properties since that date;
(4) from the implementation of New CIES to the effective date of the enhancement measures, whether the authorities have compiled statistics on the total number of applicants or their dependants who have set up family offices in Hong Kong during this period; if so, of the details; and
(5) whether the authorities have plans on when to review the effectiveness of the enhancement measures, and further enhance New CIES where necessary, for example, by lowering the threshold for the permissible investment in single residential properties of no less than $50 million to no less than $30 million, so that the attractiveness of New CIES can be enhanced?
Reply:
President,
The New Capital Investment Entrant Scheme (New CIES) opened for application from March 2024, with the aim to further enrich the talent pool and attract new capital to Hong Kong. In consultation with Invest Hong Kong and the Immigration Department (ImmD), the reply to various parts of the question is as follows:
Since the launch of the New CIES to end-February 2025, the New CIES has received 918 applications, approved 868 applications for Net Asset Assessment and 386 applications for Assessment on Investment Requirements. The ImmD granted “approval-in-principle” for 756 applications, enabling the applicants to enter Hong Kong as visitors to make the committed investment, and granted “formal approval” for 341 applications. If all applications received are approved, it is estimated that they will bring more than HK$27 billion to Hong Kong.
Under the New CIES, applicants must invest a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in the permissible financial assets and/or real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio (CIES Investment Portfolio). Among the 386 approved applications for Assessment on Investment Requirements as of end-February 2025, no applicant has made investment in residential real estate under the New CIES. Excluding the sum for investing in the CIES Investment Portfolio, the approved investment distribution is as follows:
(HK$ Million) Except for the applicants’ investment in Hong Kong under the New CIES, the Government does not maintain the data on the investments made by applicants in Hong Kong (including residential real estate) outside the New CIES. Furthermore, before the enhancement measures took effect, it was not required for the applicant and his/her dependents to declare family office setups in Hong Kong, hence the Government does not maintain data on family offices established in Hong Kong by the applicant or his/her dependents.
To enhance the attractiveness of the New CIES and developmental strengths of Hong Kong’s asset and wealth management industry, with effect from October 16, 2024, applicants under the New CIES are allowed to invest in residential properties, provided that the transaction price of a single property is HK$50 million or above. The total investment amount in real estate (the aggregate of all residential and non-residential properties) which is counted toward fulfilling the minimum investment threshold is subject to an aggregate cap of HK$10 million. The Government also announced a series of enhancement measures to the New CIES in January 2025. Effective on March 1, 2025, the measures include:
(a) relaxing the requirements on the fulfillment of net asset requirement (NAR): An applicant under the New CIES is only required to demonstrate that he/she has net assets or net equity to which he/she is absolutely beneficially entitled with a market value of not less than HK$30 million net throughout six months (two years before the enhancement) preceding the application. Net assets or net equity jointly owned with the applicant’s family member(s) can also be taken into consideration for the calculation of the NAR for the respective portion which is absolutely beneficially entitled to the applicant; and
(b) allowing the holding of permissible investment assets through a Family-owned Investment Holding Vehicle (FIHV) or a Family-owned Special Purpose Entity (FSPE) under an FIHV: Investments made through an eligible private company wholly owned by an applicant can be counted towards the applicant’s eligible investment in the New CIES. An eligible private company refers to a holding company incorporated or registered in Hong Kong which is wholly owned by an applicant in the form of an FIHV or an FSPE under an FIHV managed by an eligible single family office as defined in Section 2 of Schedule 16E to the Inland Revenue Ordinance (Cap. 112). The enhancement will create synergy between the New CIES and establishment of family offices in Hong Kong.
The Government will continuously review the operation of the New CIES and suitably evaluate its effectiveness. Issued at HKT 14:15
Source: Hong Kong Government special administrative region
LCQ16: Pilot Rehabilitation Programme for Employees Injured at Work Question:
The Government launched a three-year Pilot Rehabilitation Programme for Employees Injured at Work (the Pilot Programme) on September 23, 2022, to facilitate injured workers’ early recovery and return to work. In this connection, will the Government inform this Council:
(1) of the current staff establishment and strength of the Work Injury Rehabilitation Office (WIRO), which is responsible for implementing the Pilot Programme, as well as the average number of cases followed up by each of its case manager;
(2) of (i) the number of reported work injury cases received by the Labour Department (LD) in each of the past three years and this year to date and, among them, (ii) the number of cases identified as eligible for participating in the Pilot Programme (and its percentage), and (iii) the number of cases participating in the Pilot Programme (and its percentage in the total number of cases eligible for participating in the Pilot Programme), and set out in Table 1 a breakdown by (a) construction industry, (b) catering and hotel industry (the industry covered since May last year), and (c) transportation and logistics industry (the industry covered since May last year);
Table 1
Case category(3) in respect of the cases participating in the Pilot Programme mentioned in (2)(iii), of (i) the types of work injury sustained by the injured workers involved, and (ii) the time taken between they agreed to participate in the Pilot Programme and received their first medical consultation from the case doctors, together with a breakdown by industry (i.e. (i) construction industry, (ii) catering and hotel industry, and (iii) transportation and logistics industry);
(4) given that in the reply to a question raised by a Member of this Council on the Estimates of Expenditure 2024-2025, the Government has indicated that the authorities will (a) analyse and compare the data of the participants of the Pilot Programme against (b) the data of the injured employees who sustain similar work injuries but have not participated in the Pilot Programme, so as to assess the effectiveness of the Pilot Programme, of the respective numbers and ratios of cases in which the employees referred to in the aforesaid (a) and (b) have recovered after treatment, as well as the respective average time taken for recovery, together with a breakdown by industry (i.e. (i) construction industry, (ii) catering and hotel industry, and (iii) transportation and logistics industry);
Return-to-work status(6) of the respective numbers and nature of enquiries and complaints received by the authorities about the Pilot Programme since its implementation; and
(7) whether it will consider extending the Pilot Programme to cover more industries, including those with higher risks of work injury such as the manufacturing and retail industries, as well as extending or regularising the Pilot Programme, so as to benefit more injured workers in need; if so, of the details; if not, the reasons for that?
Reply:
President,
The Labour Department (LD) launched the Pilot Rehabilitation Programme for Employees Injured at Work (Pilot Programme) in September 2022. The Pilot Programme adopts a case management approach to provide timely and coordinated private out-patient rehabilitation treatment services for participating injured employees to facilitate their early recovery and return to work. Starting from May 9, 2024, the industry coverage of the Pilot Programme has been expanded to the catering and hotel industry and the transportation and logistics industry in addition to the original construction industry, with the aim of benefiting more injured employees. (2) and (3) According to the Employees’ Compensation Ordinance (ECO), an employer must notify the Commissioner for Labour of any work accident within 14 days after the accident occurs or after it comes to his knowledge. The LD and the WIRO will, based on the reported work injury cases, preliminarily identify injured employees who are suitable for the Pilot Programme, proactively invite them to participate in the Pilot Programme and arrange interviews to ascertain their eligibility for and willingness to participate in the Pilot Programme. Thereafter, the case manager will schedule an appointment for the employee to meet with the case doctor. Once the case doctor ascertains after clinical assessment that the employee’s injury is suitable for treatment under the Pilot Programme, the relevant rehabilitation treatment will begin immediately. The injuries of the participants mainly involve contusion/bruise, sprain/strain and fracture, etc., accounting for about 80 per cent of all cases.
^@@(19%)(21%)(27%)(43%)(42%)(35%)(45%)(47%)* Numbers of non-fatal employees’ compensation claims involving incapacitation of employees for more than three days as a result of work injuries reported under the ECO and received by the LD ^ The Pilot Programme was launched on September 23, 2022. @ The Pilot Programme was expanded to the catering and hotel industry and the transportation and logistics industry on May 9, 2024.
Table 2
Time from preliminary identification to first medical consultation(Rate)(4) The LD has conducted a preliminary evaluation on the first two years of operation of the Pilot Programme (i.e. from September 2022 to September 2024), and compared the data of the injured construction employees participating in the Pilot Programme against that of the injured construction employees who sustained similar work injuries but did not participate in the Programme. The findings show that the participants had a higher rate (75 per cent vs 62 per cent) of reaching maximum medical improvement (i.e. recovered) upon treatment during the evaluation period and the median time required for recovery was also shorter (123 days vs 192 days), which met the objective of the Pilot Programme. Besides, the majority of participants were satisfied with the case management and rehabilitation treatment services provided under the Pilot Programme. Since many cases in the catering and hotel industry and the transportation and logistics industry are still being followed up, the LD will analyse the participants from these two industries in the future evaluation.
(5) Under the Pilot Programme, if participants have not returned to work within two months after recovery, the case manager will obtain updates on their return-to-work (RTW) status in the subsequent three months. As at February 2025, a total of 1 354 employees’ injuries have reached maximum medical improvement upon treatment (i.e. recovered). Their RTW status is as follows:
Return-to-work status(Rate)(43%)(51%)(57%)(46%)(Rate)(9%)(3%)(7%)(8%)(Rate)(12%)(34%)(26%)(17%)(Rate)(28%)(7%)(9%)(21%)(Rate)(9%)(6%)(1%)(7%) (6) As at February 2025, the WIRO received 232 enquiries mainly seeking information on the Pilot Programme’s content and eligibility for participation. There were also three complaints that mainly concerned the performance of individual rehabilitation professional or case manager.Issued at HKT 13:30
Source: Hong Kong Government special administrative region
Police today (March 26) appealed to the public for information on a woman who went missing in Tseung Kwan O.
Tung Kit-yu, aged 22, went missing after she left her residence on Kai King Road on March 23 night. Her family made a report to Police yesterday (March 25).
She is about 1.65 metres tall, 55 kilograms in weight and of medium build. She has a round face with yellow complexion and long black hair. She was last seen wearing a brown checkered jacket, khaki trousers, black sneakers and carrying a light-coloured recycle bag.
Anyone who knows the whereabouts of the missing woman or may have seen her is urged to contact the Regional Missing Persons Unit of Kowloon East on 3661 0331 or email to rmpu-ke-2@police.gov.hk, or contact any police station.
Source: Hong Kong Government special administrative region
The Secretary for Education, Dr Choi Yuk-lin, led a delegation of Hong Kong principals and education experts to attend the International Summit on the Teaching Profession 2025 in Reykjavík, Iceland, on March 25 (Reykjavík time) to discuss the latest trends in global education development with representatives from other regions. She also took the opportunity to promote the advantages of Hong Kong as an international post-secondary education hub.
The Summit was co-organised by the Organisation for Economic Co-operation and Development, Education International, the Ministry of Education and Children of Iceland, and the Icelandic Teachers’ Union. Under the theme “Quality Education: The Key to Prosperity and Well-being”, the Summit this year brought together education ministers, teacher leaders and education experts from around the world to exchange views on the promotion of quality early childhood education, the provision of inclusive and supportive learning environments, and a child-centred education system.
Source: Hong Kong Government special administrative region
Following is the speech by the Financial Secretary, Mr Paul Chan at the JUMPSTARTER 2025 Grand Finale today (March 26):
Cindy (Chief Executive Officer of Alibaba Hong Kong Entrepreneurs Fund, Ms Cindy Chow), distinguished guests, innovators, participants, ladies and gentlemen,
Good morning. It’s a pleasure to be here at the Grand Finale of Alibaba’s JUMPSTARTER. A warm welcome to all innovators, entrepreneurs and investors joining us today, especially those who have travelled from far and wide.
You have come at a truly exciting time, as we celebrate “Super March” in Hong Kong, a wonderful showcase of an array of global gatherings, from prestigious business conferences like this one to cultural and sporting events such as Art Basel and the Hong Kong Rugby Sevens. There are just abundant opportunities to connect, collaborate, and create unforgettable moments together.
Since its inception eight years ago, the Alibaba JUMPSTARTER event has become a remarkable event for start-ups and scale-ups to pitch their innovative ideas and present cutting-edge solutions while connecting with potential investors from around the globe.
AI for a sustainable future
More than a competition, today’s event is an excellent platform for exchanging ideas, sharing experiences and driving thought leadership regarding our technological future. The theme of this year’s event, “AI and sustainability”, is a crucial one, as it addresses two of the most significant issues facing humanity. The potential of AI to support sustainability goals is vast and evident. Taking climate change as an example, AI’s sweeping application can transform many sectors, through optimising energy consumption, accelerating the development of new materials, enhancing climate forecasting, and much more.
Indeed, the future of AI is a captivating topic that draws significant attention. One thing is certain: it will transform production, business and consumption models, fundamentally redefining the core competitiveness of many economies. This is why countries and regions around the world are making AI the prime focus.
What is less certain is the path along which AI and related technologies will evolve. Not long ago, we assumed that the unprecedented advancement of AI would lead to an exponential demand for supercomputing power, chips, data centres. The startling emergence of deep learning models like DeepSeek and open-source alternatives has prompted a critical re-evaluation of this assumption. We must now ask ourselves – do we truly need such an abundance of chips? Are we perhaps over-investing in data centres?
But regardless of the path, one truth remains: the market inherently favours innovative and cost-effective technologies that generate greater value. History shows that groundbreaking solutions can bring about positive disruptions to the market. And this highlights the immense value of start-ups and their innovations. It reinforces that creativity and innovation are equally essential, if not more, in driving success.
Another critical topic is talent in the age of AI. As AI becomes central to economic competitiveness, we must re-invent our education systems to nurture talent for AI-related industries. Enhancing AI literacy among the general population is also vital, equipping individuals with the skills needed to adapt to the evolving landscape shaped by AI.
Hong Kong: ahead with AI
Here in Hong Kong, we are harnessing AI’s potential with a forward-looking perspective, actively pursuing a number of directions to secure a promising future with AI.
First, embracing AI as a core industry. Hong Kong’s future success relies on our ability to leverage AI to empower our industries. We have good potential: five of our universities rank among the global top 50 in data science and AI. Supported by a vibrant start-up ecosystem, we attract global capital and talent. Our city serves as a convergence point for Mainland and international data. To achieve our vision, we will promote more cross-sectoral collaboration among academia, tech and other industries, enabling AI to integrate widely and unleash its full potential. We also support cross-boundary collaboration on AI-related technologies and applications.
Second, nurturing talent for an AI-driven future. Recognising the importance of early intervention, we are actively promoting STEM (science, technology, engineering and mathematics) education in schools. Recently, in my Budget, I engaged several leading technology companies in Hong Kong, including Alibaba, to organise a series of activities for primary and secondary school students. Their activities aim at sparking students’ interest in innovation and technology through hands-on experience with AI and robotics. We anticipate enriching these initiatives further in the future.
Finally, promoting responsible AI development. While AI offers tremendous benefits, it also presents challenges that require appropriate safeguards against misuse. In the financial sector, we have issued a policy statement emphasising a responsible approach to adopting AI, balancing its benefits against risks such as cybersecurity threats, intellectual property concerns and data privacy. We anticipate other sectors to similarly establish relevant principles and guidelines tailored to their needs and circumstances.
Concluding remarks
Ladies and gentlemen, the profound discussions on AI underscore the importance of today’s event. From experts’ insights to the innovative pitches by contestants, your contributions will deepen our understanding of this vital area. This collective effort will enhance Hong Kong’s thought leadership and raise our profile as an international hub for AI exchanges and collaboration.
With that in mind, I wish this event a great success, and all of you the best of business and health in the time ahead. Thank you very much.
Source: Hong Kong Government special administrative region
Following is a question by the Hon Luk Chung-hung and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (March 26):
Question:
Some organisations have reportedly found that the current disciplinary inquiry system of the Veterinary Surgeons Board of Hong Kong (VSB) is not well-established, lacks sufficient transparency in information disclosure, and has unclear regulatory oversight of general sales and services within veterinary clinics. In this connection, will the Government inform this Council:
(1) whether, with reference to the Medical Council of Hong Kong’s practice of posting on its website the judgments of its disciplinary inquiries held since July 2, 2008 and the Dental Council of Hong Kong’s practice of posting on its website the judgments of its disciplinary inquiries handed down since September 17, 2009, it has considered extending the enquiry period for the judgments of the disciplinary inquiries conducted by the VSB’s Inquiry Committee and the orders made by it, as well as including the names of the veterinary surgeons involved in the relevant case summaries; if so, of the implementation timetable; if not, the reasons for that;
(2) given that in reply to a question raised by a Member of this Council on the Estimates of Expenditure 2024-2025, the Secretary for Environment and Ecology stated that the VSB’s Inquiry Committee had completed 36 inquiry cases between 2021 and 2023, of which 29 were found to be substantiated, involving 30 veterinary surgeons, but that only two of these veterinary surgeons had been sanctioned with “removal of names of relevant veterinary surgeons from the register for three and six months respectively, along with a reprimand and compulsory participation in continuing professional development programmes or professional seminars”, and it is learnt that many pet owners consider such sanctions to be dissuasive, whether the Government will review the VSB’s existing arrangements for handing down judgments in disciplinary inquiries and consider imposing heavier penalties; if so, of the details; if not, the reasons for that;
(3) given that item 22 of Schedule 3 to the Trade Descriptions Ordinance (Cap. 362) (the Ordinance) provides that a registered veterinary surgeon, as defined by section 2 of the Veterinary Surgeons Registration Ordinance (Cap. 529), is an exempt person under the Ordinance, and yet it is learnt that some pet owners have pointed out that veterinary assistants often promote nutrition supplements, pet food, over-the-counter drugs (such as deworming drugs), and medicinal fur cleaners, etc. to them while their pets are undergoing treatment at veterinary clinics, and that some veterinary clinics even promote pet accessories on online social media platforms, coupled with the view that the general conduct of sales within veterinary clinics should be regulated under the Ordinance, whether the Government has considered regulating the general conduct of sales and services within veterinary clinics; if so, of the details; if not, the reasons for that; and
(4) whether the Government has considered collaborating with relevant Mainland departments to enable local veterinary surgeons to acquire Mainland professional qualifications through agreements for mutual recognition of professional qualifications or professional qualification examinations under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement?
Reply:
President,
The Veterinary Surgeons Board of Hong Kong (VSB) is a statutory body established under the Veterinary Surgeons Registration Ordinance (Cap. 529) (the Ordinance), and is responsible for the regulation, registration and disciplinary control of veterinary surgeons, to ensure a high standard of veterinary services in Hong Kong. All veterinary surgeons must comply with the Ordinance and Code of Practice for the Guidance of Registered Veterinary Surgeons (the Code) promulgated by the VSB. The Code provides veterinary surgeons with guidelines on various aspects of conduct, including professional ethics, clinic premises and equipment, advertising and other operational details, etc. If a veterinary surgeon breaches the Code, the VSB may take disciplinary actions against the surgeon.
Having consulted the Commerce and Economic Development Bureau, the reply to the question from the Hon Luk Chung-hung is as follows:
(1) The VSB currently publishes on its website Orders made by Inquiry Committee within one year with names, and the Findings of Disciplinary Inquiries within three years on an anonymous basis. Moreover, all Orders are published in the Gazette and in one English and one Chinese newspaper circulating in Hong Kong as required by law. In response to the Government’s earlier suggestion on reviewing the existing arrangements with reference to the practices of other professional regulatory bodies, the VSB is considering extending the time for publishing Orders and Findings on its website.
(2) The VSB handles the complaints received in accordance with the complaint mechanism and disciplinary procedures provided under the Ordinance and the Rules of the Veterinary Surgeons Board (Disciplinary Proceedings). To ensure fairness and transparency of the disciplinary procedures, lay persons who represents the interests of persons utilizing veterinary services (e.g. members of animal welfare organisations or tertiary institutions) or medical and health professionals are involved in the handling of complaints by the VSB’s Preliminary Investigation Committee and Inquiry Committee, and the public can also observe the disciplinary hearings. The Inquiry Committee takes into account a number of factors in determining the judgment and penalty, including the seriousness of the case, the character, antecedents and disciplinary record of the veterinary surgeon involved (if any), and the reasons for mitigation (if any), etc., to make an appropriate disciplinary order. To further enhance the disciplinary mechanism, the VSB is considering the feasibility of drawing up guidelines on disciplinary sanctions.
(3) According to Schedule 3 to the Trade Descriptions Ordinance (Cap. 362), a registered veterinary surgeon is an exempt person, which refers that the acts in the capacity of his or her profession are exempted from being regulated by the “fair trading sections” of the Trade Descriptions Ordinance. However, sections 4 and 5 of such Ordinance about the requirement of the provision of information in relation to goods, and section 7 about trade descriptions of goods applied in the course of any trade or business remain applicable.
For persons who are not registered veterinary surgeons (including veterinary assistants), if they are suspected of engaging in unfair trade practices in the course of selling pet nutritional supplements, food and other supplies at veterinary clinics or through online platforms, the Customs and Excise Department may take enforcement actions pursuant to the Trade Descriptions Ordinance. Offenders may be prosecuted, and are liable to a maximum penalty of imprisonment for five years and a fine of $500,000.
Moreover, the Code stipulates that veterinary surgeons have the responsibility to supervise and ensure persons who are not registered veterinary surgeons engaged in merchandising are adequately trained to advise clients on directions for use of the products sold and to judge when the client should receive the personal attention of the veterinary surgeon; and the display and sale of goods are such as not to diminish the public’s confidence in the scientific integrity and impartiality of the profession, or damage relationships between the profession and the public. If persons who are not registered veterinary surgeons fail to meet the standards expected of the profession, the registered veterinary surgeon responsible for supervision may be regarded as committing professional misconduct or neglect, and members of the public may lodge a complaint with the VSB in respect of such professional misconduct or neglect.
(4) Under the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services (Agreement), eligible Hong Kong residents may apply in the Guangdong Province to take the qualification examination for veterinary practitioners in the whole Mainland, and a corresponding qualification certificate will be issued to those passing the examination. The Agreement also allows Hong Kong residents who have obtained the qualification as national practising Licensed Veterinarians to practise on the Mainland. The Government will continue to liaise with the trade to understand their demand for practising on the Mainland.
The Wealth for Good in Hong Kong Summit, which drew some 360 influential global family office principals, visionary leaders and industry pioneers to explore how wealth can drive social progress and sustainable impact, concluded today.
Co-organised by the Financial Services & the Treasury Bureau and Invest Hong Kong, the third edition of the summit delivered an influential platform for collaboration and innovation and drew global decision-makers from regions including the Mainland, Asia, Europe, the Americas, the Middle East, Africa and Hong Kong.
Themed “Hong Kong of the World, for the World”, the event was opened by Financial Secretary Paul Chan. He noted that as an international financial centre, Hong Kong is an ideal place for family offices to thrive.
“We have a robust network of world-class financial service professionals and offer an extensive array of investment opportunities.
“In this city, international foundations, charities and non-governmental organisations come together to form a vibrant philanthropy network. We are also investing heavily to propel Hong Kong’s development in innovation and technology like green tech and AI, benefiting the future of humanity.
“All these, together with the quality lifestyle in Hong Kong, the convergence of Eastern and Western cultures, the dazzling array of mega events, make Hong Kong the ideal place for family offices to thrive and realise their ambitions.”
Secretary for Financial Services & the Treasury Christopher Hui supplemented that the well-received event reaffirmed Hong Kong’s stature as a pre-eminent global hub for family offices.
He said: “This vibrant city – a beacon of opportunity, a super connector between East and West, and a thriving hub for over 2,700 single family offices – is where your vision, your capital, and your passion can flourish.
“Together, we stand on the cusp of a new era, one where wealth is not just preserved but harnessed as a force for good, transcending borders and generations.
“I invite you to join us in a shared mission: to build, to learn, and to give. These three pillars will define our collaboration, inspiring you to leverage Hong Kong’s unique ecosystem to create a lasting impact.”
The summit featured a distinguished lineup of international speakers who shared insights on the transformative power of wealth. At panel discussions, participants delved into the evolving landscape of art, culture and luxury, the strategic delivery of impact philanthropy, and the expanding role of technology and artificial intelligence in driving sustainable wealth creation. There was also a fireside chat.
Many speakers today rated Hong Kong highly as an ideal place for setting up family offices.
Alibaba Group Co-founder & Chairman Joe Tsai said even through challenging times, Hong Kong’s free-market DNA, vibrant financial markets, and supportive tax environment stand out – making it one of the best places for businesses and family offices to thrive.
The summit concluded with a gala dinner where attendees engaged in discussions about family legacies and opportunities.