Source: Hong Kong Government special administrative region
Monetary statistics for December 2025
Total loans and advances increased by 1.3 per cent in December, and increased by 2.3 per cent for 2025 as a whole. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 1.2 per cent and 1.8 per cent respectively in December. The Hong Kong dollar loan-to-deposit ratio decreased to 72.9 per cent at the end of December from 73.2 per cent at the end of November, as Hong Kong dollar deposits increased at a faster pace than Hong Kong dollar loans.
For the fourth quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) increased by 0.2 per cent after decreasing by 0.4 per cent in the previous quarter. Analysed by economic use, residential mortgage loans increased, while loans to building, construction, property development and investment decreased.
Hong Kong dollar M2 and M3 both increased by 0.4 per cent in December, and both increased by 4.2 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 2.0 per cent in December, while increased by 11.7 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.2 per cent in December. Compared to a year earlier, total M2 and total M3 both increased by 11.6 per cent.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
Issued at HKT 16:30
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Residential mortgage loans in negative equity: End of December 2025
Source: Hong Kong Government special administrative region
Residential mortgage loans in negative equity: End of December 2025
The estimated number of RMLs in negative equity was 21 304 cases at end-December 2025, as compared to 31 449 cases at end-September 2025. These cases were mainly related to bank staff housing loans or RMLs under mortgage insurance programme, which generally have a higher loan-to-value ratio.
The aggregate value of RMLs in negative equity decreased to HK$105.4 billion at end-December 2025 compared with HK$156.8 billion at end-September 2025.
The unsecured portion of these loans decreased to HK$6.2 billion at end-December 2025 from HK$10.9 billion at end-September 2025.
The three-month delinquency ratio of RMLs in negative equity remained at a low level of 0.31 per cent at end-December 2025, as compared to 0.24 per cent at end-September 2025.
It is important to note that the figures derived from this survey relate only to RMLs provided by authorized institutions on the basis of first mortgages and which the reporting institution knows to be in negative equity (i.e. the outstanding loan amount with the reporting institution exceeds the current market value of the mortgaged property). Not included in these figures are RMLs associated with co-financing schemes which would be in negative equity if the second mortgages were taken into account. The extent to which such RMLs are in negative equity is not known because authorized institutions do not maintain records on the outstanding balances of the second mortgages.
The mortgage portfolios of the surveyed authorized institutions represent about 99 per cent of the industry total. The survey results have been extrapolated to estimate the position of the banking sector as a whole.
Issued at HKT 16:30
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Govt opposes port ruling
Source: Hong Kong Information Services
The Hong Kong Special Administrative Region Government today said it strongly disapproves of a court ruling that the Panamanian government’s renewal of contracts with Hutchison Ports Panama Ports Company, was unconstitutional.
The contracts involve two ports in Panama.
In a statement, the Hong Kong SAR Government said that in view of the current situation in Panama, Hong Kong enterprises should carefully review their existing and future investments there
It said it strongly opposes any foreign government using coercive, repressive or otherwise unreasonable means in international economic and trade relations to seriously harm the legitimate business interests of Hong Kong enterprises.
The statement added that such actions also seriously harm the business environment in Panama, undermine investor confidence, and adversely affect the bilateral relations and long-term economic development of the two places.
The Hong Kong SAR Government emphasised that the Panamanian government should respect the spirit of contracts and provide a fair and just business environment for companies operating there legally.
It added that the Panamanian government should ensure that the legitimate rights of enterprises are free from any interference, and that Hong Kong enterprises operating and investing in Panama should be treated and protected fairly and reasonably.
104k private flats projected
Source: Hong Kong Information Services
The projected private flat supply for the next three to four years is 104,000 units, 2,000 more than the previous estimate.
The Housing Bureau said today there were 23,000 unsold units in completed projects at the end of December last year.
There were also 61,000 units under construction, excluding those pre-sold by developers; and 20,000 units from disposed sites where construction may start at any time.
The number of flats under construction in the fourth quarter last year was 1,900, while 5,100 units were completed during the same period.
BSMI Supports Industry and Safeguards Public Livelihoods with Precision Measurement Technology
Source: Republic of China Taiwan
As the competent authority of weights and measures in Taiwan, the Bureau of Standards, Metrology and Inspection (BSMI) under the Ministry of Economic Affairs is responsible for establishing and maintaining the nation’s highest measurement standards. By providing precision measurement technologies and application services across diverse industries, the BSMI has established 133 sets of national measurement standards across 17 fields, which have achieved mutual recognition with 102 economies worldwide.
To showcase Taiwan’s achievements in establishing the highest measurement standards and its innovative R&D in calibration and measurement technologies, the BSMI held a press conference titled “Precision Measurement Technology: Supporting Industry and Safeguarding Public Livelihoods,” highlighting its achievement in ” Harmonizing the Use of Weights and Measuring Units to Ensure Measurement Accuracy.”
To ensure fairness in commercial transactions and the credibility of law enforcement, the BSMI has designated 22 categories of legal measuring instruments subject to mandatory verification. Every unit-including electricity meters, water meters, diaphragm gas meters, weighing instruments, taximeters, breathe alcohol testers and analyzers, oil meters, and speedometers used in law enforcement-must undergo verification before being imported or released from the factory.
The BSMI annually verifies over 4 million metrology devices. Besides, the BSMI conducts market surveillance and inspections and sample testing on more than 60,000 metrology devices currently in use each year, ensuring that every device bearing the “Verification Mark” (the Chinese character ‘Picture as attachment file’) remains accurate and reliable.
To facilitate industrial advancement, BSMI’s National Measurement Laboratory (NML) provides over 5,000 standard calibration services annually. By disseminating the highest measurement standards to 2,200 calibration and testing laboratories, the BSMI supports 4 million testing services across various industries, generating an estimated NT$20 billion in testing output value.
In addition, the BSMI continues to develop advanced applications on calibration and measurement technologies. Key achievements include:
1.Nanoscale Measurement Technology
New advances in nanoscale metrology are helping the semiconductor industry achieve tighter control over critical dimensions (CD), boost chip performance, ensure material purity, and raise overall production yields.
2.Self-Calibrating Temperature Sensors for Industrial Equipment
A new generation of self-calibrating temperature sensors now enables online calibration without dismantling equipment, cutting calibration time from 12 days to just 30 minutes. Meanwhile, the Digital Linear Guide Adjustment Technology reduces the assembly and alignment time for machine tool linear guides from 90 minutes to 30 minutes.
3.Acoustic-AI Inspection for Wind Turbines
An integrated acoustic and AI system now allows wind turbine blades to be inspected without shutting down operations. Inspection time has dropped from 30 minutes to 5 minutes, with accuracy surpassing 90%, significantly lowering operation and maintenance (O&M) costs.
4.Domestic Calibration for Railway Boundary Measuring Instruments
A new locally developed calibration capability for railway boundary measuring instruments is significantly reducing both turnaround time and associated costs.
The BSMI emphasized its commitment to not only maintaining the alignment of national standards with international benchmarks but also continuing to develop forward-looking measurement technologies. By providing a foundation of precision measurement to support scientific and technological progress, the BSMI aims to build a reliable and secure living environment for the public.
Responsible Division: Metrology Administration Division
Contact Person: Chang, Chao-Ching, Deputy Director
Tel. (O):+886-2396-7149
Email:hush.chang@bsmi.gov.tw
Singapore And Rwanda Invite Applications For Carbon Credit Projects Under Bilateral Implementation Agreement
Source: Government of Singapore
JOINT NEWS RELEASE BETWEEN NCCS, NEA, MSE AND MTI
30 January 2026 – Singapore and Rwanda have launched an application call for carbon credit projects under their Implementation Agreement on carbon credits cooperation. This is Singapore’s fourth call for project applications, following earlier calls under bilateral Implementation Agreements with Ghana, Peru and Bhutan.
2 Authorised projects will unlock additional carbon mitigation projects in Rwanda and advance both countries’ climate ambitions through targeted financing. These projects will promote sustainable development and benefit local communities through job creation, clean water access, improved energy security, and reduced environmental pollution.
3 Authorised projects can generate carbon credits aligned with Article 6 of the Paris Agreement. Under Singapore’s International Carbon Credit (ICC) Framework, these credits will be eligible for use by Singapore-based carbon tax-liable companies to offset up to 5% of their taxable emissions.
4 Interested parties may submit applications for their carbon credit projects in Rwanda to be authorised. Applications submitted will be reviewed by the Singapore and Rwanda governments.
Application and Authorisation Process
5 The application and authorisation process comprises three stages, each corresponding to a different stage of implementation for the carbon credit project (See Annex A). The first two stages require applicants to submit details on the design and implementation plan for the carbon credit project in the lead-up to project authorisation. The final stage is for corresponding adjustments to be applied to the carbon credits generated from the authorised project, in accordance with Article 6, Paragraph 2 of the Paris Agreement. Detailed steps on the application process can be found at Singapore’s Carbon Markets Cooperation website, at www.carbonmarkets-cooperation.gov.sg/overview-rwanda/.
6 Singapore and Rwanda will assess applications in accordance with each country’s respective requirements. For Singapore, these projects must meet Singapore’s eligibility criteria for ICCs. The eligibility criteria, and the list of eligible carbon crediting programmes and methodologies under the Singapore-Rwanda Implementation Agreement, are at Annex B, and on the Carbon Markets Cooperation website.
Annex A: Flowchart of Application Process
Annex C: Information on the Singapore-Rwanda Implementation Agreement
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Azerbaijan offers visa-free access
Source: Hong Kong Information Services
Hong Kong Special Administrative Region passport holders will be able to enjoy visa-free travel to Azerbaijan, the Immigration Department announced today.
The arrangement will allow Hong Kong SAR passport holders to visit the country up to three times, for as long as 30 days each time, from February 2, 2026 to February 2, 2027.
Highlighting that Azerbaijan is a member of the Belt & Road Initiative, the department said the arrangement will bring travel convenience, and strengthen tourism-related, cultural and economic ties between the two places.
Including Azerbaijan, 175 countries and territories allow visa-free or visa-on-arrival access to Hong Kong SAR passport holders.
Two buildings declared monuments
Source: Hong Kong Information Services
The Government today published a notice declaring Kwong Fook Tsz, in Sheung Wan, and the Main Building of Old Tsan Yuk Maternity Hospital, in Sai Ying Pun and, as monuments.
Located on Western Street in Sai Ying Pun, Old Tsan Yuk Maternity Hospital was established by the Chinese Public Dispensaries Committee and opened in 1922 to provide maternity services for local Chinese women.
Following the hospital’s 1955 relocation to new premises on Hospital Road, the main block at the original site has been used as a community centre since 1961.
The red-brick building features a granite portico at its main entrance and an interior spiral staircase. It stands as a symbol of co-operation between Chinese community leaders and Western medical professionals in the early development of the city’s maternal health services.
Kwong Fook Tsz, also known as Pak Shing Temple, was built in 1895 with funds raised by Chinese elites.
The temple houses the soul tablets – or ancestral name plates – of mainland Chinese workers who died in Hong Kong without having family members to perform burial rites for them here. It enshrines deities such as Ksitigarbha and Chai Kung.
In its early years, the temple also provided refuge and medical services for the destitute and elderly. It later contributed to the establishment of Tung Wah Hospital.
Kwong Fook Tsz has a “three-hall-one-bay” layout, and has two courtyards, making it rare among Hong Kong temples. The Shiwan ceramics on the ridge of the entrance hall are the most prominent external architectural feature.
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President Lai meets delegation led by Micron Technology President and CEO Sanjay Mehrotra
Source: Republic of China Taiwan
President Lai meets delegation led by Micron Technology President and CEO Sanjay Mehrotra
On the afternoon of January 29, President Lai Ching-te met with a delegation led by Micron Technology President and CEO Sanjay Mehrotra. In remarks, President Lai thanked Micron for making Taiwan a key link in its plans to expand global capacity, demonstrating the importance and confidence Micron places in Taiwan. The president pointed out that Taiwan and the United States recently completed tariff negotiations and signed an MOU on investment cooperation, and that the two sides will sign the Taiwan-US Agreement on Reciprocal Trade, deepening bilateral investment and trade and positioning Taiwan and the US as important strategic partners. He also expressed hope that Taiwan and the US will work side by side to strengthen the key memory technologies essential for AI infrastructure and together build more resilient and competitive supply chains, creating a future of shared success.
A translation of President Lai’s remarks follows:
Today, I am delighted to meet with Mr. Mehrotra once again at the Presidential Office. Micron Technology has planted deep roots in Taiwan over the past three decades. Its cumulative investments here have exceeded NT$1.2 trillion, and it has trained and employed over 10,000 engineering professionals. I would like to thank Micron for making Taiwan a key link in its plans to expand global capacity. Mr. Mehrotra’s leading a delegation to visit further demonstrates the importance and confidence Micron places in Taiwan.
Recently, Taiwan and the US completed tariff negotiations and signed an MOU on investment cooperation. And moving forward, the two sides will sign the Taiwan-US Agreement on Reciprocal Trade. This will position Taiwan as a strategic partner to the US and deepen bilateral investment and trade. US enterprises will increase their investments in memory, IC design, and cloud services in Taiwan. Meanwhile, Taiwanese companies are investing in logic chips and associated supply chains in the US. This demonstrates the longstanding strategic partnership between Taiwan and the US in the information and communications technology sector. It also signifies that in the AI era to come, Taiwan and the US will remain essential strategic partners.
I believe that Micron’s investment in Taiwan is one of the finest demonstrations of Taiwan-US cooperation. As one of Taiwan’s largest foreign investors, and through its longstanding presence, Micron has not only created numerous job opportunities but also heightened the importance of Taiwan’s semiconductor sector. And that is why the government’s support for Micron remains steadfast and will not waver. At the end of last year, Micron secured a new round of subsidies under the Ministry of Economic Affairs A+ Program. Over the next three years, this initiative is expected to drive additional investment from Micron in Taiwan, accelerating high-bandwidth memory (HBM) research and development while expanding production capacity.
Micron’s expansion in Taiwan is an ongoing process. It is also one of the most important investments following the recent Taiwan-US trade negotiations. Just this month, Micron and Taiwan’s Powerchip Semiconductor Manufacturing Corporation signed a letter of intent regarding cooperation. This collaboration is highly significant, proving that Micron’s strategic deployment in Taiwan has risen to new levels of partnership with local enterprises as we seek to jointly strengthen competitiveness in the memory industry.
In the AI-driven world of the future, chips and memory will both remain indispensable. With Micron’s assistance, we will expand HBM-related advanced manufacturing capacity and cutting-edge technologies in Taiwan. In turn, Taiwan will support Micron in keeping pace with its international competitors. And Taiwan and the US will work together to expand global strengths in AI chips while fostering mutual prosperity and development.
We look forward to Micron’s future investments in Taiwan continuing to set new milestones. Let us work side by side to strengthen the key memory technologies essential for AI infrastructure. Together, we can build more resilient and competitive supply chains and create a future of shared success.
President Lai’s response to Pope Leo XIV’s 2026 World Day of Peace message
Source: Republic of China Taiwan
President Lai’s response to Pope Leo XIV’s 2026 World Day of Peace message
President Lai Ching-te recently sent a letter to Pope Leo XIV of the Catholic Church in response to his message marking the 59th World Day of Peace.
The following is the full text of the president’s letter to the pope:
Your Holiness,
In your message for the World Day of Peace 2026 entitled Peace be with you all: Towards an ‘unarmed and disarming’ peace, you called on people everywhere to reject violence and war, pursue true peace founded on love and justice, and put these concepts into practice daily. I express my profound agreement with and appreciation of this message.
Your Holiness contrasted darkness and light to describe the biblical image of the labor pains of a new world being born and to underscore that only by seeing the light and believing in it can darkness be overcome. This resonated deeply with me. As early as 1921, Chiang Wei-shui (蔣渭水), a pioneer of Taiwan’s democracy movement, advocated nonviolence and global citizenship. He envisioned Taiwan as a frontline guardian of world peace. Indeed, the Taiwan of today, strategically located in the first island chain, influences global geopolitical developments. Peace and stability across the Taiwan Strait are vital to the safety and well-being of our nation’s people and serve as cornerstones of global security and prosperity. I have reiterated on numerous occasions that democracy, peace, and prosperity are Taiwan’s chosen path and that these ideals connect Taiwan with the world.
Taiwan continues to face longstanding attempts at military coercion and political intimidation by authoritarian regimes in the region, as well as their efforts to diminish Taiwan’s sovereign status by misrepresenting United Nations General Assembly Resolution 2758 and historical WWII documents. Despite this, Taiwan has consistently chosen to safeguard peace across the Taiwan Strait through concrete action. On the basis of parity and dignity, Taiwan remains willing to engage in cross-strait dialogue to foster mutual prosperity and development. Any attempt to alter the status quo through force or coercion could never bring about true peace. Only mutual trust and communication grounded in respect for human rights and democratic values can create lasting peace.
Your Holiness has noted that the growing use of cutting-edge technologies and artificial intelligence in the military domain is increasing the tragic risk of armed conflict. I share this concern and believe that the international community must work together and establish norms to ensure that technological progress is not misused in ways that undermine peace. Taiwan is implementing the Ten Major AI Infrastructure Projects and aims to cultivate 500,000 AI professionals by 2040. And by steadily advancing trustworthy AI and semiconductors, Taiwan is demonstrating its resolve to strengthen international supply chains and serve as a stabilizing force for regional peace. Taiwan is also assisting micro-, small-, and medium-sized enterprises in leveraging AI to realize digital and green transformations in response to challenges posed by climate change.
Your message emphasized that those entrusted with the highest public responsibility must negotiate and faithfully fulfill their obligations based on mutual trust and sincerity to achieve more humane international relations. In the humanitarian spirit of “Taiwan can help,” which is rooted in freedom, democracy, and the rule of law, and by promoting values-based diplomacy, Taiwan is working closely with like-minded partners to address global issues. Taiwan is demonstrating through action its willingness to assume greater international responsibilities and contribute to the well-being of people everywhere.
On behalf of the people and government of Taiwan, I reaffirm my desire to work hand in hand with the Holy See. Through concrete action, we can further world peace and uphold common values centered on human rights.
Please accept, Your Holiness, the renewed assurances of my highest consideration, as well as my best wishes for your good health and the continued growth of the Catholic Church.