Ensuring proper implementation of diesel subsidy through “pay later” arrangement

Source: Hong Kong Government special administrative region – 4

The spokesperson for the Environment and Ecology Bureau said today (May 22) that to ensure the proper implementation of the diesel subsidy, the Government has been enforcing the “pay later” arrangement for reimbursing the price difference to oil companies in order to ensure the proper use of public funds.
 
The Government has, since April 30, been implementing the Diesel Subsidy Scheme, which runs for a period of two months, with a view to supporting public and commercial vehicles and vessels and related industries that use diesel as fuel. Under the Subsidy Scheme, users who consume diesel locally may receive a subsidy of HK$3 per litre of diesel when they purchase diesel to reduce the selling price by HK$3 per litre accordingly.
 
Recently, there have been views suggesting that the increase in diesel prices is due to oil companies and distributors profiteering from the subsidy scheme by increasing prices in advance since the announcement of the Subsidy Scheme on April 10. There are also claims that the pump price of diesel had already increased by almost HK$3 per litre within the intervening 20 days. The spokesperson emphasised that these claims do not correspond with the facts, and it is necessary for the Government to make clarifications to set the record straight.
 
Firstly, the prices of fossil fuels have been rising around the world, as affected by the situation in the Middle East, and the price rises are by no means unique to Hong Kong. It is necessary to consider the broader picture and the situation in other regions instead of inferring that oil companies might increase their prices in advance to profiteer merely based on the fact that fuel prices are on the rise. If compared with the position before the conflict in the Middle East, the international refined oil product price (including Means of Platts Singapore) for diesel had increased by around HK$10 per litre at most, whilst the maximum increase of the local diesel pump price was HK$7.5. From mid-April to now, the international refined oil product price has increased by around HK$0.5 (+6.67%). Over the same period, the maximum retail price of diesel in the Chinese Mainland had increased twice by a total of around HK$0.4 (+4.0%), while the local diesel pump prices had increased by HK$0.6 (+1.66%). Furthermore, some oil companies have reduced their diesel retail pump prices as of today, but it is expected that the diesel price may fluctuate as affected by the conflict in the Middle East.
 
Secondly, it is the Government’s responsibility to ensure the proper use of public funds. In designing the Subsidy Scheme, the Government has introduced multiple layers of safeguards to ensure that users will benefit from the subsidy. Among the safeguards, the Subsidy Scheme has introduced a “pay later” arrangement, where oil companies and distributors must first sell subsidised diesel to consumers at a price reduced by HK$3 per litre, and specify the subsidy amount and the selling price on the receipts issued to their customers. Oil companies and distributors must then submit a report to the Government one week later to apply for reimbursement of the amounts they have advanced. The Government will then verify the reports, sales records and invoices submitted by the oil companies and distributors, and will only reimburse the price difference if the information provided is confirmed to be accurate. Should there be issues arising, the Government reserves the right to refuse to reimburse the price difference, and to refer the case to law enforcement agencies for follow-up. Therefore, should oil companies attempt to profiteer, they will not be reimbursed the price difference they have advanced. The operation of the Subsidy Scheme has been largely normal and smooth since its implementation. The Government is receiving weekly reports from the oil companies and distributors, and is conducting the necessary checks.
 
Thirdly, upon the completion of the Subsidy Scheme, oil companies and distributors will need to submit to the Government an audited audit report, which will require them to state the comparison of the change in the average retail price after deducting all discounts (excluding the HK$3 per litre subsidy) with the corresponding import prices before and during the subsidy period. Should there be changes in this ratio, these may suggest profiteering which can be easily detected by auditors. The Government may then use the audit report to take the necessary follow-up action with the oil companies and distributors.
 
The Government will spare no effort to implement the above arrangements by gatekeeping to ensure that the Subsidy Scheme will benefit users who are affected by surging diesel prices.  

Diesel subsidy explained

Source: Hong Kong Information Services

The Environment & Ecology Bureau today said that to ensure the proper implementation of the diesel subsidy, the Government has been enforcing the “pay later” arrangement for reimbursing the price difference to oil companies in order to ensure the proper use of public funds.

The Government has, since April 30, been implementing the Diesel Subsidy Scheme, which runs for a period of two months, with a view to supporting public and commercial vehicles and vessels and related industries that use diesel as fuel.

Under the subsidy scheme, users who consume diesel locally may receive a subsidy of HK$3 per litre of diesel when they purchase diesel to reduce the selling price by HK$3 per litre accordingly.

Recently, there have been views suggesting that the increase in diesel prices is due to oil companies and distributors profiteering from the subsidy scheme by increasing prices in advance since the announcement of the subsidy scheme on April 10.

There are also claims that the pump price of diesel had already increased by almost HK$3 per litre within the intervening 20 days.

The Government emphasised that these claims do not correspond with the facts, and it is necessary for the Government to make clarifications to set the record straight.

Global prices
Firstly, the prices of fossil fuels have been rising around the world, as affected by the situation in the Middle East, and the price rises are by no means unique to Hong Kong. It is necessary to consider the broader picture and the situation in other regions instead of inferring that oil companies might increase their prices in advance to profiteer merely based on the fact that fuel prices are on the rise.

If compared with the position before the conflict in the Middle East, the international refined oil product price for diesel had increased by around HK$10 per litre at most, whilst the maximum increase of the local diesel pump price was HK$7.5. From mid-April to now, the international refined oil product price has increased by around HK$0.5 (+6.67%).

Over the same period, the maximum retail price of diesel in the Chinese Mainland had increased twice by a total of around HK$0.4 (+4.0%), while the local diesel pump prices had increased by HK$0.6 (+1.66%).

Furthermore, some oil companies have reduced their diesel retail pump prices as of today, but it is expected that the diesel price may fluctuate as affected by the conflict in the Middle East.

‘Pay later’ arrangement
Secondly, it is the Government’s responsibility to ensure the proper use of public funds. In designing the subsidy scheme, the Government has introduced multiple layers of safeguards to ensure that users will benefit from the subsidy.

Among the safeguards, the subsidy scheme has introduced a “pay later” arrangement, where oil companies and distributors must first sell subsidised diesel to consumers at a price reduced by HK$3 per litre, and specify the subsidy amount and the selling price on the receipts issued to their customers.

Oil companies and distributors must then submit a report to the Government one week later to apply for reimbursement of the amounts they have advanced.

The Government will then verify the reports, sales records and invoices submitted by the oil companies and distributors, and will only reimburse the price difference if the information provided is confirmed to be accurate.

Should there be issues arising, the Government reserves the right to refuse to reimburse the price difference, and to refer the case to law enforcement agencies for follow-up. Therefore, should oil companies attempt to profiteer, they will not be reimbursed the price difference they have advanced.

The operation of the subsidy scheme has been largely normal and smooth since its implementation. The Government is receiving weekly reports from the oil companies and distributors, and is conducting the necessary checks.

Audit report
Thirdly, upon the completion of the subsidy scheme, oil companies and distributors will need to submit to the Government an audited audit report, which will require them to state the comparison of the change in the average retail price after deducting all discounts, excluding the HK$3 per litre subsidy, with the corresponding import prices before and during the subsidy period.

Should there be changes in this ratio, these may suggest profiteering which can be easily detected by auditors. The Government may then use the audit report to take the necessary follow-up action with the oil companies and distributors.

The Government reiterated that it will spare no effort to implement the arrangements by gatekeeping to ensure that the subsidy scheme will benefit users who are affected by surging diesel prices. 

MOFA strongly protests Nauruan government directive that distorts Taiwan’s sovereignty

Source: Republic of China Taiwan

MOFA strongly protests Nauruan government directive that distorts Taiwan’s sovereignty

Date:2026-05-21
Data Source:Department of East Asian and Pacific Affairs

May 21, 2026  
No. 224  
 
The Ministry of Foreign Affairs (MOFA) strongly protests the May 15 decision by the government of the Republic of Nauru to order all personnel representing the government and state-owned enterprises to observe the “one China principle.” MOFA expresses great displeasure at this policy, which is not in keeping with the facts. 
 
MOFA solemnly states that the Republic of China (Taiwan) is a sovereign nation of 23 million people. Neither it nor the People’s Republic of China is subordinate to the other. The PRC has never governed Taiwan, and Taiwan is not a part of the PRC.
 
As is widely known, UN General Assembly Resolution 2758 addresses only the issue of China’s representation. The resolution does not mention Taiwan, nor does it recognize Taiwan as part of the PRC. These are established facts and the objective situation on which there is international consensus. The Nauruan government’s attempt to distort Taiwan’s sovereign status is therefore fundamentally flawed.
 
MOFA emphasizes that Taiwan has long held to the principles of mutual respect, transparent cooperation, and shared democratic values in pursuing stronger partnerships with Pacific nations. In the future, Taiwan will continue to further deepen cooperation and jointly address such challenges as climate change, disaster resilience, sustainable development, and maritime security to ensure a free, open, peaceful, and prosperous Indo-Pacific region. (E)

MOFA response to European Parliament recommendation supporting Taiwan’s meaningful international participation

Source: Republic of China Taiwan

MOFA response to European Parliament recommendation supporting Taiwan’s meaningful international participation

Date:2026-05-21
Data Source:Department of European Affairs

May 21, 2026  Minister of Foreign Affairs Lin Chia-lung warmly welcomes a recommendation adopted by the European Parliament on May 20 that reiterates support for Taiwan’s meaningful participation in international organizations, expresses concern over the situation in the Taiwan Strait and the South China Sea, and opposes any unilateral change to the status quo by coercion or force. The text is a recommendation on the European Union’s position on the 81st session of the United Nations General Assembly (UNGA) for the European Council, European Commission, and vice president of the European Commission and high representative of the EU for foreign affairs and security policy. It is a further concrete demonstration of support by the European Parliament for Taiwan’s international engagement and for the maintenance of peace and stability across the Taiwan Strait.The recommendation highlights the European Parliament’s 2024 resolution on the misinterpretation of UNGA Resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan. It underlines that UNGA Resolution 2758 neither determines the sovereignty of Taiwan nor mentions Taiwan, and cannot be used to exclude Taiwan from the international system. It urges the EU to step up support for Taiwan’s meaningful participation in international organizations for the benefit of the international community. The adopted text recommends that the EU engage in diplomatic efforts to prevent further escalation in the Taiwan Strait and the South China Sea and oppose any unilateral change to the status quo by coercion or force. It encourages the EU to work more closely with like-minded partners to reinforce stability and security in the region around the Taiwan Strait and strengthen deterrence against coercive or military actions. It also urges further endeavors to defend the principle of the prohibition of the use of force codified in the UN Charter. Moreover, the recommendation calls for the UN to grant access to its events to activists, civil society representatives, and journalists holding Taiwan passports. The Ministry of Foreign Affairs thanks the European Parliament for continuing to advocate for Taiwan’s international participation. Taiwan will further strengthen coordination with the EU and other like-minded partners to jointly uphold the rules-based international order and defend the values of democracy, freedom, and human rights. It will continue to actively contribute to the international community and strive for peace, security, and prosperity in the Indo-Pacific and around the world.

MOFA solemnly refutes false claims regarding Taiwan in joint statement by China and Russia

Source: Republic of China Taiwan

MOFA solemnly refutes false claims regarding Taiwan in joint statement by China and Russia

Date:2026-05-21
Data Source:Department of West Asian and African Affairs

May 21, 2026    
No. 222  

The Ministry of Foreign Affairs (MOFA) strongly refutes false claims made in a joint statement between the People’s Republic of China (PRC) and the Russian Federation. The statement, signed on May 20, misleadingly refers to United Nations General Assembly Resolution 2758, with Russia reiterating its adherence to the so-called “one China principle.” These claims contradict the facts and seek to undermine Taiwan’s sovereignty.
 
MOFA also expresses great regret at the PRC government engaging in international collusion to further disseminate erroneous narratives that denigrate Taiwan’s sovereignty and escalate tensions across the Taiwan Strait, and at Russia’s subservience to authoritarian China.
 
MOFA reiterates that the Republic of China (Taiwan) is a sovereign and independent country and that neither the ROC (Taiwan) nor the PRC is subordinate to the other. All attempts to distort Taiwan’s sovereign status are acts of bullying that disrupt international peace and stability. No number of falsehoods can alter the internationally recognized status quo across the Taiwan Strait.
 
MOFA appreciates that diplomatic allies and friendly countries continue to express concern over Taiwan Strait issues at international events and demonstrate firm positions in support of peace and stability across the Taiwan Strait. Taiwan will continue to enhance its self-defense capabilities, build whole-of-society defense resilience, and work closely with such nations to jointly ensure freedom, openness, peace, and prosperity for Taiwan and the Indo-Pacific region. (E)

MOFA solemnly refutes absurd claims by China’s Foreign Ministry and Taiwan Affairs Office following President Lai’s address on second anniversary of inauguration

Source: Republic of China Taiwan

MOFA solemnly refutes absurd claims by China’s Foreign Ministry and Taiwan Affairs Office following President Lai’s address on second anniversary of inauguration

Date:2026-05-21
Data Source:Department of Policy Planning

May 21, 2026  
No. 221   

The Ministry of Foreign Affairs (MOFA) solemnly condemns and refutes the absurd remarks made by China’s Ministry of Foreign Affairs and Taiwan Affairs Office on May 20 following President Lai Ching-te’s speech marking the second anniversary of his inauguration. They again falsely claimed that Taiwan was part of China and stated that Taiwan was soliciting external support and pursuing military buildup to seek Taiwan independence.

MOFA reiterates that the Republic of China (Taiwan) is a sovereign and independent democratic country and that neither it nor the People’s Republic of China is subordinate to the other. Taiwan has long upheld a democratic constitutional system and a free way of life. This is the status quo that Taiwan is determined to defend and the greatest consensus of the 23 million people of Taiwan. Regardless of how the Beijing authorities attempt to distort history or push certain legal narratives, they cannot change this internationally recognized status quo.

Taiwan is a guardian of democracy and the status quo. It remains committed to maintaining peace and stability across the Taiwan Strait, but under no circumstances will it yield national sovereignty and dignity to coercion or pressure. Taiwan will do everything in its power to protect its democratic and free way of life.

To preserve cross-strait peace and stability, Taiwan will steadily bolster its self-defense capabilities and leverage its economic, trade, and technological advantages to become a pivotal force for promoting regional peace and stability. Taiwan calls on China to cease its military expansionism and gray-zone tactics across the Taiwan Strait and surrounding areas. Such actions are not supported by the people of Taiwan, and they underscore to the international community that China is the true troublemaker, disruptor of peace, and changer of the status quo in the region.

MOFA urges the Beijing authorities to acknowledge the objective fact of the existence of the ROC (Taiwan), respect the Taiwan people’s choice of a democratic and free system, stop repeated efforts to mislead the international community, and avoid further provocation and conflict. 

Taiwan will continue to work closely with the United States and other like-minded countries to jointly safeguard the rules-based international order and ensure peace, stability, and prosperity in the Indo-Pacific. (E)

MOFA condemns China’s efforts to distort UNGA Resolution 2758 and WHA Resolution 25.1 with regard to Taiwan’s participation in WHA

Source: Republic of China Taiwan

MOFA condemns China’s efforts to distort UNGA Resolution 2758 and WHA Resolution 25.1 with regard to Taiwan’s participation in WHA

Date:2026-05-19
Data Source:Department of International Organizations

May 19, 2026  
No. 219  

The Ministry of Foreign Affairs (MOFA) strongly condemns and protests China’s Ministry of Foreign Affairs for issuing yet another false and misleading statement on May 18 regarding Taiwan’s engagement in the 79th World Health Assembly (WHA). China has continued to politicize Taiwan’s participation, exposing international public health cooperation and disease prevention systems to high risks.
 
In attempting to put politics above public health interests, China has repeatedly made the false claim that Taiwan’s participation in the World Health Organization (WHO) requires its approval. It is common knowledge that United Nations General Assembly (UNGA) Resolution 2758 and WHA Resolution 25.1 only address the issue of China’s representation and do not mention Taiwan. The resolutions neither authorize the People’s Republic of China to represent Taiwan in the UN system nor assert that Taiwan is part of the PRC. China has long tried to distort the texts to create a legal basis for its “one China principle,” conflating the resolutions with the issue of Taiwan’s sovereignty and restricting Taiwan’s space for international engagement. China’s wholesale deviation from the original texts and the principles of international law has elicited criticism and opposition from the United States, other like-minded countries, diplomatic allies, and the European Union.
 
As the primary international public health agency, WHO has a mission to promote the health and well-being of people everywhere. Consideration of Taiwan’s entry should be guided by global public health interests and professional requirements. Regrettably, WHO has refused to invite Taiwan to attend the WHA due to China’s political demands. China has long meddled in WHO’s handling of Taiwan’s equal engagement in technical meetings and mechanisms, even spreading disinformation that proper arrangements have already been made for Taiwan’s participation in technical meetings. These actions blatantly disregard the importance of international exchanges of public health information and transnational cooperation on disease prevention.
 
Taiwan’s bid to participate in the WHA is integral to the right to health of every human being and the integrity of the global public health system. Taiwan has considerable expertise and rich experience in such areas as communicable disease prevention and control, universal health insurance, digital health, and medical and health assistance. Over the years, Taiwan has achieved outstanding results in assisting allies and friendly countries to enhance medical resilience through transnational medical health cooperation, public health capacity building, and other approaches. China may succeed in preventing WHO from issuing an invitation to Taiwan, but it cannot stop Taiwan from contributing to global health and disease prevention and receiving widespread acclaim from the international community for its medical capabilities and democratic values.
 
In global health governance, no one should be left behind. MOFA will continue to deepen relations with diplomatic allies and like-minded countries through integrated diplomacy, public-private partnerships, and Taiwan’s technological strengths. To resolutely defend the legitimate right to international participation of the 23 million people of Taiwan, MOFA will actively promote global medical health cooperation and the model of healthcare-driven industrial growth. (E)

Speech by SCED at APEC MRT Meeting discussion session on “Build an Open and Predictable Regional and Multilateral Trade and Economic Order” in Suzhou (English only)

Source: Hong Kong Government special administrative region

Speech by SCED at APEC MRT Meeting discussion session on “Build an Open and Predictable Regional and Multilateral Trade and Economic Order” in Suzhou (English only) 
     Good morning, Chair and fellow Ministers. I would like to first express my sincere gratitude to China for organising the meeting in this beautiful city of Suzhou, and for its warm hospitality extended to myself and Hong Kong, China (HKC)’s delegation.
 
     It has been nearly two months since the 14th World Trade Organization (WTO) Ministerial Conference (MC14). While only modest achievements were made in Yaoundé, we should make use of this APEC meeting with Trade Ministers to give a timely impetus and driving force to push forward respective trade measures for strengthening the multilateral and pluralistic trading mechanism, which is particularly crucial amid the turbulent global trade landscape. I sincerely hope that fellow colleagues could build upon the progress achieved at MC14 and expedite follow-up work on those important outstanding issues.
 
     On WTO reform, notwithstanding that consensus on a formal reform process was not reached, the discussions led us to a clear commitment to continue our engagements in Geneva. We urge APEC economies to build on this progress, rise above our differences and collectively build a better WTO that we all seek.
 
     Among the various issues discussed at the MC14, HKC strongly supports extending the moratorium on customs duties on electronic transmissions, as well as the continuation of the Work Programme on Electronic Commerce. For nearly three decades, the moratorium has provided certainty and stability for digital trade, which has become increasingly important in a turbulent world we now face. Without it, any tariffs imposed could stifle digital trade, raise costs, and hurt small and women-owned businesses the most. We therefore call on APEC economies to continue supporting both the moratorium and the related work programme.
 
     In the meantime, also related to electronic commerce, HKC and 65 other WTO members have adopted the interim arrangements for the early implementation of the Agreement on Electronic Commerce, and are preparing for its prompt entry into force. We encourage all APEC economies to join this meaningful Agreement so as to build the momentum for its eventual incorporation into the WTO legal framework.
 
     Against the backdrop of uncertainty and rising protectionism, the multilateral trading system with the WTO at its core provides the much-needed stability, transparency and predictability to international trade, even though its functioning requires meaningful improvements. When its relevance or existence is called into question, APEC’s continued support is more important than ever. Leveraging APEC’s unique role as an incubator of ideas, we can help advance discussions on outstanding issues, build momentum in transforming the progress achieved at MC14 into concrete outcomes, as well as reinforce and modernise the rules-based multilateral trading system that serves all members.
 
     This brings me to our work in APEC. APEC economies have been pursuing trade liberalisation through various means. Collectively, the Free Trade Area of the Asia-Pacific (FTAAP) is one of our long-term visions for deepening economic integration in the region, as enshrined in the Putrajaya Vision 2040 and various important leaders’ documents. As the global trade landscape has undergone unprecedented changes since the idea of FTAAP was first discussed some 20 years ago, HKC fully supports China’s efforts this year to develop an FTAAP document to inject new impetus into this initiative, and to demonstrate APEC’s ability to lead by example.
 
     As part of HKC’s own efforts to contribute to the FTAAP agenda, we are actively seeking early accession to the Regional Comprehensive Economic Partnership (RCEP). We are grateful for the support from RCEP members, and have intensified engagements with RCEP for taking forward our accession request.
 
     We look forward to RCEP’s next major milestone in setting up the Accession Working Group for HKC as soon as possible within 2026, and to the continued support in HKC’s accession bid. We strongly believe that our accession to RCEP would add concrete impetus to regional economic integration and help advance the FTAAP agenda. Thank you.
Issued at HKT 12:02

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Firing practice for June 2026

Source: Hong Kong Government special administrative region – 4

Firing practice will take place at two military sites, namely the San Wai/Tai Ling Firing Range and the Tsing Shan Firing Range, next month (June).
 
     Red flags or red lamps will be hoisted at the firing areas before and during firing practice. For their safety, people are advised not to enter the firing area.
 
     Following are the dates and times for the firing practice sessions in June 2026:
 
San Wai/Tai Ling Firing Range
————————————-
 

Date Time
June 1 (Monday)
June 2 (Tuesday)
June 3 (Wednesday)
June 4 (Thursday)
June 5 (Friday)
June 6 (Saturday)
June 8 (Monday)
June 9 (Tuesday)
June 10 (Wednesday)
June 11 (Thursday)
June 12 (Friday)
June 13 (Saturday)
June 15 (Monday)
June 16 (Tuesday)
June 17 (Wednesday)
June 18 (Thursday)
June 20 (Saturday)
June 22 (Monday)
June 23 (Tuesday)
June 24 (Wednesday)
June 25 (Thursday)
June 26 (Friday)
June 27 (Saturday)
June 29 (Monday)
June 30 (Tuesday)
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm

Tsing Shan Firing Range
——————————-
 

Date Time
June 1 (Monday)
June 2 (Tuesday)
June 3 (Wednesday)
June 4 (Thursday)
June 5 (Friday)
June 6 (Saturday)
June 8 (Monday)
June 9 (Tuesday)
June 10 (Wednesday)
June 11 (Thursday)
June 12 (Friday)
June 13 (Saturday)
June 15 (Monday)
June 16 (Tuesday)
June 17 (Wednesday)
June 18 (Thursday)
June 20 (Saturday)
June 22 (Monday)
June 23 (Tuesday)
June 24 (Wednesday)
June 25 (Thursday)
June 26 (Friday)
June 27 (Saturday)
June 29 (Monday)
June 30 (Tuesday)
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm
8am-9pm

FS visits Zurich, Switzerland

Source: Hong Kong Government special administrative region – 4

     The Financial Secretary, Mr Paul Chan, arrived in Zurich, Switzerland, yesterday (May 21, Zurich time) and began his visit.

     After arrival in Zurich, Mr Chan held a roundtable meeting with representatives of a number of banks, asset management institutions and family offices. He introduced the advantages and new development opportunities of Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area in areas including finance, innovation, trade and advanced manufacturing, and had in-depth exchanges on issues of concern to the participants. In addition, he also met with representatives of a major Swiss bank.

     At the roundtable meeting, Mr Chan elaborated on Hong Kong’s economic and financial situation and latest developments. He pointed out that Hong Kong’s economy had maintained steady growth over the past two years or so, while its financial markets had remained active. Against the backdrop of the country’s strong support for Mainland enterprises to go global, more enterprises have raised funds in Hong Kong’s stock market to develop their overseas businesses. Hong Kong ranked first globally in terms of funds raised through initial public offerings both last year and so far this year, attracting many investors from the Mainland and overseas. At the same time, amid the current geopolitical landscape, many international investors regard Hong Kong as a safe harbour for capital and a springboard for diversified investment into the Mainland market, contributing to the strong performance of Hong Kong’s stock market. The Hong Kong Special Administrative Region (HKSAR) Government is actively promoting continuous reform of the stock market, expanding connectivity with capital markets around the world, enhancing market liquidity and providing investors with more diversified investment choices. In various areas such as fixed-income and currency markets, asset and wealth management, and green finance, Hong Kong continues to promote product innovation and expand market scale. In addition, Hong Kong is actively developing gold and commodities trading markets to enrich the offerings of its international financial centre.

     He also said that the substantial demand from high-net-worth individuals in the Guangdong-Hong Kong-Macao Greater Bay Area and Southeast Asia for cross-border asset allocation has prompted many overseas asset and wealth management institutions to expand their businesses in Hong Kong. On financial innovation, Hong Kong adopts a proactive and open attitude, promoting the application and development of digital assets under the principle of placing equal emphasis on prudent regulation and market development.

     Mr Chan pointed out that China’s 15th Five-Year Plan clearly sets out the promotion of the development of a modernised industrial system, high-level opening up and co-ordinated regional development. The Guangdong-Hong Kong-Macao Greater Bay Area enjoys strong advantages in frontier technology, advanced manufacturing, investment ecosystem and the pooling of high-end talent, and represents an important opportunity that international investors should not miss. The HKSAR Government is making every effort to promote Hong Kong’s innovation and technology development, accelerate the development of the Northern Metropolis and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and actively attract enterprises and high-end talent to establish a presence in Hong Kong, injecting stronger impetus into the city’s future economic development.

     He welcomed Swiss financial institutions and family offices to expand their investment and business scale in Hong Kong, allocate more assets to the Hong Kong and Mainland markets, and seize these vibrant investment opportunities.

     Yesterday, Mr Chan also called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun. He introduced Hong Kong’s latest economic and social situation, and exchanged views with her on China-Europe relations and the global political and economic landscape.

     Mr Chan will hold a roundtable meeting with representatives of local venture capital and private equity funds this morning (May 22, Zurich time). He will depart Zurich in the afternoon and arrive back in Hong Kong tomorrow morning (May 23, Hong Kong time).