MIL Asia Pacific Publishing Engine

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at Greenway 2026 – Driving Sustainability Through Innovation today (June 23):

Harvey (Ambassador and Head of Office of the European Union to Hong Kong and Macao, Mr Harvey Rouse), Johannes (Chair of the European Chamber of Commerce in Hong Kong, Mr Johannes Hack), ladies and gentlemen,

Good afternoon. It is my great pleasure to join you all today for the fifth edition of The Green Way.

The Green Way is more than a theme; it is a shared journey. It is our commitment to leave behind a legacy of clean skies, verdant landscapes, and sustainable opportunity for generations to come. It is also a statement of hope – that our world can thrive without compromise, fuelled by green innovation, collaboration, and purpose.

Here in Hong Kong, we stand ready to lead the charge for a greener future. We have set the target of a 50 per cent reduction in carbon emissions before 2035 and carbon neutrality before 2050. The Chief Executive’s 2025 Policy Address also underscored sustainability as a cornerstone of Hong Kong’s future development. These are ambitious goals, and finance is the engine that powers this transformation.

Last month, I was in Central Asia attending the Asian Development Bank’s Annual Meeting in Uzbekistan. During the meeting, member economies discussed not only how to reshape global value chains amid a complex and rapidly changing landscape, but also – and this was a recurring theme – how to use finance to support green and sustainable development. This includes funding renewable energy infrastructure and channelling long-term capital into transition projects. Many nations are facing the dual challenge of economic transformation and climate resilience. Hong Kong’s answer lies in being the “super connector” and “super value-adder” – channelling global capital to where it is needed most for green projects.

Hong Kong is now the world’s largest cross-border wealth management centre. We are also the global largest offshore Renminbi (RMB) business hub. This unique combination means we do not just talk about mobilising capital; we have the institutional infrastructure and deep liquidity pools – both in RMB and other major currencies – to direct significant funds towards credible green and transition projects across Asia and beyond.

The statistics speak volumes. Hong Kong has been the top arranger of green and sustainable bonds in Asia for eight consecutive years since 2018.

Last year alone, the total volume of green and sustainable debt issued or arranged in Hong Kong exceeded US$76 billion. Of this, bonds arranged in Hong Kong amounted to approximately US$38 billion, accounting for 40 per cent of the regional total. Just last month, the Ministry of Finance issued its first-ever RMB green sovereign bonds in Hong Kong – a strong vote of confidence in our platform.

We are not just doing traditional bonds. Innovation is key. Since 2019, we have issued approximately HK$258 billion equivalent of government green bonds. In November 2025, Hong Kong issued the world’s first digital green bonds that integrated tokenised central bank money – settling in both e-CNY and e-HKD. This is a practical application of fintech to enhance transparency and efficiency in green capital markets.

A robust market also requires trust. To combat greenwashing and guide capital efficiently, we need high-quality, comparable data.

Hong Kong has set the target to fully adopt the sustainability disclosure standards of the International Financial Reporting Standards (ISSB Standards). The International Financial Reporting Standards Foundation has confirmed Hong Kong as one of the first jurisdictions targeting full adoption of the ISSB Standards.

Our Roadmap on Sustainability Disclosure, published in late 2024, provides a clear pathway for large publicly accountable entities to fully adopt the ISSB Standards no later than 2028. This ensures that when you invest in Hong Kong, you are investing with confidence in reliable, decision-useful information.

We are also building a robust classification framework for defining environmentally sustainable activities to drive capital flows towards credible projects. In January this year, we published Phase 2A of the Hong Kong Taxonomy for Sustainable Finance after extensive consultation. The coverage is expanded from four sectors (energy, transportation, construction and waste) to six sectors with the addition of two new sectors – manufacturing and ICT (information and communications technology). Apart from climate change mitigation, Phase 2 of the Taxonomy has a new environmental objective: climate change adaptation, so that we cater not only for activities to reduce the cause of climate change but also in the meantime, measures to minimise its impacts.

On carbon markets, Hong Kong has built the infrastructure. Our Core Climate platform is an international carbon marketplace that connects capital with verified climate projects. It offers quality voluntary carbon credits from over 60 projects verified by Verra and Gold Standard, with more than 130 registered participants. We are working closely with carbon exchanges in the Greater Bay Area to test cross-boundary carbon trade settlement. We see Core Climate as a key node for linking global demand – including from the European Union of course – with verified carbon credit projects across Asia and beyond.

The HKSAR (Hong Kong Special Administrative Region) Government will continue to work closely with the industry and all stakeholders to develop Hong Kong as a leading green and sustainable finance hub. We will keep building on our strengths – from our world-class green bond market and internationally aligned taxonomy, to our Core Climate platform.

We very much look forward to continued collaboration with the European Union – on transition finance, carbon markets, and channelling affordable climate finance where it is needed most. Thank you.

Source: Hong Kong Government special administrative region

Following is the keynote speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Australia-China Innovation Summit organised by the Australia China Business Council in Melbourne, Australia, today (June 23, Melbourne time):

Distinguished guests, ladies and gentlemen,

Good afternoon. It is a pleasure to join you all today at the Australia-China Innovation Summit. My sincere thanks to the Australia China Business Council for bringing us together and for giving me this opportunity to share Hong Kong’s latest innovation and technology (I&T) landscape and the promising opportunities for deeper Hong Kong-Australia collaboration.

Hong Kong and Australia have long been connected through trade, investment and vibrant people-to-people ties. These links were further strengthened when the Free Trade Agreement and Investment Agreement entered into force in 2020, opening new channels for business, enhancing market access, and reinforcing our shared commitment to open, rule-based economic co-operation.

Today, a new chapter of collaboration is unfolding. Supported by the National 15th Five-Year Plan, Hong Kong is moving full steam toward its vision of becoming an international I&T centre and a global hub for high-calibre talent.

Promoting I&T development ranks high on the agenda of the current term of the HKSAR (Hong Kong Special Administrative Region) Government. Our goal is clear: to inject new impetus into economic growth, develop a diversified economy, and create high-quality jobs. In 2022, we promulgated the I&T Development Blueprint, setting out clear directions and strategies for Hong Kong’s future I&T development. We adopt a clear industry policy, with priorities in several areas including life and health technology, AI and robotics, advanced manufacturing and new energy technology.

Hong Kong’s I&T strength begins with talent. We are home to five universities ranked among the world’s top 100, including two medical schools in the global top 40, and three universities ranked among the world’s top 30 in data science and AI. This academic strength provides a solid R&D (research and development) foundation to transform research breakthroughs into real-world applications.

Our flagship R&D initiative, InnoHK, exemplifies this ambition. It has built collaboration with more than 30 world-renowned universities and research institutes from 12 economies, brought over 3 000 international researchers, and set up a total of 38 laboratories. We are proud that two leading Australian institutions – the University of Melbourne and the University of Queensland – are in collaboration with one of our InnoHK R&D centres named the Microbiota I-Center, which focuses on advancing microbiome science for personalised healthcare. We look forward to more collaboration with Australia to conduct world-class and impactful collaborative research.

The HKSAR Government is also committed to promoting I&T development through strategic investments. Three HK$10 billion initiatives are introduced to drive research translation and tech industry growth. The Research, Academic and Industry Sectors One-plus Scheme, launched in 2023, accelerates the commercialisation of outstanding university research and has already supported 73 projects. The New Industrialisation Acceleration Scheme, launched in 2024, supports strategic industries in establishing smart production facilities in Hong Kong. This year, we will launch the Innovation and Technology Industry-Oriented Fund to further channel market capital into emerging and future industries of strategic importance.

We are also investing HK$3 billion, around AUD550 million, in the Frontier Technology Research Support Scheme, enabling local universities to recruit international top-notch researchers or scientists in frontier fields. To support start-ups, we launched the Pilot I&T Accelerator Scheme earlier this year to attract professional I&T accelerators from around the world to set up bases in Hong Kong. Together, these initiatives provide robust and tangible support across all stages of innovation – from talent attraction and basic research to start-up development and industry scaling.

Infrastructure is equally critical. The Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone is a powerful example. Located at the boundary between Hong Kong and Shenzhen, it enables the seamless flow of talent, capital, data and essential materials such as biological samples. Since its opening last December, more than 90 tenants from pillar industries such as life and health technology, microelectronics, new energy and AI have already established a presence there, signalling strong confidence in Hong Kong as a place where business can grow.

Hong Kong’s northern region is rapidly emerging as a powerful engine for future I&T development. The Hetao Hong Kong Park and the adjoining San Tin Technopole will form a complete pipeline from research to prototyping, pilot production and full-scale manufacturing. By 2032, the Sandy Ridge Data Facility Cluster will provide 180 000 PFLOPS of computing power – 36 times Hong Kong’s current capacity – creating a major cross-boundary data hub that strengthens Hong Kong’s AI development and high-performance computing. With the pilot lines in the Hong Kong Microelectronics Research and Development Institute coming into operation later this year, Hong Kong is building a comprehensive I&T corridor in the North, integrating research, computing power, prototyping, testing and manufacturing into a unified ecosystem.

This new cluster will stand among Asia’s most dynamic I&T ecosystems, connecting Hong Kong’s research excellence and institutional advantages with the vast application scenarios and market opportunities of the Chinese Mainland – especially the Greater Bay Area, home to 88 million people and a GDP exceeding AUD3.1 trillion.

Hong Kong ranks second globally overall in the latest IMD (International Institute for Management Development) World Competitiveness Ranking and fourth in digital competitiveness, reflecting a mature ecosystem where talent, capital, and policies align. Our start-up scene has surged to 5 200 companies, a growth of 40 per cent since 2021. A quarter of founders are from overseas, which is a clear sign that international entrepreneurs see Hong Kong as a place where they can scale fast, plug into global markets, and operate with confidence. Coupled with Hong Kong’s bilingual business culture, simple low-tax system, professional services and world-class infrastructure, all of these make Hong Kong a natural fit for Australian innovators looking for transparent, high-trust environments.

Ladies and gentlemen, Hong Kong and Australia share a long history of partnership and friendship. As the global economy undergoes profound transformation driven by technology, our two economies are exceptionally well placed to co-create solutions that are trusted, scalable and globally competitive. Whether in life and health sciences, AI, advanced manufacturing, or green technology, the opportunities before us are abundant and growing.

I warmly invite Australian businesses, researchers and innovators to deepen your engagement with Hong Kong – to explore our I&T ecosystem, to partner with our universities and research institutes, and to seize the opportunities emerging across the Greater Bay Area. Hong Kong stands ready to act as a “super-connector” and “super value-adder” for businesses seeking international growth.

May I wish the summit a great success. Thank you very much.

Source: Hong Kong Government special administrative region – 4

     ​Hong Kong Customs on June 12 seized large batches of suspected smuggled goods, with an estimated market value of about $16 million, at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound.
 
     Through risk assessment, Customs on that day inspected a 40-foot container, declared as carrying holiday decorations, arriving in Hong Kong from the Mainland. After inspection, Customs officers found large batches of suspected smuggled goods, including 82 000 alternative smoking products, small electrical appliances, toys, plastic parts and metal accessories.
 
     An investigation is ongoing. The likelihood of arrests is not ruled out.
 
     Being a government department primarily responsible for tackling smuggling activities, Customs has long been combating various smuggling activities at the forefront. Customs will keep up its enforcement action and continue to fiercely combat smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to disrupt relevant crimes.
 
     Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years. Any person who imports alternative smoking products into Hong Kong also commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.
 
     Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: Hong Kong Government special administrative region – 4

     The Chinese Culture Festival (CCF) 2026, organised by the Leisure and Cultural Services Department (LCSD), has invited four China Theatre Plum Blossom Award winners from the Hebei Bangzi Opera Theatre of Hebei Province – Wu Guiyun, Qiu Ruide, Hao Shichao and Sun Na – to visit Hong Kong this July. Joined by a cohort of talented young performers, they will present three consecutive days of classic repertoires, including “Zhong Kui the Ghosteater”, “The Magic Lotus Lantern”, and a selection of excerpts. The lineup offers a comprehensive showcase of the genre’s high-pitched vocals and civil-martial versatility with a northern spirit. This programme is also part of the 14th Chinese Opera Festival. 

     As one of the most representative regional opera genres of Hebei Province, Hebei bangzi opera – also known as Jing bangzi, Zhili bangzi and Wei bangzi – was inscribed onto the First National List of Intangible Cultural Heritage in 2006. Its music is led by the banhu (a bowed string instrument), with wooden clappers (bangzi) marking the rhythm with bright, resonant beats during vocal performance. The vocal style is high-pitched and passionate, with male and female roles sharing the same key to deliver a heroic, highly penetrating tone. The performance style is direct and vigorous, often incorporating virtuosic acrobatic techniques to heighten the dramatic tension of the plots. 

     Details of the three performances are as follows:

“Zhong Kui the Ghosteater”
——————————–
Date and time: July 24 (Friday), 7.30pm

     “Zhong Kui the Ghosteater” is the troupe’s signature masterpiece and a defining exemplar of Hebei bangzi’s seamless mastery of both civil and martial arts. The story follows the scholar Zhong Kui, who tragically takes his own life in grief and indignation over the corruption of the imperial examinations. Appointed in the underworld as the divine catcher of demons, he returns home under the cover of night to see his sister married before departing to fulfil his divine duties. The character is portrayed by a female actor in a wusheng (martial male) role during his mortal life, capturing the poignant image of a wandering scholar. Following his death and becoming a deity, the performance integrates the expressive features of young male, martial male and painted-face roles. This transformation of role types vividly mirrors Zhong Kui’s journey from man to spirit and deity. Striking stunts such as dashuaicha (grand splits) and chaotiandeng (leg-holding extension) further showcase the performers’ mastery of stylised movements. This performance features the four Plum Blossom Award winners, making it a rare opportunity that Chinese opera fans cannot afford to miss.

“The Magic Lotus Lantern”
——————————–
Date and time: July 25 (Saturday), 7.30pm

     “The Magic Lotus Lantern” is a celebrated classic of the Hebei bangzi opera repertoire, telling the mythical story of Chenxiang axing open the mountain to rescue his mother. Revered by opera lovers for its powerful singing and thrilling combat sequences, this production has remained a favourite with audiences since its premiere in 1960. Moving beyond traditional bangzi opera rhythmic patterns, the music introduces Kunqu tunes and folk songs to infuse the score with touching and joyous melodies. The stage choreography integrates ribbon dance and fan dance into the martial movements, showcasing a continuous display of masterly skills, including the uniquely created “leg-sweeping turns during the zoubian (scouting) sequence”, as well as consecutive backflips, spinning leaps, spear kicks and sword dancing. Led by Sun Na, Hao Shichao, and Qiu Ruide, the performance perfectly balances strength and grace, fully capturing the unique artistic charm of the Hebei bangzi opera.

Excerpts
————
Date and time: July 26 (Sunday), 2.30pm

     This selection of four classic excerpts showcases the artistic essence of Hebei bangzi opera, highlighting its mastery of both civil and martial arts. On the civil side, “Crying at the City Wall” from “North and South Make Peace” features high-pitched, heartrending singing, where the actor utilises formulaic routines such as shuaifa (hair-flinging) and beard skills to vividly express the torment of being torn between loyalty and filial devotion. “On the Execution Ground” from “The Injustice Done to Dou E” relies solely on expressive, sorrowful lament and delicate facial expressions to denounce a profound injustice. The martial scenes are equally breathtaking: “The Hu Homestead”, featuring a daomadan (female warrior) role, integrates masterful acrobatic techniques like high spear kicks and spinning leaps into fierce close combat, fully displaying the heroine’s formidable spirit. “The Bloody Battle at Waqiao” from “Waqiao Pass” weaves high-difficulty techniques – including ensemble combat sequences and dazzling spear-twirling patterns – into a breathtaking display of martial choreography, recreating the heroic valour of Yang Yanzhao, the legendary Song commander, on the battlefield.

     The Hebei Bangzi Opera Theatre of Hebei Province was established in 1959, with the legendary Peking opera master Xun Huisheng – one of the “four great performers in dan roles” – as its first director. Over the years, the troupe has nurtured numerous well-known artists, as well as outstanding creative talents and performers. It has created and performed over 200 productions, and received numerous awards, with some of its representative works adapted for the big screen. The troupe has travelled to various places such as Greece, Japan, Spain, Cyprus, and Colombia for performances, receiving high acclaim from audiences.

     The three performances will be held at the Auditorium of Kwai Tsing Theatre. Lyrics and dialogue are with Chinese and English surtitles. Tickets priced at $180, $280 $380 and $480 are now available at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. The CCF 2026 offers various discount schemes, such as group booking discounts, package booking discounts and the newly introduced “Generations Together 1+1” discount. For programme enquiries and concessionary schemes, please call 2268 7325 or visit www.ccf.gov.hk/en/programme/hebei-bangzi-opera-theatre-of-hebei-province/.

     A meet-the-artists session (in Putonghua) entitled “Hebei Bangzi Opera: A Fine Mix of the Lyrical and the Vigorous in Its Civil and Martial Repertoires” will be held at 7.30pm on July 23 (Thursday) at AC2, Level 4, Administration Building, Hong Kong Cultural Centre. The speakers include Wu Guiyun, Qiu Ruide, Hao Shichao and Sun Na, while Chinese opera researcher Hu Guangming will be the moderator. Since the spaces for online registrations of this activity are full, those interested may wait at the venue’s entrance for a standby space on the day of the session. Any unclaimed spots will be released 10 minutes after the session begins on a first-come, first-served basis.

     The CCF, presented by the Culture, Sports and Tourism Bureau and organised by the Chinese Culture Promotion Office under the LCSD, aims to promote Chinese culture and enhance the public’s sense of national identity and cultural confidence, thereby facilitating patriotic education. It also aims to attract top-notch artists and arts groups from the Chinese Mainland and other parts of the world for exchanges in Chinese arts and culture. The CCF 2026 is held from June to September. It hosts various forms of distinctive stage programmes and related extension activities, film screenings, thematic exhibitions, talks, workshops, as well as community and school activities, affording the public and visitors more opportunities to appreciate and experience the beauty of fine traditional Chinese culture. For more information, please visit www.ccf.gov.hk.

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (June 23) the Consumer Price Index (CPI) figures for May 2026. According to the Composite CPI, overall consumer prices rose by 2.0% in May 2026 over the same month a year earlier, larger than the corresponding increase (1.7%) in April 2026. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in May 2026 was 1.9%, also larger than that in April 2026 (1.6%). The larger increase in May 2026 was mainly due to the accelerated increases in inbound and outbound transport fares and the charges for package holidays, as well as the increases in the charges for health services.

     On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending May 2026 was 0.1%, and that for the 3-month period ending April 2026 was 0.0%. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of change were 0.3% and 0.1%.

Source: Hong Kong Government special administrative region – 4

     The Deputy Secretary for Justice and the Chairman of the Expert Committee on Professional Services for Going Global, Dr Cheung Kwok-kwan, will depart for Urumqi, Xinjiang, tomorrow (June 24) to attend the 9th China-Eurasia Expo on behalf of the Hong Kong Special Administrative Region Government.
 
     Dr Cheung said that Hong Kong, with its unique advantages of having the strong support of the motherland and being closely connected to the world, is an international financial, trading, shipping, and innovation and technology centre. Xinjiang is a bridgehead for China’s westward opening-up and a core zone of the Silk Road Economic Belt, with a distinct geographical advantage of bridging East-West two-way trade flows. The Expo will help fully leverage the strengths of both places, and promote deeper exchanges and co-operation among Hong Kong and Macao, Xinjiang, and relevant countries across Asia and Europe.

     Dr Cheung will return to Hong Kong on June 25.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The Transport Department (TD) today (June 23) announced that the auction of traditional vehicle registration marks (TVRMs) will be held on July 12 (Sunday) in Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.

     “A total of 420 TVRMs will be put up for public auction. The list of marks has been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html,” a department spokesman said.
 
For the auction of TVRMs, only registration marks starting with “HK” or “XX” and special vehicle registration marks are put up for physical auction. Applicants should attend the auction and take note of the opening price as announced by the auctioneer before participating in the bidding of the mark.

People who wish to participate in the bidding at the auction should take note of the following important points:

(1) Successful bidders are required to produce the following documents for completion of registration and payment procedures immediately after the successful bidding:
(i) the identity document of the successful bidder;
(ii) the identity document of the purchaser if it is different from the successful bidder;
(iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and
(iv) a crossed cheque made payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. (For an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed.) Successful bidders can also pay through the Easy Pay System (EPS). Payment by post-dated cheques, cash or other methods will not be accepted.

(2) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of Registration Mark immediately after the bidding. Subsequent alteration of the particulars in the memorandum will not be permitted.

(3) A vehicle registration mark can only be assigned to a motor vehicle which is registered in the name of the purchaser. The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate.
 
(4) The display of a vehicle registration mark on a motor vehicle should be in compliance with the requirements stipulated in Schedule 4 to the Road Traffic (Registration and Licensing of Vehicles) Regulations.

(5) Special registration marks are non-transferable. Where the ownership of a motor vehicle with a special registration mark is transferred, the allocation of the special registration mark shall be cancelled.

(6) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the registration mark to be assigned to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the registration mark within 12 months, allocation of the mark will be cancelled and arranged for reallocation in accordance with the statutory provision without prior notice to the purchaser.

     For other auction details, please refer to the Guidance Notes – Auction of Traditional Vehicle Registration Marks, which can be downloaded from the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/tvrm_auction/index.html.

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Acting Chief Executive, Mr Paul Lam, SC, at Greenway 2026 – Driving Sustainability Through Innovation today (June 23):
 
Ambassador Rouse (Ambassador and Head of Office of the European Union to Hong Kong and Macao, Mr Harvey Rouse), Mr Hack (Chair of the European Chamber of Commerce in Hong Kong, Mr Johannes Hack), Consulate Generals, distinguished guests, ladies and gentlemen,
 
     Good morning. It is my great pleasure to join you today to open the Greenway 2026. I would like to begin by extending my warmest congratulations to the European Union Office to Hong Kong and Macao and the European Chamber of Commerce in Hong Kong on holding the fifth edition of this flagship event.
 
     The growth of this flagship forum into a full-day programme speaks volumes about the importance and imminence of this year’s theme, namely, “Driving Sustainability Through Innovation”.
 
     On the one hand, environmental challenges, particularly those caused by climate change, have become more acute. Last year, the World Meteorological Organization (WMO) warned that there would be a 70 per cent chance for the five-year average global temperature for 2025 to 2029 to exceed 1.5 degrees Celsius – a sharp rise from the 47 per cent forecast just a year earlier. Earlier this month, the WMO reported an 80 per cent likelihood of El Niño developing between June and August, with the probability of it continuing until at least November near or above 90 per cent. As the United Nations Secretary-General warned, El Niño conditions will “pour fuel on the fire of a warming world”. In fact, both Europe and Hong Kong as well as other parts of the world are experiencing more extreme weather conditions recently.
 
     To tackle the serious environmental challenges, both the European Union and Hong Kong have set vital goals towards achieving climate neutrality. Insofar as Hong Kong is concerned, we aim at halving our carbon emissions before 2035 from the 2005 level, with a view to achieving carbon neutrality by 2050. I am pleased to say that substantial progress has been made: Hong Kong’s total greenhouse gas emissions have already fallen by 27 per cent from their 2014 peak.
 
     What is critical is that we shall attempt to achieve these vital goals by taking measures that would be conducive to sustainable economic and social development at the same time. In the Chinese language, crisis is 危機. It consists of two characters: the literal translation of the first one is danger whereas that of the second is opportunity. Ancient wisdom teaches us that danger is always followed by opportunity. The big question is how to seize the opportunity. In the present context, I believe the answer lies in the word “innovation”.
 
     This is indeed the overall strategy of Hong Kong as demonstrated by various policy directions and key proposals set out in the public consultation document regarding the First Five-Year Plan for Economic and Social Development of the HKSAR (Hong Kong Special Administrative Region) (First Five-Year Plan) released last Monday on June 15. Paragraph 6 in Part 6 is titled “New energy, green technology, and innovative applications”. It consists of three main directions and related proposals, which are of particular relevance to today’s theme:
 
(a) first, to dovetail with the country’s development in new energy technology by supporting and piloting technologies and solutions related to energy management, green buildings, waste treatment, environmental monitoring, and climate risk management;
 
(b) second, to support the R&D (research and development), production and application of sustainable aviation fuel (SAF) and hydrogen fuel, promote the low-carbon transition of the aviation industry and the traffic and transport sector, and develop Hong Kong into a demonstration platform for green and low-carbon hydrogen technologies; and
 
(c) third, to strengthen collaboration across industry, academic and research sectors to promote the local application of technological outcomes achieved by higher education and research institutions, and facilitate the expansion and strengthening of promising green technology enterprises through financial and market-driven mechanisms.
 
     In addition, in Part 2 of the consultation document which sets out directions and proposals on strengthening Hong Kong’s development in four major sectors, namely finance, trade, maritime and aviation, apart from referring to green finance, it is stated that Hong Kong needs to promote green transformation to enhance the added value and competitiveness of its maritime and aviation sectors such as the expansion of green fuel bunkering.
 
     I would like to take the opportunity to elaborate on three specific examples to demonstrate Hong Kong’s ability and determination in driving sustainability through innovation.
 
     First, green finance. As a leading international financial centre, Hong Kong is Asia’s premier sustainable financial hub. The green transformation requires capital inputs on an unprecedented scale, and Hong Kong provides a most reliable and friendly platform for raising the capital needed. For eight consecutive years, Hong Kong has led Asia in arranging international green and sustainable bond issuances, which accounted for about 40 per cent of the regional total. On May 8 this year, the HKSAR Government announced the successful pricing of approximately HK$27.6 billion worth of green bonds and infrastructure bonds denominated under the Government Sustainable Bond Programme and the Infrastructure Bond Programme. They included a EUR750 million 8-year green tranche priced at 3.119 per cent. The HKSAR Government published its Green Bond Framework in March 2019, which was updated in February 2022. It sets out how green bond proceeds will be used to fund projects to improve the environment and facilitate the transition to a low carbon economy. As at August 31, 2025, the Government had successfully issued around HK$240 billion, or US$31 billion, worth of green bonds.
 
     Second, SAF. As an international aviation hub, Hong Kong is committed to supporting the decarbonisation of global flights. SAF can reduce lifecycle emissions by more than 80 per cent as compared with conventional aviation fuel. Recently, in early May, the Government supported a local enterprise, namely EcoCeres, in signing a Memorandum of Understanding with the Dongguan Government to build SAF production plants in Dongguan, a city in the Guangdong-Hong Kong-Macao Greater Bay Area. Incubated and founded in Hong Kong, EcoCeres uses proprietary integrated technology to convert waste cooking oil into internationally certified SAF. The partnership will create an integrated end-to-end model: that is waste-based feedstock collection across the Greater Bay Area, refining and production in Dongguan, and blending, refuelling, and trading operations in Hong Kong – while also helping to drive the development of the regional circular economy.
 
     Third, clean energy and hydrogen. The Government announced the Strategy of Hydrogen Development in Hong Kong in 2024. We are rolling out real-world hydrogen applications, underpinned by robust safety regulations and a certification system designed to recognise green hydrogen. As at the end of May 2026, the Inter-departmental Working Group on Using Hydrogen as Fuel has given agreement-in-principle to 38 hydrogen energy trial projects, covering applications in the areas of transport, infrastructure, and hydrogen gensets at construction sites, etc. The Gas Safety (Amendment) Ordinance 2025 was gazetted on July 25, 2025. The Government is currently drafting the relevant subsidiary legislation. The aim is to provide a clear legal framework and a stable regulatory environment for the hydrogen energy industry, so that local and international investors can develop hydrogen-related businesses in Hong Kong with greater confidence.
 
     There is no doubt that sustainable development by innovation will play a key role in the future development of Hong Kong, and feature prominently in Hong Kong’s First Five-Year Plan. This is why I believe that the timing of this forum is perfect. It is most exciting to see so many eminent speakers from different areas who will share their wisdoms with us very soon.
 
     Whether a place can attain sustainable development by innovation would depend very much on its overall competitiveness. In the latest World Competitiveness Yearbook  2026 published by the International Institute for Management Development (IMD), the rule of law was put at the centre of competitiveness. The Director of IMD World Competitiveness Center remarked that economic competitiveness in 2026 is no longer mainly a contest of cost or scale, or even of innovation; it is a contest of institutional credibility. The more fragmented the world becomes, the more valuable predictable rules, and enforceable commitments become. And hence, economies at the top of the table are those that uphold the rule of law most consistently.
 
     This year, Hong Kong’s ranking has risen for three consecutive years to the second globally. This is a very strong testament to Hong Kong’s institutional credibility under the principle of “one country, two systems” based on the rule of law, and characterised by predictability, reliability, integrity and efficiency.
 
     I would say that another crucial reason for Hong Kong’s competitiveness is its openness. Hong Kong is committed to remaining an open and diversified society. For the present purpose, friends from the European Union are most welcome to join hands with us to explore and seize the opportunities offered by using innovation to support a sustainable development whilst overcoming environmental challenges at the same time. Indeed, we have to work together because what is at stake is not merely the interests of the people of the European Union or Hong Kong, but mankind as a whole; and failure is not an option.
 
     May I conclude by wishing you all a productive and inspiring Greenway 2026. Thank you.

Source: Hong Kong Information Services

Overall consumer prices rose 2% year on year in May, a larger increase than the 1.7% year-to-year rise recorded in April, the Census & Statistics Department announced today.

Netting out the effects of the Government’s one-off relief measures, the underlying inflation rate was 1.9% in May, also larger than that seen in the previous month.

Compared to May 2025, year-on-year increases in prices were recorded in the following categories: electricity; gas and water; transport; miscellaneous services; miscellaneous goods; alcoholic drinks and tobacco; housing; clothing and footwear; meals out and takeaway food; and basic foods.

Meanwhile, a year-on-year decrease was logged for durable goods.

The Government said that despite prices of fuel-related components continuing to pick up, the price pressures on other components remained largely contained.

Looking ahead, it said that while the recent de-escalation of geopolitical tensions in the Middle East has contributed to a decline in international oil prices, the earlier surge in oil prices will continue feeding through to fuel-related components of consumer prices in the coming months.

Concurrently, price in other areas remain largely stable, which should help keep overall inflation moderate. The Government stressed that it will continue to monitor the picture closely.