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Source: Hong Kong Government special administrative region – 4

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, chaired the fifth meeting of the Coordination Group on Implementation of Fintech Initiatives (CGFin) today (October 16) and conducted exchanges with representatives from the financial regulators, fintech sector and academia on the latest developments of fintech in Hong Kong.
 
Mr Hui said, “The Government is committed to promoting fintech development. According to the latest Global Financial Centres Index Report released last month, Hong Kong ranked first globally in fintech offering, underscoring Hong Kong’s pivotal role in driving fintech forward. The Government and the financial regulators will continue to adopt multipronged measures in facilitating fintech development, including enhancing financial infrastructure, building a more active fintech ecosystem, nurturing fintech talent, as well as strengthening connection and collaboration with the Mainland and overseas. The work of CGFin is crucial to promoting cross-sectoral co-ordination and co-operation. I would like to thank the industry representatives for providing valuable views.”
 
The Government exchanged views with the participants on different fintech areas, including promoting the development of a digital asset ecosystem while balancing investor protection and risk management, as well as the significant potential of green fintech in driving the development of sustainable finance. In addition, the Hong Kong Monetary Authority (HKMA) reported the latest developments of the wholesale central bank digital currency Project Ensemble and the Generative Artificial Intelligence Sandbox initiative at the meeting.
 
The meeting noted that Hong Kong FinTech Week (HKFTW) 2025, themed “Curating the New Fintech Era”, will be held from November 3 to 7 in conjunction with the StartmeupHK Festival, with the main conference to be staged on November 3 and 4 at the Hong Kong Convention and Exhibition Centre. The 10th edition of HKFTW will continue to attract attendees from all over the world, including renowned speakers across different sectors. The Financial Services and the Treasury Bureau and Invest Hong Kong will collaborate with various participating parties and the industry to showcase the vitality of Hong Kong’s fintech ecosystem to the global markets, with a view to further consolidating Hong Kong’s position as a leading global fintech hub.
 
     CGFin is chaired by the Secretary for Financial Services and the Treasury with members including representatives from the HKMA, the Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, Invest Hong Kong, Cyberport, and the Hong Kong Science and Technology Parks Corporation.

Source: Hong Kong Government special administrative region – 4

The Deputy Secretary for Justice, Dr Cheung Kwok-kwan, was invited to attend the Hainan Free Trade Port Legal Week (Hainan Legal Week) in Hainan today (October 16) to promote the advantages of Hong Kong’s legal services and foster co-operation between Hong Kong and Hainan, supporting the high-quality development and sharing the opportunities of the Hainan Free Trade Port.

The Hainan Legal Week, themed “Law-based Free Trade Port‧Sharing New Opportunities”, brought together legal experts and representatives of enterprises from China and overseas. Addressing the opening ceremony, Dr Cheung remarked that with the official launch of the island-wide independent customs operation of the Hainan Free Trade Port in December this year, the establishment of a more flexible and efficient legal and regulatory system will be beneficial for trade and investment. He pointed out that Hong Kong can share its experiences on the construction of the rule of law, including interfaces of regulatory frameworks, foreign-related legal talent, and international economic and trade rules.

He said that Hong Kong would be happy to share its practical experiences in promoting the interface of regulatory frameworks in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in collaboration with Guangdong Province and Macao, as well as details of the measures of allowing Hong Kong-invested enterprises to adopt Hong Kong law and allowing Hong Kong-invested enterprises to choose Hong Kong as the seat of arbitration, which have been well received by the business community, as a reference for strengthening co-operation between Hong Kong and Hainan.
 
Dr Cheung added that legal and other professional services are important to the free trade port development. Hong Kong is home to a rich pool of foreign-related legal talent and serves as an international legal hub. With the staunch support from the Central Government, the International Organization for Mediation is headquartered in Hong Kong. Hong Kong welcomes Hainan’s arbitration and mediation institutions to establish a presence to jointly expand the market for international dispute resolution services and achieve synergistic development. The Hong Kong International Legal Talents Training Academy can also enhance co-operation with Hainan to contribute to nurturing more high-quality foreign-related legal talent for Hainan. Additionally, with its civil and commercial laws compatible with international practice, Hong Kong is familiar with global economic and trade rules and would be ready to share its experiences with Hainan.

Upon his arrival yesterday (October 15), Dr Cheung attended a dinner with leaders of the Department of Justice of Hainan Province, and representatives from the legal and dispute resolution services sectors. This afternoon, he had lunch with leaders of the Party Committee and the Department of Justice of Hainan Province as well as the Ministry of Justice to exchange views on how Hong Kong and Hainan could jointly seize new opportunities brought about by the Hainan Free Trade Port. He then attended a meeting with leaders, including Vice Minister General of the United Front Work Department of Hainan Committe of the Communist Party of China Ms Kang Baiying, the Director-General of the Department of Justice of Hainan Province, Mr Wang Lei, and Vice President of the High People’s Court of Hainan Province Ms Xia Junli, to discuss fostering legal services co-operation between Hong Kong and Hainan.

Dr Cheung said that this year marks the preparatory year for the National 15th Five-Year Plan, as well as the beginning of Hainan Province’s Free Trade Port’s independent customs operation and its further opening up to the world. Hong Kong’s internationalised legal and other professional services talent can offer support to the development of the Hainan Free Trade Port, creating vast development opportunities for the industries. He said that Hainan and Hong Kong’s complementary advantages will jointly contribute to the country’s high-quality development and high-level opening up.

Tomorrow (October 17), the Hainan Legal Week will hold a seminar on the integrated development of the Hainan Free Trade Port and the GBA. The Department of Justice representative will share how the experience on the implementation of the interface of mechanisms of GBA would support the development of the Hainan Free Trade Port. Dr Cheung will return to Hong Kong in the afternoon.

Source: Hong Kong Government special administrative region – 4

     An incoming male passenger was sentenced to nine months’ imprisonment and fined $1,000 by the West Kowloon Magistrates’ Courts today (October 16) for importing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).
 
Customs officers intercepted the incoming male passenger, aged 39, at Hong Kong International Airport yesterday (October 15). About 80 000 duty-not-paid cigarettes, with an estimated market value of about $328,000 and a duty potential of about $264,000 in total, were seized from his personal baggage. He was subsequently arrested.
 
Customs welcomes the sentence. The custodial sentence imposes a considerable deterrent effect and reflects the seriousness of the offences.
 
Under the DCO, tobacco products are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes 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 illicit cigarette 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

     Further to the external merchandise trade statistics in value terms for August 2025 released earlier on, the Census and Statistics Department (C&SD) released today (October 16) the volume and price statistics of external merchandise trade for that month.
 
     In August 2025, the volume of Hong Kong’s total exports of goods and imports of goods increased by 12.4% and 9.7% respectively over August 2024.
 
     Comparing the first eight months of 2025 with the same period in 2024, the volume of Hong Kong’s total exports of goods and imports of goods increased by 10.9% and 10.7% respectively.
 
     Comparing the three-month period ending August 2025 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods decreased by 2.4% and 1.5% respectively.
 
     Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
 
     Comparing August 2025 with August 2024, the prices of total exports of goods and imports of goods increased by 2.0% and 1.9% respectively.
 
     As regards price changes in the first eight months of 2025 over the same period in 2024, the prices of total exports of goods and imports of goods both increased by 1.9%.
 
     Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.
 
     The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods.  Compared with the same periods in 2024, the index increased by 0.1% in August 2025, whereas it decreased by 0.1% in the first eight months of 2025.
 
     Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
 
     Comparing August 2025 with August 2024, increases were recorded for the total export volume to all main destinations: Vietnam (49.5%), Taiwan (27.7%), the USA (19.7%), India (15.7%) and Chinese Mainland (the Mainland) (6.4%).
 
     Over the same period of comparison, the total export prices to Taiwan (4.5%), Vietnam (2.5%) and the Mainland (2.3%) increased.  On the other hand, the total export prices to India (-0.1%) and the USA (-0.5%) decreased.
 
     Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
 
     Comparing August 2025 with August 2024, increases were recorded for the import volume from Vietnam (72.3%), the Mainland (12.0%) and Taiwan (2.7%).  On the other hand, the import volume from Singapore (-0.8%) and Korea (-16.7%) decreased.
 
     Over the same period of comparison, the import prices from all main suppliers increased: Korea (4.3%), Singapore (4.1%), Taiwan (3.8%), Vietnam (1.4%) and the Mainland (0.5%).
 
Further information
 
     Details of the above statistics are published in the August 2025 issue of “Hong Kong Merchandise Trade Index Numbers”.  Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).
 
     Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).

Source: Hong Kong Government special administrative region – 4

     The Census and Statistics Department (C&SD) published today (October 16) the October 2025 issue of the “Hong Kong Monthly Digest of Statistics” (HKMDS).
 
     Apart from providing up-to-date statistics, this issue also contains a feature article entitled “Analysis on Full-time and Part-time Employment, 2014 to 2024”.
 
“Analysis on Full-time and Part-time Employment, 2014 to 2024”
 
     During 2014 to 2024, the number of part-time employed persons recorded an increase while that of full-time employed persons declined slightly, thus part-time employment accounted for an increasing share of total employment. This feature article provides an analysis on the profiles of full-time and part-time employed persons of Hong Kong over this period, using information obtained from the General Household Survey.
 
     For enquiries about this feature article, please contact the General Household Survey Section (3) of the C&SD (Tel: 2887 5208; email: ghs@censtatd.gov.hk).
 
     Published in bilingual form, the HKMDS is a compact volume of official statistics containing about 130 tables. It collects up-to-date statistical series on various aspects of the social and economic situation of Hong Kong. Topics include population; labour; external trade; National Income and Balance of Payments; prices; business performance; energy; housing and property; government accounts, finance and insurance; and transport, communications and tourism. For selected key statistical items, over 20 charts depicting the annual trend in the past decade and quarterly or monthly trend in the recent two years are also available. Users can download the Digest at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010002&scode=460).
 
     Enquiries about the contents of the Digest can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 4738; email: gen-enquiry@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

     Invest Hong Kong (InvestHK) announced today (October 16) that Li Auto, a leading smart electric vehicle company from the Mainland, has set up its overseas headquarters in Hong Kong early this year, leveraging the city as a strategic base to oversee its research and development (R&D), intellectual property management, and international supply chain functions globally and overseas business development. The company is now actively planning to further expand its presence in Hong Kong, grow its Hong Kong team, and plan its global development efforts.

     Associate Director-General of Investment Promotion of InvestHK Ms Loretta Lee said, “We are delighted to welcome Li Auto’s decision to establish its overseas headquarters in Hong Kong. This is a strong testament to Hong Kong’s dual advantages as an international innovation and technology (I&T) hub and a leading global financial centre. Li Auto is a powerhouse in China’s new energy vehicle industry, and its presence will inject strong momentum into Hong Kong’s I&T ecosystem, particularly in the AI and new energy vehicle sectors.”

     She added, “Hong Kong boasts world-class scientific research talent, a vibrant capital market, and a legal system aligned with international standards, making it the ideal gateway for the Mainland’s leading I&T enterprises to go global. We look forward to working closely with Li Auto and supporting them in leveraging the Hong Kong platform to further expand their global footprint.”

     The Financial Compliance Manager of Li Auto, Mr Wang Teenqi, said, “As the international financial centre and I&T hub, Hong Kong provides us with unparalleled resources and a platform to help Li Auto achieve greater breakthroughs on the global stage. The Hong Kong Special Administrative Region Government’s forward-looking strategy for the AI ecosystem and its various favourable policies are key factors that attracted us to the city.”

     Li Auto’s overseas headquarters in Hong Kong will undertake multiple core functions, including serving as an overseas investment, financing, and capital management centre; an international intellectual property management and technology standards export platform; a global R&D collaboration hub; a global talent recruitment and training base; and an international supply chain co-ordination hub. It will act as a strategic base connecting the Mainland and global markets.

     Mr Wang added, “We are currently in close discussions with potential partners in Hong Kong regarding AI applications and models for new energy vehicles. We firmly believe that by leveraging Hong Kong’s unique advantages, Li Auto can accelerate its global vision and bring innovative technologies and products to users worldwide.”

     Founded in 2015, Li Auto is a pioneer in successfully commercialising extended-range electric vehicles in China, dedicated to providing families with safer, more comfortable, and more convenient products and services. As the first among China’s new auto-making forces to achieve profitability and surpass RMB 100 billion in annual revenue, Li Auto’s cumulative vehicle deliveries have exceeded 1.43 million to date.

For more information about Li Auto, please visit: www.lixiang.com.

To download photos, please visit: www.flickr.com/photos/investhk/albums/72177720329690925.

Source: Hong Kong Government special administrative region – 4

With support from the Trade and Industry Department (TID), the Hong Kong Productivity Council (HKPC) is holding “SME ReachOut: FUND Fair plus Tech Sourcing 2025” (the Fair) for two consecutive days starting today (October 16). The Fair seeks to provide information on government funding schemes and assist small and medium-sized enterprises (SMEs) in undertaking digital transformation, with a view to enhancing their competitiveness in the digital economy era.

Speaking at the opening ceremony, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said that the Government has been supporting SMEs in transformation and upgrading, expanding into overseas markets, and assisting SMEs in enhancing operational efficiency and market competitiveness by leveraging new technologies. This year’s Policy Address has announced a number of initiatives in support of SMEs, such as injecting $1.43 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading and Domestic Sales) and expanding its geographical scope to cover eight more economies, including Belt and Road countries, and setting up the “Economic and Trade Express” to encourage local SMEs and start-ups to conduct more overseas visits to explore business opportunities.

He added that the Government will, through the Hong Kong Trade Development Council (HKTDC), support the continued organisation of the Hong Kong Shopping Festival, covering Mainland and ASEAN (Association of Southeast Asian Nations) e-commerce markets over the next three years to promote Hong Kong brands, and strengthen training and information services through the four SME centres, the Mentorship Programme of the TID and the E-Commerce Express under the HKTDC, as well as implementing the “Creativity • E-commerce – Beyond Limits” programme and providing one-stop business matching and referral services. He encouraged SMEs to leverage the various support measures to expedite their upgrading and transformation, and explore diversified markets to cope with current challenges and seize opportunities.

The Fair is the third large-scale annual event under the enhanced services of “SME ReachOut”, containing thematic zones such as digital transformation, Go Global, cross-border e-commerce and retail technologies, and government funding schemes. The Fair also features over 10 thematic seminars, where experts will share information related to the themes, enabling SMEs to understand the latest market trends and seek opportunities for co-operation and suitable solutions.

Operated by the HKPC under the support of the Government, “SME ReachOut” has been in service since 2020 to assist SMEs in identifying suitable government funding schemes, and provide capacity-building services.

Details of “SME ReachOut: FUND Fair plus Tech Sourcing 2025” are available at smereachout.hkpc.org/fund&techsourcingfair2025/en. For details of “SME ReachOut”, please visit smereachout.hkpc.org/en.

For enquiries, please contact “SME ReachOut” (Tel: 2788 6868).

Source: Hong Kong Government special administrative region – 4

     The Rating and Valuation Department (RVD) issued letters today (October 16) to remind payers of rates and/or Government rent (payers) who have not yet returned the Requisition for Particulars of Tenements (requisition form) to return the completed form to the RVD immediately.

     An RVD spokesman said, “Whether their property is vacant, let or owner-occupied, payers should return the completed requisition form to the RVD within 21 calendar days from the date of issue.”

     Payers can complete and submit an electronic form (Form e-R1A) by using the Electronic Submission of Forms service provided on the RVD website. The website also provides answers to commonly asked questions on completing the form. 

     The RVD issued about 350 000 requisition forms to payers in August to obtain occupation particulars, rents and tenancy details for different types of properties for use in the upcoming general revaluation to reflect the latest market rental level of properties.

     Under the Rating Ordinance or the Government Rent (Assessment and Collection) Ordinance, any person who knowingly makes a false statement or refuses to furnish any of the particulars specified in the form commits an offence and shall be liable on conviction to a maximum fine of $25,000 or $10,000 respectively and an additional fine equivalent to three times the amount of rates and/or Government rent undercharged.

     Payers are reminded to pay sufficient postage if they return the form by post to ensure timely postal delivery. Underpaid mail items will not be accepted by the RVD.

Source: Hong Kong Government special administrative region

     The Health Bureau (HHB) released Hong Kong’s Domestic Health Accounts (DHA) 2023/24 today (October 16). Updated annually, the DHA provides a systematic description of the flow of health expenditure in Hong Kong over a 12-month period, forming a basis for assessing and understanding the levels and trends of health spending in Hong Kong.  

     The Current Health Expenditure (CHE) in Hong Kong in 2023/24 was $251,207 million, representing an increase of 8.6 per cent (or $19,955 million) compared with the previous year’s figure (excluding identified COVID-19 expenditure). The CHE as a percentage of Gross Domestic Product (GDP) was 8.3 per cent, and the CHE per capita was $33,334.

Source: Government of Singapore

Singapore, 16 October 2025 – In the second fortnight of October 2025, the prevailing inter-monsoon conditions over Singapore and the surrounding region are expected to continue, with winds mostly light and variable in direction.

2          In the second fortnight of October 2025, thundery showers are expected over parts of the island in the afternoon on most days. In addition, Sumatra squalls may bring widespread thundery showers and gusty winds between the predawn hours and morning on some days. The total rainfall for the second fortnight of October 2025 is forecast to be above average over most parts of the island.

3          The daily maximum temperatures are likely to range between 32 degrees Celsius and 34 degrees Celsius on most days. On some rainy days, daily lows of around 23 degrees Celsius can be expected.

4          For updates of the daily weather forecast, please visit the MSS website (www.weather.gov.sg), NEA website (www.nea.gov.sg), or download the myENV app.

REVIEW OF THE PAST TWO WEEKS (1 – 15 OCTOBER 2025)

5          Singapore and the surrounding region experienced inter-monsoon conditions in the first half of October 2025. The low-level winds that blew predominantly from the southeast or southwest since June 2025 weakened and became mostly light and variable in direction.

6    Thundery showers occurred over parts of Singapore mainly in the afternoon on most days in the first half of the month. On 3 October 2025, widespread moderate to heavy thundery showers fell over many parts of the island in the morning. The daily total rainfall of 92.8mm recorded around Sunset Way that day was the highest rainfall recorded for the first half of October 2025.

7          The daily maximum temperatures recorded in the first half of October 2025 were between 31.7 degrees Celsius and 35.2 degrees Celsius, with five days where the maximum temperatures were 34 degrees Celsius or more. The highest daily temperature of 35.2 degrees Celsius was recorded at Choa Chu Kang on 5 October 2025.

8          Most parts of the island registered below-average rainfall in the first half of October 2025. The area around Bedok North recorded rainfall of 67 per cent below-average, and the area around Jurong recorded rainfall of 39 per cent above-average.

CLIMATE STATION STATISTICS

Long-term Statistics for October   (Climatological reference period: 1991-2020)
Average daily maximum temperature:	31.8	°C
Average daily minimum temperature:	25.0	°C
Average monthly temperature:	27.9	°C
Average rainfall:	168.3	mm
Average number of rain days:	15
Historical Extremes for October   (Rainfall since 1869 and temperature since 1929)
Highest monthly mean daily maximum temperature:	33.0	°C (2002)
Lowest monthly mean daily minimum temperature:	22.8	°C (1964)
Highest monthly rainfall ever recorded:	497.1	mm (1947)
Lowest monthly rainfall ever recorded:	10.8	mm (2002)

 

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METEOROLOGICAL SERVICE SINGAPORE

16 Oct 2025

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