MIL Asia Pacific Publishing Engine

Source: Hong Kong Government special administrative region

     The Chief Executive announced in the 2025 Policy Address that he has accepted the recommendations of the Working Group on Promoting Gold Market Development, and tasked the Financial Services and the Treasury Bureau (FSTB) with taking forward the implementation work. At a briefing session on gold market development today (December 22), the Secretary for Financial Services and the Treasury, Mr Christopher Hui, told industry stakeholders that a complete industry chain has initially taken shape for Hong Kong’s gold market, and the Government is actively working towards the goal of establishing Hong Kong as an international centre for gold trading, storage, clearing and risk management.
      
     Organised by the FSTB, the briefing session aimed to introduce to the industry the Government’s long-term strategy and overall direction for building an international gold trading market. This encompasses multiple areas, including expanding storage capacity, enhancing gold supply, establishing infrastructure, diversifying investment vehicles and developing a local gold trading ecosystem. Attendees included representatives from exchanges, banks, asset management companies, gold mining, trading firms and refineries, warehouse operators as well as logistics providers.
      
     Mr Hui said, “Stemming from the visionary idea of developing an international gold trading centre put forward by the Chief Executive in his 2024 Policy Address, I am pleased to see that Hong Kong’s gold market has begun to take shape, with a complete industry chain preliminarily established over the past year or so under the concerted efforts of the Government, regulators and the industry. The industry’s response has been positive, and many constructive suggestions have been received. Leveraging Hong Kong’s status as an international financial centre and its unique advantages of enjoying strong support from the motherland and being closely connected to the world, we will continue working closely with the industry, with a view to developing Hong Kong into an international hub for gold trading, storage, clearing and risk management.”

     He highlighted the meaningful strides already realised through Government’s initiatives. In terms of storage facilities, the Airport Authority Hong Kong has completed the first-phase expansion of the precious metals depository at the Hong Kong International Airport, increasing capacity to 200 tonnes, and is pressing ahead with plans to further expand it to 1 000 tonnes. Meanwhile, the Shanghai Gold Exchange has launched its first offshore vault in Hong Kong. In addition, the FSTB and the Shenzhen Municipal Financial Regulatory Bureau have signed a Memorandum of Understanding to jointly build a deeply integrated regional gold ecosystem, laying a foundation for further co-operation in processing trade between Hong Kong and Shenzhen. On gold trading and clearing, the central clearing system for gold in Hong Kong, governed by a wholly government-owned company, is scheduled to commence trial operation in 2026.
      
     To support the setting up of a trade organisation for the gold industry, the Government will set up a preparatory taskforce to engage a wide range of local and international stakeholders, with a view to promoting industry collaboration and facilitating the formation of a self-governing industry body. The preparatory taskforce will also hold in-depth discussions on details such as the structure, membership and financial arrangements of the future industry organisation.
      
     Mr Hui added, “Through the upcoming preparatory taskforce, we look forward to further strengthening our collaboration with the industry. The future industry organisation will help enhance communication with the Government and regulators, and play an instrumental role in business development, global promotion, international co-operation and talent nurturing, thereby contributing to the long-term development of Hong Kong’s gold market.”

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (December 22) the Consumer Price Index (CPI) figures for November 2025. According to the Composite CPI, overall consumer prices rose by 1.2% in November 2025 over the same month a year earlier, the same as that in October 2025. 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 November 2025 was 1.0%, also the same as that in October 2025. 

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending November 2025 was 0.1%, the same as that for the 3-month period ending October 2025. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of increase were both 0.1%.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.1% and 1.1% respectively in November 2025, as compared to 1.4%, 1.1% and 1.0% respectively in October 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 1.0% and 1.1% respectively in November 2025, as compared to 0.9%, 1.0% and 1.0% respectively in October 2025.

     On a seasonally adjusted basis, for the 3-month period ending November 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.0%, 0.1% and 0.1% respectively. The corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively. Netting out the effects of all Government’s one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending November 2025 were 0.0%, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively.

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2025 for transport (3.5%), alcoholic drinks and tobacco (2.1%), miscellaneous services (1.9%), housing (1.6%), meals out and takeaway food (1.3%), miscellaneous goods (1.3%), and basic food (0.7%).

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2025 for clothing and footwear (-4.1%), durable goods (-3.3%), and electricity, gas and water (-0.5%).

     Taking the first 11 months of 2025 together, the Composite CPI rose by 1.4% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 0.9% respectively.

     For the 3 months ending November 2025, the Composite CPI rose by 1.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.4%, 1.0% and 1.0% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.0%, 1.1%, 1.0% and 1.0% respectively.

     For the 12 months ending November 2025, the Composite CPI was on average 1.4% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 1.0% respectively.

Commentary

     A Government spokesman said that consumer price inflation stayed subdued in November, with the year-on-year increase in underlying Composite CPI unchanged at 1.0%. Price pressures on various major components were contained in general.

     Looking ahead, overall inflation should remain modest in the near term, as cost pressures on the domestic and external fronts are still broadly in check.

Further information

     The CPIs and year-on-year rates of change at section level for November 2025 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government’s one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed statistics are given in the “Monthly Report on the Consumer Price Index”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (December 22) the preliminary Balance of Payments (BoP) and International Investment Position (IIP) statistics of Hong Kong for the third quarter of 2025. This release also included the preliminary External Debt (ED) statistics of Hong Kong for the same period.

I. Balance of Payments

     Hong Kong recorded a BoP deficit of $136.5 billion (16.0% of Gross Domestic Product (GDP)) in the third quarter of 2025. Reserve assets correspondingly decreased by the same amount. This was against a BoP surplus of $105.5 billion (13.4% of GDP) in the second quarter of 2025.

Current account

     The current account recorded a surplus of $98.2 billion (11.5% of GDP) in the third quarter of 2025. This reflects that Hong Kong’s savings was greater than its investment, enabling Hong Kong to accumulate external financial assets (such as equity securities or debt securities) as a buffer against global financial volatilities. Compared with the current account surplus of $113.2 billion (13.9% of GDP) in the third quarter of 2024, the decrease in surplus was mainly due to the decrease in net inflow of primary income, partly offset by the increase in services surplus.

     The goods account recorded a surplus of $1.5 billion in the third quarter of 2025, as against a deficit of $0.6 billion in the same quarter of 2024. Over the same period, the services surplus increased from $38.8 billion to $48.1 billion. The primary income inflow and outflow amounted to $576.1 billion and $521.5 billion respectively, thus yielding a net inflow of $54.5 billion in the third quarter of 2025, compared with a net inflow of $80.3 billion in the same quarter of 2024.

Financial account

     An overall increase in financial non-reserve assets amounting to $271.0 billion (31.7% of GDP) was recorded in the third quarter of 2025, compared with an overall increase of $21.1 billion (2.7% of GDP) in the second quarter of 2025. The overall increase recorded in the third quarter of 2025 was due to the net increases in other investment, portfolio investment and financial derivatives, partly offset by the net decrease in direct investment.

     In the third quarter of 2025, reserve assets decreased by $136.5 billion, as against an increase of $105.5 billion in the second quarter of 2025.

II. International Investment Position

     At the end of the third quarter of 2025, both Hong Kong’s external financial assets and liabilities stood at a very high level, amounting to $59,586.8 billion (18.2 times of GDP) and $39,936.9 billion (12.2 times of GDP) respectively, a typical feature of a prominent international financial centre.

     Hong Kong’s net external financial assets (i.e. assets minus liabilities) amounted to $19,649.9 billion (6.0 times of GDP) at the end of the third quarter of 2025, compared with $18,364.7 billion (5.7 times of GDP) at the end of the second quarter of 2025. Hong Kong’s net external financial assets to GDP ratio is one of the largest in the world, which provides the economy with a strong cushion against sudden external shocks.

III. External Debt

     At the end of the third quarter of 2025, Hong Kong’s gross ED amounted to $15,746.1 billion (4.8 times of GDP). Compared with $15,463.6 billion (also 4.8 times of GDP) at the end of the second quarter of 2025, gross ED increased by $282.5 billion. This was mainly attributable to the increase in ED of other sectors, while increases in ED of the banking sector, debt liabilities in direct investment (intercompany lending) and ED of the Hong Kong Monetary Authority also contributed.

     As one of the world’s major financial centres, Hong Kong has a significant amount of ED held against the local banking sector arising through normal banking businesses. At the end of the third quarter of 2025, 52.3% of Hong Kong’s ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (29.9%) and debt liabilities in direct investment (intercompany lending) (16.5%).

Further information

     BoP is a statistical statement that systematically summarises, for a specific time period (typically a year or a quarter), the economic transactions of an economy with the rest of the world (i.e. between residents and non-residents).

     IIP is a balance sheet showing the stock of external financial assets and liabilities of an economy at a particular time point. 

     The difference between the total value of external financial assets and liabilities is the net IIP of the economy, which provides a measure of net financial claims on non residents plus gold bullion held as monetary gold.

     Gross ED, at a particular time point, is the outstanding amount of those actual current, and not contingent, liabilities that are owed to non-residents by residents of an economy and that require payment of principals and / or interests by the debtors at some time points in the future.

     Table 1 presents Hong Kong’s BoP. Table 2 presents the detailed current account and capital account, while Table 3 presents the detailed financial account. Table 4 shows Hong Kong’s IIP, and Table 5 shows Hong Kong’s ED.
 
     Statistics on BoP, IIP and ED for the third quarter of 2025 are preliminary figures, which are subject to revision upon the availability of more data. With the incorporation of the latest data from surveys and other sources, the statistics on BoP, IIP and ED for 2024 have been revised.

     The latest statistical tables of BoP (including seasonally adjusted current account), IIP and ED can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode260.html). Analysis of the statistics, together with the conceptual and methodological details, are presented in the publication Balance of Payments, International Investment Position and External Debt Statistics of Hong Kong, Third Quarter 2025 published by the C&SD. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040001&scode=260).

     For enquiries about the BoP, IIP and ED statistics, please contact the Balance of Payments Section of the C&SD (Tel: 3903 6979 or email: bop@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

Tenders to be held in the week beginning December 29, 2025:
 

Tender date	:	December 30, 2025
Paper on offer	:	EF Bills
Issue number	:	Q2553
Issue date	:	December 31, 2025
Maturity date	:	April 1, 2026
Tenor	:	91 Days
Amount on offer	:	HK$69,030 MN
****************************
Tender date	:	December 30, 2025
Paper on offer	:	EF Bills
Issue number	:	H2582
Issue date	:	December 31, 2025
Maturity date	:	July 2, 2026
Tenor	:	183 Days
Amount on offer	:	HK$20,400 MN

Source: Hong Kong Government special administrative region – 4

​The Environmental Protection Department (EPD) today (December 22) announced that the Integrated Waste Management Facilities Phase I (I·PARK1) has commenced the first phase of trial operation.
 
The Secretary for Environment and Ecology, Mr Tse Chin-wan; the Permanent Secretary for Environment and Ecology (Environment), Mr Eddie Cheung; the Under Secretary for Environment and Ecology, Miss Diane Wong; and the Director of Environmental Protection, Dr Samuel Chui, recently visited I·PARK1 to inspect its operations, observing various facility sections, including the unloading and tipping of waste compactor containers, waste treatment processes, waste-to-energy equipment, and flue gas treatment and emission control. They were also briefed by the project team on the progress of the trial operation.
 
Located on an artificial island off Shek Kwu Chau, I·PARK1 adopts advanced waste incineration technology capable of effectively decomposing organic compounds, including dioxins. I·PARK1 consists of three incineration modules, with a designed municipal solid waste (MSW) treatment capacity of 3 000 tonnes per day. At present, the first module, capable of processing 1 000 tonnes of MSW daily, has already commenced trial operation. The remaining two modules will begin phased trial operations at a later stage. The heat recovered from the incineration process is used to generate electricity, not only powering the facility’s daily operation but also exporting 480 million kilowatt-hours of electricity to the public power grid, which is enough to power 100 000 households each year.
 
Following the inspection, Mr Tse said, “The completion and phased commissioning of I·PARK1 marks the launch of a new approach for managing MSW in Hong Kong beyond reliance on landfills. It signifies a crucial step of Hong Kong toward achieving our target of ‘zero waste landfilling’ by 2035. In the meantime, we are advancing at full steam the construction of the Integrated Waste Management Facility Phase 2 (I·PARK2) in Tsang Tsui, Tuen Mun, while we remain committed to driving forward various initiatives on waste reduction, recycling, and resource circulation, continuing our progress toward the goal of ‘zero waste landfilling’ and carbon neutrality.”
 
Dr Chui said that the EPD has been closely monitoring the trial operation of I·PARK1 to ensure its operation and emissions comply with the stringent safety and environmental standards. Following I·PARK1’s progressive commencement of operation, the total amount of MSW transported to West New Territories Landfill and North East New Territories Landfill will be reduced accordingly, alleviating the pressure on the two landfills.
 
In 2024, a total of 10 510 tonnes of MSW daily was disposed of in Hong Kong. I.PARK1 and the proposed I.PARK2 can treat 9 000 tonnes of MSW in total per day. If Hong Kong society can keep the momentum of waste reduction and increase the recycling rate, there may not be a need to construct I·PARK3 to achieve “zero waste landfilling”.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

     Result of the tender of the People’s Bank of China RMB Bills held on December 22, 2025: 
 

Tender Result
*************
Tender Date	:	December 22, 2025
Bills available for Tender	:	Six-Month RMB Bills
Issuer	:	The People’s Bank of China
Issue Number	:	BCHKFP25021
Issue Date	:	December 24, 2025
Maturity Date	:	June 24, 2026 (or the closest coupon payment date)
Application Amount	:	RMB 81,217 million
Issue Amount	:	RMB 40,000 million
Average accepted Coupon Rate	:	1.57 per cent
Highest accepted Coupon Rate (Bills’ Coupon)	:	1.67 per cent
Lowest accepted Coupon Rate	:	1.30 per cent
Allocation Ratio (At Highest accepted Coupon Rate)	:	Approximately 81.67 per cent

Source: Hong Kong Government special administrative region

     The Environmental Protection Department (EPD) today (December 22) published the report “Monitoring of Solid Waste in Hong Kong – Waste Statistics for 2024”. It presents the 2024 statistics on disposal and recovery/recycling of solid waste generated in Hong Kong, including municipal solid waste (MSW) (covering both domestic waste and commercial and industrial waste), overall construction waste and special waste.
      
     The total quantity of MSW disposed of at landfills has dropped for three consecutive years to 3.85 million tonnes in 2024, and the average daily quantity was 10 510 tonnes, representing a decrease of 3.4 per cent comparing with the average of 10 884 tonnes in 2023. Among these, disposal of waste plastics has dropped by 11.1 per cent; disposal of food waste has dropped by 6.0 per cent; disposal of waste glass has decreased by 7.1 per cent. The per capita MSW disposal rate per day was 1.40 kilograms, down from 1.44 kilograms in 2023 by 3.3 per cent. Among the three major categories of MSW in 2024, food waste accounted for 29 per cent, followed by waste paper and waste plastics, accounting for 23 per cent and 18 per cent respectively.
      
     With the implementation of various measures by the Government in promoting food waste recycling and plastic-free culture, including the implementation of the regulation on disposable plastic products in 2024, both the shares of disposal of food waste and waste plastics had decreased compared to 2023. The drop in the disposal amount of waste plastics also reflected the increasing global awareness of being “plastic-free” in recent years and the effectiveness of the Government’s active promotion of various related measures. Since the Government enhanced the Plastic Shopping Bag Charging Scheme on December 31, 2022, the amount of plastic shopping bags disposed in 2024 has dropped to 56 408 tonnes, down from 63 367 tonnes in 2023 by 11 per cent. Meanwhile, the share of waste paper has increased; this was mainly paper waste other than cardboard, newsprint, office paper or tetrapak that could not be easily recycled.
      
     The overall MSW recovery rate has risen for four consecutive years. The latest figures show that it rose from 33 per cent in 2023 to 34 per cent in 2024 and the increase in the total recovery amount was about 50 000 tonnes. The increase was mainly driven by the recycling of food waste (around 26 000 tonnes) and ferrous metal recyclables (around 53 000 tonnes).
      
     An EPD spokesperson said that in order to achieve the vision of “Waste Reduction‧Resources Circulation‧Zero Landfill” by 2035, the current term Government is working at full steam to promote the culture of waste reduction and recovery, and to encourage active participation in waste reduction by citizens through the community recycling network GREEN@COMMUNITY and the food waste collection network. The latest statistics show that the current-term Government has successfully reversed the long-term upward trend in waste disposal quantities. The recovery rate showed a continuous upward trend, reflecting the achievements of the Government’s persistent effort in promoting waste reduction and recovery.
      
     Regarding construction waste, the overall quantity of construction waste generation in 2024 increased by about 4 945 tonnes per day (11 per cent) as compared to 2023, to 50 505 tonnes per day on average. The quantity of construction waste disposed of at landfills increased slightly by 6 per cent to about 4 694 tonnes per day. The construction activities performed by the main contractors in the same period increased by 6.3% compared to 2023. The overall construction waste recovery rate was above 90 per cent; the average quantity of construction waste reused was 45 810 tonnes per day.
      
     The Government will continue to encourage small-scale works to properly dispose of construction waste in a compliant and paid manner through publicity and education, strengthened enforcement actions, as well as a pilot scheme to assist with collection of construction waste. The EPD also encourages private enterprises to upcycle construction waste into products like eco-blocks, ceramic products and outdoor paving materials. In terms of land, there is an enterprise operating construction waste recycling facilities in the EcoPark, and the EPD has also provided land for short-term lease for the purpose of recycling construction waste. Moreover, the Recycling Fund has also subsidised different enterprises’ projects on upcycling of construction waste.
      
     Looking ahead, seizing the opportunity of increasing public participation in waste reduction and recycling, the Government will further promote a green waste reduction and recycling culture in society and will take forward waste reduction and recycling initiatives along four directions, namely: (1) Strengthen publicity and education to change public behaviour and cultivate a green living culture; (2) Continue to enhance the recycling network; (3) Strengthen collaboration with industries to explore and take forward practical environmental protection measures; (4) Utilise market forces to develop environmental infrastructure and assist in the transition to a green economy.
      
     In the meantime, the Government is building an advanced and efficient network of modern waste-to-energy facilities at full steam. The first waste-to-energy facility for treating municipal solid waste, Integrated Waste Management Facilities Phase 1 (I·PARK1), commenced operation at the end of this year; and the Government is also working in full steam on the preparation work for Integrated Waste Management Facility Phase 2 (I·PARK2) to expand waste-to-energy capacity. The goal is to achieve zero landfill with the efforts of the HKSAR Government and citizens.
                 
     The report and “Hong Kong 2024 Municipal Solid Waste – At a Glance” are both available in electronic format and can be obtained from the EPD website at www.wastereduction.gov.hk/en/assistancewizard/waste_red_sat.htm.

Source: Hong Kong Government special administrative region – 4

     The Health Bureau (HHB) announced today (December 22) that, in collaboration with the dental sector, free denture replacement services will be launched starting tomorrow (December 23) to address the needs for replacement of lost dentures due to the fire at Wang Fuk Court in Tai Po and to provide dental treatments for affected residents.

     The HHB had received requests for assistance from affected residents regarding the replacement of lost dentures due to the fire. To assist more affected residents in need, the HHB co-ordinated with various dental care organisations, the Hong Kong Dental Association (HKDA), and dentists to launch denture replacement services tomorrow. Currently, more than 80 private dentists have participated, covering 106 service points. Starting from tomorrow until February 28, 2026, all residents of the eight blocks at Wang Fuk Court (including foreign domestic helpers) can receive at least one free dental consultation and one follow-up appointment (subject to clinical need) through the arrangement of the District Health Centres/District Health Centre Expresses (collectively referred to as DHCs) under the Primary Healthcare Commission (PHC Commission) across all 18 districts in Hong Kong. The scope of the free dental consultation services covers two major categories:

(1) Broken appliances and lost dental appliances due to the incident, including repair or replacement of partial or complete dentures (acrylic), and removable orthodontic retainers; and

(2) Oral treatment due to injuries inflicted in the incident, including medication for dental pain relief, simple fillings, emergency pulp treatment and extractions.

     Affected residents in need can call the hotlines or visit any DHC in person to seek assistance, regardless of their current place of residence. Those who are registered as DHC members may also contact their respective DHC directly. The hotlines have been posted on the websites of the PHC Commission and the DHCs. Case managers of the DHCs will assist in pairing them with the participating dentists based on their individual situations and preferences.

     The HHB expresses heartfelt gratitude to the dental profession and the HKDA for their active response and for extending a helping hand, demonstrating their care for the community. Private dentists interested in providing denture replacement services to the affected residents may contact the HHB (email: wwshui@healthbureau.gov.hk).

Source: Hong Kong Information Services

The Government will hold the oath-taking ceremony for members of the eighth-term Legislative Council at the Chamber of the LegCo Complex at 11am on January 1, 2026. The oath-taking will be administered by Chief Executive John Lee.

According to the Oaths & Declarations Ordinance, the LegCo oath must be administered by the Chief Executive or a person authorised by the Chief Executive.

The taking of the oath is legally binding, the Government stressed, noting that the oath-taker must sincerely believe in and strictly abide by the relevant oath prescribed by law.

An oath-taker who makes a false oath or who, after taking the oath, engages in conduct in breach of the oath, shall bear legal responsibility in accordance with the law.

The Government added that it will publish the list of Legislative Councillors whose oaths were determined as valid after the oath-taking ceremony.