Govt leads decarbonisation drive: CE

If the challenges of climate change are daunting – and they surely are – the co-operation this forum has forged, and continues to create, can only encourage us all. Working together, we can, and we will, make a decided difference.

 

For bringing us together in such a constructive and co-operative spirit, my thanks to the organisers, the European Union (EU) Office to Hong Kong and Macao, EuroCham Hong Kong, the Hong Kong General Chamber of Commerce, as well as Invest Hong Kong (InvestHK) of the Hong Kong SAR Government. Grateful, too, for the support by all the supporting organisations and sponsors of this important event.

 

Last year, as I’m sure you know, was the warmest year since global records began. The high heat continued in the first few months of this year. A comment from the Deputy Director of the EU’s Copernicus Climate Change Service, Samantha Burgess, put the issue in stark relief earlier this month, saying: “The reality is unless we change our emissions dramatically, we’ll look back at 2023 and consider it a cool year, 10 to 20 years in the future.”

 

Our green initiatives

Hong Kong is acutely aware of our shared responsibility in spearheading a green transformation. And I am pleased to share with you some of the initiatives now in place or in the planning.

 

First, let me say that Hong Kong was among the earliest cities in Asia to take action against climate change. Our involvement goes back to 1997, when we stopped construction of new, coal-fired power plants.

 

After reaching a peak in 2014, our carbon emissions have generally been on a downward trend, thanks to the gradual replacement of coal, with natural gas and zero-carbon sources for power generation. In 2022, our per capita emissions were 4.55 tonnes, down from 6.2 tonnes about a decade ago.

 

China, our country, is committed to peaking its carbon emissions before 2030, and achieving carbon neutrality by 2060. To align with the national commitment, Hong Kong, as a special administrative region, has set an ambitious target to cut carbon emissions by half before 2035 from the 2005 level, and achieve carbon neutrality by 2050. We will continue to implement the decarbonisation strategies set out in our Climate Action Plan 2050. They focus on emissions from electricity generation, transport and waste.

 

On electricity generation, we will cease using coal for daily electricity generation by 2035, less than 10 years from now, to realise our goal of net-zero electricity generation before 2050.

 

As for transport, last year 64% of our newly registered private cars were electric vehicles. A few months ago, one of Hong Kong’s major bus companies gave birth to the first hydrogen bus in its fleet. Later this year, we’ll do a trial run of hydrogen street-washing vehicles. By mid-2027, the number of parking spaces with charging facilities will jump to about 200,000.

 

And to achieve the goal of zero landfill by 2035, we will strengthen our efforts on recycling and expedite the development of modern waste-to-energy incinerators.

 

Under the unique “one country, two systems” principle, Hong Kong enjoys strong national support and maintains unparalleled connectivity with the world. Hong Kong has a long history of the rule of law, a simple tax regime and world-class business environment, as well as a multi-talented workforce. These qualities have given rise to our role as a “super connector” and “super value-adder” between the Mainland and the rest of the world. They have also ensured our continuous prominence as an international financial centre.

 

Sustainable finance

Hong Kong is determined to capitalise on the prowess in our financial sector today, to address the sustainability needs of tomorrow.

 

Hong Kong is fast rising as an international green finance centre. Last month, the Hong Kong SAR Government issued a vision statement on developing our sustainability disclosure ecosystem. We are committed to becoming one of the first places to align with the ISSB (International Sustainability Standards Board) Standards, an international standard on sustainability disclosures in financial reporting.

 

At last count, our green bond issuance accounted for one-third of the market share in Asia. Two months ago, we issued tokenised green bonds worth a total of HK$6 billion. In addition to the Hong Kong dollar, the issuance was also denominated in renminbi, the US dollar and the euro, making it the world’s first-ever multi-currency tokenised bond issuance, as well as a shining example in propelling sustainable finance in the era of Web3.

 

That brings me to our development as an international innovation and technology centre. Innovative technology plays a pivotal role in achieving carbon neutrality. The Hong Kong SAR Government has allocated $400 million to the Green Tech Fund, to support R&D (research and development) projects that help Hong Kong decarbonise. 

 

The fund has been well received. To date, it has supported 30 projects – from local universities, public research institutes and private enterprises.

 

They range from green hydrogen production and construction materials, to noise-absorbing meta-materials using recycled plastic. In the next stage, we’ll promote their practical application and commercialisation.

 

Multi-city co-operation

Environmental issues know no borders. And we’re exploring prospects for tackling pollution and maintaining biodiversity with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area.

 

Hong Kong and Guangdong have been collaborating on regional air quality improvement for years. A regional air quality monitoring network was established in 2005.

 

From 2006 to 2023, the ambient levels of major regional pollutants decreased by up to 86%, while ozone levels are still on a rising trend. That only underscores the need to strengthen our regional collaboration in this area.

 

To that end, early this year we concluded a three-year study on regional ozone in collaboration with Guangdong and Macau.

 

Our three cities are introducing the monitoring of volatile organic compounds, the main precursors of ozone formation, at regional monitoring networks, to enhance our understanding of ozone formation within the region.

 

We also attach great importance to biodiversity, to conserving our bountiful nature. Country parks and special conservation areas make up some 40% of Hong Kong’s land area.

 

Last month, we celebrated the establishment of our 25th country park, Robin’s Nest Country Park. It covers an area of 530 breath-taking hectares, home to more than 500 identified plant and animal species.

 

Robin’s Nest will establish a cross-boundary ecological corridor with Shenzhen’s adjoining Wutong Mountain Scenic Area. It will create good synergy within the Greater Bay Area in ecological conservation.

 

And we plan to establish a Wetland Conservation Parks System in phases, and ensure the preservation of the integrity of the wetland ecosystem in our developments.

 

Alongside our regional collaborations, we value the international partnerships we’ve established. That certainly includes our friends from the EU.

 

Our Airport Authority is working on an action plan to drive the use of sustainable aviation fuel in Hong Kong.

 

Good for the environment, good for business. Our objective is to boost the competitiveness of Hong Kong International Airport, attracting more flights between Hong Kong and the rest of the world. In this regard, we look forward to exchanges with the EU.

 

EU companies play an important role in our waste management, often collaborating with local counterparts.

 

And EU enterprises have been working closely with the Government to develop state-of-the-art waste management facilities that can reduce the bulk of our waste.

 

Examples include a joint venture formed to develop and operate WEEE·PARK. It was our first large-scale “waste electrical and electronic equipment” treatment and recycling facility, and got going in 2018. O · PARK1, a similar joint project, operates our first large-scale, organic resources recovery centre. Also commissioned in 2018, it turns food waste into a renewable source for electricity generation and organic compost.

 

Over the past year or so, let me add, the European Union Office organised six EU-Hong Kong environmental policy discussions with InvestHK. The sessions covered everything from waste and carbon trading, to green transport and mobility.

 

As I mentioned at the outset, together we can, and will, make a difference in creating a green, sustainable and flourishing future.

 

Chief Executive John Lee gave these remarks at GreenWay 2024: The Dialogue on April 29.

via Moroccan Trader Govt leads decarbonisation drive: CE

HK economy solid, growing: FS

I have great pleasure to meet you all at the second meeting of the APEC Business Advisory Council (ABAC) this year. This remarkable event gathers nearly 200 business leaders, representing the voice of all 21 APEC member economies.

 

First, let me express my sincere gratitude to the representatives of ABAC Peru and ABAC Hong Kong, China for working together to stage this prestigious business event here in Asia’s world city, after a hiatus of nine years. For long, APEC and ABAC have been the powerhouse in spearheading efforts in the region to promote free trade and economic co-operation, and we are proud to be a part of it.

 

Welcome to Hong Kong

Amid the uneven pace of recovery across regions, the global economic environment remains complicated. Sharply tightened financial conditions over the past two years continue to hinder the growth of advanced economies. Although the market has generally expected interest rate cuts by major central banks, their timing, pace and scale remain unclear. Intensifying geopolitical tensions and conflicts continue to impact on international trade and capital flows, and cause disruption to global supply chains.

 

Here in Hong Kong, our economy grew by 3.2% last year, led by a strong rebound in inbound tourism after the pandemic. Visitor numbers reached 34 million, which was slightly above 50% of pre-pandemic levels. This year, we are expecting some 50 million tourists. Private consumption and overall investment also improved. But the high interest rate environment and geo-economic fragmentation dampened our merchandise exports. Inflation remained at a low level of 1.7%, while the unemployment rate was just around 3%.

 

Hong Kong remains a magnet for global business, investments and talent. In our survey last year, there were over 9,000 companies in Hong Kong with parent companies outside of the city, similar to pre-pandemic levels. Since the establishment of the Office for Attracting Strategic Enterprises in December 2022, we have attracted nearly 50 such companies to expand their business here. In the coming years, they will invest more than US$5 billion, creating over 13,000 jobs. Separately, Invest Hong Kong has also attracted more than 380 other companies, which together would invest another US$7 billion to US$8 billion.

 

For talent, we have approved around 160,000 applications under the various talent admission schemes since December 2022, and over 110,000 of them have already arrived in Hong Kong.

 

For the asset market, residential property prices dropped by nearly 7% last year, while the stock market fell by around 14% last year, both with reduced trading volume. The high interest rate environment, geopolitical tensions and their impact on capital flow, and investment sentiment, were at play.

 

Looking ahead, under a complex external environment, the Hong Kong economy is expected to grow by 2.5% to 3.5% in 2024, on account of improvement in merchandise exports, continued recovery of inbound tourism, and inflow of strategic enterprises and talent.

 

In a nutshell, our economy is solid and growing. With a comprehensive set of legislation to safeguard national security in place, the business community here has commonly expressed that Hong Kong will offer a safer and more stable business environment for businesses to thrive.

 

As an international financial, trade and shipping centre, Hong Kong will advance our role as the region’s super connector and super value-adder, by capitalising on our unparalleled advantages of connecting the Mainland with the rest of the world. Under the “one country, two systems” principle, we enjoy convenient and sometimes priority access to the Mainland market, while continuing to maintain all the advantages that have made us a unique international city: the rule of law; free flow of capital, goods, information and talent; a freely convertible currency pegged to the US dollar; seamless alignment with the best international standards; a simple and low tax regime; and more. It is our nation’s solemn commitment to maintain the “one country, two systems” principle in Hong Kong for the long run.

 

Our future development will rest with seizing opportunities brought by two mega trends: green development and the digital economy. We will also fully leverage the staunch support of our country, China, and focus on the “eight centres” development direction laid out in the National 14th Five-Year Plan: financial services; innovation and technology; trade; aviation; shipping; legal services and dispute resolution; intellectual property trading; and international cultural exchange.

 

Forging closer regional collaboration for a better future

Ladies and gentlemen, as a member of APEC, Hong Kong, China is a proud contributor to the region’s economic development. We are committed to communicating and co-operating with other member economies to advance the APEC and ABAC agenda, for the benefits of the businesses and people in the region.

 

We are living in a world that has a high degree of interconnectedness and interdependence. But it is also filled with uncertainties that may disrupt or even threaten global economic prosperity. With the privilege of engaging in conversation with you all, allow me to highlight a few areas where we should work together. 

 

First, let’s work together to promote international free trade, and overcome roadblocks to the supply chain and logistics network. Over the past few decades, the power of free trade and competition has unleashed immense productivity worldwide, driving economic growth and raising the incomes and living standards of billions of people. Today, protectionism and unilateralism, and all the talks and actions of “de-risking”, “on-shoring”, “near-shoring”, and “friend-shoring”, are threatening the world’s economic growth and progress. As a founding member of the World Trade Organization, Hong Kong, China is a steadfast supporter of free trade and a rules-based multilateral trading system. In this regard, Hong Kong is willing to enter into more free trade agreements and investment promotion and protection agreements with various economies in the world.

 

Second, let’s work together to promote regional green transition and transformation. The challenges of climate change are pressing and on everyone’s agenda. Last year was the hottest year on record by a clear margin. No country, no politician should say that we should not be worried about climate change. To combat climate change, the amount of investment required for green transformation is huge, measured in trillions of US dollars. We are Asia’s leader in green and transition finance, with the volume of green and sustainable bonds accounting for more than one-third of Asia’s total. We also lead in green finance product innovation such as tokenised green bonds. Working with sister cities in the Greater Bay Area, our green tech ecosystem is also thriving. We warmly welcome public and private partners in the region and beyond to access green and transition capital and technologies through Hong Kong.

 

Third, let’s work together to drive the growth of the digital economy. Digital development, particularly artificial intelligence, is rapidly changing the models of industrial production, urban management, lifestyles, and much more. Here in Hong Kong, we are making significant strides to drive the digital economy, one important initiative of which is facilitating the orderly flow of data within the Greater Bay Area – of course, with proper personal data protection. In other words, Hong Kong will be converging data from the Mainland and the world, enabling us to be an international hub for research and development in artificial intelligence and biomedicine.

 

On digital finance, Hong Kong is a leader, too. For example, Phase 1 of Project mBridge, a settlement mechanism of Central Bank Digital Currencies, or CBDCs, will be launched this year. It will be one of the first projects in the world to settle cross-boundary business transactions using CBDCs.

 

Concluding remarks

Ladies and gentlemen, before I close I would like to invite you to take this opportunity to enjoy this city – Hong Kong continues to be an open, vibrant and safe metropolis full of vitality and vigour. I look forward to our continued collaboration in the years ahead as we work together to build an open, dynamic, resilient and peaceful Asia-Pacific community.

 

Financial Secretary Paul Chan gave these remarks at the Opening Ceremony of the 2024 Second Asia-Pacific Economic Cooperation Business Advisory Council Meeting on April 23.

via Moroccan Trader HK economy solid, growing: FS

I&T park’s partners help attract talent

I am delighted to be here with you today, for the Partnership Launching Ceremony of the Hong Kong-Shenzhen Innovation & Technology (I&T) Park.

 

This morning’s ceremony is a milestone in the development of the I&T park – one that resonates far beyond the park’s reach, along Hong Kong’s boundary with Shenzhen.

 

Some 60 companies and organisations are taking part in today’s ceremony. They come from Hong Kong and the Mainland, as well as seven countries in the Asia-Pacific region, Europe and North America. The strategic specialisations they bring to the park – and to Hong Kong – range from life and health technology, to new energy, microelectronics and much more.

 

These enterprises and enterprising partners will help to attract talent and investment, cultivate industry collaboration, facilitate market access and provide many other services essential to an undertaking as ambitious, and far-reaching, as this one.

 

With its strategic location in the Shenzhen-Hong Kong Loop, the park will form part of the Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone. The loop, as you would know, will become a key area of I&T development that transcends beyond our boundary with the Mainland.

 

In Hong Kong, the park is within the San Tin Technopole area, which will emerge as our city’s largest I&T centre by far – with some 300 hectares supporting Hong Kong’s rise as an international I&T hub.

 

And you have made a good start – we, together, have made this very good start. On that, my thanks to the international partnership signing ceremony today that brings us all together here.

 

Yes, after years of planning and the hard, smart work of many parties, the park is fast approaching its operational phase. Indeed, two buildings of laboratories and one accommodation building will be completed, progressively, from the end of this year.

 

More will follow. All of it will integrate with and help drive our national development.

 

That, of course, begins with Shenzhen and the other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The GBA brings together 11 cities in southern China, including Hong Kong and Shenzhen, and has a population of some 86 million. The bay area has a combined GDP (gross domestic product) equivalent to one-ninth of the GDP of our country, which is the world’s second largest economy.

 

The GBA will create new quality productive forces to boost the high-quality development of our country. Inspired by innovation, they include high-tech, high-efficiency and high-quality productivity.

 

Hong Kong, I am pleased to say, has all it takes to create new quality productive forces. Under the unique “one country, two systems” principle, Hong Kong enjoys the rule of law, a free and enterprising business environment, world-class infrastructure, a robust financial system, as well as established R&D (research and development) capabilities with our world-renowned institutions.

 

Our prowess not only cultivates a versatile workforce, but also attracts talent from around the world. That, in turn, brings a rising tide of strategic companies, entrepreneurs and startups turning to Hong Kong for their future.

 

Over the past six months, we have welcomed some 50 high-tech companies from all over the world to Hong Kong, here to establish or expand their businesses. That is thanks to our Office for Attracting Strategic Enterprises.

 

And now, this morning, I am delighted to welcome more of you, here to sign a partnership agreement with the Hong Kong-Shenzhen I&T Park.

Here to become essential, indispensable, to Hong Kong’s economy and community – to a flourishing future built on innovation and technology, and a whole lot more.

 

As Hong Kong prospers with your companies, we will also continue to join hands with Shenzhen, to work out various innovative and cross-boundary facilitation measures for the benefit of our partners in the park, and beyond.

 

Chief Executive John Lee gave these remarks at the Hong Kong-Shenzhen Innovation & Technology Park Partnership Launching Ceremony on April 18.

via Moroccan Trader I&T park’s partners help attract talent

HK has multi-pronged digital strategy

The digital economy has clearly emerged as a new driving force for global economic development. From digital payments to generative AI (artificial intelligence), data are rapidly changing how businesses operate and thrive, how cities are managed – and,  ultimately, how we work, learn and live.

 

Our country is a leader in this respect. Latest estimates suggest that on the Mainland, the scale of the digital economy surpassed 50 trillion renminbi in 2023, accounting for over 40% of our country’s GDP (gross domestic product). Indeed, it is an important component of “new quality productive forces” highlighted by President Xi Jinping. In the Government Work Report delivered by Premier Li Qiang at the recent “Two Sessions” in Beijing, advancing the innovative development of the digital economy is a priority task of the country.

 

HK charting its course

In Hong Kong, we know that in the domain of the digital economy, the landscape is complex and rapidly evolving. Competition among cities and economies in this field is keen. Hong Kong must move fast to stay ahead of the curve.

 

That is why in my Budget two years ago, we decided to establish the Digital Economy Development Committee, which I chair, comprising the relevant government officials, industry experts and academics. It advises the Government on what Hong Kong should do to advance and prevail in the era of the digital economy.

 

After rounds of detailed studies and discussion, the committee has put forward a set of 12 core recommendations. Some of them are already being implemented. Some are in the pipeline.

 

I am pleased to announce that these recommendations have just been made public today.

 

In short, they fall under five major pillars.

 

First, strengthening the overall digital policy of Hong Kong. Core to this is the establishment of the Digital Policy Office this year. The office will assume overall responsibility on formulating and implementing effective digital policies. It is its mandate to drive the development of the digital economy and smart city.

 

Second, strengthening our digital infrastructure. That includes enhancing the use and coverage of 5G networks, encouraging the building of high-performance computing and data centres, further promoting electronic payments, rolling out the business version of “iAM Smart”, and more.

 

An increasingly important aspect of digital infrastructure is to provide computing power to support the development of artificial intelligence. Hong Kong is now building a supercomputing centre that will serve the computing power needs of enterprises, academic and research institutions. The first phase of its service will be rolled out as soon as within this year.

 

Third, facilitating local and cross-boundary data flow. On the local front, we will work to encourage both the public and private sectors to open up more data. And we will extend the coverage of the Commercial Data Interchange, or CDI, run by the Hong Kong Monetary Authority. The CDI helps enterprises to obtain loans more conveniently through sharing their data with the banks on a consent basis. At the end of last year, it had facilitated more than 13,000 loan applications with a total loan amount of around HK$12 billion.

 

On cross-boundary data flow, this is an area where Hong Kong enjoys unique advantages under the “one country, two systems” arrangement. Hong Kong is where data from the Mainland and around the world would converge.

 

As an international city, we have long enjoyed unfettered access to international data. Now, we are making good progress in cross-boundary flow of data with the Mainland. In June last year, we signed an MOU (memorandum of understanding) with the Cyberspace Administration of China on jointly promoting cross-boundary data flow in the Greater Bay Area. In December, we launched a pilot scheme to facilitate the flow of personal information within the Greater Bay Area for the banking, credit referencing and healthcare sectors. The measure will be extended to other sectors after reviewing the outcome of the pilot scheme.

 

These and other upcoming endeavours will drive more public and private cross-boundary services, and benefit our businesses and citizens. They will also encourage more research and development activities in AI and life and health technologies, here in Hong Kong.

 

Looking ahead, we see clear potential for international data trading to become a new and thriving industry in the city. With that in mind, we have commissioned an expert group to study how best to develop a robust data-trading system in Hong Kong.

 

Fourth, expediting digital transformation. In this respect, the ability for enterprises, especially SMEs (small and medium enterprises), to adapt to and engage in digital transformation is highly important. To this end, we will support and incentivise SMEs in adopting electronic options such as electronic payments, provide them with necessary information and skills training, and more.

 

Just at the end of March, Cyberport has rolled out a pilot subsidy scheme for SMEs in the F&B (food and beverage) sector to purchase off-the-shelf digital solutions covering digital payment solutions, online promotion and customer management. The retail industry will be the next batch to benefit.

 

Finally, developing a sustainable talent strategy. We will continue to attract, retain and cultivate digital talent through enhancing education and training, as well as attracting talent and tech enterprises from outside Hong Kong. And we will also work to enhance digital literacy and competency for the whole community.

 

Concluding remarks

Ladies and gentlemen, I have highlighted just some recent developments of Hong Kong in the digital economy. And we know we’re just getting started. I do look forward to the many inspiring ideas that will help us drive the progress of digital transformation further and faster.

 

Financial Secretary Paul Chan gave these remarks at the Visionary Forum, part of the Digital Economy Summit 2024, on April 12.

via Moroccan Trader HK has multi-pronged digital strategy

Plan consolidates maritime strengths

The 14th Five-Year Plan has supported the development of Hong Kong in eight key areas, with the International Maritime Centre (IMC) as one of them. Our country has expressed unequivocal support for Hong Kong’s status as an IMC and its development of high-value-added maritime services, with the goal of better integrating into the national development. The same support is also evident in the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, which emphasises the enhancement of the aggregate international competitiveness of the Pearl River Delta port cluster and highlights the complementarity and mutual benefits among ports.

 

Multidimensional development

According to the 2023 Xinhua-Baltic: International Shipping Centers Development Index Report, which reflects the comprehensive strength of global maritime centres, Hong Kong ranked fourth in the world. The average time that sea-going cargo vessels stayed at Hong Kong port in 2023 was 0.95 days, which is significantly lower than the average of 1.85 days for the top 20 container ports in the world, as mentioned in the data from the Shanghai Shipping Exchange, demonstrating the high efficiency of Hong Kong port’s handling capacity.

 

Hong Kong’s shipping registration is widely recognised internationally, and we also ranked fourth globally in terms of gross tonnage. The detention rate of Hong Kong-registered vessels in port states worldwide was 0.81% in 2023 – again, much lower than the global average of 3.39%. The Baltic International Maritime Council designated Hong Kong as one of the four arbitration venues in 2020, alongside London, New York, and Singapore. According to a survey conducted by Queen Mary University of London, Hong Kong ranked third among the most popular arbitration venues globally, following London and Singapore. All these factors showcase Hong Kong’s exceptional all-round performance in the maritime industry.

 

Enhancing port competitiveness

We have been committed to continuously developing the comprehensive strength of Hong Kong’s maritime industry through our own expertise. We therefore launched the Maritime & Port Development Strategy Action Plan at the end of last year, to inject perpetual impetus into the development of the maritime industry.

 

I have previously described the action plan as a “body check” for Hong Kong’s maritime port industry, enabling us to strengthen the foundation and cultivate the future of the maritime industry.

 

The action plan outlines 10 major strategies and 32 specific action measures in four directions: enhancing port competitiveness, strengthening high-value-added maritime services, enhancing promotion of Hong Kong’s maritime brand and grooming maritime talents, as well as enhancing the support of the Hong Kong Maritime & Port Board, with an aim of consolidating and enhancing Hong Kong’s position as an IMC.

 

Port throughput

Hong Kong port’s throughput has always been conspicuous. As a small and externally-oriented economy, Hong Kong’s port activities are inevitably susceptible to changes in the global economic environment and geopolitical issues. The port industry has been a significant asset that Hong Kong has built over decades. As the only free port in China, coupled with the advantage of fast customs clearance and high efficiency as a “catch-up port”, with over 300 international container liner services connecting nearly 500 destinations worldwide on a weekly basis, along with our top-notch airport, cross-boundary land crossings, and transportation facilities that link Hong Kong with the rest of the world, we continue to be a globally pivotal hub port.

 

According to statistics from the Census & Statistics Department, Hong Kong’s container throughput in 2023 was 14.4 million TEUs. By employing the calculation method of Lloyd’s List, an authoritative media outlet in the international maritime industry, we estimated that Hong Kong’s container throughput ranks 10th in 2023 globally1, which is one place lower than that of 2022. While some may focus on the declining trend, I believe it is crucial for us to seize the opportunity to consolidate and develop the advantages of Hong Kong’s port and this has also been the ongoing direction of the Transport & Logistics Bureau’s efforts.

 

We have been enhancing the competitiveness of our port and are committed to making it green and smart. The action plan focuses on three aspects – Vessels, Cargo, and Destinations – with a view to enhancing our competitiveness by leading global cargo flows to utilise Hong Kong’s port. This includes developing Hong Kong into a quality green maritime fuel bunkering centre to provide clean energy such as green methanol and liquefied natural gas. It also promotes the development of a smart port by improving operational efficiency through a digitalised port community system. Additionally, we are strengthening co-operation with western Guangdong and other cities in the Greater Bay Area, with a view to expanding sources of cargoes and international connections, and increasing the origins and destinations of cargo handled through Hong Kong’s port.

 

Twin-track development

The World Triathlon Cup, Hong Kong took place last Sunday along the Central to Wan Chai harbourfront. The essence of endurance races like triathlons lies in finding the right rhythm and methods to achieve high scores in all categories. The shipping industry in Hong Kong has a history of over a century and serves as a testament to stamina. Despite the ebbs and flows along the way, we will go on with perseverance and resilience. We are working hard in enhancing our port’s competitiveness, developing high-value-added maritime services and improving the local maritime ecosystem, with a view to consolidating Hong Kong’s position as an IMC.

 

1 As there are still ports that have not announced their full-year throughput figures for 2023, the complete ranking by Lloyd’s List for the year 2023 is expected to be announced in the middle of this year.

 

Secretary for Transport & Logistics Lam Sai-hung wrote this article and posted it on his blog on March 30. (video)

via Moroccan Trader Plan consolidates maritime strengths

Unwavering support for family offices

You are the decision-makers and high-profile professionals driving family offices all over the world, coming all the way from different parts of Asia, the Middle East, North America, Europe, and beyond. And you are here these next few days to learn more about Hong Kong. About why Hong Kong is the preeminent choice in which to base your family office. Why Hong Kong will provide the best for your offices, and your families to thrive.

 

Ladies and gentlemen, I am happy to tell you why. This second Wealth for Good in Hong Kong Summit is among the high-profile events of Hong Kong’s Financial Mega Event Week.

 

Yesterday, I opened our inaugural One Earth Summit. Focusing on global climate and the green economy, it was co-organised by the World Economic Forum’s “Giving to Amplify Earth Action” initiative.

 

Today, the Milken Institute’s inaugural Global Investors’ Symposium was held here. It spotlighted opportunities in finance, technology, healthcare and philanthropy in Hong Kong and Mainland China as well as North Asia and more.

 

Events hub
These events are part of the emergence of Hong Kong as a hub for large-scale and international events. It’s a clear and compelling statement of this world city’s dynamism and potential for sustained growth – long down this 21st Century road of opportunities.

 

Tomorrow’s Wealth for Good in Hong Kong Summit brings together more than 400 influential decision-makers and professionals from the world’s leading family offices, significantly larger than last year’s inaugural summit.

 

Well over 20 prominent speakers from all over the world will address you, under the theme “Growing with Certainty amid Growing Uncertainty”. This is not an easy thing for us to talk about, but a very important thing for us to talk about. They will detail how Hong Kong’s strategic location and forward-thinking initiatives can contribute to wealth creation, preservation and succession among family offices.

 

And they will do so under four central summit discussion themes: green technology, luxury and legacy, philanthropy and wealth legacy, and wealth creation. This convergence of minds is set to ignite fruitful dialogues, and forge lasting partnerships.

 

Hong Kong’s financial sector, let me add, consistently leads the Asian region in numerous areas. In capital markets, we have been ranked number one for seven consecutive years in the volume of our international bond issuance. 

     

In risk management, Hong Kong is number one in Asia and number two in the world in insurance density, calculated based on premiums per capita. In asset and wealth management, our assets under management reached about US$4 trillion at the end of 2022, registering a strong 28% growth over the four-year period. We are also the biggest cross-border wealth management centre in Asia.

 

There is more. HKEX (Hong Kong Exchanges & Clearing Limited) is streamlining our listing regime, targeting specialised technology sectors to boost competitiveness.

 

That can only strengthen Hong Kong’s position as a premier technology hub. Great news for family offices and asset owners looking to invest in high-growth potential unicorns.

 

Hong Kong also leads Asia in green financing. We hold one-third of the region’s market share in the issuance of green bonds.

 

And we are the world’s largest offshore renminbi hub, presenting unparalleled opportunities to tap into assets dominated in the Chinese currency.

 

Attractive destination
Hong Kong’s tax concessions and arrangements for family offices, with a low minimum asset threshold as compared to other cities in the region, make it an attractive destination for asset owners to thrive.

 

Hong Kong also attracts investors because of our absence of local investment requirements, value-added tax and sales tax.

 

Ladies and gentlemen, these advantages and Hong Kong’s prowess as an international financial centre are all thanks to a unique framework. The “one country, two systems” principle ensures Hong Kong enjoys unparalleled connectivity with both Mainland China and the rest of the world.

 

And I am pleased to note that these advantages, including the Hong Kong Special Administrative Region Government’s unwavering support for family offices, have been welcomed by family offices and high-net-worth individuals. More than 2,700 family offices now operate in our city.

 

At last year’s summit, the Hong Kong SAR Government issued a momentous Policy Statement on Developing Family Office Businesses in Hong Kong. It outlines our directions and measures for attracting, and maintaining, global family offices and asset owners.

 

Over the past year, the policy statement’s eight initiatives have been progressively implemented.

 

They include InvestHK’s dedicated FamilyOfficeHK team and its wide-ranging services to global family offices. As at last month, this dedicated team has already helped nearly 60 family offices set up or expand their businesses in Hong Kong, and another 100 offices have indicated interest of expanding their presence here.

 

The policy statement’s initiatives also include the establishment of the Network of Family Office Service Providers. It connects professional service providers, offering family offices specialised services. The Hong Kong Academy for Wealth Legacy has also been launched. It was created to offer guidance to next-generation wealth owners and private wealth-management professionals.

 

And this month, the New Capital Investment Entrant Scheme opened. The scheme will allow family members to reside in Hong Kong and pursue development, allowing them – allowing you – to work and study here, bringing with you your unique experiences and talent to enrich our beautiful city. And I invite you to explore these and other initiatives designed to make it easy for you to call Hong Kong home.

 

They include our status as one of the world’s largest arts markets. Art Basel Hong Kong opens this week. More than 240 exhibitors are taking part, in this coveted global showcase of top galleries. That is up nearly 40% over last year. I would say that speaks, and brilliantly, of the art world’s renewed confidence in Hong Kong.

 

That comes as no surprise. The West Kowloon Cultural District, a vast piece of quality land next to our storied Victoria Harbour, is set to become Hong Kong’s largest cultural hub. The Hong Kong Palace Museum, which showcases national treasures from Beijing’s Forbidden City, and the M+ Museum, Asia’s first global museum of contemporary visual culture, have become a game-changer for our city’s modern and contemporary art credentials, and created a strong momentum in our arts market.

 

For many of you who are joining the official side events provided by the summit’s organiser, you will be able to see, and feel, the momentum, to enjoy the art, for yourself, ladies and gentlemen. This month is Art March in Hong Kong. Whether it is Art Basel or our colourful “Art@Harbour” project, whether you want to explore M+, the Hong Kong Palace Museum or any other art and culture venue or happening here in Hong Kong, we will make it easy – and amazing – for you.

 

After all, we are the world’s East-meets-West centre for international cultural exchange.

 

Ladies and gentlemen, I know you will enjoy this memorable evening, the stunning, cloud-side views and the good people all about you. And I wish you the best of business at tomorrow’s summit and throughout this promising year for your family business and for Hong Kong. Enjoy this evening and enjoy the coming days.

 

Chief Executive John Lee made these remarks at the Principal Dinner of the Wealth for Good in Hong Kong Summit on March 26.

via Moroccan Trader Unwavering support for family offices

HK backs sustainability reporting: CE

It is a great pleasure to be here, to have this welcome opportunity to speak to you, at the opening of the One Earth Summit.

 

The theme of this global gathering, “Planetary Crossroads: Investing in Innovations for a Sustainable Future”, highlights the importance of the challenges we face. For each and every one of us, for our families, companies and institutions, for the economies and countries we call home, for the world at large.

 

So it is reassuring to know that the speakers, as well as more than 500 attendees of this global summit, are internationally respected leaders and high-profile professionals in their fields. You have world-class expertise in the wide-ranging realm of sustainability, from finance and technology, to urban infrastructure and development, as well as agriculture, energy transition, new materials, industrial decarbonisation and more. Each of these sectors, and the critical challenges and boundless opportunities they present, are on today’s agenda, and will be considered and weighed for practical, real-life solutions.

 

As leaders, we should be united in our commitment to creating sustainable economic growth, and determined to realise a more equitable and resilient future. For all of us on this one Earth we share, this one Earth we pass down to our children and the generations to follow.

 

Hong Kong has long been a leading global financial centre. In recent years, we have also placed high priority on combating climate change, promoting sustainability, embracing a green economy and building collaboration, worldwide, in these critical areas.

 

In pursuing these goals, we are blessed with the unique advantages given to us under the “one country, two systems” principle. This principle allows Hong Kong to serve as the dynamic bridge between East and West, where diverse cultures, ideas and expertise come together.

 

Under the premise of “one country, two systems”, Hong Kong has long established its robust financial infrastructure, together with the rule of law, a market-oriented and internationalised business environment, internationally aligned regulatory regimes, and the free and unfettered flow of information, people and capital. These strengths, together with our fast-rising prowess as an innovation and technology centre, make Hong Kong the ideal nexus for building partnerships, for driving the innovative solutions the world needs to promote sustainability.

 

Statistics reveal that over the next 30 years, the Asian region alone will require some US$66 trillion in climate investment, which will contribute to supporting the region’s transition to a low-carbon economy.

 

This staggering figure underscores the magnitude of the challenge we face, and the critical role that green finance will play in addressing it.

 

Hong Kong is committed to channelling its expertise and resources towards meeting this immense demand. And we are making real progress.

 

In 2022, the total green and sustainable debt issued in Hong Kong, including bonds and loans, soared to US$80.5 billion. That was a remarkable increase of more than 40% over the previous year.

 

At the end of last year, our Securities & Futures Commission had authorised more than 200 ESG (environmental, social and governance) funds, with total assets under management exceeding US$160 billion. Again, an impressive growth of 24% and 20%, respectively, year-on-year.

 

Those numbers more than demonstrate Hong Kong’s ability to provide a flourishing environment for green finance and related investment products. They also cement our position as a leading regional force in promoting sustainable investment practices.

 

The Hong Kong Special Administrative Region Government has been working closely with financial regulators and the industry, taking a multi-pronged strategy to promote green and sustainable finance. It showcases Hong Kong’s formidable strengths as a financing centre for governments and green enterprises, in Mainland China and around the world.

 

We will sustain our issuance of green bonds, extend our green debt support to transition products, promote green fintech, and assist companies and financial institutions in sustainability reporting.

 

Which is why I am pleased to announce that, later today, the Financial Services & the Treasury Bureau of the Hong Kong SAR Government will release a statement outlining our vision for a strong system of sustainability disclosure, in full alignment with international standards.

 

Hong Kong is a business city and a financial hub. But certainly, Hong Kong’s commitment to sustainability goes beyond finance and commerce. Just last month, we had our first-ever hydrogen-powered double-decker bus on the road. We also established our first offshore liquefied natural gas terminal last year.

 

Today’s summit is among the international events highlighting Hong Kong’s inaugural Financial Mega Event Week.

 

They include this Wednesday’s Wealth for Good in Hong Kong Summit. The second such high-powered event for global family offices, it will explore wealth management in today’s volatile global economy, together with issues such as impact investment in technology. More importantly, it will offer invaluable opportunities for networking and collaboration.

 

And the Global Investors’ Symposium, organised by the Milken Institute, opens tomorrow here in Hong Kong, under the theme “Thriving Together: Bridging Global Markets”.

 

This is also Hong Kong’s Art March month, with the world-renowned Art Basel Hong Kong, and the Hong Kong International Film Festival opening this week.

 

I am sure you will also want to stay through the first weekend of April, for the Hong Kong Rugby Sevens. All the world-class sport and entertainment you can tackle, on and off the pitch.

 

Later this year, the Hong Kong Monetary Authority and the Dubai Financial Services Authority will co-host a Joint Climate Finance Conference in Hong Kong. It will spotlight the opportunities and challenges of transition financing for the Middle East and Asia. In short, a lot of exciting events and important collaborations are underway.

 

Allow me now to thank the Institute of Sustainability & Technology, and its founder, Prof Poman Lo, for organising this inaugural, and inspired, One Earth Summit. The co-organiser of this ambitious event is the World Economic Forum (WEF)’s “Giving to Amplify Earth Action” initiative. For that, and much more, I am grateful to the WEF.

 

My thanks, too, to the Financial Services & the Treasury Bureau and Invest Hong Kong, who are the host partners of this distinguished summit. And so many others have played a vital role in today’s global gathering, including different international chambers of commerce.

 

This is just the beginning – for the One Earth Summit, and for the sustainable future we are all working to realise.

 

Chief Executive John Lee gave these remarks at the One Earth Summit on March 25.

via Moroccan Trader HK backs sustainability reporting: CE

Deputy SJ attends UN meeting

Mr President,

 

Legislation on Article 23 of the Basic Law has just been passed by Hong Kong’s legislature, to discharge Hong Kong’s long overdue constitutional duty to enact laws on its own to safeguard national security.

 

First and foremost, each and every sovereign state has an inherent right to enact laws to safeguard its national security, including China. Many countries have enacted a host of national security laws based on their own national security risks and needs. The US has at least 21 pieces of legislation; the UK has at least 14 pieces; Canada has at least 9 pieces; and Singapore has at least 6 pieces.

 

The Basic Law Article 23 legislation will better protect our country from genuine threats to national security in the increasingly intricate geopolitics of our time. The legislation fully aligns with the principles of international laws and practices. The comments by some countries and organisations on this are made in complete disregard of basic jurisprudence and facts, and demonstrate nothing more than double standards and sophistry.

 

Second, the legislation clearly specifies that the rights and freedoms enshrined in the Basic Law, as well as the provisions of the International Covenant on Civil & Political Rights and the International Covenant on Economic, Social & Cultural Rights as applied to Hong Kong, are to be protected in accordance with the law. This important principle forms a cornerstone of the legislation, and is literally written in the new law.

 

Our new legislation also strictly adheres to the principles of rule of law. The laws are certain and clear, and they come with appropriate exceptions and defences. There is no question that the general public will inadvertently violate the law. 

 

Last but not least, the legislative exercise has gained very wide support from the Hong Kong community.

 

Mr President, any attempt to discredit or undermine the legislation on Article 23 is misguided at best. We are confident that the legislation will bring about a stable and prosperous future for Hong Kong with the rights and freedoms enjoyed in accordance with the law fully protected, as always. Thank you.

 

Deputy Secretary for Justice Cheung Kwok-kwan delivered this speech on the Basic Law Article 23 legislation at the 55th regular session of the United Nations Human Rights Council in Geneva, Switzerland on March 20.

 

Joining him for the meeting were representatives of the Department of Justice, the Security Bureau and the Constitutional and Mainland Affairs Bureau.

 

The Hong Kong Special Administrative Region Government officials attended the meeting as members of China’s delegation.

via Moroccan Trader Deputy SJ attends UN meeting

FS welcomes strategic enterprises

Allow me to congratulate you on choosing Hong Kong to expand your business in this region. Whether you are setting up a global R&D (research and development) centre or regional headquarters, rolling out new trade, or developing Web3 payment services or production facilities for green and low-carbon construction technologies, Hong Kong is where you want to be. 

 

We have a comprehensive and sophisticated financial ecosystem to support your funding needs at all stages of development. Our world-class academic and research institutions and their R&D capabilities offer boundless opportunities for collaboration. The “one country, two systems” arrangement is here for the long run. It guarantees openness and global connectivity, the rule of law, the free flow of capital, data, talent, as well as seamless alignment with best international business practices.

 

Strategic enterprises are our highly valued partners. By expanding your operations here, you will bring investments, advanced technology and job opportunities to our community. And beyond investments and jobs, the entrepreneurship and innovation spirit that you will inject into our economy are highly treasured.

 

Ladies and gentlemen, today’s ceremony is another significant advance in Hong Kong’s rise as an international innovation and technology hub. OASES (Office for Attracting Strategic Enterprises) will continue to reach out to strategic enterprises. This year, it will meet with more than 300 of them from around the world. And I have no doubt that there will be more significant signings in the months, and years, to come.

 

There is much more that we are striving hard at. We will continue to support R&D to drive the commercialisation of research outcomes, as well as new industrialisation. We will continue to nurture local startups and talent, enhance STEM (science, technology, engineering and mathematics) education and boost the compelling collaboration with our sister cities in the Greater Bay Area.

 

With the support of the community, and you, our partners, I am confident that Hong Kong is on its way to becoming a beacon of innovation and technological excellence in the Asian region and the world beyond. 

 

I am grateful to OASES, the Innovation, Technology & Industry Bureau, Invest Hong Kong and other government departments, for their diligent and invaluable work in bringing a world of strategic enterprises and talent to Hong Kong.  

 

I wish you all the best of health and business in the year to come and a long and rewarding future with us here in Asia’s world city.

 

Financial Secretary Paul Chan gave these remarks at the OASES Partnership Signing Ceremony on March 20.

via Moroccan Trader FS welcomes strategic enterprises

Article 23 legislation effective Mar 23

Today marks a historic moment for Hong Kong. It is a historic moment that Hong Kong has been waiting 26 years, 8 months and 19 days for. It is a historic moment where the Sixth-term Government and the Seventh Legislative Council (LegCo) of the Hong Kong Special Administrative Region have finally accomplished a glorious mission together. It is a proud moment for all of the Hong Kong SAR in collectively making glorious history.

 

Today, the constitutional responsibility and historic mission of legislating for Article 23 of the Basic Law have finally been fulfilled. The Safeguarding National Security Bill has been passed after the third reading, ensuring the effective protection of national security.

 

This year marks the 10th anniversary of President Xi Jinping’s proposal of the holistic view of national security. On this very day, we have fulfilled our constitutional responsibility of enacting local legislation under Article 23 of the Basic Law. We have accomplished this historic mission, living up to the trust placed in us by the central government and the country. I will sign the bill and promulgate the Safeguarding National Security Ordinance by publication in the gazette on the 23rd. In other words, the ordinance will officially take effect on March 23, 2024.

 

The Safeguarding National Security Ordinance enables Hong Kong to effectively prevent, suppress and punish espionage activities, conspiracies and traps from foreign intelligence agencies, and infiltration and sabotage by hostile forces. We can effectively prevent “black-clad violence” and “colour revolution”. We can effectively prevent Hong Kong independence and violent destruction. We no longer need to worry about saboteurs’ “mutual destruction” threats in Hong Kong and their acts of damaging public facilities, throwing petrol bombs, setting fires, assaulting citizens with differing opinions, pushing Hong Kong into an abyss, and destroying years of our city’s development. From now on, the people of Hong Kong will no longer experience these harms and sorrows.

 

The Safeguarding National Security Ordinance aligns with three principles, as stipulated in its provisions. These three principles are:

     

(1) the highest principle of the policy of “one country, two systems” is to safeguard national sovereignty, security and development interests;

(2) human rights are to be respected and protected, and the rights and freedoms, including the freedoms of speech, of the press and of publication, the freedoms of association, of assembly, of procession and of demonstration, enjoyed under the Basic Law and the provisions of two international covenants as applied to the Hong Kong SAR, namely the International Covenant on Civil & Political Rights and the International Covenant on Economic, Social & Cultural Rights, are to be protected in accordance with the law; and

(3) for acts and activities endangering national security, there must be adherence to active prevention in accordance with the principle of the rule of law, and suppression and punishment in accordance with the law.

     

The Safeguarding National Security Ordinance demonstrates three key objectives:

     

(1) to resolutely, fully and faithfully implement the policy of “one country, two systems” under which the people of Hong Kong administer Hong Kong with a high degree of autonomy;

(2) to establish and improve the legal system and enforcement mechanisms for the Hong Kong SAR to safeguard national security; and

(3) to prevent, suppress and punish acts and activities endangering national security in accordance with the law, to protect the lawful rights and interests of the residents of the Hong Kong SAR and other people in the Hong Kong SAR, to ensure the property and investment in the Hong Kong SAR are protected by the law, to maintain prosperity and stability of the Hong Kong SAR.

     

The Safeguarding National Security Ordinance has four characteristics:

     

(1) the ordinance achieves convergence, compatibility and complementarity with the Hong Kong National Security Law and other Hong Kong laws concerning national security;

(2) the ordinance made reference to the experience of other common law jurisdictions, but is implemented in the light of the actual situation in Hong Kong;

(3) the provisions of the ordinance were written in line with common law conventions, and are detailed, clear and easy to understand; and

(4) the ordinance improved laws which were obsolete and inadequate.

     

I unveiled and embarked on the mission of legislating for Article 23 of the Basic Law at the Chief Executive’s Interactive Exchange Question & Answer Session in LegCo on January 25. My consultation with LegCo was immediately followed by the public consultation from January 30 to February 28.

     

The Government has received over 13,000 submissions of opinions, of which 98.6% showed support and gave positive comments, indicating that the legislation has strong popular support.

     

I would like to express my gratitude to the President and all Honourable Members of LegCo. From convening a council meeting for the first and second readings of the Safeguarding National Security Bill, and the unremitting scrutiny by the Bills Committee and the unwavering support of the House Committee, to convening a full council meeting today for the resumption of the second reading debate, third reading and passage, their focus has always been on the genuine and urgent need of the legislation. They have upheld the goal of completing the legislative work as soon as possible, and fulfilled the Hong Kong SAR’s constitutional duty that has been long awaited in the past 26 years, 8 months and 19 days.

     

Here, I would like to extend my gratitude firstly to President Andrew Leung for leading LegCo to express support for the necessity and urgency of enacting the Safeguarding National Security Ordinance, for convening special meetings to expedite the completion of the legislative work as soon as possible to safeguard national security as well as for ensuring the scrutiny proceeded in an orderly manner according to established procedures. President Leung has disclosed that every morning when checking his mobile phone, he would receive text messages from a number of members, all about Article 23. He cared for Article 23, day and night, and he felt that all members attached as much importance to the legislative work for Article 23 as he did. The unity and sharing the same goal with all members had given him a boost in taking things forward.

     

I also sincerely thank all members of the Bills Committee, including Chairman Martin Liao, Deputy Chairman Chan Hak-kan and the 13 committee members. They engaged in intensive scrutiny of the bill, nearly ceaselessly from 9am to 7pm on seven consecutive days. They often expended a significant amount of time deliberating individual clauses. On one occasion, more than 1 hour and 20 minutes was spent in the examination of a single clause, while instances where more than 30 minutes was spent on a single clause were aplenty. The Bills Committee, together with the subcommittee earlier set up by the House Committee to study matters relating to Basic Law Article 23 legislation, convened 25 meetings in total, and devoted nearly 50 hours to scrutinise every clause of the bill in detail, raising over 1,000 questions and comments and resulting in 91 amendments. Every member has been conscientious and completed the scrutiny process with high quality and high efficiency. I know that in order to ensure the effective scrutiny of the bill, Chairman Liao did a lot of preparatory work in advance, especially in preparing for possible situations where the chairman had to make rulings. But in the end, that became unnecessary. As every committee member did their preparatory work thoroughly, the process of scrutiny was very smooth and there was no need for him to make any ruling. He told others that he felt encouraged by members’ unity and determination in accomplishing this historic mission.

     

I also take the opportunity to thank Chairman Starry Lee and all members of the House Committee for agreeing to the Government’s proposal to expedite the introduction of the bill to the council for consideration. With her other capacity as a member of the Standing Committee of the National People’s Congress, Chairman Lee had to travel twice in two days between Hong Kong and Beijing during the “two sessions”. She had indicated that the experience was unforgettable but worthwhile.

     

The entire legislative process at LegCo was conducted in accordance with procedures throughout, and lawmakers scrutinised the bill diligently and meticulously. Speeches by members covered diverse perspectives and a wide range of topics. Some focused on details, others on principles, and some discussed ideologies. The content was comprehensive and in-depth. The scrutiny process, proceeded under the goal of completing the legislative work as soon as possible, was of high quality and high efficiency. Today, we have passed the Safeguarding National Security Bill. It demonstrates the greatest value of “patriots administering Hong Kong”, enabling the Hong Kong SAR to gloriously accomplish the sacred mission of legislating for Article 23 of the Basic Law.

     

Furthermore, I would like to express my gratitude to the Government for staying united in contributing to the Basic Law Article 23 legislation. In particular, I want to pay tribute to my colleagues in the Security Bureau and the Department of Justice. I thank Secretary for Justice Paul Lam, Secretary for Security Tang Ping-keung, and relevant colleagues in the Security Bureau and the Department of Justice, who have worked tirelessly from conducting consultation, drafting legislative proposals, and explaining and rebutting criticisms, to assisting LegCo in scrutinsing the bill. I recall a number of occasions when I made phone calls to the offices of the Security Bureau and the Department of Justice. I only realised, after hanging up the phone and checking the clock on my desk, that it was already two or three in the morning. I am proud and grateful for their dedication, enthusiasm and professional competence. They are heroes in my heart and guardians of the Hong Kong SAR.

     

Finally, I would like to thank everyone who loves the country and Hong Kong for supporting and advocating for the Basic Law Article 23 legislation. With our concerted efforts, we have put an end to a predicament that has plagued Hong Kong for 26 years, 8 months and 19 days, and made glorious history for the Hong Kong SAR. With the passage of the Safeguarding National Security Bill, we will be able to effectively safeguard national security, allowing Hong Kong to move forward without worry or burden, and focus on developing the economy and improving people’s livelihoods. Together, we will make Hong Kong a more prosperous and better home for everyone.

     

History bears witness to this important moment, witnessing our joy, inspiration and pride, and witnessing our collective contribution to the glorious history of the Hong Kong SAR. Thank you, Mr President. Thank you, Honourable Members.

 

This is the English translation of the address by Chief Executive John Lee at the LegCo meeting on the council’s passage of the Safeguarding National Security Bill on March 19.

via Moroccan Trader Article 23 legislation effective Mar 23