Govt supports special needs children

Children are our hope for the future. Their potential and talent are key to driving society to move forward. UNICEF works in over 190 countries and territories worldwide to support children in need. In our city, UNICEF Hong Kong has been joining with the Government to promote children’s rights through a number of children- and youth-related programmes.

 

An example of such joint efforts is the Say Yes To Breastfeeding campaign initiated by UNICEF Hong Kong and supported by the Health Bureau and the Department of Health. Since its launch in 2015, the campaign has received positive responses from various sectors. It now covers close to 440 breastfeeding spaces for public access as well as over 1,200 workplaces for working parents, offering greater convenience to breastfeeding mothers. These actions speak of UNICEF Hong Kong’s efforts in caring for children.

 

The current-term Government continues to safeguard children’s rights and well-being. I am leading a high-level Commission on Children, with members coming from government bureaus and departments as well as relevant sectors of society. Our mission is to drive children-related policies and initiatives, with strategies and priorities set on children’s development and advancement.

 

In particular, the Government takes children’s right to protection, free from harm and abuse, very seriously and our pro-children efforts are now focused on two key areas.

 

First, we are preparing for establishing a mandatory reporting mechanism for suspected child abuse cases, with a view to achieving early and effective intervention into such mishaps. Our aim is to introduce the bill into the Legislative Council in the first half of this year.

 

Second, we are conducting a holistic review on residential child care and related services to better care for children without parental care or children with urgent care needs. With the first-phase review completed last year, we are following up a number of recommendations. They include providing additional frontline support staff, enhancing the manning ratio of child care services, and strengthening inspection and enforcement.

 

Meanwhile, the Government is equally determined to support pre-school children with special needs. The government Budget, announced just two days ago, has allocated an annual recurrent expenditure of about $174 million for offering comprehensive and timely assistance to pre-school children with different levels of special needs. Inter-disciplinary service teams under a school-based and integrated approach will be deployed to achieve optimum results.

 

Turning to long-term youth development plans, the Government launched a Youth Development Blueprint last December. It contains over 160 concrete actions and measures, seeking to nurture a young generation with an affection for the motherland and Hong Kong, and equip them with a global perspective, an aspiring mindset and positive thinking.

 

Chief Secretary Chan Kwok-ki gave these remarks at the UNICEF HK 35th Anniversary Gala Dinner on February 24.

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Govt focuses on nurturing talent

Established in 1963 by bringing together three colleges, the Chinese University of Hong Kong (CUHK) has strived for excellence over the past 60 years and become a forward-looking comprehensive research university to date. Its performance is recognised worldwide, notably by a record-high ranking of 38th in QS World University Rankings.

 

Day by day, CUHK nurtures quality talent; carries out ground-breaking research; and takes forward new projects, including setting up state-of-the-art scientific research facilities. The university’s excellence is underpinned by a wide range of undergraduate and postgraduate programmes; a unique college system that delivers whole-person education; bilingualism; multiculturalism; and many more.

 

With the COVID-19 epidemic under control, our social and economic activities are progressively resuming as normal. We are now set to focus on economic development. As the cradle of talent, post-secondary education provides a strong impetus for it; and CUHK is certainly one of the key players.

 

The current-term Government spares no effort to support the higher education sector in strengthening Hong Kong’s talent pool. In the coming five years, our target is that 60% of the students from the University Grants Committee (UGC)-funded universities, including CUHK, will be studying subjects relevant to Hong Kong’s development of the “eight centres” under the National 14th Five-Year Plan, and 35% studying STEAM (science, technology, engineering, the arts and mathematics) subjects.

 

With innovation and technology as our top priority, we will progressively increase the number of publicly-funded research postgraduate places to 7,200 in the 2024-25 academic year. Together with the uplift of the over-enrolment ceiling of such places to 100% from 2021 onwards, the capacity of the UGC-funded universities in enrolling research postgraduate students will increase by over 50%. This will lay a solid foundation for the universities, including CUHK, to conduct extensive scientific research and nurture talent.

 

Also, we will launch a Research, Academic & Industry Sectors One-plus Scheme worth $10 billion. The scheme will drive co-operation among industry, academic and research sectors to further promote “1 to N” transformation and commercialisation of research outcomes. We believe CUHK’s research outcomes will benefit from such a scheme.

 

Looking beyond our city, the future of the Guangdong-Hong Kong-Macao Greater Bay Area is just as promising. I am glad that CUHK has been expanding its footprint in the bay area over the years, with a number of education and research platforms set up.

 

I am equally excited by the double major programme to be jointly launched by CUHK and CUHK-Shenzhen, nurturing talent in interdisciplinary data analytics as well as specific disciplines like science, engineering and business.

 

Chief Secretary Chan Kwok-ki gave these remarks at the 60th Anniversary Commencement Ceremony of the Chinese University of Hong Kong on February 12.

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Law underpins HK’s attractiveness

As a leading global financial centre, Hong Kong offers a full range of investment choices and financing solutions. Be it traditional investments, alternative assets (such as private equity, hedge funds), green and sustainable financing, or virtual assets. You name it, we have it. Such an important and competitive edge of Hong Kong is underpinned by its robust and internationally regarded common law legal system, which connects and bridges Mainland China to the global market. Hong Kong therefore plays an important role of “super-connector” by facilitating Chinese enterprises to “go global” in doing business overseas on the one hand, and bringing in capital, skills and talent to China on the other. We are in a unique position for everyone who wishes to seize the investment and business opportunities brought by our national strategies.

 

The Belt & Road Initiative is an important national development strategy which promotes co-operation, furthers market integration and facilitates connectivity, trade and people-to-people bonds amongst countries and regions along the Belt & Road; and the Gulf countries are important partners in these pursuits.

 

Another national development strategy that will bring immense opportunities is the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area – we always call it the Greater Bay Area. It is the innovative powerhouse of China and home to unicorns and thriving technology startups. This is evidenced by impressive figures: utilised foreign direct investment in the Greater Bay Area in 2021 amounted to over US$153 billion. This means that the Greater Bay Area development is a prime focus that global investors should closely watch out for.

 

As said earlier, Hong Kong’s robust and highly renowned common law system lays a solid foundation for investment, financing and wealth management activities to thrive. We have been the world’s top IPO destination for seven of the past 13 years. To further enhance Hong Kong’s edge, Hong Kong is positioned, amongst others, as a centre for international and dispute resolution services in the Asia-Pacific Region in our national strategies with strong support from our Central People’s Government.

 

All these encouraging developments are premised on Hong Kong’s distinctive advantages that I am going to showcase to you.

 

HK’s strengths: “one country, two systems” and our common law system

Under the innovative principle of “one country, two systems”, Hong Kong is part of China but retains its own common law system and way of life. We are the only common law jurisdiction in China, and the common law system gives Hong Kong a unique role within China and beyond.

 

The international commerce and international investment laws are originated from common laws, and therefore, our common laws allow us to closely connect with the international business community. The commercial and property laws of Hong Kong are comprehensive, encompassing intellectual property, companies, finance and debt restructuring legislation, etc. The combined benefit of all these is to provide investors with solid legal protection whether they are investing in Hong Kong or channelling investments through Hong Kong to the Mainland or to other economies.

 

I am sure our friends here at the United Arab Emirates (UAE) are well acquainted with the advantages of adopting the common law in the adjudication of civil and commercial disputes. Two common law courts are established here to deal with financial disputes. The Dubai International Financial Centre Courts (DIFC Courts) administers a “unique English-language common law system” and the Abu Dhabi Global Market Courts (ADGM Courts) directly applies English common law. I note with great pride and satisfaction that there are current and former eminent members of the Hong Kong Judiciary sitting as judges in these two judicial institutions to offer their expertise. This is evidence that our common law system and judges are highly recognised on the international plane and also here in UAE.

 

Certainly you are aware of the benefits of the common law for business, including its rich heritage, excellent reputation, resilience and adaptability to the changing needs and thus the establishment of aforesaid centres. Hong Kong’s common law system not only share all these characteristics, it is also truly bilingual, with both Chinese and English being our official languages and judgments and legislations are all accessible in the public domain, which makes our legal system transparent to the global business community. Hong Kong is therefore an obvious choice when you are considering investment and business opportunities in China.

 

HK’s alternative dispute resolution services

Hong Kong’s well-established legal system and infrastructure, together with its comprehensive dispute resolution mechanism, have provided a solid foundation for establishing Hong Kong as a major international legal and dispute resolution centre in the Asia-Pacific region, which can provide proper legal protection and recognition for cross-border transactions and investments of enterprises.

 

On arbitration, Hong Kong ranked the third most popular seat for arbitration in 2021.This is due to many factors, including our world-class legal framework for arbitration, which is constantly updated to reflect international best practice. We offer diverse funding modes for arbitration which ensures access to justice. Third party funding for arbitration and outcome-related fee structure agreements were allowed in Hong Kong.

 

Our arbitration institutions are also well respected globally, with our homegrown dispute resolution institution, namely the Hong Kong International Arbitration Centre, being one of the top three most preferred arbitral institutions in the world. On mediation, the International Organization for Mediation is an international inter-governmental organisation which aims to provide friendly flexible, economical and efficient mediation services for international disputes. Its Preparatory Office will formally commence operation in Hong Kong very soon.

 

Investor protection

Before I conclude, I only wish to add that there is a strong legal framework for protection of investors in Hong Kong.

 

From an international perspective, Hong Kong, China and UAE signed an Investment Promotion & Protection Agreement in 2019 to strengthen mutual investment protection. Domestically in Hong Kong, financial activities, such as initial public offering, listing of special purpose acquisition companies, etc are regulated by a comprehensive legal framework and oversighted by strong and efficient market regulators. Requirements in Listing Rules relating to corporate governance, ESG (environmental, social and governance) responsibilities, weighted voting rights, disclosure of connected transactions, prevention of backdoor listing, etc are all there to secure a level playing field in the market, to ensure the quality of the companies listed in Hong Kong and to provide protection to the investing public.

 

Enforcement actions have also been taken against market misconduct such as insider dealing, market manipulation, etc without hesitation, so as to ensure a fair, efficient, competitive, transparent and orderly market.

 

Conclusion

Ladies and gentlemen, Hong Kong is richly endowed with all the qualities of a vibrant and attractive financial and business hub. In terms of its legal infrastructure, Hong Kong’s common law system and comprehensive dispute resolution framework provide a solid backdrop for business and investment in and through Hong Kong. On this note, I hope you enjoy the rest of the forum with its most insightful discussions.

 

Deputy Secretary for Justice Cheung Kwok-kwan gave these remarks at the “Hong Kong – Your Partner in Asia” session of the Sharjah Investment Forum in the United Arab Emirates on February 9.

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HK a key Middle East connector

It is business and friendship that brought me here, on one of my first overseas visits as the Chief Executive of the Hong Kong Special Administrative Region of the People’s Republic of China. And with me today are some 30 high-level Hong Kong leaders from a great variety of sectors and industries.

 

We are here to tell you that Hong Kong is back on the centre stage again. Back in active business, back in the active business of creating opportunities for Abu Dhabi, for the United Arab Emirates (UAE), for each and every one of you. No quarantine, no isolation, no restrictions whatsoever. We are on a clear path of recovery after three years of the COVID-19 pandemic, and recovery means opportunities, abundant opportunities for development and for prosperity.

 

It helps, considerably, that we are strong and longstanding business partners. Indeed, the UAE is Hong Kong’s largest trading partner in the entire Middle East region.

 

HK-UAE ties

Between 2017 and 2021, our two economies enjoyed an annual average growth of 4.1%. About 9.5% of the buoyant and growing trade between the UAE and Mainland China was routed through Hong Kong in 2021.

 

It goes to show that the UAE is a key link in our country’s Belt & Road Initiative, a global initiative built on infrastructure, on trade and people-to-people bonds, and that Hong Kong is an important platform connecting the country with the vast opportunities in the Middle East region.

 

Hong Kong can join you all in supporting your Belt & Road ventures. We are a leading international financial centre. We are expanding our financial services offerings to play a pivotal role in the Belt & Road and other national programmes.

 

Thanks to the unique principle of “one country, two systems”, which has been in place since Hong Kong’s return to the motherland in 1997, Hong Kong is bestowed with the unrivalled advantages of enjoying our country’s strong support while maintaining high and open connectivity with the rest of the world.

 

As the world’s largest offshore renminbi business hub, we can support the offshore renminbi transactions and other financial activities your Belt & Road projects need.

 

Alongside capital, our professional services are world-class. From feasibility studies and project management, to architectural and engineering design, risk management, legal services and more, Hong Kong is your one-stop Belt & Road centre for professional services.

 

The creative industry is another area that promises rewarding co-operation between us. Abu Dhabi’s continuing rise as an international centre for arts and culture has been remarkable.

 

It is much the same with Hong Kong, where the West Kowloon Cultural District, one of the world’s largest cultural infrastructure projects, is fast being realised. Our country’s 14th Five-Year Plan supports Hong Kong’s hub role as an East-meets-West centre for international art and cultural exchange. I look forward to wide-ranging cultural exchange between us, between our creative sectors and the institutions and artists who make them thrive.

 

I am pleased to note that we have already laid a solid foundation to promote future co-operation. The UAE-Hong Kong Investment Promotion & Protection Agreement, which entered into force nearly three years ago, has taken our relationship to the next level.

 

So too, has the establishment of the first Hong Kong Economic & Trade Office in the Middle East region. It opened in Dubai in October 2021.

 

And it is a clear and compelling statement of the great importance we place on building ever stronger ties with the UAE. With you.

 

Middle East ventures

The Hong Kong Monetary Authority plans to lead a high-level financial delegation to visit the UAE and other Middle East locations later this year. This time last year, our Monetary Authority signed an MOU (Memorandum of Understanding) with the Central Bank of the UAE on fintech collaboration.

 

That alliance has expanded. It now includes their participation in the Multiple Central Bank Digital Currency Bridge, or Project mBridge, together with the People’s Bank of China, the Bank of Thailand and Hong Kong’s BIS Innovation Hub Centre. Late last year, Project mBridge became one of the world’s first multi-central bank digital currencies to settle real-value, cross-border transactions on behalf of corporate clients. And we are just getting started.

 

Hong Kong and the UAE are just getting started in other new economy – new opportunity – areas as well. Our two governments have agreed to explore signing a memorandum of understanding on co-operation in green and sustainable finance.

 

Working together is key to success. Together today, together tomorrow. I am confident Hong Kong and the UAE will continue our rewarding co-operation, creating strong business networks, and opportunities, built on just such partnerships.

 

Chief Executive John Lee gave these remarks at the Abu Dhabi-Hong Kong Business Forum & Networking Luncheon on February 7.

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John Lee shares technology vision

It gives me great pleasure to be here, in Riyadh, for this year’s LEAP Tech Conference, one of the world’s leading technology gatherings. I am here, let me add, with a high-profile Hong Kong delegation, and we look forward to talking to as many of you as we can today.

 

This inspired, and inspiring, conference, together with its Into New Worlds theme, smartly reflects Saudi Arabia’s rise as an innovation and technology-driven economy, and society, under Vision 2030.

 

It speaks, too, of each and every one of you – technology innovators, investors and policymakers from all over the world and from every sector, industry and business fast-changing our world.

 

I am honoured to speak to you today about Hong Kong and our technology-powered vision for the future.

 

While Hong Kong has been troubled for three years by COVID-19, we have already opened ourselves up to connect to the world, and just today, we resumed normal travel with the Mainland. Therefore, first, if you are wondering, you need wonder no more. Yes, Hong Kong is onstage again. Here, on the Main Stage of the LEAP conference, and on the centre stage of the global arena. We are back in the business of creating business opportunities for you.

 

We are also back to the business of pleasure, of welcoming travellers from all over the world. Just a few days ago, I launched “Hello Hong Kong”, a huge promotional campaign that, among many other things, will give away 500,000 free air tickets – yes, that’s half-a-million complimentary air tickets – to welcome the world back to Hong Kong.

 

And you need not wonder about restrictions, either. There are none. Hong Kong is now wide open for tourists, as well as businesses.

 

We are also inviting prominent individuals from all over the world – from business, politics, the media, entertainment and other sectors – to come to Hong Kong, to see, first-hand, all that you have been missing these last three years because of the pandemic: one of the world’s great global cities, for business and investment, for culture and entertainment and for much more.

 

The flourishing future of Hong Kong is being built on “one country, two systems”.

 

Implemented since our return to the motherland in 1997, the unique principle of “one country, two systems” has all along ensured that Hong Kong enjoys the country’s steadfast support, while staying highly and openly connected with the rest of the world. This unparalleled advantage is buttressed by our robust rule of law and intellectual property rights protection, and fully supported by our country’s national strategies.

 

Also supported by our country is Hong Kong’s active participation in the Belt & Road Initiative, a grand plan launched by President Xi Jinping in 2013 to promote regional and international collaboration.

 

Hong Kong is a critical gateway for the Belt & Road Initiative, and has plenty to offer the over 180 countries and international organisations covered by the initiative, including the Kingdom of Saudi Arabia and other Middle East countries.

 

Hong Kong, a major international financial centre, being part of China, and the world’s largest offshore renminbi business hub, provides capital for Belt & Road economies, companies and projects. Alongside capital, we also serve as a bridge enabling the flow of talent and knowledge between the Mainland and the world at large.

 

Capitalising on our solid foundation and superb connectivity, Hong Kong is on the fast track to becoming an international innovation and technology hub.

 

Hong Kong is now home to five of the world’s top 100 universities. Mind you, Hong Kong is only a city of 1,100 kilometres. The number of start-ups in Hong Kong has soared – from about 1,000 in 2014 to some 4,000 last year. Over that same period, we have raised 10 unicorns. Hong Kong was ranked second, overall, in the 2022 World Digital Competitiveness Ranking’s “technology” factor.

 

It helps, too, that Hong Kong is among the world’s leading financial centres, channelling substantial funding into innovation and technology (I&T). Venture capital investment in Hong Kong surged from US$154 million in 2014 to US$5.3 billion in 2021.

 

Hong Kong is also the world’s leading fundraising hub for biotechnology companies.

 

Just two months ago, we launched the Hong Kong Innovation & Technology Development Blueprint. Over the next few minutes, allow me to touch on a few of the blueprint’s far-reaching themes.

 

We are accelerating the transformation and realisation of research and development outcomes. We are also working to achieve new industrialisation for Hong Kong. That means increasing I&T land supply and upgrading supporting infrastructure.

 

In recent years, we have set up a number of innovation and technology venture funds, significantly broadening fundraising channels for start-ups. We will continue to diversify venture financing conduits, optimising, for example, Hong Kong’s existing listing regime, and attracting additional sources of capital investment.

 

The Hong Kong Special Administrative Region Government recently set up a Strategic Tech Fund worth about US$637 million. It’s supporting Hong Kong tech companies, while attracting foreign start-ups.

 

Alongside capital, talent drives I&T. To that end, we have recently established the Office for Attracting Strategic Enterprises. In particular, we are targeting companies, and individuals, from such fields as life and health technology, artificial intelligence and data science, financial technology, advanced manufacturing and new-energy technology.

 

My goal is to attract at least 100 I&T enterprises, or representatives, to set up or expand their business in Hong Kong over the next five years and, in doing so, bring in more than US$1.2 billion of investment.

 

The Guangdong-Hong Kong-Macao Greater Bay Area is central to our I&T vision. The bay area is a cluster-city development integrating nine cities in southern China together with Macau and Hong Kong. It is destined to rise as a world-class technology and innovation hub.

 

With a population of some 86 million and a combined gross domestic product of about US$1.7 trillion, equivalent to the world’s ninth-largest economy, the bay area presents immense potential for investment and development. Hong Kong will play a pivotal role in realising these ambitions.

 

The 1.2 million square-metre Hong Kong-Shenzhen Innovation & Technology Park, now under development, will become Hong Kong’s largest I&T centre. No less critical, it will serve as the bridgehead for I&T co-operation between Hong Kong and Shenzhen, serving as a hub of global technological innovation and important source of emerging industries.

 

We welcome I&T companies from the Kingdom of Saudi Arabia and throughout the Middle East to set up a presence in Hong Kong, to join us in building an international I&T hub in Asia.

 

Indeed, Hong Kong has developed a number of initiatives to promote global I&T co-operation. They include the establishment of our InnoHK research clusters, focused on healthcare and artificial intelligence and robotics.

 

To date, the two clusters, at Hong Kong Science Park, have established 28 research laboratories, bringing together more than 30 prominent universities and research institutions from 11 economies. They are collaborating with Hong Kong universities and research organisations on world-class research.

 

We are also planning to establish an InnoLife Healthtech Hub in the Hong Kong-Shenzhen Innovation & Technology Park. It will pool the formidable research strengths and resources of laboratories in Hong Kong, Shenzhen and beyond.

 

From challenges to solutions, co-operation to commercialisation, small to substantial, Hong Kong works with our motherland and global partners to harness the power of I&T. Working together, I am confident we can create a sustainable and prosperous future for us all.

 

I am grateful to the Kingdom of Saudi Arabia’s Ministry of Communications & Information Technology for giving me this invaluable opportunity to speak to you today.

 

I wish you all a rewarding conference. And all the best of business, health and innovation in this promising Year of the Rabbit.

 

Ladies and gentlemen, I look forward to seeing you all in Hong Kong, and to saying hello to you in Hong Kong soon.

 

Chief Executive John Lee gave these remarks at the LEAP 2023 technology conference: Main Stage held in Riyadh, Saudi Arabia on February 6.

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