HK maritime services’ role crucial

The Transport & Logistics Bureau signed a Memorandum of Understanding (MOU) with the Guangzhou Port Authority yesterday to promote the co-operation, publicity and promotion of port and maritime services between Guangzhou and Hong Kong in order to provide higher quality, more efficient, fairer, more sustainable and safer port and maritime services and protection. It strives to turn Guangzhou and Hong Kong into a leading domestic and international demonstration zone for port and maritime management, and to enhance the international competitiveness and influence of the Guangdong-Hong Kong-Macao Greater Bay Area port cluster towards the world. At the same time, we will strengthen the exchange of talent to better integrate into the overall development of the country.

 

The MOU is a concrete example of tapping the Greater Bay Area synergy to enhance mutual competitiveness. By establishing a collaboration mechanism, sharing regulatory and management standards, enhancing promotion as well as manpower exchanges, Hong Kong is set to drive the development of a world-class port cluster with high value-added maritime services.

 

Under the principle of “one country, two systems” and as enshrined in the Basic Law, Hong Kong practises the common law with which the international shipping community is more familiar. In addition, Hong Kong is an international financial, trade and shipping centre, as well as the world’s largest offshore renminbi business centre. With the central government’s support, Hong Kong acts as a super-connector to proactively integrate and contribute to the dual circulation development strategy of our country, participates in the development of the bay area and connects to the global community.

 

In recent years, Hong Kong has been actively seeking to strengthen and further develop our business environment, so as to boost our competitive edge amongst international maritime markets. With a series of tax measures implemented over the past years, more business establishments are finding Hong Kong more attractive. These measures included the introduction of tax exemption and concessions in 2020 to, number one, qualifying ship leasing activities by ship lessors and ship leasing managers, and number two, marine insurance businesses. To keep the momentum, we introduced last year half-rate profits tax concessions to qualifying shipping commercial principals, including ship agents, ship managers and ship brokers. All in all, these tax concessions aim to offer a welcoming business environment to these drivers of shipping activities, which are paramount to enhancing the competitiveness of Hong Kong’s maritime industry.

 

We have recently set up a Task Force on Maritime & Port Development Strategy to formulate strategies to further promote the development of Hong Kong as an international maritime centre. The task force will put forward an action plan on key strategies within this year to explore measures to strengthen our edge in high value-added maritime services.

 

We count on a rich pool of practitioners for the long-term development of the maritime and port industry. That is why the Government and the maritime sector are committed to building up our talent pool and enhancing the professionalism of our practitioners. On the part of the Government, we will on one hand launch a Maritime Services Traineeship Scheme this year for young people who aspire to a career in maritime law, and on the other hand inject 200 million dollars into the Maritime & Aviation Training Fund to support manpower training for home-grown talents.

 

With our industry professionals, unique strengths and well-developed maritime cluster, I am more than confident that Hong Kong will continue to play an important role in the provision of high value-added professional services to the global maritime industry and contribute to the further development of the overall maritime capability of the bay area.

 

Secretary for Transport & Logistics Lam Sai-hung wrote this article and posted it on his blog on May 20.

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Medical R&D thrives in HK

The COVID-19 pandemic, which has wreaked havoc around the globe over the past three years or so, demonstrated graphically and comprehensively the critical importance of global health co-operation.

 

Thanks to the persistent and innovative efforts of healthcare workers, scientists, institutions and individuals around the world, from implementing public health measures to developing new treatments and vaccines, the global emergency has finally ended.

 

Here in Hong Kong and throughout the world, life, and business, is returning to normal.

 

We certainly felt relieved when the WHO (World Health Organization) Director-General announced that COVID-19 is no longer a public health emergency of international concern. But this does not mean that the virus is gone forever. We need to remain ready to respond speedily to different public health threats.

 

In a moment, the WHO Director-General will address our audience by video. Over these next two days, the summit (Asia Summit on Global Health) will also present the intelligence, insight and inspiration of a host of internationally prominent medical and healthcare specialists, academics, business and technology innovators and a great many other professionals.

 

The Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council, as organisers of this summit, have gathered over 90 speakers to help us, and to help the world, in that most complex of social, institutional and governmental undertakings – “Reimagining the Future of Healthcare”, as the timely theme of our summit so aptly puts it.

 

Healthcare balance sheet

Over the next couple of minutes, allow me to update you on Hong Kong’s healthcare progress, and the healthcare policies and initiatives we are developing, with a particular focus on the power of innovation, technology and research in shaping our healthcare system and its future.

 

Under the “one country, two systems” principle, Hong Kong is bestowed with the unique advantage of having the strong support of national strategies, while maintaining unrivalled connectivity with the world. The National 14th Five-Year Plan supports Hong Kong’s development as an international innovation and technology (I&T) hub, emphasising such emerging disciplines in the country as life and health sciences.

 

We are also capitalising on our growing connectivity within the Greater Bay Area, the cluster-city development integrating Hong Kong and 10 other cities in southern China.

 

Hong Kong has strong research capabilities in life and health sciences, as well as in fundamental research and development (R&D).

 

We are home to five of the world’s top 100 universities, two of the world’s leading 40 medical schools and a wealth of award-winning scholars and researchers. Different Hong Kong clinical trial centres are recognised by the National Medical Products Administration of China.

 

Thanks to our R&D intelligence and infrastructure, along with the funding and commitment of the Hong Kong SAR Government, Hong Kong is on its way to becoming a world-class centre for medical research and development.

 

Hong Kong also boasts a thriving biotech community, which supports the expansion of tech-driven life and health startups. Indeed, Hong Kong is now one of the world’s largest fundraising hubs for biotech companies.

 

At the end of March, 56 pre-revenue, pre-profit biotech companies had listed here, raising nearly US$15 billion.

 

Boosting research calibre

The Hong Kong SAR Government attaches great importance to enhancing Hong Kong’s research capability and supporting its software and hardware development.

 

Our “software” support includes attracting prominent researchers from all over the world. They are here conducting impactful research with local universities and institutions.

 

For instance, we have launched the InnoHK Research Clusters which include a dedicated cluster on healthcare-related technology, namely Health@InnoHK. The InnoHK clusters bring together 28 research labs and some 2,000 researchers from 12 economies and world-class institutions.

 

Our government budget this year set aside $6 billion, equivalent to nearly US$800 million, to subsidise universities and institutions in setting up life and health technology research institutes. The goal is creating cross-institutional and multi-disciplinary research co-operation to better realise transformative outcomes related to life and health technology.

 

We have also earmarked $10 billion, or US$1.28 billion, for a programme called the Research, Academic & Industry Sectors One-plus Scheme. This RAISe+ Scheme will fund, on a matching basis, at least 100 university research teams with clear potential to become flourishing startups.

 

We are determined to boost collaboration among our academic, research and industry sectors. I am confident that our efforts will help drive the commercialisation of our R&D outcomes, including those targeting life and health technology.

 

As for “hardware” support, the Hong Kong SAR Government is developing the Hong Kong-Shenzhen I&T Park, which will become Hong Kong’s largest-ever I&T platform. Life and health technology will be among the park’s priorities.

 

Initiatives include the setting up of an InnoLife Healthtech Hub, which will pool research teams, including the Health@InnoHK labs mentioned, from Hong Kong, the Mainland of China and all over the world for research collaboration on life and health disciplines.

 

Hong Kong is equally committed to supporting academic research to boost our competitiveness.

 

Our funding support for the Research Endowment Fund has now reached $46 billion, or some US$6 billion. This will support research projects, collaborative research funding schemes and longer-term research of strategic value to Hong Kong’s development.

 

We have also launched a Research Matching Grant Scheme, worth $3 billion, or nearly US$400 million, to diversify our funding sources for research activities.

 

Our Global STEM Professorship Scheme supports universities in their recruitment of internationally renowned I&T scholars and their teams. We want them here, conducting research and teaching the next generation of Hong Kong scientists, researchers and innovators.

 

Ongoing commitment

At last November’s summit, I mentioned boosting the number of publicly funded research postgraduate places by almost 30% to help our universities expand their research capacity and support Hong Kong’s I&T development.

 

We have made good progress since then, I am pleased to say. More than 1,600 publicly funded research postgraduate places will progressively materialise, beginning with the 2023-24 academic year.

 

In short, ladies and gentlemen, the Hong Kong SAR Government, working together with our R&D and I&T institutions, businesses and professionals, is committed to building a more resilient and sustainable global health system.

 

This summit, I am confident, will move us all along in the right direction, a shared determination to build the highest, most inclusive, standard of health and prosperity we can offer our economies, our societies and our communities.

 

Chief Executive John Lee gave these remarks at the Asia Summit on Global Health on May 17.

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Govt, Hospital Authority key partners

The Hospital Authority (HA) has been one of the most important partners of the Hong Kong Special Administrative Region Government in safeguarding public health – from planning and implementing healthcare policy initiatives, to providing quality, comprehensive and people-centred public healthcare services.

 

The professionalism and dedication of all the HA staff members, and of the healthcare sector at large in Hong Kong, deserve our heartfelt recognition and appreciation.

 

Like many other economies from around the world, Hong Kong is faced with challenges posed by an ageing population, chronic and communicable diseases, and healthcare manpower shortage. In particular, I believe no one will dispute the importance of sufficient healthcare manpower to the provision of quality medical services.

 

To this end, the HA is making wide-ranging efforts. It has been proactively attracting non-locally trained healthcare professionals to practise in Hong Kong. A recent example is the visit by the HA delegation to London in April, where they had constructive discussions with over 500 medical students and practitioners – participating in person and online – about their career prospects in our city.

 

At the same time, the HA is pressing ahead with various initiatives to nurture and retain talent. They include establishing the Hospital Authority Academy to strengthen professional training and development, improving career progression pathways for frontline doctors and nurses, enhancing staff welfare and extending employment beyond the retirement age.

 

The objective of all these measures, I am pleased to note, is to strengthen the HA’s valuable human capital – in a supportive environment for healthcare professionals to pursue a fulfilling career in Hong Kong.

 

The Hong Kong SAR Government spares no effort to support the HA in driving the sustainable development of public healthcare services. A new funding arrangement of three-year cycles has been implemented since the 2018-19 financial year, enabling the HA to plan ahead with a longer timeframe. Timely adjustments are made to the recurrent funding provided for the HA, having regard to factors like population growth, demographic changes, and medical needs of the community.

 

In the current 2023-24 financial year, which falls within the second three-year cycle of the funding arrangement, the HA is allocated $90.9 billion in total for its continued provision of quality public healthcare services.

 

Speaking of quality services, a people-oriented approach is at centre stage. Under this approach, the HA has been improving patient experience through various initiatives. They include developing smart hospitals, strengthening hospital infrastructure through holistic 10-Year Hospital Development Plans and promoting the use of telehealth services among suitable patients.

 

Wider adoption of innovation and technology is integral to all these initiatives, as well as to the HA’s plan to establish Integrated Neuroscience Centres and Cardiovascular Diseases Centres. With a tiered “hub-and-spoke” referral network, these centres will provide integrated services for patients who require multidisciplinary professional support.

 

Ladies and gentlemen, the HA Convention this year will provide an excellent platform for healthcare professionals and stakeholders with different backgrounds to share latest findings, explore new ideas, and promote research collaboration. The various symposiums, masterclasses and presentations alike will make the convention’s two-day programme one of the most comprehensive ever.

 

I would also like to give a special mention to the annual award ceremony of the HA’s outstanding staff and teams as well as young achievers. Each and every one of them deserves our commendation for their hard work and tremendous contribution.

 

As Hong Kong has resumed full normality after three years of the COVID-19 pandemic, we are more determined than ever to work towards the goal of healthcare sustainability. It is all the more important for us to have occasions like this convention to foster intellectual exchange of insights and experiences.

 

Chief Secretary Chan Kwok-ki gave these remarks at the Hospital Authority Convention 2023 opening ceremony on May 16.

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Medical services set for govt boost

The Department (of Medicine of the University of Hong Kong), as a member of the Li Ka Shing Faculty of Medicine’s School of Clinical Medicine, has established itself as a centre of excellence regionally and internationally. I am proud to note that with your collective efforts, the University of Hong Kong’s subject of medicine is now ranked Asia’s Number 2.

 

Your persistent contribution to the medical sector is described aptly by this year’s forum theme, “Safeguarding Human Health for a Century & Beyond”.

 

Public health security is a major area of national security. I commend the contribution of the Department of Medicine in safeguarding public health and in maintaining the safety and quality of healthcare services and the public healthcare system, thereby protecting the people’s well-being.

 

The Hong Kong Special Administrative Region Government is devoted to enhancing healthcare services provided to the people of Hong Kong. For that, we have put forward the Primary Healthcare Blueprint, with a vision to improve the overall health status of the population, provide accessible and coherent healthcare services, and establish a sustainable healthcare system. We have also extended the coverage of district health service to all 18 districts in Hong Kong.

 

In this financial year, we will provide a recurrent subvention of some $90 billion to the Hospital Authority, representing an increase of close to 6% from last year, after excluding provisions for tackling the pandemic.

 

The additional resources will enhance such areas as clinical services for patients suffering from serious diseases, providing additional public hospital beds and operating theatre sessions, a new service for drug collection and delivery, and promoting the use of telehealth services.

 

Ladies and gentlemen, medicine is crucial to society. Medical professionals played a vital role in combatting the COVID-19 pandemic, and have been on the frontlines of curing patients, developing treatments and vaccination, and educating the public on healthcare measures. The concerted efforts of the medical sector in promoting public health deserve our utmost respect and continuous support.

 

Please join me in giving another round of your most enthusiastic applause to our medical professionals!

 

Chief Executive John Lee gave these remarks at the kick-off ceremony of the 100th anniversary of the Department of Medicine of the Li Ka Shing Faculty of Medicine of the University of Hong Kong and opening of the 27th Hong Kong Medical Forum on May 13.

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HK trade fair capital re-energised

I am delighted to join you for the opening ceremony of HOFEX and ProWine Hong Kong, along with the Retail Asia Conference & Expo – powering Hong Kong’s retail technological revolution – and Build4Asia, the trade fair leading the way for Asia’s building, engineering and security industries.

 

This is the 20th edition of HOFEX. It is also Hong Kong’s first international food and hospitality trade show since our full return to normalcy following the COVID-19 pandemic.

 

Yes, Hong Kong is back. We are back buying and selling and trading, back doing deals and creating opportunities with the world. Nothing underlines that more than this morning’s spectacular multi-trade-fair opening here at the Convention & Exhibition Centre.

 

The four fairs are set to attract more than 38,000 international and local traders from 73 countries and regions. They are here, you are here, to re-energise Hong Kong’s trade and business, to reconnect us with companies, large and small, from the Mainland, throughout the region and around the world. I must say, welcome back!

 

And what a magnificent three days of sourcing, trading and networking to look forward to.

 

HOFEX highlights begin with the Hong Kong International Culinary Classic. More than 300 fabulous chefs from seven countries and regions will food fight for this year’s culinary crown.

 

And in fact, I do not know whether you have tried all of our more than 200 Michelin-recommended restaurants. If not, do plan your diary for the coming year to go to them all.

 

Alongside the chefs, there is the Hong Kong Professional Mixologist Challenge, the Hong Kong International Beer Awards and the ProWine Hong Kong Wine Forum to cheer.

 

Despite the impact of the epidemic, Hong Kong remains the region’s wine-trading and distribution hub.

 

Indeed, the value of wine re-exported from Hong Kong has grown substantially since 2020. Last year, its total value was up 45%, year-on-year, with Macau and the Mainland accounting for nearly 70% of our re-export destinations.

 

Given Hong Kong’s zero-wine duties and our advanced logistics network, I am confident that international wine companies will tap into the region’s fast-growing markets, particularly the Greater Bay Area.

 

Build4Asia also puts a spotlight on the bay area, including its technologically advanced machinery engineering companies.

 

The Hong Kong Special Administrative Region Government is committed to developing innovative construction applications. Indeed in my Budget this year, I have set aside $30 million to establish a Building Testing & Research Institute. It would set standards, conduct testing and work to attract R&D (research and development) talent to come to Hong Kong.

 

I am pleased to note that the Retail Asia Conference & Expo has attracted a great variety of retail-tech companies. They cover everything from e-commerce and chatbots to data analytics, the supply chain, payment systems and much more.

 

That is a smart fit with the Hong Kong SAR Government’s digital technology plans and our goal of creating a world-class digital economy. We are working to connect our traditional financial services prowess with the innovation that has inspired the rapid rise of fintech, Web3 and virtual assets.

 

Ladies and gentlemen, the promise of the Hong Kong convention and exhibition industry is vital to Hong Kong’s future as an international business and trading centre.

 

In this connection, the Hong Kong SAR Government will launch a three-year, $1.4 billion incentive scheme for attracting exhibitions to come to Hong Kong. It is expected to help support more than 200 exhibitions.

 

I am grateful to Informa Markets for organising these four international trade shows here in Hong Kong, the region’s trade fair capital.

 

I wish you all, buyers and sellers alike, the best of business at HOFEX and its concurrent fairs. I know you will have an unforgettable stay in Hong Kong, Asia’s food, wine and fun city.

 

Financial Secretary Paul Chan gave these remarks at the joint opening ceremony of HOFEX, ProWine Hong Kong @ HOFEX, the Retail Asia Conference & Expo, Build4Asia 2023 and the Hong Kong International Culinary Classic on May 10.

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Wider range of talent sought for HK

It is a pleasure to join you this afternoon for the international conference on impact investing. My thanks to the organisers, the Financial Services Development Council and the Global Impact Investing Network for putting a deserved spotlight on this meaningful subject in Hong Kong.

 

I am grateful, too, to the high-profile audience here today – to all of you – more than 200 ESG (environmental, social and governance) specialists, asset owners and managers, including family office principals, senior corporate executives and wealth management professionals from Hong Kong and around the world.

 

Each of you, in your own distinct way, mobilises private capital to enterprises and projects, determined to drive long-lasting benefits to societies and the environment.

 

Thematic conference

Today’s theme, “Navigating the Future of Impact Investing in Asia,” is certainly timely.

 

As alluded to by Laurence (Chairman of Financial Services Development Council Laurence Li), the size of the global impact investing market surpassed the US$1 trillion mark last year.

 

In fact, some 170 institutions from 39 economies have signed on to the Impact Principles, ensuring that impact considerations are integrated throughout the investment lifecycle. The signatories, by the way, manage some US$500 billion in impact assets.

 

While Europe and the US have inspired much of the early momentum, the promise is here in Asia. As the Asian economy continues to grow and thrive, governments in Asia have commonly placed Sustainable Development Goals high on their national agenda. Our nation, China, is an active participant in this respect. It is a major contributor to the world’s poverty reduction: by having lifted close to 100 million poor rural residents out of poverty under the leadership of President Xi Jinping. It has also set out the “3060 Dual Carbon Targets”, and is steadily progressing towards them.

 

There exists a massive financing and investment need for sustainable projects in Asia. For instance, it has been estimated that the green financing needs in Asia alone would reach some US$66 trillion in the next three decades.

 

In this respect, the region’s fast-creating wealth is very helpful in sponsoring relevant investment desires.

 

Against this backdrop, I am confident that Hong Kong, one of the world’s leading financial centres, has what it takes to help advance the good cause.

 

Impact investing is very much attuned to the current investor appetite in Hong Kong. A survey conducted last year jointly by the Hong Kong University of Science & Technology and an asset management firm found that more than three-quarters of those surveyed indicated a willingness to invest in or pay attention to ESG products that have long-term positive impact.

 

Meaningful investments

The availability of mission-driven capital is a key to impact investing. The presence of multinational corporations, ultra-high-net-worth individuals, foundations, and an increasing number of family offices in Hong Kong, present a deep and variegated funding pool for impact investing to thrive.  For some 2,600 companies of all sizes and backgrounds listed on the Hong Kong Stock Exchange – and the number is growing – many of them are committed to building a sustainable future for the generations to come. They can utilise impact investing to achieve relevant goals. Besides, Hong Kong’s vibrant private equity and venture capital sector has also become increasingly interested in meaningful investment undertakings.

 

On the back of such market demand, the Hong Kong Special Administrative Region Government is devoted to facilitating such activities and driving the market forward. 

 

We are an active participant to this end. For instance, the Hong Kong SAR Government’s Exchange Fund has increasingly invested in ESG bonds, equities and private market projects. The Exchange Fund has also set a target of net zero emissions by 2050 for its Investment Portfolio.

 

Moreover, developing a vibrant green and sustainable finance ecosystem is high on the Hong Kong SAR Government’s agenda. The Green & Sustainable Finance Cross-Agency Steering Group, with members from the Hong Kong SAR Government and our financial regulators, is consistently steering our financial sector towards carbon neutrality before 2050. It is committed to accelerating the growth of green and sustainable finance in Hong Kong.

 

I trust quite many of you are aware that we are Asia’s premier green financing hub. Over US$80 billion of green debts were issued or arranged in Hong Kong last year.

 

Hong Kong also has a burgeoning green tech industry. Our research and industrial synergies with the Guangdong-Hong Kong-Macao Greater Bay Area will fuel this ambition.

 

In the Budget this year, I have envisioned Hong Kong to become an international green tech and green finance centre. To boost such efforts, a Green Technology & Finance Development Committee is being set up. A range of industry representatives, scholars, experts and business leaders will be gathered together to help forge an action agenda.

 

We will also organise an International Green Tech Week later this year, bringing in the most advanced players in the industry to exchange ideas, spark new ones and foster greater co-operation and collaboration.

 

Beyond investment, for those who are wishing to make a difference through philanthropy, Hong Kong is also an ideal destination. We have a deep culture of giving, demonstrated by individuals’ charitable donations reaching US$1 billion a year. In fact, there are nearly 10,000 charitable organisations registered in Hong Kong.

 

Hong Kong is keen on emerging as a philanthropic centre, where we help philanthropists to use charitable capital to benefit those in need around the world.

 

Ladies and gentlemen, to realise the potential embedded in our far-reaching initiatives and goals, we need to ensure a continuing supply of world-class talent. We are working on that, too.

 

Since December last year, we rolled out new and upgraded talent admission schemes. The response has been overwhelming. By mid-April, more than 60,000 applications have been received, and more than half of them have been approved.

 

Talent Wanted 

For ESG talent aspiring to take their career to Hong Kong, including those of you who are in the audience, you are on our Talent List. That means, we want you. 

 

And indeed, a new and expanded Talent List will be published soon to attract more types of talent to Hong Kong.  

 

For friends from abroad, we welcome you to be a part of us, and I hope I will see many of you making an impact not just on finance, but in many other areas, in the not-so-distant future.

 

Financial Secretary Paul Chan gave these remarks at the Navigating the Future of Impact Investing in Asia conference on May 9.

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HK committed to free trade

We are honoured to have you joining us for today’s high-level conference, organised by the International Finance Forum (IFF), hosted by the Hong Kong Monetary Authority and supported by the Hong Kong Academy of Finance.

 

I am pleased to note that the formal opening of the IFF Hong Kong Center will take place in just a few minutes. It will be only the second IFF Center outside the Mainland, following the recent opening of a representative office in Washington, DC.

 

The IFF, established in 2003 by more than 20 countries, regions and international organisations, is a high-level platform for dialogue and multilateral co-operation in the field of global finance. Today’s theme – Multilateralism and Globalization in an Era of Strategic Competition and Implications for Asia – underlines that important commitment.

 

So, too, does the launching of the IFF Hong Kong Center, which will take responsibility for international affairs on behalf of the IFF.

 

It is true that the international economy is beset with unprecedented risks and uncertainties. Global growth is expected to slow down this year, with substantial risk of “hard landing”.

 

High interest rates continue to weigh on business activities. Inflation, while easing, remains stubbornly high. The effect of the recent banking crisis in the US and Europe with lingering impact has heightened the concerns surrounding an already complex economic environment. Given the fragile state of the global economy, it is critical that we work together.

 

And yet, some policymakers have turned to protectionism, putting in place barriers to trade, capital flow, investment and technology transfers. They seem to view the international order as one that is based on zero-sum competition.

 

Such narrow-minded thinking is profoundly reshaping global economic activities, shifting trade and supply chains to tie to geopolitical blocs. Such notions as “onshoring”, “friendshoring” or “nearshoring” are dominating discussions among the international business community and academia. Financial flows, foreign direct investment and supply chain may become more fragmented as a result.

 

That could well mean the hindering of cross-border capital flows, a reduction in international financing options and risk sharing. Individual countries may lose diversity in funding sources, leading to higher financing costs and more fragmented liquidity.

 

No one will benefit in such a global economic environment.

 

So you may ask: what is the perspective of Hong Kong on the prevailing global trend? What are we going to do in face of such a challenging global environment?

 

Our answer lies with what our nation China has reiterated in the recent high-level meetings in Beijing. As President Xi Jinping said, and I quote, “We must strive to promote the building of a community with a shared future for mankind.” Deeply engraved in the spirit of a shared future are peace, development, co-operation and mutual benefit. Indeed, at a time when the world is undergoing rapid changes unseen in a century, the world needs more inclusive and resilient development from which people can benefit. That is why our country is committed to high-level two-way opening up and practising true multilateralism.

 

The Belt & Road Initiative is a clear and compelling illustration of multilateralism in action. Launched by President Xi Jinping 10 years ago, the Belt & Road Initiative upholds the principles of extensive consultation, collaboration, and shared benefits. It has made substantial contribution to participating countries and economies. The China-Europe Railway Express, for example, has provided an alternative land route between the continents of Asia and Europe, unleashing the economic potential of Eurasia and Central Asia.

 

In Indonesia, track laying of the Jakarta-Bandung High-Speed Railway was recently completed. The landmark project, I am pleased to say, is scheduled for operation this year.

 

Our country remains committed to this visionary international collaboration initiative. Last year, China’s Belt & Road non-financial outbound direct investment reached nearly US$21 billion, up 3.3%, year on year, despite the challenging economic environment.

 

And the annual trade volume between China and Belt & Road countries has doubled – from around US$1 trillion in 2013 to more than US$2 trillion in 2022. That is an average annual growth rate of 8%.

 

Thanks to the “one country, two systems” principle, Hong Kong is in a unique position with unparalleled advantages to connect the Mainland and the rest of the world.

 

Hong Kong is firmly committed to free trade, to reducing trade barriers and ensuring the free flow of goods, capital and people. As a founding member of the World Trade Organization (WTO), Hong Kong is a staunch supporter of the rules-based multilateral trading system, with the WTO at its core.

 

In this regard, we are keen to see that the WTO restores a well-functioning dispute-settlement system accessible to all members.

 

As the world progresses towards carbon neutrality and sets priorities on ESG (environmental, social and governance), there is much Hong Kong can offer in green finance. Estimates have shown that the green financing gap in Asia alone would amount to some US$66 trillion in the next three decades. Hong Kong is a green financing hub – last year, the green debts issued or arranged in Hong Kong exceeded US$80 billion. In terms of the amount of international green bond issued, we are No. 1 in Asia.

 

Amount aside, Hong Kong also excels in setting benchmarks and experimenting with new frontiers. For instance, we were the first Asian government to issue 30-year and 20-year green bonds denominated in US dollars and euro respectively. We also issued the first-ever government tokenised green bond in February this year. The issuance showcased Hong Kong’s ability to combine the bond market, green and sustainable finance and fintech in one promising prospect.

 

At the same time, Hong Kong and our sister cities in the Greater Bay Area (GBA) are also home to a burgeoning cluster of greentech companies. Their work ranges from environmental engineering and carbon sequestration to energy reduction. Many of them are already finding international markets for their offerings.

 

We envisage that Hong Kong and the GBA together will host a complete, vibrant green industry and financing chain serving the needs of the region and the world.

 

Ladies and gentlemen, to make all our contributions worth the while, we need free-flowing dialogue, wide-ranging communication from region to region, nation to nation, government to government.

 

The IFF was exactly created to promote the strategic dialogue and candid communication the world needs.

 

It was established, too, to stimulate research and innovation, think-tank building and talent training that are so essential to global finance and its long-term progress.

 

Hong Kong is pleased to play a role in this meaningful undertaking, honoured to be part of the IFF and its inclusive global mission.

 

I look forward to working closely with the IFF, to advancing comprehensive and sustainable economic development for all.

 

Financial Secretary Paul Chan gave these remarks at the International Finance Forum (IFF) Hong Kong Conference & Inaugural Ceremony of IFF Hong Kong Center on May 5.

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