Arts devt blueprint forthcoming: CS

The theme of this year’s Business of Design Week (BODW), “Game Changers”, couldn’t be timelier. Hong Kong, and many other economies, have come out of the years-long pandemic and resumed full normality.

 

It’s time for policymakers, business executives and creative leaders, local and worldwide, to be game changing: setting ambitious goals, and driving smart innovation, in design and branding processes.

 

Apart from knowledge exchange, BODW fosters international partnerships. I am especially pleased to note that the Netherlands is the partner country this year, bringing in a top-notch Dutch delegation to exchange design mindsets and creative solutions with other participants.

  

I am proud to say that Hong Kong, as an international city where East meets West, is the right place to drive such dialogue. And our Government spares no effort to develop Hong Kong into an East-meets-West centre for international cultural exchange. 

 

The Chief Executive, in his second Policy Address delivered last month, announced that our Government will set up a dedicated Cultural & Creative Industries Development Agency. This agency will engage a wide range of partners, with you all included, to proactively promote the development of arts, culture and creative sectors under an industry-oriented principle.

 

Also, our Government’s various Economic & Trade Offices on the Mainland and overseas will continue to step up cultural promotion and exchange, so as to strengthen people-to-people bonds between Hong Kong and the rest of the world.   

 

And do stay tuned to our launch, later this year, of a comprehensive blueprint on Hong Kong’s arts and culture and creative industries development. This first-ever blueprint will feature a host of initiatives along four directions, namely to develop diverse arts and culture with an international perspective, promote Chinese culture, drive cultural exchange between China and the rest of the world, and drive industry building.     

 

Together, we will create a more diversified arts, cultural and creative ecosystem.

 

Chief Secretary Chan Kwok-ki made these remarks at the opening ceremony of Business of Design Week 2023 on November 29.

via Moroccan Trader Arts devt blueprint forthcoming: CS

US$30b tabled for green measures

Today, we gather to discuss and explore the tremendous business opportunities that green transition could present. But for a start, allow me to share with you the discussions at the recent APEC (Asia-Pacific Economic Cooperation) meetings which gathered together prominent leaders and ministers from around the Asia Pacific.

 

The global picture

Combating climate change, along with promoting sustainable and inclusive development, topped the agenda of the APEC meetings. Leaders all acknowledged that the world will continue to be confronted by profound challenges posed by the impacts of climate change, and more intensive, co-ordinated efforts are needed to fight them.

 

Green transition involves a huge amount of investment. Estimates have indicated that Asia alone will need US$66 trillion in the coming three decades. China alone will need US$14 trillion. It is clear that governments cannot fund them on their own. The private sector’s resources must be effectively mobilised.

 

How to make this materialise, and how the business community may benefit from this process, are subjects on which experts in this prestigious forum will enlighten us.

 

Here, allow me to take a few minutes to bring you up to date on Hong Kong’s progress on the road to carbon neutrality.

 

Hong Kong’s path to decarbonisation

For decarbonisation, we have come a long way.

 

In response to the Paris Agreement in 2015, we first announced an action plan in 2017. At that time, the target was to reduce up to 36% of total carbon emissions, based on 2005 levels, by 2030. 

 

In 2021, we announced Hong Kong’s Climate Action Plan 2050, setting out two clear targets: first, achieving carbon neutrality before 2050; and second, reducing carbon emissions by 50% from our 2005 levels before 2035.

 

Hong Kong is a small and compact city with a relatively insignificant industrial and production base. Therefore, our sources of carbon emissions come mainly from electricity generation, which accounts for two-thirds of our carbon emissions. Buildings, in particular, account for 90% of all electricity generation in Hong Kong. Transport comes second as another major source of carbon emissions, accounting for 19%, and waste, 8%.

 

The Hong Kong SAR (Special Administrative Region) Government is therefore taking four major decarbonisation strategies to address these sources of emissions. 

 

The first is to achieve net-zero electricity generation. That includes phasing out coal for daily electricity generation, and increasing the share of zero-carbon energy to 60 to 70% by 2035. Ultimately we will achieve net-zero carbon emissions in electricity generation before 2050.  

 

Second, saving energy in buildings. Through promoting green buildings, improving their energy efficiency, and promoting a green lifestyle, we are on the way to reducing the electricity consumption of commercial buildings and residential buildings by 30 to 40% and 20 to 30% respectively by 2050.

 

Third, promotion of green transport. To that end, we plan to cease new registration of fuel-propelled and hybrid private cars by 2035, or earlier. In addition, we are promoting other new-energy transport. 

 

In the first half of this year, more than 60% of newly registered private cars in Hong Kong were electric vehicles, I am pleased to note. 

 

Finally, waste reduction. While reducing municipal waste is pivotal, we are also developing state-of-the-art, waste-to-energy facilities to tackle our remaining emission sources.

 

And the latest addition announced in the Chief Executive’s Policy Address this year is the formulation of a strategy on hydrogen development in early 2024, to promote the adoption of hydrogen fuel as zero-carbon energy.

 

Ladies and gentlemen, in the next 15 to 20 years the Government will devote about US$30 billion to implement the above-mentioned climate-change mitigation and adaptation measures.

 

I believe the Government’s climate budget will also boost private-sector investment, as companies become increasingly aware of the benefits that green practices can bring.

 

Going green, beyond Hong Kong

But Hong Kong aside, this Government is very much aware of the promise that green transformation can deliver to the region and the world.

 

Given that Hong Kong is an international financial centre, I am confident that we will also rise as an international centre for green finance.

 

Let me tell you why.

 

Last year, the total green and sustainable debt arranged or issued in Hong Kong exceeded US$80 billion. That was up more than 40%, year on year. 

 

And the volume of green and sustainable bonds arranged in Hong Kong accounted for one-third of Asia’s total issuance. Those bonds are denominated in different currencies: in US dollars, euros, renminbi and Hong Kong dollars. They are with a tenure of up to 30 years.

 

Carbon markets will also play an important role in the green transition. In October last year, the Hong Kong Stock Exchange launched Core Climate. It is the only market settling voluntary carbon credits in both Hong Kong dollars and renminbi. Our goal is to make Hong Kong a global market for high-quality, voluntary carbon credits.

 

Meanwhile, technology will play an increasingly important role in expediting green transformation and achieving carbon neutrality.

 

In Hong Kong, green technology is thriving, with many outstanding research teams and start-ups in our universities, as well as Science Park and Cyberport. Many have come up with innovative solutions which are now selling in overseas markets.

 

Indeed, together with sister cities in the Greater Bay Area, we will rise as a global green tech and green finance centre, powered by a complete financial and industry chain.

 

Financial Secretary Paul Chan gave these remarks at the Asia-Pacific Business Forum 2023 on November 22.

via Moroccan Trader US$30b tabled for green measures

CE: HK-GD link will boost bay area

Hong Kong is a vibrant and open meeting place of hearts and minds. It is also a perfect location for traders, investors and financial planners from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and ASEAN member states to meet and co-operate with one another.

 

Hong Kong’s regional connectivity is underpinned by the unique “one country, two systems” principle. On the one hand, we have resounding support from the central government and close links to the Mainland, which ensure our city’s long-term stability and prosperity. At the same time, our longstanding systems governing the flows of international trade, finance, talent and ideas provide strong foundations for our role as a bridge connecting the Mainland with the rest of the world.

 

Hong Kong’s world-class business environment is buttressed by a long tradition of the rule of law, as well as the abundance of multilingual and multi-talented professionals.

 

Under “one country, two systems”, Hong Kong has a unique role to play in the far-reaching Belt & Road Initiative, first announced by President Xi Jinping in 2013. The initiative promotes cross-border infrastructure, trade, financial and cultural development through closer government-to-government, business-to-business and people-to-people connectivity.

 

HK as super value-adder

All this plays to Hong Kong’s strengths, making our city a “super connector” as Vice-Chairman Mr CY Leung has already mentioned, and I will also add, as a “super value-adder” for the Belt & Road regions, including ASEAN.

 

Hong Kong dovetails its development with national strategies. They include the National 14th Five-Year Plan, which supports our development as an international hub in eight areas, including finance, trade, shipping, innovation and technology, and cultural exchange.

 

Allow me to highlight three key areas that I think are relevant to the topics covered in today’s conference.

 

First, about promoting people-to-people exchange in the region.

 

Hong Kong boasts a captivating cultural blend of East and West. We have plenty of interesting and significant historical buildings, declared monuments and museums.

 

We also have unique and fascinating intangible cultural heritage, including food and festivals, music and art. We strive to provide more workshops and special guided tours to give visitors a deeper understanding and appreciation of Hong Kong’s fascinating cultural heritage.

 

I certainly encourage our visitors here today to find time to enjoy our city’s many charms and cultural attractions, and make full use of our enterprising environment to exchange with people from around the world.

 

Since taking up the post as Chief Executive in July last year, I have led high-level business delegations to visit four ASEAN countries so far, and I hope to visit more soon. At each stop, I have been very encouraged by the warm welcome I have received, as well as the great enthusiasm to build stronger ties with Hong Kong and the GBA.

 

I am also grateful to the governments of the respective ASEAN countries for their support of Hong Kong’s bid to join the Regional Comprehensive Economic Partnership (RCEP). RCEP is the world’s largest free trade agreement, and I am confident that Hong Kong’s early accession to this group would bring great benefits to all RCEP members, including ASEAN.

 

A well-connected city

Hong Kong is committed to contributing to regional development, through our prowess in professional services, and our connectivity within the GBA.

 

That brings me to my second point: promoting green finance and fintech.

 

As Asia continues to drive global economic growth, different economies are seeking a sustainable means of furthering their development. Statistics show that in the next 30 years, the Asian region will require 66 trillion US dollars in climate investment. This demonstrates the immense demand for green finance.

 

Hong Kong is a global financial centre, and an emerging hub for international innovation and technology. We aim to be at the forefront of the global green finance and fintech revolution.

 

Among other things, we are enhancing our green fintech ecosystem.

 

In my Policy Address, I announced that we will launch a dedicated proof-of-concept subsidy scheme for green fintech in the first half of 2024.

 

The new scheme will promote the development of technological solutions and provide early-stage funding support for pre-commercialised green fintech.

 

We are also working with relevant regulators and stakeholders in formulating a “Green Fintech Map”. The map will provide one-stop information on the status of green fintech companies in Hong Kong and related services.

 

With the GBA being an engine for growth in our region, we maintain close co-operation with relevant financial authorities throughout the area.

 

In April, we organised the first “GBA Green Finance Cooperation Meeting”. It brought together financial heavyweights to discuss the work directions for deeper collaboration to create a comprehensive green and sustainable finance ecosystem in the GBA.

 

In June, our Innovation, Technology & Industry Bureau signed a landmark MoU (Memorandum of Understanding), with the Cyberspace Administration of China, on facilitating cross-boundary data flow within the GBA. It will ensure the safe and orderly flow of Mainland data to Hong Kong.

 

By reducing compliance costs for enterprises and promoting the digital economy in the GBA, this initiative contributes to our active integration into the GBA and the overall development of the country.

 

The third topic that I wish to highlight is on public services co-operation.

 

Joint venture with Guangdong

We have recently launched the Cross-Boundary Public Services initiative. It is our joint effort with the Guangdong Provincial Government in developing the “Digital Bay Area”. It will enable enterprises and the public in both places to enjoy simple and convenient cross-boundary services. It also facilitates the provision of public services and investment in the GBA, from taxation and company registration, to talent admission and elderly services.

     

Soon, self-service kiosks will be set up in Hong Kong and Guangdong Province respectively, for the convenience of local residents. Our target is to roll out the Hong Kong self-service kiosk in Guangzhou by the first quarter of 2024, and gradually cover all nine Mainland cities in the GBA.

 

Alongside a new “multiple-entry visa” for foreign staff working in companies registered in Hong Kong, as well as our enhanced talent admission scheme, I am confident that these measures will help our friends in ASEAN to better grasp the development opportunities of the GBA. They will also help Hong Kong’s internationally-minded professionals better leverage the advantages brought by regional co-operation.

 

Working together, we can surely create an even brighter future for our people and our economies, when GBA meets ASEAN with one heart, and one mind.

 

Chief Executive John Lee gave these remarks at the Greater Bay Area Conference on November 22.

via Moroccan Trader CE: HK-GD link will boost bay area

HK backs free trade

This year, I am pleased to see your faces. I am also pleased to tell you that we have come out of the pandemic. Business is back, and Hong Kong’s economy is rebounding. The GDP (gross domestic product) growth this year is forecast to be 3.2%.

 

​For those of you who are coming by air, I hope you have had a smooth and comfortable flight. Indeed the capacity of Hong Kong International Airport is rapidly recovering. It is expected to reach 80% of the pre-pandemic level this year and will achieve a full recovery next year.

 

​This week, the spotlight is on our logistics, maritime and aviation industries. I am told more than 2,000 of you are attending the two-day conference, with some 70 speakers from 15 countries and regions. And you represent stakeholders from every sector of the value chain.

 

​The theme of the conference centres around the future of the global and regional supply chains. This is important and timely not only for the industry, but also for the world at large.

 

The global agenda

​As you may know, I spent the last week in San Francisco attending the APEC (Asia-Pacific Economic Cooperation) Finance Ministers’ Meeting, and, on behalf of the Chief Executive, the Economic Leaders’ Meeting. At these meetings, the global economic prospects, and global issues such as climate change, digitalisation, fragmentation of supply chains, sustainable and inclusive development, were high on the agenda.

 

​Shipping, aviation and logistics are global businesses. Allow me to take a few minutes to share with you some of the discussion that may be of interest to you.

 

​First, the global economic outlook. It is undoubtedly challenging given the complex and rapidly changing economic and geopolitical environment. Global economic growth in 2024 will be slower than that of this year and tilted to the downside, with many economies still struggling to return to pre-pandemic growth paths. The interest rate environment will be “higher for longer”. Governments worldwide have limited monetary policy options due to the overriding priority of combatting high inflation. They also have limited fiscal space due to large deficits resulting from pandemic expenditure over the past three years, and borrowing ratios of many economies are already quite high. Therefore, governments are very keen to rebuild the resilience of their economy and fiscal space to cushion future shocks. 

 

​Second, combatting climate change is a significant and pressing task. And that calls for a significant amount of investment. For instance, Asia alone will need US$66 trillion in the coming three decades to fund its green transition. Governments alone would not be able to fund all these, and private-sector resources would be pivotal to reaching net-zero targets.

 

​Third, rising protectionism, geo-fragmentation, and the consequential disruptions to international trade, investments and supply chains are worrying. How to get the world together to return to a rules-based multilateral trading system and strengthen the interconnectedness and co-operation, is an important issue to address.

 

​Fourth, innovation and digital economy. While emerging technologies such as AI (artificial intelligence) are transforming the economy and bringing tangible benefits, there is a consensus to manage the associated risks and to enable better inclusion so that the benefits will be shared by all.

 

Insights for us

​So what do these trends tell us? How would they impact on the global supply chain and the logistics industry? What are the challenges and opportunities? And how should we respond? I think the best is to leave answers to you, the many experts and thought leaders here to reflect on and share your valuable insights. But from Hong Kong’s perspective, allow me to highlight just one point.

 

​Given the lingering geopolitics and geo-economic fragmentation such as re-shoring, friend-shoring or even on-shoring, while traditional markets such as Europe and the US will remain important, the need to diversify will drive people to look for new markets and new sources of supply.

 

​That means there will be more business with the ASEAN (Association of Southeast Asian Nations), the Middle East, and indeed the Belt & Road countries. In other words, the demand for logistics, maritime and aviation services with and within this region will rise rapidly. The trade figures published by China and economies in these regions have demonstrated such a clear trend.

 

​And Hong Kong will remain committed to our superconnector role and be a platform providing high value-added logistics, maritime, aviation, financial and risk management services. We will continue to be a steadfast supporter of free trade and multilateralism, advocating for the reduction in trade barriers, and the free flow of goods and services, people and capital.

 

Financial Secretary Paul Chan gave these remarks at the Asian Logistics, Maritime & Aviation Conference 2023 on November 21.

via Moroccan Trader HK backs free trade

Air cargo handling capacity enhanced

October and November have been a fruitful season for aviation logistics services in Hong Kong. I have attended the opening ceremony of the third phase expansion of the DHL Central Asia Hub, which is the largest infrastructure investment project by DHL Express in the Asia-Pacific region, this Tuesday. In addition, the Kwo Lo Wan Premium Logistics Centre, developed by the joint venture led by Cainiao Network, was also completed and put into operation last month. These two major logistics facilities, along with the upcoming full operation of the Third Runway System next year, have significantly enhanced Hong Kong’s capacity in handling air cargo, propelling the city to new heights as an international aviation and logistics hub.

 

One of three DHL Express’s global hubs

Located at the heart of Asia, Hong Kong is within a four-hour flight radius of most cities in the region, which is also home to the world’s fastest-growing markets.

 

The DHL Central Asia Hub, rooted at Hong Kong International Airport for 19 years since 2004, is one of DHL Express’s three global hubs, handling over 45% of their intra-Asia shipments and nearly 20% of global express shipment volumes. With the completion of its third phase expansion, the hub has become larger and faster. The total warehouse space has increased by 50% to 49,500 sq m. It can handle a maximum throughput of 125,000 shipments per hour, a 70% surge from before the expansion. When the hub is at its full capacity, its annual cargo handling capacity is expected to reach 1.06 million tonnes, a 50% increase from before the expansion. It is six times the shipment volume of when it was first completed in 2004.

 

The expansion project of the third phase was completed in March this year and has already been put into operation. After the opening ceremony on Tuesday, the Chief Secretary and I toured the hub and were briefed on its state-of-the-art technologies, including the automated material handling system, complemented by X-ray computed tomography scanning technology and automated sorting systems, which have doubled the speed of identifying suspicious items during the scanning process.

 

Hong Kong’s third largest logistics warehouse – Kwo Lo Wan Premium Logistics Centre

The Kwo Lo Wan Premium Logistics Centre, the third largest logistics warehouse in Hong Kong, also commenced operations last month.

 

Jointly developed and operated by Cainiao Network, the logistics arm of Alibaba Group, China National Aviation Corporation (Group), and YTO Express, the centre covers an area of approximately 5.3 hectares with a gross floor area of 380,000 sq m. The premium logistics centre adopts the most advanced environmental standards and cutting-edge technology to cater to the high-growth cross-border e-commerce demands of global SMEs (small-to-medium enterprises). When operating at its full capacity, it is expected to bring a maximum of approximately 1.7 million metric tonnes of additional air cargo volume to Hong Kong International Airport annually.

 

Preparing for the Christmas peak season

With the commencement of these two major logistics facilities, Hong Kong is well-equipped for the traditional year-end peak season for Christmas goods. Next week, we have Black Friday after Thanksgiving, followed by Cyber Monday, then Christmas will just be around the corner. Different shopping platforms all over the world are already promoting their offers and discounts. With the rapid development of Hong Kong’s transport and logistics services, global commodities are just one click away. You may wish to take this opportunity to get yourself and your loved ones some gifts, and the deliveries would probably arrive in Hong Kong through one of these two major logistics centres! May I take this opportunity to wish logistics providers and enterprises a prosperous and fruitful Christmas season ahead.

 

Secretary for Transport & Logistics Lam Sai-hung wrote this article and posted it on his blog on November 18.

via Moroccan Trader Air cargo handling capacity enhanced

Metropolis off to a strong start

After a few challenging years, Hong Kong is not only back on the world stage; we are on the centre stage of the world now.

     

In just the past three weeks since my Policy Address, a series of mega-scale and international events have drawn a variety of policymakers, game-changers and talent from around the world to Hong Kong:

 

Last week’s second Global Financial Leaders’ Investment Summit, for example, was graced by 300 leaders from 160 global institutions, 90 of them group chairmen or CEOs; The Hong Kong Legal Week, the Government’s flagship event in promoting the rule of law, featured a judicial summit by the UN Commission on International Trade Law, and has attracted over 11,000 participants; Another week-long event, the Hong Kong FinTech Week drew an audience of over 30,000 in mapping out the future of fintech; we welcomed leading scientists and researchers from around the world for the Shaw Prize Award Presentation Ceremony, and the inaugural Hong Kong Laureate Forum; Meanwhile, sports fans enjoyed the return of the Hong Kong Golf Open and the Harbour Race; And needless to say, our popular Wine & Dine Festival has returned to the Central Harbourfront, drawing in 140,000 participants at its gastronomic extravaganza.

 

The vibrant scenes of inbound tourism and private consumption, in no small part bolstered by our mega events, have given a solid boost to the local economy.

 

In the third quarter this year, real GDP (Gross Domestic Product) grew by 4.1% year-on-year. Also in the third quarter, private consumption expenditure rose 6.3% from a year ago. Overall investment expenditure rebounded sharply by 18.4%.

    

That said, our economy is not out of the woods just yet.

     

We recently revised downwards our 2023 full-year GDP growth forecast to 3.2%, from the previous estimate of between 4% and 5% growth. This, for the most part, reflects external headwinds that we are facing, notably increasing geopolitical tensions and tight financial conditions that may continue to weigh on goods exports and investment sentiment.

 

Trusted systems

Against this backdrop of a mixed and complex global economic picture, I have remained steadfast in my governance blueprint to the principles offered by President Xi Jinping last year under “four musts” and “four proposals” for the current-term Hong Kong Special Administrative Region Government.

     

I wish to expand on some of these today.

     

First is the full and faithful implementation of the “one country, two systems” principle.

     

President Xi, and indeed many top central government officials, have consistently affirmed that “one country, two systems” will remain for the long run. This means that Hong Kong can confidently focus on our role as a value-adding conduit for trade, investment and talent between the Mainland and the rest of the world.

      

It also means that we can count on the full support of the central government, and foster even closer people-to-people, business-to-business and government-to-government links between the Hong Kong SAR and the Mainland. This will ensure confidence and stability. This also helps local and international firms tap into the vast opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area and throughout the Mainland.

   

At the same time, Hong Kong’s tried and trusted systems offer overseas companies a familiar business environment. We provide a level playing field underpinned by a robust common law system, and a judiciary that exercises its powers independently.

 

The 2023 Rule of Law Index, published by the World Justice Project, ranks Hong Kong 23rd out of 142 countries and jurisdictions – meaning we are ahead of over 80% of the world in this area. We are in the top one-fifth.

 

Business value

As one of the freest economies in the world, and one of the easiest places to do business, Hong Kong not only facilitates business; we also add value for businesses.

     

Among our value-adding advantages are a raft of free trade agreements signed with 20 economies and investment agreements with 32 economies around the world.

     

Each and every one of them adds value to business, and boosts business confidence, in one way or another.

     

We are seeking early accession to the Regional Comprehensive Economic Partnership, or RCEP, and hope to add this, the world’s largest FTA (free trade agreement), to our list of free trade partners in the world in the not too distant future.

   

In business, as in government, results count. As you all know, I champion a result-oriented approach in public administration. I am happy with the progress that we have made in cultivating a result-oriented culture within the Hong Kong SAR Government. This is a core element of further improving governance, as mentioned by President Xi last year.

     

As well as result-oriented, we are also industry-oriented. In fact, the terms “industry-oriented” and “industry-driven” appear in the 2023 Policy Address a total of eight times.

     

This underlines our determination to create the right environment for industries of strategic importance to blossom. Industries such as innovation and technology, creative industries, pharmaceutical research and development, Chinese medicine and new energy transport, among others.

 

Attracting companies

We are also making good progress in attracting strategic enterprises to Hong Kong. The Office for Attracting Strategic Enterprises, or OASES, has already achieved positive results.

     

So far, OASES has made contact with over 200 strategic enterprises around the world, of which 30 are planning to establish their foothold or expand their operations in Hong Kong. This represents a total of more than $30 billion of new investment in Hong Kong, and the creation of about 10,000 jobs.

      

With the industry-oriented approach in mind, we will enhance the business environment to develop our headquarters economy.

     

Hong Kong already has many competitive advantages for Mainland and overseas companies to establish their headquarters. We are a sophisticated and well-connected international city that aligns with global standards and values.

     

At last count, around 9,000 companies from the Mainland and overseas had established operations in Hong Kong, and among them, over 1,400 operate as regional headquarters.

     

We will explore with the relevant central authorities measures to facilitate Mainland enterprises in setting up headquarters or corporate divisions in Hong Kong.

     

We are also encouraging more companies to re-domicile in Hong Kong, in particular those with a business focus in the Asia-Pacific region. We will enable non-local companies to re-domicile here, while maintaining their legal identity and operational continuity.

     

I am confident that with our robust company governance regime, and secure and dynamic business environment, offshore companies will consider us a good destination for re-domiciliation.

     

We have already put in place a user-friendly fund re-domiciliation mechanism for Open-Ended Fund Companies and Limited Partnership Funds, to facilitate existing foreign funds to establish and operate in Hong Kong.

  

Engaging talent   

As well as attracting investment, the Government makes no secret of its intention to trawl the world for top talent to come to Hong Kong, and contribute to the city’s development. We want to bring you, our treasured businesses, the top minds from around the world, to fuel your development plans and next era of success. You will no doubt be familiar with the various talent attraction schemes available. Allow me to update you on some latest developments.

     

First, our enhanced talent attraction schemes have attracted over 180,000 applications in the first 10 months of this year. Over 110,000 of them have been approved, and some 70,000 talents have already arrived in Hong Kong. This has doubled our annual target of attracting 35,000 talents. In the result-oriented philosophy, this is clearly an overachievement.

      

For the Top Talent Pass Scheme launched last year, we have added eight more top-ranked institutions under the scheme. That means eligible graduates from 184 institutions on the Mainland and around the world may apply to stay in Hong Kong for two years.

     

The scheme received some 55,000 applications from December 2022 to October this year, of which over 43,000 have been approved. And these are the top talents of the world.

     

Among them is, as has been reported in the news, former NBA basketball star Stephon Marbury, who intends to use his huge talent and experience to support the development of the sport in Hong Kong, and especially to encourage youngsters to enjoy sport. We welcome Mr Marbury and all the other successful applicants with open arms.

      

In fact, Mr Marbury visited our recently opened physical office of Hong Kong Talent Engage, as part of his application process. His application is a vote of confidence in Hong Kong. It is also an example of how the new physical Hong Kong Talent Engage office can strengthen support for prospective talent to come to Hong Kong under various attraction schemes.

      

I also announced in the Policy Address that foreign staff of companies registered in Hong Kong can now apply for a multiple-entry visa to the Mainland. This will ensure, and will surely facilitate cross-boundary business travel, and make our city all the more attractive to overseas companies. We have also relaxed visa policies for talent from Vietnam, Laos and Nepal.

      

Currently, we are gearing up to implement the Capital Investment Entrant Scheme. Under the scheme, eligible investors with investments of $30 million or above, excluding real estate, can apply to reside and pursue development here.

     

Ladies and gentlemen, we have been working hard to improve governance, boost our business environment and encourage investment and talent to Hong Kong.

     

We have achieved some good results in a relatively short period of time. We also need to look, plan and set targets for our city’s longer-term growth and economic capacity. This brings me to the Northern Metropolis.

     

Long-term development

The scope, complexity and potential of the Northern Metropolis are all huge. Here are some factoids that demonstrate the scale of the Northern Metropolis:

    

First, it covers an area of some 30,000 hectares, about one-third of Hong Kong’s total landmass.

 

Upon full development, it will be home to about 2.5 million people and create some half a million jobs, many of them in the I&T (innovation and technology) fields.

 

The San Tin Technopole will be a core part of the I&T zone, providing about 300 hectares of land for I&T uses. To give some perspective, the I&T-related land use will be capable of providing a gross floor area of about 7 million sq m, which is roughly equivalent to 17 Hong Kong Science Parks.

     

Of course, the Northern Metropolis is a long-term development plan to be completed over decades. But it is vital for Hong Kong’s future and we have already made a strong start.

      

Last month, we published the Northern Metropolis Action Agenda. This action agenda goes far beyond the grand vision of this project, and delves into the details. These include conceptual boundaries for four related industrial zones, namely high-end professional services and logistics hub; innovation and technology zone; boundary commerce and industry zone; and blue and green recreation, tourism and conservation circle.

      

I would encourage you to study the action agenda, and consider ways that your companies can contribute to and capitalise on this long-term and vital development for our city’s future.

     

That future, ladies and gentlemen, is bright, and opportunities are bountiful. But like the Northern Metropolis, or any other development projects, it starts with a firm belief in bringing out the best of our shared community.

      

Seated here today are the top leaders of Hong Kong’s world-renowned business community. You will all be aware that the upcoming District Council election is scheduled to take place on December 10, no less because many of the 399 candidates are from the commerce and industry circles, and they are as keen as you and me, in paving way for a better Hong Kong.

     

I, therefore, would like to appeal to all of you to cast your vote in the election, and cast a vote of confidence in a brighter future for Hong Kong.

 

Chief Executive John Lee gave these remarks at the Joint Business Community Luncheon on November 16.

via Moroccan Trader Metropolis off to a strong start

Top talent to drive HK’s growth

It is well known that Hong Kong’s success has always relied on the hard work, resilience and entrepreneurial spirit of the local population.

 

But no less important, Hong Kong has been drawing talent from around the world. Their new skills, ideas and perspectives have helped transform Hong Kong from a fishing village into an international city, where we enjoy economic vibrancy and cultural richness.

 

After some three years of the COVID-19 pandemic, Hong Kong has resumed full normality, and full connectivity with Mainland China and the rest of the world, since early this year.

 

It is the top priority of the Government to inject new impetus into Hong Kong’s economic growth and boost its competitiveness. One of our key tasks is to proactively attract top-notch talent from around the world to our city.

 

To this end, our Government rolled out a series of new measures last December. Alongside enhancements to the various existing talent admission schemes, we introduced a new one called the Top Talent Pass Scheme to target high-income professionals and graduates from the world’s top 100 universities.

 

Overall, talent in the innovation and technology sectors are surely among our targets.

 

Also, we launched an online portal called Hong Kong Talent Engage. Talent can, at their fingertips, learn about Hong Kong’s competitive advantages, apply for the talent admission schemes that suit them, and look for jobs that interest them.

 

The results of our proactive approach, I am pleased to say, have been very encouraging.

 

Over a period of just 10 months, our various talent admission schemes have attracted over 180,000 applicants, with over 110,000 applications approved so far. Some 70,000 talent have obtained their entry visas and made their move to Hong Kong. We have already out-performed our annual target of drawing at least 35,000 talent to Hong Kong. This is the target set for me by the Chief Executive.

 

And all those actual figures I have mentioned represent the many incoming talent’ vote of confidence in our city.

 

In particular, I wish to highlight our Top Talent Pass Scheme, which has proven to be a top pick among talent. Of the some 110,000 applications approved under our various schemes, around 40% came from this new initiative.

 

And over 70% of the successful applicants under this scheme are aged 40 or below. They have a global vision, good education background, and solid work experience in sectors such as financial services and innovation and technology. Surely, they could complement our local workforce in driving Hong Kong’s economic development.

 

For one thing, what makes our new scheme so attractive is that there is no need to secure employment offers before applications. Applicants are most welcome to first come to Hong Kong, tasting the city’s lifestyle and exploring the many opportunities ahead.

 

But faced with the intense global competition for highly skilled professionals, we are in no way complacent.

 

That is why the Chief Executive, in his second Policy Address delivered last month, announced a package of further measures to attract and retain talent.

 

That includes expanding the coverage of universities under the Top Talent Pass Scheme to enrich Hong Kong’s talent pool.

 

The package also includes the opening of the physical Hong Kong Talent Engage office last month.

 

Offering one-stop support, this office not just attracts talent, but also facilitates the settlement of those interested to come to Hong Kong or having newly arrived here – together with their family members, of course. Our colleagues stand ready to offer useful advice on accommodation, education, networking, job searching and more.

 

For some of the young scientists here, you may also be interested to learn that our city offers various scholarships, as well as subsidised postgraduate research places, for non-local students.

 

Atop all these, the Chief Executive’s latest Policy Address announced that, for a two-year pilot starting this month, full-time non-local postgraduate students are exempted from the restriction on taking up part-time jobs.

 

That means students can look for jobs during their studies, thereby enhancing their experience and understanding of working in Hong Kong and, accordingly, increasing their incentive to stay upon graduation.

 

What’s more, under our Government’s immigration arrangements – as enhanced last year – for non-local graduates, the limit of stay has been increased from one year to two years to facilitate the graduates’ stay in Hong Kong for work as professionals.

 

All in all, flexibility is the key when it comes to attracting non-local talent, including the many young scientists here of course, to pursue developments in Hong Kong.

 

And of course, having the right policy to attract people to come is one thing. Maintaining a good living environment to retain them needs a lot more work.

 

As you will experience for the rest of the day and the remaining time of your stay here, Hong Kong has a lot more to offer.

 

Some 40% of our city’s land is designated as country parks and areas with habitat protection. Indeed, you could go from a busy shopping centre to a green hiking trail in just half an hour. We have beautiful beaches, coastlines and outlying islands, too.

 

What also comes under the spotlight is the West Kowloon Cultural District, where I am sure you will be impressed, later today, with the East-meets-West arts and culture.

 

And there is always good food as mentioned by Dr Fan (Hong Kong Laureate Forum council member Rita Fan) – coming with a great variety of choices – everywhere in Hong Kong, like the seafood dinner you will experience this evening.

 

Meanwhile, enjoy what is on offer at this breakfast gathering. I am sure the exchanges ahead will be as inspiring as those throughout this week-long forum.

 

On that note, I wish this gathering, and the Hong Kong Laureate Forum, every success.

 

Chief Secretary Chan Kwok-ki gave these remarks at the Hong Kong Laureate Forum 2023 Inspiring Breakfast Gathering on November 16.

via Moroccan Trader Top talent to drive HK’s growth

CE shares innovation vision

The Shaw Prize was set up more than two decades ago, by the late Sir Run Run Shaw. Hong Kong is proud to be home to this prestigious international award, which many consider to be the “Nobel Prize of the East”.

 

It recognises and honours the world’s leading scholars and scientists, for significant breakthroughs in the three scientific disciplines of astronomy, life science and medicine, and mathematical sciences. All nominations go through the rigorous consideration by the Selection Committees and a Board of Adjudicators, all composed of prominent academics and scientists from around the world.

 

I would like to express my sincere congratulations to all the laureates from 2020 to 2023, for your exemplary work in science. Your achievement not only manifests your lifetime pursuit of academic excellence, but also serves as an important inspiration to scientists and researchers in the world, especially the younger, up-and-coming generation.

 

Therefore, I am glad that you could finally make it to Hong Kong, to receive your well-earned awards and, hopefully, enjoy the many attractions of Asia’s world city.

 

Hong Kong is blessed with some of the world’s top universities and their research institutes. Our talented academics strive to bring about societal changes in various fields of scientific endeavour, to ultimately benefit humanity – from life science and medicine to robotics and moon rovers.

 

With the support of the National 14th Five-Year Plan, Hong Kong is determined to develop into an international innovation and technology centre. The Government is committed to creating an innovation ecosystem that is conducive to research and development, scientific breakthroughs and sustainable commercialisation of research outcomes.

 

And tonight is just the start of a seminal week of scientific marvel. I am pleased to note that many of you will take part in the inaugural Hong Kong Laureate Forum, a week-long series of events scheduled to begin tomorrow. The forum will bring together over 20 Shaw Prize laureates and distinguished scientists, to exchange with hundreds of young scientists in a thought-provoking line-up of world-class seminars and discussions.

 

My congratulations, once again, to all Shaw Prize winners for your inspired breakthroughs.

 

Congratulations, also, to the Shaw Prize Foundation for your untiring efforts to keep the founders’ great vision going, and for making this wonderful award scheme truly international.

 

Chief Executive John Lee gave these remarks at the Shaw Prize 2023 Award Presentation Ceremony on November 12.

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HK fosters Belt-Road exchanges

It is with great pleasure that I address you at the inaugural edition of Asia+ Festival, a brand new arts festival with a focus on Asia.

     

At the Third Belt & Road Forum for International Cooperation last month, President Xi Jinping remarked that the Belt & Road Initiative has opened up a new path for exchanges among countries, and established a new framework for international co-operation. Belt & Road co-operation, the President has noted, is based on the principle of “planning together, building together, and benefitting together”.

     

Under the unique “one country, two systems” principle, Hong Kong is the only city in the world which converges the China advantage and the global advantage. Hong Kong is not only a city deeply rooted in Chinese culture, it is also a metropolis known for its dynamic fusion of the cultures of Asia and other parts of the world. We have a unique role to play in fostering people-to-people exchanges along the Belt & Road.

     

With the support of the National 14th Five-Year Plan, Hong Kong is fully dedicated to developing into an East-meets-West centre for international cultural exchange. The Hong Kong Special Administrative Region Government is expediting the advancement of Hong Kong’s cultural scene, and connecting our city with other parts of the world by leveraging our own strengths and advantages.

 

With that in mind, we have launched the Asia+ Festival this autumn. Our aim is to celebrate the cultural diversity of Asia, the Middle East and elsewhere along the Belt & Road, and explore the endless possibilities of cultural collaboration.

     

The colourful calendar of this year’s Asia+ Festival features 11 exciting events. They include stage performances, exhibitions, and even an outdoor carnival, with over 20 countries joining hands to present their unique cultures and arts. I am confident that the two-month festival will promote cultural appreciation, and strengthen Hong Kong’s ties with the world.

     

We hope to turn the festival into a regular annual event, to showcase our Asian talent and to build it as a platform for sustainable cultural exchange. 

 

Chief Executive John Lee gave these remarks via video at the Asia+ Festival ceremony on November 12.

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Security law, a practical necessity: SJ

On behalf of the Department of Justice of the Hong Kong Special Administrative Region, I would like to welcome you to the fifth and the last day of Hong Kong Legal Week 2023. To bring the Legal Week to a conclusion, we have chosen “Rule of Law for the Future” to be the topic of today’s events.

 

For a better future for Hong Kong, the Hong Kong SAR Government is determined to take advantage of Hong Kong’s distinctive status and advantages enjoyed under the principle of “one country, two systems” in order to seize the opportunities created by national development plans such as the 14th Five-Year Plan. In The Chief Executive’s 2023 Policy Address announced on October 25, the Chief Executive stated that, and I quote, “The Government will consolidate and enhance Hong Kong’s development of ‘eight centres’ as outlined in the 14th Five-Year Plan, providing impetus for sustaining our competitiveness and economic growth.” These “eight centres” include an International Innovation & Technology Centre, East-meets-West Centre for International Cultural Exchange, International Trade Centre, International Financial Centre, Regional Intellectual Property Trading Centre, International Shipping Centre, International Aviation Hub, and a Centre for International Legal & Dispute Resolution Services in the Asia-Pacific region.

 

The “eight centres” are represented by the eight symbols on our backdrop, which you can see outside this conference hall and also on our publications. They provide the basis to enable Hong Kong to play the role of super-connector between the Mainland and the rest of the world in future. This also explains the main theme of this year’s Legal Week, namely “Onward & Forward: Connecting the World”. But as the Chief Executive said last weekend in Shanghai, Hong Kong is not only a super-connector, but also a super value-adder. I would venture to suggest that, in some circumstances, it may even be a super value-creator. Through the “eight centres”, Hong Kong does not simply act as a middleman and provide a platform to connect people and entities between our country and the rest of the world, but also helps the parties concerned to create and enhance the value of the subject matter in question.

 

To achieve these objectives, it is crucial to recognise that, while the “eight centres” play different and distinctive roles in the future development of Hong Kong, they are interrelated and interdependent. That is why you can see lines linking up the “eight centres” together in our backdrop. As the Secretary for Justice, naturally, my primary concern is to promote Hong Kong as an international legal and dispute resolution services centre. But legal services, whether contentious or non-contentious, are not free-standing. They are meant to serve the needs and demands of society. High quality legal professional services are indeed essential to the development of the other seven centres. This is the point we wish to make in this morning’s sessions.

 

First, let me first say a few words on the international shipping centre and international aviation hub, these two closely related centres. There is no doubt that Hong Kong enjoys traditional strengths in this respect. Despite fierce competition, the container ports of Hong Kong still rank among the top 10 in the world. The Hong Kong Shipping Register is the fourth largest register in the world in terms of gross tonnage. At the same time, Hong Kong has held on to first place as the world’s busiest air cargo hub since 1996. That said, the enhancement of Hong Kong’s status as an international shipping centre and aviation hub would involve much more than increasing the capacities of our ports and airport, as well as providing better logistic services. Aviation and marine insurance, the tax regime for aircraft leasing, aviation and maritime arbitration and so forth, all entailing legal issues and services, are plainly important matters that must not be overlooked.

 

I turn to the development of Hong Kong as an East-meets-West centre for cultural exchange. This would, of course, attract more tourists generating tourism income, and strengthening Hong Kong’s soft power. Moreover, it is significant to also note that Hong Kong has already overtaken London to become the second-biggest contemporary art auction market in the world after New York. Legal services relating to art auctions and intellectual property protection are clearly required to maintain and increase Hong Kong’s competitiveness in this respect.

 

The high quality legal services offered by Hong Kong is a manifestation of the high degree of rule of law based on our common law system in Hong Kong. To maintain the rule of law requires not only the hard work of judges and lawyers, but also the trust, support and understanding in respect of our legal and judicial system on the part of our fellow citizens. The future of Hong Kong is very much in the hands of our young generation. It is often said that Hong Kong will prosper only when young people thrive. While it is important to equip our young people with skills and knowledge in different areas, it is equally important to nurture and foster proper values such as law abidingness among them. This is why rule of law education has always been one of the priorities of the Department of Justice’s initiatives. How to explain the rule of law, our common law system and key legal instruments in Hong Kong, which are perceived by many to be complex and difficult matters, in a way that is fair, accurate and easily comprehensive to lay persons, in particular, youngsters, is a challenging task. The Steering Committee on Rule of Law Education chaired by me was set up last year. The first phase of the Rule of Law Education Train-the-Leaders Programme will be launched later this month. This afternoon after lunch, educators and youths coming from different backgrounds will discuss the future development of rule of law education in Hong Kong.

 

Today, we are very honoured to have Chief Judge of the High Court Jeremy Poon to deliver a keynote speech, and experts in the above-mentioned areas to share their views.

 

The final session this afternoon is a new attempt. For the very first time, we have decided to add a session on national security during our Legal Week. As I said at the beginning, the main theme of this Legal Week concerns the relationship between the rule of law and Hong Kong’s future. Order and security is an essential element of the rule of law. Moreover, it is critical to grasp the causal relationship between security and development: security is the prerequisite for development whereas development is the guarantee of security. Hong Kong is a place full of opportunities where people are free to pursue their dreams within the boundary of the law. Through hard work and perhaps a bit of luck, there is a real chance that your dreams may come true one day even though there cannot be any guarantee. However, without a safe and secured environment, our dreams will be condemned to become eternal fantasies which stand no real chance of realisation. Make no mistake, there is no future unless we live in a safe and secured environment. Look at our country’s history and look at what is happening in some parts of the world at this very moment, I am sure you can understand what I am saying. It is therefore essential for each and every one of us to take national security seriously and positively. Two fundamental starting points should be borne in mind. First, enacting national security law is not only a constitutional duty but also a practical necessity. Second, national security law is, by nature, protective not invasive; and defensive rather than offensive. Let me draw an analogy. Injection of a vaccine may be seen as an encroachment on the human right of bodily integrity. But the purpose of vaccination is not to cause any pain or suffering. Quite the contrary, it is to safeguard our health and life from potential harms caused by different types of viruses. Acts endangering national security are similar to viruses; and national security law is the vaccination. It is sheer common sense that effective and sufficient vaccination against commonly known viruses are essential to protect our health and life.

 

In order to cultivate a proper and positive mindset on national security, it is necessary to address concerns and dispel misgivings as well as misconceptions about Hong Kong’s National Security Law proactively. Therefore, in the last session this afternoon, I will personally answer some frequently asked questions about our National Security Law.

 

Ladies and gentlemen, the rule of law in Hong Kong is indeed a good story that must be told. However, we are not merely the storytellers, but also the authors of the story. We must continue to work hard together to write an even better chapter of our story.

 

Secretary for Justice Paul Lam gave these remarks at the Hong Kong Legal Week 2023: Rule of Law for the Future on November 10.

via Moroccan Trader Security law, a practical necessity: SJ