kakase/hk_gov_press_release huggingface dataset:
SFST promotes opportunities for financial services brought by Hong Kong to UK (with photos)
19.4.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, yesterday (April 18, London time) in London, the UK, shared with relevant stakeholders the opportunities in terms of financial services brought by Hong Kong to the UK, and met with senior officials of the country. Mr Hui delivered a speech at the luncheon with the Hong Kong Association, which acts as a focus in the UK for promoting the long-standing business and trading relationship between the Hong Kong Special Administrative Region and the UK. The association has over 80 corporate members including global banks, international enterprises and the China-Britain Business Council. Summarising the Hong Kong opportunities into five major areas - locating in the heart of Asia, doing business as usual, connectivity with the Mainland market, digitalisation of financial services and emphasis on ESG (Environmental, Social and Governance), Mr Hui said Hong Kong could foster closer collaboration with the UK in terms of financial services. "As two of the most important global financial centres, Hong Kong and London have plenty of opportunities to co-operate and thrive together," he said. Mr Hui also gave a detailed briefing to Asia House, an independent think tank based in the UK, on green and sustainable finance development in Hong Kong. He said that to achieve the targets of 50 per cent reduction in carbon emissions before 2035 and carbon neutrality before 2050, the Hong Kong Government has been working in concert with financial regulators and the industry through a multipronged strategy. "Hong Kong is indeed already a very active market, with total green and sustainable debt (including both bonds and loans) issued in Hong Kong increasing by over 40 per cent from 2021 to US$80.5 billion in 2022. As at the end of last year, there were 177 ESG funds authorised by our regulator with a total assets under management of US$142 billion," Mr Hui added. Yesterday, Mr Hui met with the Minister of State in the Department for Business and Trade, Lord Dominic Johnson; the Minister of State (Indo-Pacific), Foreign, Commonwealth and Development Affairs, Ms Anne-Marie Trevelyan; and the Economic Secretary to the HM Treasury, Mr Andrew Griffith. During the three bilateral meetings, both sides exchanged views on issues of mutual concern. Mr Hui also paid a courtesy call to the Chinese Ambassador to the UK, Mr Zheng Zeguang. After concluding his visit to London, the UK, on April 18, Mr Hui will depart from the UK and join part of the Financial Secretary's visit to Beijing from April 20. Mr Hui will return to Hong Kong on April 21.
SFST attends Innovate Finance Global Summit in London, UK (with photos)
18.4.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, yesterday (April 17, London time) attended the Innovate Finance Global Summit (IFGS) 2023 in the City of London. The two-day summit, with Invest Hong Kong as one of the major support institutions this year, welcomes about 2 000 attendees from the financial services and fintech ecosystem from around the world to look into crucial issues facing the sector now and in years to come. Mr Hui joined the fireside chat at the IFGS entitled "The Rise of IFC 3.0 through Virtual Assets & Web3 - the Roadmap of Hong Kong". He pointed out that Hong Kong has always been open and inclusive towards the global community of innovators engaging in virtual assets (VA) businesses, and the Policy Statement on Development of Virtual Assets in Hong Kong issued in October last year could provide a facilitating environment for promoting sustainable and responsible development of the VA sector. He informed the audience about Hong Kong's latest legislative work to establish a licensing regime for VA service providers, under which licensed exchanges must comply with the anti-money laundering and counter-terrorist financing requirements as well as the regulatory requirements on investor protection. To accelerate the development of the Web3 ecosystem, Mr Hui said, the Hong Kong Special Administrative Region Government in the 2023-24 Budget has earmarked HK$50 million to organise major international conferences and events, facilitating industries and enterprises' understanding of cutting-edge developments and promoting cross-sector business collaboration in Web3. Yesterday, Mr Hui met with the Chairman of Z/Yen Group, Professor Michael Mainelli, and the Chief Executive Officer of Z/Yen Group, Mr Mike Wardle. Mr Hui welcomed the continued recognition from the group for Hong Kong's advantages as a leading global financial centre in the Global Financial Centres Index Reports over the years, saying that Hong Kong will keep on listening to views and take forward reforms to strengthen Hong Kong's capital market. Mr Hui also met with the Chief Executive Officer of Man Group, Mr Luke Ellis. A global active investment firm, Man Group manages about US$140 billion for their clients worldwide. Mr Hui shared during the meeting that Hong Kong is the only place in the world where the China and the global advantages converge in a single city, and such a unique convergence allows Hong Kong to be the Mainland's gateway to the world's financial markets and investors. Mr Hui will continue his visit in London, the UK, on April 18.
SFST continues visit in Brussels, Belgium (with photos)
15.4.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, continued his visit in Brussels, Belgium, yesterday (April 14, Brussels time). Mr Hui met with senior officials of the European Commission in the morning. During the meeting with the Director for Direct Taxation, Tax Coordination, Economic Analysis and Evaluation, DG TAXUD (Directorate-General for Taxation and Customs Union) of the European Commission, Mr Benjamin Angel, Mr Hui reiterated Hong Kong's commitment to upholding the prevailing international tax requirements against cross-border tax avoidance and working closely with the European Union (EU) in tackling harmful tax practices. On the foreign-sourced income exemption (FSIE) regime which took effect from January this year in Hong Kong, Mr Hui said he was pleased to note that the EU considered the new regime fully in compliance with their requirements with regard to dividends, interest and IP (intellectual property) income. At the meeting with the Deputy Director-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, Ms Alexandra Jour-Schroeder, Mr Hui shared Hong Kong's efforts in promoting fintech as well as green and sustainable finance, as both the EU and Hong Kong are pioneers in the related fields. Mr Hui also met with the Deputy Chairman of the Belgian Financial Services and Markets Authority, Ms Annemie Rombouts. They exchanged views on the increasing importance of international co-operation among financial market supervisors and shared experience in effective supervision while facilitating business growth. Mr Hui paid a courtesy call on the Chinese Ambassador to Belgium, Mr Cao Zhongming. He briefed Mr Cao on Hong Kong's continuous efforts in integrating into national development. The Hong Kong Film Night of the Brussels International Fantastic Film Festival (BIFFF) was held yesterday. Mr Hui said he was pleased to join BIFFF for the first time and gave welcoming remarks at the reception. He noted one of the Hong Kong Government's priorities is to develop the city into an East-meets-West centre for international cultural exchange and the Government is strongly supportive of the creative industries, surely including the film industry. On April 15 (Brussels time), Mr Hui will visit Port of Zeebrugge, the second largest port in Belgium, before concluding his duty trip in the country.
SFST promotes Hong Kong's strengths in fintech and green finance in Brussels, Belgium (with photos)
14.4.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Brussels, Belgium, yesterday (April 13, Brussels time). He met with leaders of the financial sector and promoted Hong Kong's strengths in fintech and green finance at a high-level dialogue. Speaking at the High-level Dialogue cum Dinner - "Hong Kong's Unique Position as the Green Finance and Fintech Capital of Asia", Mr Hui shared with the participating financial stakeholders that reducing carbon emissions and realising sustainable development are high priorities for governments and institutions all over the world. He noted that the European climate law makes reaching the European Union's (EU) climate goal of reducing EU emissions by at least 55 per cent by 2030 a legal obligation, while Hong Kong has targeted to reduce carbon emissions by 50 per cent before 2035 and achieve carbon neutrality before 2050. "Hong Kong is a leading player in green finance. In 2022, green and sustainable debts arranged or issued in Hong Kong amounted to over US$80.5 billion," Mr Hui said, adding that the US$101 million tokenised green bond issued by the Hong Kong Special Administrative Region Government in February this year, the first of its kind released in the world by a government, could further entrench the awareness of sustainability issues in combination with technology. Turning to fintech, Mr Hui said that Hong Kong published a policy statement on development of virtual assets in the city in October last year, setting out the policy stance and approach for virtual asset innovations to thrive in a sustainable manner. "Both the EU and Hong Kong are pioneers in the area of green finance. We look forward to collaborating with the EU to promote a better greener world by making use of technology," Mr Hui said. Earlier yesterday, Mr Hui met with Director of the National Bank of Belgium (NBB) Mr Tom Dechaene and the Head of the Research Department of the NBB, Mr Xavier Debrun. The NBB has been Belgium's central bank since 1850. Mr Hui exchanged with Mr Dechaene on the latest financial developments in both places, and shared Hong Kong's financial regulatory regime for maintaining a stable market. Mr Hui also paid a courtesy call on the Charg&eacute; d'Affaires ad Interim of the Chinese Mission to the EU, Mr Wang Hongjian. Mr Hui told Mr Wang that Hong Kong has advanced towards the new stage from stability to prosperity, after resuming connections with the Mainland and other parts of the world. During the day, Mr Hui visited FIRe Innovation Hub, the major hub dedicated to digital finance including fintech, insurtech and regtech located in the heart of Brussels. The visit was arranged by Fintech Belgium, which aims to foster partnerships with companies involved in the financial services industries. Mr Hui will continue his visit to Brussels on April 14 (Brussels time).
SFST to visit Belgium and the UK
11.4.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for a visit to Belgium and the United Kingdom (UK) tomorrow morning (April 12). The visit, to Brussels, Belgium, from April 13 to 15 and London, the UK, from 16 to 18, aims to promote the unique advantages of Hong Kong's financial services and strengthen the bilateral relationship with the two countries and the European Commission. During his visit, Mr Hui will have bilateral meetings with the senior officials, financial and business leaders, as well as enterprise representatives in Belgium, the UK and the European Commission to introduce to them the latest update on Hong Kong's financial services development, in particular in the fields of fintech and green finance. Mr Hui will also attend the Innovate Finance Global Summit 2023 to share views on the theme of virtual assets and Web 3.0. Moreover, Mr Hui will take part in a number of receptions and events, including speaking at the luncheon with the Hong Kong Association. During Mr Hui's visit, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
Interest on Tax Reserve Certificates
31.3.2023

The Government Gazette published today (March 31) contains a Legal Notice to the effect that the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From April 3, 2023, the new annual rate of interest will be 0.7667 per cent against the current rate of 0.7500 per cent, i.e. the new rate will be $0.0639 per month per $100. Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax. Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder. The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks. The new rate will apply to all certificates purchased on or after April 3, 2023. Certificates purchased before April 3, 2023, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods: For certificates purchased on or after June 6, 2022, and before October 3, 2022: 0.1333 per cent per annum For certificates purchased on or after October 3, 2022 and before November 7, 2022: 0.1750 per cent per annum For certificates purchased on or after November 7, 2022, and before December 5, 2022: 0.3167 per cent per annum For certificates purchased on or after December 5, 2022, and before January 3, 2023: 0.4000 per cent per annum For certificates purchased on or after January 3, 2023, and before March 6, 2023: 0.5833 per cent per annum For certificates purchased on or after March 6, 2023, and before April 3, 2023: 0.7500 per cent per annum For certificates purchased on or after April 3, 2023, until further notice: 0.7667 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Interest on Tax Reserve Certificates
3.3.2023

The Government Gazette published today (March 3) contains a Legal Notice to the effect that the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From March 6, 2023, the new annual rate of interest will be 0.7500 per cent against the current rate of 0.5833 per cent, i.e. the new rate will be $0.0625 per month per $100. Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax. Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder. The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks. The new rate will apply to all certificates purchased on or after March 6, 2023. Certificates purchased before March 6, 2023, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods: For certificates purchased on or after June 7, 2021, and before June 6, 2022: 0.0500 per cent per annum For certificates purchased on or after June 6, 2022, and before October 3, 2022: 0.1333 per cent per annum For certificates purchased on or after October 3, 2022 and before November 7, 2022: 0.1750 per cent per annum For certificates purchased on or after November 7, 2022, and before December 5, 2022: 0.3167 per cent per annum For certificates purchased on or after December 5, 2022, and before January 3, 2023: 0.4000 per cent per annum For certificates purchased on or after January 3, 2023, and before March 6, 2023: 0.5833 per cent per annum For certificates purchased on or after March 6, 2023, until further notice: 0.7500 per cent per annum This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST holds exchanges with overseas delegations during Asian Financial Forum (with photos)
11.1.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (January 11) met with overseas delegations from the World Alliance of International Financial Centers (WAIFC) and the Singapore business sector respectively for exchanges on trends of the global financial landscape, the promotion of listings in Hong Kong, and discussions about enhanced collaboration in knowledge sharing. The meetings were held on the sidelines of the Asian Financial Forum (AFF) 2023. The WAIFC delegation, composed of representatives from Korea, the United Kingdom, Luxembourg and Germany, is led by the Managing Director of the WAIFC, Dr Jochen Biedermann. The Alliance, of which Hong Kong is a member, facilitates co-operation between financial centres and the exchange of best practices. During the meeting, Mr Hui shared with the delegation Hong Kong's latest efforts in developing virtual assets, as well as bringing fintech into mainstream finance to help promote financial inclusion and improve the quality of life. The Singapore delegation was led by the Chairman of the Hong Kong Singapore Business Association, Mr Dennis Chiu, with members from the top management of the country's private equity, banking and commercial trust industries. The two sides shared their views on the plentiful opportunities brought about by the Guangdong-Hong Kong-Macao Greater Bay Area development. Mr Hui also promoted listings of Singapore and Southeast Asian companies in Hong Kong, coupled with an introduction to the city's competitive listing regime by a representative of the Hong Kong Exchanges and Clearing Limited. Mr Hui expressed that he very much welcomed the delegations' visit to Hong Kong after the AFF was held in a virtual format during the previous two years. The event this year is the first international forum since Hong Kong's travel restrictions have been relaxed, and Mr Hui expects more business travellers to participate in international conferences in this vibrant city.
LCQ14: Advertising spaces in government properties
12.6.2024

Following is a question by the Hon Judy Chan and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (June 12): Question: At present, the Government Property Agency lets out government properties, including advertising spaces, for specified uses through open tenders or quotations. In this connection, will the Government inform this Council: (1) of the following information in respect of each of the advertising spaces currently available for letting by the Government for commercial advertising purposes: (i) name of the government property where the space is located, (ii) address, and (iii) display area; (2) of the rental income received by the Government from advertising spaces in government properties in the past five financial years, and its percentage in the rental income from different categories of government properties; and (3) given that at present, some government departments have set up notice boards for displaying public information at facilities under their purview (such as footbridges under the purview of the Highways Department), whether the Government will consider taking the initiative to adjust the established practice in the past, and arrange for letting out notice boards at suitable locations for commercial advertisements, so as to increase government revenue and alleviate the fiscal difficulties? Reply: President, Having consulted relevant bureaux/departments, my consolidated reply to the Hon Chan's three questions is as follows: Government properties are primarily used as offices for government departments and for the provision of public services. Departments responsible for managing the properties should ensure that the properties are put to optimal use, and release them for alternative uses (such as for use by other government departments, or commercial leasing) in accordance with the established mechanism if they become surplus to departments' operational needs. Generally speaking, the advertising spaces in government properties (including notice boards) are mainly provided for government departments to promote and publicise their policies, measures, services and events, and to disseminate public information. Departments responsible for managing the advertising spaces would review their uses from time to time, and lease out the relevant advertising spaces when they become surplus to the operational needs of the Government. As far as rents from government properties are concerned, over the past five financial years (i.e. from 2019-20 to 2023-24), the Government's total rental income from advertising spaces amounted to some $85 million (excluding trading funds), accounting for around 2.3 per cent of the rental income from different categories of government properties. Details of the property names, addresses, numbers and display areas of advertising spaces currently available for letting by the Government for commercial advertising purposes are set out at Annex.