kakase/hk_gov_press_release huggingface dataset:
Government welcomes approval of concessionary low-interest loan with 100 per cent guarantee commitment by Finance Committee
20.3.2020

The Government welcomed the approval of a new loan guarantee commitment of $20 billion under the Commerce and Economic Development Bureau to introduce a new Special 100 per cent Guarantee Product under the SME Financing Guarantee Scheme (SFGS) by the Finance Committee of the Legislative Council today (March 20). The Government plans to roll out the new product within April this year to provide timely assistance to tide those enterprises in need over during this difficult time. The Secretary for Commerce and Economic Development, Mr Edward Yau, said, "The COVID-19 infections have dealt a severe blow to the economic activities and business sentiment in Hong Kong. Many enterprises suffer from a further plunge in business turnover, resulting in a liquidity problem. The situation is particularly acute amongst the small and medium enterprises (SMEs). There is an urgent need to further enhance the assistance to SMEs, thereby reducing business closures and layoffs. "The Government will provide a 100 per cent guarantee for approved loans taken out by eligible enterprises. In other words, loans that originate from banks will be transferred to the Hong Kong Mortgage Corporation Limited after drawdowns, and all default risks will be borne by the Government with the provision of a 100 per cent guarantee, greatly enhancing the chances for enterprises in securing loans. The Government will provide a total loan guarantee commitment of $20 billion," he said. "The application requirements and procedures have also been simplified. Banks need to check mainly the eligibility of loan applicants when processing the applications. With a low interest rate fixed at Prime Rate minus 2.5 per cent per annum, guarantee fees waived and an option for a principal moratorium for the first six months, the new guarantee product will alleviate the burden of SMEs." Details of the Special 100 per cent Guarantee Product are set out in the Annex. Generally SMEs have difficulty in obtaining commercial loans due to their relatively small capacity. With the introduction of the 80 per cent and 90 per cent guarantee products under the SFGS in May 2012 and December 2019 respectively, more than 17 800 applications have been approved so far, involving a total loan amount of over $74 billion, helping nearly 10 000 enterprises in tackling their liquidity problem. On the other hand, to assist travel agents to tackle financial difficulties, the Government has established the Travel Agents Subsidy Scheme under the Anti-epidemic Fund. Each eligible travel agent may receive a one-off subsidy of $80,000. The Travel Agents Registry received over 1 700 registrations during the application period from February 21 to March 13. Amongst these registrations, 99 per cent of the travel agents have received the subsidy.
Transcript of remarks by SCED at media session
20.3.2020

Following is the transcript of remarks by the Secretary for Commerce and Economic Development, Mr Edward Yau, at a media stand-up before attending the Legislative Council Finance Committee meeting today (March 20): Reporter: For an update on the progress of the government programme to subsidise mask factories in Hong Kong, how many companies have joined and what's the progress right now? Will they be able to produce quality face masks for the public? Secretary for Commerce and Economic Development: Thank you. Since the approval of the emergency fund (Anti-epidemic Fund) last month, we have rolled out a Local Mask Production Subsidy Scheme, whereby the Government would subsidise the capital cost, and also agree to procure masks produced under the scheme. We have given initial approval to two applicants who are able to meet the basic requirements. They have the production lines and factory premises in place, and are going to upgrade them to a clean production environment. They have also got the materials and the capacity to fulfil the eligibility criteria. The commencement of production of these two factories in around April or May signifies (the provision of) the first batch of locally produced and Government-financed masks for government use. We are also receiving other applications. We have another five applications in hand which have initially fulfilled those requirements. We hope to process them in no time, and hopefully they will join the initial two (factories) to start production soon. This also indicates that the Scheme has in fact incentivised local production of surgical masks for government use. But of course, if they produce more than what the Government could procure, they can put them to the market (for sale). When talking to these enterprises, we notice that some of them are also interested in producing (masks) for children, because children masks are in heavy demand. So we are also discussing with them, see if they can also have other production lines, which can help to produce smaller masks for school-children. Reporter: The foreign ministry (Ministry of Foreign Affairs) has ordered three journalists from three American press that they can no longer work in Hong Kong. Can you tell us what actually is the Government's response to this order from the foreign ministry? Secretary for Commerce and Economic Development: I think the Ministry of Foreign Affairs has made a public statement on Wednesday saying that the arrangement was a reciprocal arrangement in response to the US' unfair treatment to certain Chinese media in the US. So this is basically the reciprocal arrangement by the Ministry. As far as Hong Kong is concerned, the Basic Law does provide protection for freedom of press, and we always welcome international journalists to do their jobs in Hong Kong in strict accordance with both the Basic Law and local laws. I think that will continue to be the case. Thank you. (Please also refer to the Chinese portion of the transcript.)
CEDB responds to media enquiries on complaints about RTHK programme "Headliner"
18.2.2020

In response to media enquiries regarding complaints about the Radio Television Hong Kong (RTHK) TV programme "Headliner", a spokesman for the Commerce and Economic Development Bureau said today (February 18) that the Office of the Communications Authority (OFCA) has received more than 200 complaints about the programme since February 15. OFCA is following up on the case. The Charter of RTHK stipulates that RTHK must adhere to the editorial principles of being accurate and impartial in the views it reflects. The overall programme production and editorial stance of RTHK should fully demonstrate the public purposes specified in the Charter. The Secretary for Commerce and Economic Development has urged RTHK to strictly abide by the Charter to provide public broadcasting services. As RTHK's Editor-in-chief, the Director of Broadcasting is responsible for making the final editorial decisions in RTHK and accountable for editorial decisions taken by RTHK programme producers. RTHK is also committed to complying with its Producers' Guidelines during the process of programme production. As for the complaints against the RTHK programme, OFCA will give an account to the public after carrying out necessary follow-ups.
SCED attends WTO Informal Ministerial Gathering in Davos (with photos)
24.1.2020

The Secretary for Commerce and Economic Development, Mr Edward Yau, attended the World Trade Organization (WTO) Informal Ministerial Gathering in Davos, Switzerland, today (January 24, Davos time). Held on the margins of the World Economic Forum, the Informal Ministerial Gathering provided an opportunity for participating ministers to have candid exchanges on key priorities and actions to be taken towards MC12. Mr Yau said Hong Kong is committed to engaging actively and constructively in various initiatives under the WTO with a view to delivering concrete outcomes at the 12th WTO Ministerial Conference (MC12). This year marks the 25th anniversary of the WTO. Mr Yau said that in the past 25 years, the WTO has clearly achieved a great deal in liberalising and facilitating trade. He however remarked that there is much more to do in view of the changing global and economic situations. He urged WTO Members to redouble their efforts and remain constructively engaged for making a productive MC12. Mr Yau also reiterated Hong Kong's concerns about the continued blockage of the Appellate Body selection process. He appealed to WTO Members to explore pragmatic solutions to lift the blockage and to prioritise other reform efforts to ensure the rules-based multilateral trading system stays strong and effective. Earlier today, Mr Yau attended the Informal Meeting on the WTO Joint Statement Initiative on Electronic Commerce during which he reaffirmed Hong Kong's commitments in working closely with WTO Members to make further progress with regard to the Initiative. Mr Yau will return to Hong Kong tomorrow (January 25) evening.
Hong Kong and Mexico sign Investment Promotion and Protection Agreement (with photo)
24.1.2020

Hong Kong and Mexico signed an Investment Promotion and Protection Agreement (IPPA) in Davos, Switzerland, yesterday (January 23, Davos time) to strengthen mutual investment protection. The agreement is set to enhance the confidence of investors, expand investment flows and further strengthen the economic and trade ties between the two places. â The Secretary for Commerce and Economic Development, Mr Edward Yau, signed the IPPA on the margins of the World Economic Forum Annual Meeting in Davos with the Undersecretary of Foreign Trade at Mexico's Ministry of Economy, Dr Luz Mar&iacute;a de la Mora S&aacute;nchez. â "An IPPA enables investors of the two parties to enjoy corresponding protection of their investments in the host economies, and thus enhance investors' confidence in making investments abroad. Hong Kong has been making dedicated efforts to expand its network of IPPAs in order to enhance two-way investment flows and boost our economy," Mr Yau said. â Under the Agreement, the two governments undertake to provide investors of the other side with fair, equitable and non-discriminatory treatment of their investments, compensation in the event of expropriation of investments, and the right to free transfers abroad of investments and returns. The Agreement also provides for settlement of investment disputes under internationally accepted rules. The Agreement will enter into force after the fulfilment of relevant internal requirements by both sides. â The IPPA with Mexico is the fourth such agreement that this term of Government has signed since taking office in July 2017. The other three are the investment agreements with the Association of Southeast Asian Nations, Australia and the United Arab Emirates. It is also the 22nd investment agreement that Hong Kong has signed with a foreign economy. â The other foreign economies with which Hong Kong has signed an IPPA are Austria, the Belgo-Luxembourg Economic Union, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, the Netherlands, New Zealand, Sweden, Switzerland, Thailand and the United Kingdom.
SCED meets with political and business leaders in Davos to reinforce that Hong Kong's institutional strengths remain intact (with photos)
23.1.2020

The Secretary for Commerce and Economic Development, Mr Edward Yau, met with various political and business leaders on the sidelines of the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland yesterday (January 22, Davos time). He updated them on the latest developments in Hong Kong and impressed upon them that Hong Kong's institutional strengths remain intact despite the unprecedented challenges that it has been facing. Hong Kong is a free and open society as well as a highly competitive international business and financial hub. Hong Kong remains a safe and secure city for business travelers and holiday makers, Mr Yau stressed in various meetings. In the morning, Mr Yau met with the Secretary of Trade and Industry of the Philippines, Mr Ramon Lopez; the Coordinating Minister for Maritime Affairs and Investment of Indonesia, Mr Luhut Pandjaitan; and the Minister for Finance of Australia, Mr Mathias Cormann. Mr Yau said that Hong Kong, with its advantage of "one country, two systems", its excellent environment for doing business and quality professional services, is well-positioned to help overseas enterprises tap into the Mainland market and grasp the opportunities brought about by the Belt and Road Initiative. He said he hopes that there will be more exchanges and business collaborations between Hong Kong and the three countries. Noting that the Hong Kong-Australia Free Trade Agreement and Investment Agreement entered into force last Friday (January 17), Mr Yau said the agreements marked a significant milestone in Australia's and Hong Kong's already substantial trade and investment relationship. He added that the agreements deliver a guarantee to Australian business that Hong Kong's relatively open services and investment regime will continue. Australian investment in Hong Kong totalled AUD$52 billion as at end-2018. Mr Yau then met with the Governor of the Bank of Thailand, Dr Veerathai Santiprabhob, to exchange views on mutual concerns. They discussed how the memorandum of understanding on strengthening economic relations signed between the two places in November last year can bring further economic opportunities and connectivity. Mr Yau also joined the Chief Executive, Mrs Carrie Lam, in meeting with the Managing Director of the International Monetary Fund, Ms Kristalina Georgieva; the Chief Strategic Advisor to the UK Prime Minister, Sir Edward Lister; the Chairman of the Japan External Trade Organization, Mr Nobuhiko Sasaki; and the Chairman of Vista Equity Partners, Mr Robert Smith. In the evening, Mr Yau attended a dinner organised by the Credit Suisse Group for WEF guests and Japan Night. During the day, Mr Yau also gave interviews to international media organisations to address their questions on Hong Kong's latest developments. Mr Yau will continue his visit in Davos today (January 23, Davos time).
SCED to attend WTO Informal Ministerial Gathering in Switzerland
19.1.2020

The Secretary for Commerce and Economic Development, Mr Edward Yau, will depart Hong Kong on January 21 for a duty visit to Davos, Switzerland to attend the World Trade Organization (WTO) Informal Ministerial Gathering and join the Hong Kong delegation led by the Chief Executive to attend events of the World Economic Forum (WEF) Annual Meeting. Mr Yau will attend the WTO Informal Ministerial Gathering on January 24 morning which will discuss key priorities for the 12th WTO Ministerial Conference to be held in June this year, including WTO reform and the ongoing negotiations on fisheries subsidies. Before attending the Informal Ministerial Gathering, Mr Yau will join the Informal Meeting on the WTO Joint Statement Initiative on Electronic Commerce to discuss with participating ministers on how to give further impetus to the said Initiative. Mr Yau will also take the opportunity to meet with other trade ministers and business leaders to strengthen economic and trade ties on the sidelines of the WEF Annual Meeting. Mr Yau will return to Hong Kong on January 25. During his absence, the Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will be the Acting Secretary for Commerce and Economic Development.
Youth internship programmes assist fresh graduates to enter creative industries and other sectors (with photos)
10.12.2021

The Commerce and Economic Development Bureau (CEDB) launched the Future International Talent (FIT) programme earlier this year in collaboration with 14 international chambers of commerce in Hong Kong, supporting member companies of the chambers to create full-time entry-level job opportunities for young people. So far around 170 interns have been employed and around 80 per cent of the vacancies created by FIT are in the creative industries, providing suitable job opportunities for young people. The Secretary for Commerce and Economic Development, Mr Edward Yau, met with over 30 participating employers and interns today (December 10) to learn about their work arrangements and experiences. Mr Yau encouraged young people to treasure and make good use of these valuable learning opportunities. "FIT offers global perspective and wider exposure to young people through work. It also injects new blood into the industries. With the support and collaboration of the participating partner chambers and through their comprehensive networks and knowledge of the trade, the programme is operating smoothly and making very good progress," said Mr Yau. "A majority of the job positions are provided by the creative industries, such as those related to design, architecture, advertising and marketing, which shows that the creative industries are not only a new economic driver of Hong Kong, but are also popular among young people, and will help Hong Kong become a more attractive international metropolis," Mr Yau added. Funded by the Anti-epidemic Fund, FIT provides monthly salary subsidies at $5,610 per fresh graduate or to-be graduate with no work experience and $10,000 for young people with no more than five years of work experience, for a maximum of 12 months. The participating partner chambers are the American Chamber of Commerce in Hong Kong; the Australian Chamber of Commerce in Hong Kong; the Belgium-Luxembourg Chamber of Commerce in Hong Kong; the British Chamber of Commerce in Hong Kong; the Canadian Chamber of Commerce in Hong Kong; the Dutch Chamber of Commerce in Hong Kong; the French Chamber of Commerce and Industry in Hong Kong; the German Chamber of Commerce, Hong Kong; the Hong Kong Japanese Chamber of Commerce and Industry; the Italian Chamber of Commerce in Hong Kong and Macao; the Mexican Chamber of Commerce in Hong Kong; the Spanish Chamber of Commerce in Hong Kong; the Swedish Chamber of Commerce in Hong Kong; and the Swiss Chamber of Commerce in Hong Kong. Other than FIT, the CEDB is also taking forward the Telecommunications Opportunities Programme (TOP) with telecommunications-related companies. Through the network of the Hong Kong Federation of Youth Groups, about 200 job vacancies have been created and the programme is achieving good progress. Working and training opportunities in the vibrant telecommunications sector in the 5G era will broaden the horizons of young people and equip them with lifelong skill sets for career development.
SCED calls on leaders of trade and industrial organisations to support LegCo election
7.12.2021

The Secretary for Commerce and Economic Development, Mr Edward Yau, today (December 7) wrote to about 400 trade and industrial organisations in Hong Kong, including district trade and industrial organisations, government funded/statutory organisations as well as small and medium enterprises associations, to call on business leaders to lead by example and cast their votes in the 2021 Legislative Council (LegCo) General Election to be held on December 19. He also appealed to them to motivate their members to actively participate in the election and make flexible arrangements at work to enable staff to vote on the day. "As the first LegCo election after improving the electoral system of the Hong Kong Special Administrative Region (HKSAR), the election is of great significance. As remarked yesterday by the Director of the Hong Kong and Macao Affairs Office of the State Council and Vice-Chairman of the National Committee of the Chinese People's Political Consultative Conference, Mr Xia Baolong, the LegCo elections following the improvement of the electoral system embody broad representation, political inclusiveness, balanced participation and fair competition. As electors of the HKSAR, each and every one of us should fulfil our civic duty and elect members to represent our constituencies," Mr Yau said. Mr Yau added that the HKSAR Government hopes to work together with members of the new term of the LegCo to promote various policies and initiatives to enhance economic development and improve livelihoods, with a view to building a better future for Hong Kong. Information on valid nominations and the election can be viewed at www.elections.gov.hk .
SCED: Hong Kong business environment remains favourable and vibrant (with photo)
19.11.2021

The Secretary for Commerce and Economic Development, Mr Edward Yau, assured participants of a webinar today (November 19) that the business environment of Hong Kong remains favourable and vibrant, saying that with the implementation of the National Security Law and improvements to the electoral system, Hong Kong is back on the right track of "one country, two systems", with developments characterised by safety, security and stability. Speaking at a webinar of the 2021 World Alliance Forum, Mr Yau illustrated Hong Kong's recent achievements, including being ranked the world's sixth largest merchandise trading economy in terms of total merchandise trade value last year; being ranked the third largest recipient of foreign direct investment in 2020 by the United Nations Conference on Trade and Development report; and first in Asia and second worldwide in the World Digital Competitiveness Ranking 2021. In addition, total merchandise trade value has hit a record high of close to US$1 trillion in the first nine months of this year. In the first year since the implementation of the National Security Law, IPO funds raised in Hong Kong increased by more than 50 per cent compared to the previous 12 months. The number of business operations in Hong Kong with parent companies outside Hong Kong, and the number of start-ups in Hong Kong this year also reached record highs. "Facts speak louder than words. These achievements signify unequivocal affirmation of Hong Kong as one of the most competitive economies in the world," Mr Yau said. Mr Yau also updated participants on Hong Kong's vibrant innovation and technology ecosystem. He said that Hong Kong is seeing significant growth in research and development activities, more talent engaged in the industry, more start-ups, and more venture capital investment, citing the growth of 12 unicorns in Hong Kong. He added that Hong Kong is particularly keen on developing biotechnology. Having reformed the listing requirement three years ago to allow pre-revenue biotechnology enterprises to raise funds through listing in Hong Kong, Hong Kong is now already the largest biotech fundraising hub in Asia, second only to the Nasdaq in the world. Hong Kong is also the first in the world regarding clinical data being recognised by authoritative medicine regulatory authorities in Mainland China, the United States and the European Union concurrently. Organised by the Alliance Forum Foundation, the World Alliance Forum is an annual international conference held in San Francisco with a focus on commercialisation and industrialisation of new technologies in healthcare fields.