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  • MIL-OSI China: High-tech goods prove popular at Canton Fair

    Source: People’s Republic of China – State Council News

    A wide range of high-tech and high value-added products displayed at the first phase of the 136th China Import and Export Fair, also known as the Canton Fair, proved increasingly popular among overseas buyers, the event’s organizers said on Monday.

    The event’s first phase, which focused on China’s advanced manufacturing, concluded on Saturday in Guangzhou, the capital of Guangdong province, with digitalized, intelligent and green products emerging as major highlights of the exhibits.

    Among the 11,165 participating companies in the first phase, approximately 3,600 are related to digital technology and intelligent manufacturing, according to the organizers. Of these, 57.8 percent are enhancing their industrial chains through technology transformations involving big data, artificial intelligence and the industrial internet.

    Chinese exhibitors have showcased a plethora of new products, technologies, materials and processes, with 390,000 digital products on display, marking a 300 percent increase compared with the last session.

    High-end products including smart home appliances, new energy vehicles, industrial automation equipment, humanoid robots, intelligent bionic hands and hydrogen-powered bikes are increasingly popular, the organizers said.

    They also said the trend indicates that Chinese manufacturing is accelerating its pace toward the high end of the industrial and value chains, while the independent innovation capabilities of Chinese enterprises and the core competitiveness of Chinese products are continuing to strengthen.

    Xu Jiadong, sales manager of Skymen Technology Corp, said, “We have seen an increased number of buyers, especially those from emerging markets such as the Middle East and Southeast Asia, visiting our exhibition booth during the fair, showing interest in buying advanced ultrasonic cleaning products.”

    The Shenzhen, Guangdong province-based company’s overseas sales of ultrasonic cleaning products steadily increased in the first nine months of this year, reaching more than 60 million yuan ($8.4 million), Xu said.

    To meet the increased demand for advanced and intelligent ultrasonic cleaning products in overseas markets, the company launched operation of its manufacturing base in Shaoguan, Guangdong, in late 2023.

    More than 130,000 overseas buyers, an increase of 4.6 percent compared with the previous session, visited the fair’s first phase. Of these, 69.7 percent were from countries and regions involved in the Belt and Road Initiative, and around 20,000 buyers were from the Middle East, an increase of 44.2 percent compared with the previous session, according to the organizers.

    In addition, advanced products with high added value, such as industrial machines manufactured in China, have become increasingly popular in the overseas market, according to Yusuf Kandemir, CEO of Alshamela Group Trading Co.

    “The fair provides me with very valuable information, as we are looking for high-end industrial machinery suppliers from China,” said Kandemir, adding that such products are very much in demand, especially in the Middle East.

    The second phase of the fair will be held from Wednesday to Sunday, with 10,040 Chinese exhibitors showcasing household items, gifts and decorations, building materials and furniture.

    Spanning three phases, with both online and on-site exhibitions, the fair, which will run until Nov 4, aims to serve high-quality development and promote greater opening-up.

    MIL OSI China News

  • MIL-OSI China: BMW Brilliance kicks off geothermal energy project in Shenyang

    Source: China State Council Information Office

    German carmaker BMW Group’s joint venture in China on Monday kicked off a geothermal energy project aimed at realizing 100 percent non-fossil energy heating for its factories in Shenyang, capital of northeast China’s Liaoning Province.

    Under the project, BMW Brilliance Automotive Ltd. (BBA) will drill 28 medium-deep geothermal wells, which will be completed and provide a total heating area of approximately 580,000 square meters by the 2025 heating season.

    “We believe that investing in sustainable development is investing in the future. Starting today, our exploration of geothermal energy has entered a new chapter,” said Dai Hexuan, president and CEO of BBA.

    Geothermal energy is a stable and low-carbon form of renewable energy with large reserves and widespread distribution in China.

    In the geothermal energy project, BBA is expected to adopt a number of industry-leading technologies to collect the energy at a depth of approximately 2,900 meters underground in a pollution-free and zero-emission manner.

    The energy exploration will be carried in an enclosed process. The project is expected to achieve an annual carbon emission reduction of 18,000 tonnes, the company said.

    BMW has been increasing its investment in Shenyang in recent years. In November 2023, BBA completed the construction of the main building of a new battery production plant, with a total investment of 10 billion yuan (about 1.4 billion U.S. dollars). The geothermal energy will be mainly used to supply winter heating in the factory and the company’s assembly plant.

    MIL OSI China News

  • MIL-OSI China: Beijing’s GDP grows 5.1%

    Source: China State Council Information Office

    Foreign tourists take a tour on Wangfujing Street in Beijing, capital of China, June 27, 2024. [Photo/Xinhua]

    The gross domestic product (GDP) of Beijing increased 5.1 percent year on year in the first three quarters of 2024, the city’s statistics authorities said Monday.

    The Chinese capital’s GDP reached 3.3 trillion yuan (about 465 billion U.S. dollars) from January to September, according to the municipal bureau of statistics.

    Key industries in Beijing showed robust growth in the first nine months of the year. The manufacturing of computers, communication and other electronic equipment saw an increase of 19.5 percent year on year, while the automotive manufacturing industry surged by 18.4 percent compared with the same period last year.

    In the tertiary sector, the information transmission, software and information technology services industry saw rapid growth, achieving added value of 710.5 billion yuan, up 11.9 percent year on year. The added value of the financial industry increased by 6.6 percent to 672 billion yuan.

    In terms of employment, the urban surveyed unemployment rate in Beijing for the first three quarters stood at 4.1 percent on average, 0.4 percentage points lower than the same period last year.

    MIL OSI China News

  • MIL-OSI China: Qualcomm unveils mobile platform featuring fastest mobile CPU

    Source: China State Council Information Office

    Qualcomm CEO Cristiano Amon introduces the mobile platform, named Snapdragon 8 Elite, at Qualcomm’s annual tech summit in Maui, Hawaii, the United States, on Oct. 21, 2024. [Photo/Xinhua]

    U.S. leading chip manufacturer Qualcomm on Monday unveiled its first Snapdragon Mobile Platform featuring the world’s fastest mobile CPU.

    The platform, named Snapdragon 8 Elite, was launched at Qualcomm’s annual tech summit in Maui, U.S. state of Hawaii.

    The platform powers a new era of on-device generative AI, built to handle the complexities of multi-modal AI seamlessly while prioritizing privacy.

    Snapdragon 8 Elite, featuring Qualcomm’s next generation custom-built Oryon CPU, is the most powerful and world’s fastest mobile system-on-a-chip ever, according to Qualcomm.

    The platform delivers improved performance and power efficiency across the board and transforms on-device experiences with support for multimodal generative AI, redefined AI photography, gaming and studio-quality audio — all backed by AI-enhanced connectivity.

    Earlier this year, Qualcomm debuted Oryon CPU in personal computers (PC).

    “We are so excited to bring the power of Qualcomm Oryon to our Snapdragon mobile platforms for the first time,” said Chris Patrick, senior vice president and general manager of mobile handsets, Qualcomm Technologies, Inc.

    “It’s a major leap forward and we expect consumers to be thrilled with the new experiences enabled by our CPU technology,” he said.

    The first-in-mobile Qualcomm Oryon CPU delivers a 45 percent performance boost, 44 percent greater power efficiency, and the mobile industry’s largest shared data cache, according to Qualcomm.

    The tech summit, named Snapdragon Summit, runs from Monday to Wednesday, during which the company launches its next-generation platforms and showcases innovative technologies that will power consumer devices and automobiles.

    MIL OSI China News

  • MIL-OSI China: Revitalizing property, shares high on agenda

    Source: China State Council Information Office

    China’s monetary policymakers are likely to continue next year to prioritize revitalizing market expectations for the ailing property sector and an undervalued capital market to help bring about a steady economic recovery, economists and market mavens said.

    Such a policy stance was clearly signaled by the larger-than-expected lending rate reduction on Monday and the country’s first monetary policy tools that channel funds to the capital market, which will substantively alleviate homebuyer burdens while repairing the valuation of Chinese equities.

    “Shoring up the real estate sector and stabilizing the capital market have become the critical premise for China to expand domestic demand,” said Liu Yuanchun, president of Shanghai University of Finance and Economics.

    On Monday, China cut its market-based benchmark lending rates, with the one-year loan prime rate down to 3.1 percent and the over-five-year LPR, on which lenders base their mortgage rates, to 3.6 percent, both 25 basis points below September levels.

    The cut was slightly larger than expected and marked the biggest cut since 2019 when LPRs became benchmarks.

    Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the considerable LPR reduction reflects that the People’s Bank of China, the country’s central bank, is putting into place the “impactful interest rate cuts” outlined by the country’s top leadership, a move that will effectively ease homebuyers’ and enterprises’ financing costs.

    “To ensure that the real estate market stops falling, boosts economic momentum and drives price levels to recover moderately, there remains some room for LPR reductions in 2025,” Wang said.

    China’s A-share market ended higher following the cut, led by smaller-cap stocks, with Shanghai’s tech-heavy STAR 50 index up 2.22 percent to close at 1000.37 points. The market was also lifted by the implementation of a special central bank lending program to buy back shares and boost share holdings.

    The program, starting Friday, offers 300 billion yuan ($42.18 billion) in loans at a rate of 1.75 percent to 21 eligible banks, which will then lend to qualified companies and shareholders at a rate no higher than 2.25 percent.

    As of Sunday, 23 listed companies had applied for over 10 billion yuan of the loans, and more are expected to follow suit.

    Liu, the SUFE president, said the program signals a “significant paradigm shift” that the PBOC is now striving to correct a systemic stock pricing distortion.

    “This will help establish a floor for China’s capital market, addressing the widespread, persistent issue of stock market values falling below book values.”

    Addressing Sibos 2024, a financial services event organized by Swift on Monday, Lu Lei, deputy governor of the PBOC, said the country’s financial sector will continue to embrace opening-up and cooperation, vowing to encourage Chinese sovereign wealth funds and financial institutions to invest abroad.

    MIL OSI China News

  • MIL-OSI China: Sibos conference reveals China’s financial openness

    Source: China State Council Information Office

    Photo taken on Oct. 3, 2022 shows the view of skyscrapers of the Central Business District (CBD) at dusk in Beijing, capital of China. [Photo/Xinhua]

    The Swift International Banker’s Operation Seminar 2024 (Sibos 2024) opened Monday in Beijing, a milestone demonstrating the country’s openness in the finance sector as it is the first time the Chinese capital has hosted the event.

    Over 10,000 participants from more than 150 countries and regions have gathered for Sibos 2024, which covers a wide range of topics, including payments, digital assets, trade financing, artificial intelligence and sustainable finance.

    The forum also has an exhibition area covering 133 financial institutions and third-party organizations, such as J.P. Morgan, Citibank, HSBC and ICBC.

    Lu Lei, deputy governor of the People’s Bank of China (PBOC), said at the opening ceremony that China has removed foreign ownership restrictions on banking, securities and insurance, attracting over 110 foreign financial institutions to operate in the country.

    The PBOC will expand the interconnectivity of domestic and international financial markets, further support excellent Chinese companies in listing and issuing bonds overseas, and encourage China’s sovereign wealth funds, financial institutions and other business entities to invest overseas, Lu said.

    He also noted that the PBOC will support qualified global banking institutions to join the Cross-border Interbank Payment System (CIPS), facilitating the clearance of cross-border RMB transactions.

    Javier Pérez-Tasso, chief executive officer of Swift, highlighted the rapid economic development in China and the corresponding growth of Swift’s business in the country. Swift is collaborating closely with CIPS and other entities to ensure the security of global finance and payments, the CEO said.

    Rani Gu, managing director and head of Payments, Greater China at J.P. Morgan, said the conference will foster communication and cooperation between China and top financial institutions around the world, further promoting the interconnectivity of the global financial industry and contributing to the further openness of China’s financial market.

    Bill Winters, group chief executive of Standard Chartered, said China is at the heart of the global trade and cross-border payments.

    The opportunity to be in China — looking at the global payments infrastructure through the lens of the Chinese market and from a Chinese perspective — is a special opportunity for Standard Chartered and could not be more timely, he said.

    The annual conference will run until Oct. 24 at the China National Convention Center.

    MIL OSI China News

  • MIL-OSI China: Experts praise China’s expanding role in global IP governance

    Source: People’s Republic of China – State Council News

    China is becoming increasingly active in global intellectual property (IP) governance, playing a key role in promoting balanced protection and innovation, according to experts at the 2024 AIPPI World Congress. The event, themed “Balanced Protection and Innovative Development of IP Rights,” is being held for the first time in China, in Hangzhou, with participants from 92 countries and regions.

    MIL OSI China News

  • MIL-OSI China: Daxing airport handles over 40M passenger trips this year

    Source: China State Council Information Office 3

    Passenger throughput at Beijing Daxing International Airport reached 40.01 million this year as of Sunday, up 28.1 percent from the same period last year, the airport said Monday.

    It was the first time that the airport witnessed its annual passenger throughput exceed 40 million since it kicked off operations on Sept. 25, 2019.

    As of Sunday, some 262,100 flights had departed from or arrived at the airport in 2024.

    By the end of September, 43 domestic and international airlines had operated a total of 216 air routes from Daxing airport, connecting 197 destinations.

    MIL OSI China News

  • MIL-OSI China: ​Tearjerker movie delivers ‘BIG’ healing power

    Source: China State Council Information Office 3

    “BIG,” a new motion picture from renowned filmmaker Wei Te-Sheng, premiered in Beijing on Oct. 16. With its heartrending storyline that moved the premiere’s audience to tears, the film expresses a message of cherishing every precious moment.

    Actor Cheng You-Fei and director Wei Te-Sheng pose for a photo at the premiere for “BIG” in Beijing, Oct. 16, 2024. [Photo courtesy of Alibaba Pictures]

    The film, set in a pediatric oncology ward, tells the tragic yet heartwarming story of six children who are battling cancer and how they, their families and hospital staff navigate their diagnoses and treatments while still finding ways to live life to the fullest. 

    Highlighting the children’s courage and faith in the face of mortality, “BIG” emphasizes the value of life and the message that “Being is Gift,” abbreviated as BIG, which, as the film’s title, resembles the ward’s number: 816.

    At the Beijing premiere, Wei poignantly reflected on his experiences while preparing for the film: “In the pediatric oncology ward, I did not see a single child who did not want to live.” He added, “I hope that through this film, I can impart some strength to everyone, enabling them to be stronger and more resilient when facing difficulties.”

    “BIG” is a film Wei wanted to make since a long time ago, addressing topics he has yearned to explore, including family dynamics, vitality, universal values and youth.

    “And I also want to stress that although these ill children may look weak and small, they have big and strong hearts. Their willingness to live on and fight is BIG! We hope we can call them warriors from now on when we meet these children, because they deserve our respect and pride,” Wei said at the premiere.

    On stage at the Beijing premiere, Wei was joined by Cheng You-Fei, one of the film’s young actors, to interact with the audience, who were deeply touched after the advanced screening. 

    Cheng revealed that she was initially reluctant to take on the role of Yuanyuan, one of the children battling cancer, because it required her to shave off her hair. “I’ve always cherished my hair,” she said. “But after listening to the director’s explanation on the plot, I was deeply moved. He told me that I was not just making a movie, but also doing something meaningful, helping those who cherish life to bravely face challenges.”

    Besides the use of live acting, the film also uses 2D animation when portraying the children’s head-on battle with cancer. Wei revealed that for creating the 2D animation scenes, he enlisted a notable team, including Takumi Tanji, art director for Makoto Shinkai’s “Your Name” and “Suzume,” and other international talents from Japan and Italy. Wei chose animation to depict the children’s battle with cancer because, despite the arduous process, he wanted to avoid a somber tone. Instead, he aimed to reflect the children’s perspectives, using clean, bright and warm animation to illustrate their optimistic and positive attitudes during treatment.

    A film poster for “BIG.” [Photo courtesy of Alibaba Pictures]

    Wei is a filmmaker known for creating some of the most profitable films of all time in Taiwan, such as “Cape No. 7,” the highest-grossing film on the island. 

    “BIG” has been released across the mainland since Oct. 19.

    MIL OSI China News

  • MIL-OSI China: Debut economy drives new growth in China’s consumer market

    Source: People’s Republic of China – State Council News

    China’s beloved animation series “Boonie Bears” is expanding its reach. The world’s first “Boonie Bears”-themed shopping mall has opened in Shenzhen, Guangdong Province and it’s attracting many new brands. This concept is part of the growing debut economy, which includes new business models, innovative services, and unique retail experiences.

    MIL OSI China News

  • MIL-OSI China: Officials strive for quality elder care

    Source: People’s Republic of China – State Council News

    Authorities are stepping up efforts to promote the healthy development of the elder care sector in China, officials said.

    Li Yongxin, deputy director of the elder care service department at the Ministry of Civil Affairs, said during a news conference that the number of elderly care facilities in China had surged to around 410,000 by June, with 369,000 of them community-based. This represents a 100 percent increase in elderly care facilities and a 120 percent increase in community-based ones since 2019.

    The expansion and a recent crackdown are part of a broader initiative to address the challenges posed by China’s rapidly aging population and fraudulent practices in facilities designed to help seniors.

    “The ministry has strengthened its policy framework, diversified care options and enhanced regulatory measures, resulting in significant improvements in elderly care services,” Li said.

    Li added that legislative efforts are underway to create a law outlining the responsibilities of elder care service providers, with the goal of better protecting seniors’ rights. The move is a response to widespread concerns about financial scams targeting the elderly, including fraudulent schemes disguised as membership fees or unauthorized financial products being offered by some retirement homes.

    In 2022, a government crackdown on elder care fraud led to the arrest of 66,000 suspects and the recovery of 30.8 billion yuan ($4.3 billion) in stolen funds. Last year, an additional 33,000 suspects were apprehended.

    Along with fraud prevention, authorities are conducting inspections to reduce fire risks, improve building safety and create a more secure environment for seniors. The National Health Commission estimates that 78 percent of China’s elderly people have at least one chronic illness, and roughly 40 million seniors are disabled or semidisabled and require intensive care.

    Meanwhile, despite the growing number of elder care facilities, China still faces a shortage of caregivers, with only 500,000 currently available to meet the country’s needs. To fill the gap, authorities are promoting home-based care that allows seniors to stay in their homes while receiving regular visits from community workers and medical professionals.

    Since 2021, approximately 350,000 seniors have benefited from home-based care, with 650,000 home visits conducted, according to the ministry.

    By the end of 2023, nearly 300 million Chinese citizens were age 60 or older. By 2050, that number is expected to grow to one-third of the population.

    MIL OSI China News

  • MIL-OSI China: FTZ reforms deepen China-ASEAN economic, trade ties

    Source: People’s Republic of China – State Council News

    NANNING, Oct. 22 — In a bustling fruit processing facility in south China’s Guangxi Zhuang Autonomous Region, the air is sweet with the luscious aroma of mangoes. Workers diligently manage a state-of-the-art, fully automated production line, preparing to send delectable products to eager markets across Southeast Asia.

    In recent years, with the deepening of economic cooperation and the trade exchange of agricultural products between China and the Association of Southeast Asian Nations (ASEAN), the complementary advantages of agricultural products trade between Guangxi and ASEAN have become more prominent. The geographical advantages of land and sea links with ASEAN have also injected vitality into the continuous expansion of Guangxi’s fruit exports.

    According to data from Nanning Customs, in 2023, Guangxi imported 16.71 billion yuan (about 2.4 billion U.S. dollars) of ASEAN agricultural products, a year-on-year increase of 43.1 percent. At the same time, Guangxi’s special fruits, such as orah mandarins and sweet tangerines, have also been well received in the ASEAN market.

    The thriving fruit trade has also spurred related companies to invest and establish their operations in Guangxi.

    Guangxi Junyi Agricultural Science and Technology Co., Ltd, a mango-processing company established in 2020 in the Chongzuo area in the China (Guangxi) Pilot Free Trade Zone (FTZ), is the region’s first border-based fruit processing enterprise with an annual main business turnover of at least 20 million yuan.

    “The pilot FTZ’s policies, including tax incentives, streamlined trade procedures and financial innovations, have not only laid fertile ground for growth but also provided substantial cost benefits to businesses,” said Shen Wuyang, the company’s deputy general manager.

    Guangxi, often described as China’s gateway to ASEAN, has risen to the forefront of China’s trade and cooperation with ASEAN in recent years, thanks to the establishment of the pilot FTZ.

    In 2019, the pilot FTZ was established to promote China’s opening up to ASEAN and to pilot new mechanisms in China-ASEAN cooperation. Since its inception, the pilot FTZ has proven to be a powerhouse, taking up a 37.7 percent share of Guangxi’s total foreign investment and a notable 38.6 percent share of the region’s foreign trade volume.

    The pilot FTZ comprises the Nanning area in the region’s capital city, the Qinzhou Port area along the coast and the Chongzuo area bordering Vietnam.

    The Chongzuo area is home to Youyiguan Port, or Friendship Pass, one of China’s busiest land ports for the trade of fruit.

    Thanks to the development of economic and trade relations between China and ASEAN, Youyiguan Port’s cargo clearance efficiency has doubled.

    “Our cargo predominantly goes to Southeast Asia, with Vietnam taking up 80 percent of our shipments and the remainder being distributed to places like Malaysia and Thailand,” noted Wang Shuqing, operations supervisor of a supply chain management company in Guangxi.

    The zone’s Nanning area focuses on the development of modern finance, the digital economy and modern services. It is pioneering innovation in cross-border finance and renminbi businesses, especially those working with ASEAN nations.

    “Previously, cross-border transactions between Guangxi and Indonesian companies involved an intermediate step of converting RMB to U.S. dollars before changing it to Indonesian rupiah. Now, we can achieve direct settlements,” said Bai Lili, deputy general manager of a China CITIC Bank branch located in the Nanning area of the pilot FTZ.

    As the pilot FTZ’s only coastal area, Qinzhou Port Area is establishing itself as a high-level gateway port that facilitates the transportation of cargo between China and ASEAN.

    According to Ye Jun, an official with the administrative committee of Qinzhou Port Area, the industrial focus of the area is on petrochemical projects, with quite a number of petrochemical enterprises having already set foot in raw material and preliminary processing in ASEAN countries.

    So far, more than 38,000 new enterprises have been established in Qinzhou Port Area, including 355 foreign-funded companies. Among the over 150 industrial projects operational or under construction, the area has attracted investments exceeding 300 billion yuan and is home to four enterprises with annual outputs of over 10 billion yuan.

    MIL OSI China News

  • MIL-OSI China: Xi leaves for 16th BRICS Summit in Russia

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 22 — Chinese President Xi Jinping left Beijing on Tuesday for the 16th BRICS Summit in Kazan, Russia, at the invitation of President of the Russian Federation Vladimir Putin.

    Xi’s entourage includes Cai Qi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and director of the General Office of the CPC Central Committee, and Wang Yi, a member of the Political Bureau of the CPC Central Committee and foreign minister.

    MIL OSI China News

  • MIL-OSI New Zealand: Significant Police operation targets organised crime around North Island

    Source: New Zealand Police (National News)

    Today Police executed over 30 search warrants across the North Island as part of Operation Highwater, a concentrated operation targeting members and associates of the Mongrel Mob Barbarian MC East Bay chapter based in Opotiki.

    NZ Police National Organised Crime Group commenced Operation Highwater in December 2023 following an increase in occurrences of violent crime and other offending in Opotiki, in Eastern Bay of Plenty.

    Today’s search warrants spanned Eastern Bay of Plenty, Waikato, Auckland, Rotorua, Taupo, Wellington, and Hawke’s Bay, targeting identified people believed to be involved in a North Island-wide drug distribution network, including methamphetamine and cannabis.

    Police arrested a total of 28 people, seized illegal drugs and firearms and restrained assets. Provisional results are as follows.

    Arrests by Police District:

    • Bay Of Plenty – 18
    • Auckland – 3
    • Waikato – 3
    • Wellington – 2
    • Eastern – 2

    Restrained assets:

    • One residential property
    • Four cars
    • One jetski
    • Two trailbikes
    • One Harley Davidson motorcycle
    • Approx. $86,000 in a bank account
    • Approx. $20,000 value of jewellery
    • Approx. $65,500 cash

    Approx. total value of assets restrained of $800,000.

    Seizures include:

    • Six firearms including five rifles and a 3D-printed pistol
    • Quantities of illegal drugs including 12 lbs of cannabis and smaller quantities of methamphetamine and cocaine
    • 13 Mongrel Mob Barbarian Patches.

    The investigation team is now in the process of filing charges and confirming court dates.

    Today’s actions follow the execution of warrants in the Coromandel area over several days in August this year, after the Operation Highwater investigation team identified a flow of methamphetamine into the area. Police completed 12 search warrants in Whitianga and Coromandel resulting in six arrests and the seizure of methamphetamine, cannabis and a firearm.

    This is an example of the “all-of-Police” approach, which has seen several workgroups across Police working together toward a shared goal. The operation has been led by the National Organised Crime Group, supported by specialist groups and District Staff. Staff from the Police Partnership and Harm team will support the community wrap-around process during and after today’s termination.

    Today’s search warrants are the culmination of a 10-month investigation, during which instances of serious violence were detected and prevented by Police.

    One such incident saw Police deploy to Opotiki, after receiving information about a planned drive-by shooting at a local marae.

    Quick action meant Police located and seized three firearms, including a high-powered rifle, shotguns and ammunition, preventing what could have been a serious incident.

    Bay of Plenty District Commander Superintendent Tim Anderson says that today is a good day for Opotiki.

    “The termination of this operation is a clear message to gang members selling illegal drugs across the Bay of Plenty that we will find you and you will be held accountable for your destructive behaviour.

    “We will continue to relentlessly pursue criminals who prey on our communities and cause a huge amount of harm and misery in their own communities with their drug dealing and violent behaviour.

    “From my travels around the Bay of Plenty, the feedback from different iwi leaders and the wider community is that they’ve had enough of this type of criminal offending.

    “I’d like to thank the community members who have reported this type of offending and I encourage them to keep reporting these drug dealers to us via 105 and Crimestoppers reporting lines.

    “I’d also like to acknowledge and thank our organised crime detectives for their tireless work and dedication, as well as all our policing teams across the Bay of Plenty who are making arrests every day to make us all much safer.

    “Yesterday we stood up our district Gang Disruption Unit and this new team is also in the Eastern Bay of Plenty targeting gang members as we speak. They, and all our staff across the Bay, will continue to work hard every day to make our communities safer.

    “I’m proud of the work our officers carry out every day, and results such as we’ve seen today are testament to their hard work.”

    Gang members commit a disproportionate amount of crime and harm in New Zealand, and particularly in the areas of serious assault, robberies, drug and firearms offences, and homicides.

    We continue to have a strong focus on disrupting unlawful activity by gang members and their associates, and holding offenders to account for crimes committed.

    Police is committed to doing everything we can to ensure everybody is safe and feels safe too. We urge anyone who has concerns about criminal offending by gangs in their community to contact Police so it can be investigated.

    Call 111 if there is an incident happening now or make a report via 105 online if it is not an emergency situation.

    Information can also be provided anonymously through Crimestoppers at 0800 555 111.

    ENDS

    Issued by Police Media Centre
     

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Government to appoint Crown Observer to Wellington City Council

    Source: New Zealand Government

    Local Government Minister Simeon Brown has today announced his intention to appoint a Crown Observer to Wellington City Council, following news that the Council will now be required to rewrite its 2024-34 Long Term Plan.

    “I have been concerned about the Council’s ability to manage their Long Term Plan amendment and adoption process, following their recent decision to rewrite its 2024-34 Long Term Plan,” Mr Brown says.

    “Under Part 10 of the Local Government Act 2002 (the Act), I have powers of assistance and intervention in relation to a local authority that has a problem.  Following advice from officials I have identified there is a significant problem at Wellington City Council that warrants the Government appointing a Crown Observer.

    “Advice provided to me by the Department of Internal Affairs highlights that the Council is not utilising its balance sheet appropriately in order to maintain critical infrastructure like water, and that is failing to manage its insurance risk appropriately. These risks have been increased due to its recent decision to amend the Long Term Plan.

    “The Department advises me that while it is not uncommon for councils to amend their Long Term Plans, it is uncommon for a council to reverse such a critical financial decision that requires such an amendment only four months into the cycle,” Mr Brown says.

    The Department has found that the Council has demonstrated an inability to understand the mechanisms it has available to manage financial pressures it is facing.

    This includes the Council choosing in its Long Term Plan to use rates revenue to pay for its water infrastructure up-front, rather than appropriately using debt financing. Local Water Done Well financing mechanisms enables further debt headroom for Wellington City Council to meet its under-insurance issues.

    “The advice from the Department highlights that the 2024-34 Long-Term Plan shows the Council’s net borrowings for water services increase by just $66 million to fund this investment (6 per cent of the total), with the remaining $1.10 billion of capital investment proposed to be funded by rates (94 per cent of the total).

    “This is an inefficient and expensive way to fund infrastructure investment. The Council is front-loading costs on current ratepayers rather than utilising debt financing to spread the cost over current and future users of the assets,” Mr Brown says.

    “The Department estimates that the Council’s financing approach to water services as set out in the 2024-34 Long Term Plan would overcharge Wellington City residents by more than $700 million over ten years.

    “Recent Council meetings have also seen councillors walk out, refusing to participate in votes, and confusion regarding decisions, amendments, and voting. Councillors have also made repeated public criticism of one another and Council staff.

    “This environment is not conducive to the Council effectively managing the Long-term Plan amendment and adoption process. Not resolving these challenges would likely have adverse consequences for Wellington residents and ratepayers.

    “The Department is of the view that the appointment of a Crown Observer is necessary to better enable Wellington City Council to address the problem and allow me to monitor their progress in addressing it. I agree with their assessment.

    “The Crown Observer would be appointed to assist the Council to ensure that it secures a financially sustainable Long Term Plan that prioritises the capital programme.

    “The Government has written to Wellington City Council with a draft Terms of Reference and has given the Council 10 working days to respond as required under the law.

    “The Government is clear that by proposing a Crown Observer, the Government is not taking responsibility for any of the decisions made by the Council. The Council and Mayor are democratically elected and are responsible for the decisions made by the Council, and will remain accountable to their constituents.

    “By providing a Crown Observer to assist the Council on matters of governance, financial strategy and planning, the Government will be working to ensure that Wellington City Council Ratepayers can have increased confidence in their Council and that the Long Term Plan decisions are finalised in accordance with the Local Government Act,” Mr Brown says.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Strategic Intentions 2024–2028

    Source: New Zealand Ministry of Health

    Summary

    The Strategic Intentions 2024–2028 is how the Ministry informs Parliament and the public about:

    1. the strategic objectives that the Ministry intends to achieve or contribute to over the medium term
    2. what the Ministry intends to achieve with appropriations
    3. the nature and scope of the Ministry’s functions and operations to achieve or contribute to the strategic objectives.

    There are three main sections.

    • Section one – introduction, including our purpose, functions and responsibilities, and our context
    • Section two – our strategic direction, which includes our strategic priorities and priority activities
    • Section three – how we operate as an organisation to achieve our strategic intentions. 

    The document sets out the Ministry’s own strategic focus, functions and priorities aligned and contributing to, but distinct from those of the Government. 

    The Ministry is responsible for reporting annually on progress against the Strategic Intentions 2024–2028 and what has been achieved with appropriations. Parliament sees information on performance reporting in the Ministry’s annual reports and information supporting the Estimates.

    The Ministry’s Strategic Intentions 2024–2028 also includes the strategic intentions of Te Aho o Te Kahu – Cancer Control Agency. The agency is a departmental agency hosted by the Ministry and is operating within the Ministry’s strategic and policy framework.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Ministry of Health Annual Report for the year ended 30 June 2024

    Source: New Zealand Ministry of Health

    Summary

    The Annual Report for the year ended 30 June 2024 sets out who we are and what we do, how we manage our business, our financial statements and statement of service performance as specified in Vote Health – Main Estimates of Appropriation 2023/24 and (where updated) in Vote Health – Supplementary Estimates of Appropriation 2023/24.

    It provides a detailed breakdown of our achievements for the 2023/24 financial year and the progress made towards our six strategic objectives:

    • Provide system-level leadership
    • Drive system strategy and performance
    • Be the Government’s primary advisor on health
    • Future-proof our health system 
    • Be the regulator of the health system 
    • Transform ourselves.

    Disclaimer: The graph for Figure 10, ‘Percentage of kaimahi who believe te ao Māori perspectives are relevant to their work’, differs from the print version of the Te Aho o Te Kahu 2023/23 Annual Report. This was due to an error where the graph for Figure 9, ‘Explain kaupapa Māori concepts’, was duplicated for both Figure 9 and Figure 10.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Benefits of good effluent management

    Source: Environment Canterbury Regional Council

    Environment Canterbury © 2024
    Retrieved: 4:05pm, Tue 22 Oct 2024
    ecan.govt.nz/get-involved/news-and-events/2024/benefits-of-good-effluent-management/

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Time to shut down failed Youth Justice Residences

    Source: Green Party

    The Green Party is calling for Youth Justice Residences to close, following a protest in which a group of young people spent the night on the roof of an Oranga Tamariki justice facility.

    “Rangatahi deserve more than child prisons and military bootcamps. They deserve opportunities,” says the Green Party Spokesperson for Youth, Tamatha Paul.

    “Instead of punching down on our most vulnerable, we should be providing our rangatahi with meaningful life opportunities, healthcare that addresses their needs, but most importantly, the love and care that they have never, ever had in their short lives. 

    “The Greens are calling for an end to Youth Justice Residences and military-style bootcamps. Our young people deserve a system which sets them up to rebuild their lives, not to be confined to prisons which perpetuate trauma, isolation and violence

    “There are young people out there who cannot imagine a life for themselves outside of prison walls, and that is a failure of successive governments, and a moral failure of our society.

    “I have visited these youth justice residences and can confirm that they are child prisons. They are filled with the most vulnerable rangatahi in our country who have come from extreme levels of poverty and family abuse.

    “What’s happened at Korowai Manaaki is not a unique situation. Years of research and experience shows that youth justice residences are re-traumatising and ineffective. 

    “When the Office of the Children’s Commissioner reported on Korowai Manaaki recently, they revealed inappropriate and deeply troubling practices within the residences. Unfortunately, this culture can be seen across the youth justice space in Aotearoa and is a product of politicians who put winning votes above the real needs of children.

    “The young people leaving these residences do not feel empowered or able to turn their lives around which leads to a lifetime of incarceration and a complete loss of human potential. It’s time to close them down.” says Tamatha Paul.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: ACT welcomes Crown Observer in Wellington

    Source: ACT Party

    ACT Local Government spokesperson Cameron Luxton is welcoming today’s announcement that the Minister intends to appoint a Crown Observer to Wellington City Council.

    “The Council is an absolute shambles,” says Mr Luxton.

    “What should be a thriving capital city is being run into the ground by reckless decisions and sheer incompetence.

    “Tauranga has seen firsthand the consequences of stripping away local democracy, and I don’t want to see Wellington go down the same path. Any step that can fix the city while preserving local democracy is one I fully support.

    “A Crown Observer will give the Coalition Government the opportunity to look under the hood of the council, assess what’s going wrong, and assist the council in good governance – something that has been sorely lacking to date.

    “Many of the issues are well-known already. The Council is recklessly wasting hundreds of millions of dollars on ideological projects like cycleways, removing cars from the golden mile, and the wrecked town hall. While this is happening, leaks continue to appear all across the city and wastewater is being pumped into the harbour.

    “But the deeper governance issues and factors influencing the Council’s poor decision making need to see the light of day. At the very least it will expose the poor leadership, ensuring they can be held accountable at the next local body elections on 11 October 2025.

    “The Council must ensure that they have crown observer not a clown observer. That means putting their egos and ideologies aside and for once in their lives put the ratepayers of Wellington first.

    “I urge them to heed the advice of the Observer, and take all necessary steps to cut waste, fix the crumbling infrastructure and keep rates down.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Unreported in New Zealand

    Source: ACT Party

    The Haps

    The Solicitor General backed down on prosecution guidelines that told prosecutors to ‘think carefully’ about someone’s race before prosecuting. It shows New Zealand has really changed. Not so long ago such policies bucketed down and people felt helpless. Now we are getting real change.

    CPI inflation at 2.2 per cent, amidst the 1-3 per cent target band, is the news we’ve been waiting for. Inflation first broke out in 2021, with high interest rates following close behind. It’s taken less than a year of the new Government, one mini-budget, and one budget to get it under control. Now the way is clear for significant further rate cuts at the next Reserve Bank announcement on November 27.

    Unreported in New Zealand

    Last week, the Nobel Prize in economics was awarded to three economists, Acemoglu, Johnson, and Robinson “for studies of how institutions are formed and affect prosperity.” You won’t have read about this in the New Zealand press, besides syndicated cut and paste jobs, even though it is about colonisation, institutions, and prosperity.

    The official Nobel Citation says: The richest 20 per cent of the world’s countries are now around 30 times richer than the poorest 20 per cent. Moreover, the income gap between the richest and poorest countries is persistent; although the poorest countries have become richer, they are not catching up with the most prosperous. Why? This year’s laureates have found new and convincing evidence for one explanation for this persistent gap – differences in a society’s institutions.

    The economists studied many countries’ histories over the last 400 years, focusing on the influence of European countries that colonised most of the world. They conclude that what kind of set-up, or institutions, those colonising countries left has a strong bearing on the colonised countries’ prosperity today.

    They divide countries into two types. There are inclusive countries, that give people equal rights, to vote, own property, and operate under the rule of law. There are extractive countries, set up to extract natural resources and benefit a small number of people.

    The extractive countries tend to be the ones that weren’t very welcoming to colonisers, for example if there was a lot of malaria. In these cases, e.g. African ones, a small number of settlers arranged to get the wealth out of the ground, and that was about it.

    The alternative is inclusive countries, with free markets, the rule of law and democracy. The United States is the obvious example, along with Australia, New Zealand, and Canada. These countries attracted settlers in large numbers and there were too many of them to simply exploit natural resources. Instead they created inclusive institutions.

    There is a twist, an historic reversal of fortunes. The countries that were relatively poorer before colonisation, and ended up adopting more colonial institutions, are now relatively wealthier.

    Another important observation is that history is not static. Over time, countries liberalise. Colonial institutions were not set down in a state of perfection, far from it. But they were capable of improvement, widening voting rights, compensating for past wrongs, and enhancing civil liberties.

    You are probably starting to get a sense of why this work has not been discussed in the NZ Press. It finds that institutions matter if you want people to be prosperous. It doesn’t matter where you start, it’s where you finish that counts, and that depends on adopting the best institutions, democracy, the rule of law, property rights, free speech, and all of those values that allow people to flourish.

    No doubt New Zealand universities will be holding book burnings in case these Nobel Prize winners’ ideas make students ‘feel unsafe.’ The same institutions trained the journalists, which may be why there’s been so little discussion about this.

    Nonetheless, somewhere in our future is a country where free and open debate is not only allowed but cherished. It would be a country where we can discuss what works to create prosperity.

    The central lesson of these economists’ work is really that wealth is not given or taken, it is not ‘owned’ rightfully by any historic group. It can be created, to the point that everyone is richer than 200 years ago, but some people are 30 times richer. The trick is to adopt the right institutions, the policies that work, as quickly as possible, and those institutions are democracy, free markets, the rule of law, and equal rights for all.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Learner component – Unified Funding System

    Source: Tertiary Education Commission

    Last updated 22 October 2024
    Last updated 22 October 2024

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    The learner component is one of two funding components in DQ3-7.
    The learner component is one of two funding components in DQ3-7.

    For information on the other component, see: Delivery component – Unified Funding System.
    About the learner component
    The learner component substantially increases funding for providers to support all learners, particularly those who traditionally have not been well served by the education system. It recognises that there are higher costs involved in adapting education delivery and support to meet learners’ unique needs. The learner component supports providers to put learners at the centre of their organisations and to improve outcomes for learners.
    Providers decide how to spend the funding in a way that supports their learners’ needs while making progress towards the Minister’s priorities.
    Minister’s priorities for the learner component
    The Minister of Tertiary Education and Skills’ priorities for learner component funding are for TEOs to build capability and demonstrate how they will deliver results for all learners (including, where relevant, in supporting employers who deliver work-based learning) by committing to the priorities of the Tertiary Education Strategy.
    Over time, the Minister expects TEOs will develop capability and capacity so that learners:

    are well supported by TEOs and employers to enrol in VET qualifications, and
    have increased completion rates across all VET qualifications.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Release: Govt cuts school lunches even further

    Source: New Zealand Labour Party

    The Government has gone back on its word and cut the full school lunch programme in primary schools after saying it wouldn’t.

    “Teachers, parents and principals across the country were so relieved to hear primary schools would be able to continue serving lunches to their students, despite the ACT Party’s plan to scrap the programme,” Labour’s education spokesperson Jan Tinetti said.

    “Now David Seymour has managed get Cabinet to agree to not only downsize lunches for secondary students, but to do it for all students from years 0-13.

    A March Cabinet Paper told the Government changes to the school lunch programme would risk achievement, attendance, nutrition and wellbeing of children, as well as having wider impacts on reducing child poverty, and it has made these changes anyway.

    Naenae College reported it won’t be able to deliver the programme next year because the supplier was unable to provide meals under the new per-meal budget.

    “The Ministry of Education also earlier told the Government that $3 a day is not sufficient to feed secondary kids properly.

    “It’s baffling as to why Erica Stanford is letting David Seymour go ahead with these changes, given the evidence, reports from teachers, parents and principals about the benefits of the school lunch programme and all their talk about improving attendance.

    “A full tummy can make a real difference to a student’s learning and whether they are turning up to school.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Third man charged with murder of Darshak Narran

    Source: New Zealand Police (District News)

    Waikato Police have today charged a third person with the murder of Darshak Narran.

    A 23-year-old Papakura man will appear in the Manukau District Court tomorrow (23 October).

    Darshak, aged 43, was located with critical injuries on the roadside in the vicinity of the Hampton Downs Racetrack shortly after midnight on Monday 14 October.

    He subsequently died in Auckland Hospital.

    Police are not ruling out further arrests in relation to the assault on Darshak.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Search for missing man in Onerahi to resume tomorrow at first light

    Source: New Zealand Police (National News)

    The search for an 83-year-old man missing in Onerahi, Northland has concluded for the day.

    Today’s search included Police, LandSAR Northland, squads from Waipu Cove Surf Life Saving Club, Whangārei Heads Volunteer Surf Life Saving Patrol, and volunteers from Northland Coastguard Air Patrol and Coastguard Whangārei.

    The search for the missing man will resume again tomorrow at first light, and LandSAR Far North will be joining the search effort then as well.

    The missing man typically goes for a daily swim in the Whangārei Harbour and wears a wet suit and pink swim cap.

    He has not been seen since Saturday evening and was reported missing on Monday evening.

    If you have any information which could help in the search for the missing man, please update us online now or call 105.

    Please use the reference number 241021/1742.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: One southbound lane reopens on Auckland’s Southern Motorway

    Source: New Zealand Police (District News)

    One southbound lane has reopened on Auckland’s Southern Motorway, following an incident near the Penrose Road overbridge.

    There is significant traffic build-up due to the earlier closure of all southbound lanes.

    Motorists are asked to delay travel or take alternative routes where possible.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: All southbound lanes on Auckland’s Southern Motorway reopen

    Source: New Zealand Police (District News)

    All southbound lanes on Auckland’s Southern Motorway have reopened following an incident near the Penrose Road overbridge this afternoon.

    While the lanes have reopened, there is still significant traffic build-up following the earlier closure.

    Motorists should expect continued delays while the traffic build-up clears.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Auction for Fong Ma Po New Year Fair stalls at Lam Tsuen in Tai Po to be held on November 4

    Source: Hong Kong Government special administrative region

         â€‹The Food and Environmental Hygiene Department (FEHD) announced today (October 22) that stalls at the 2025 Fong Ma Po (FMP) New Year Fair at Lam Tsuen in Tai Po will be put up for open auction on November 4 (Monday).

         â€‹A spokesman for the FEHD said the annual FMP New Year Fair will be held for 15 consecutive days from January 29 to February 12, 2025. A total of 22 dry goods stalls and six wet goods stalls will be put up for auction, with upset prices of $780 and $770 respectively. ​

         The auction will be held at the Assembly Hall, 2/F, Lai Chi Kok Government Offices, 19 Lai Wan Road, Lai Chi Kok, Kowloon, on November 4 (Monday), from 2pm until completion of the auction.

         Bidders for FMP New Year Fair stalls must be at least 18 years old and ordinarily reside in Hong Kong. Anyone can bid for more than one stall. A bidder must pay the bid price and register in person with his or her own name as the licensee of the stall immediately after successfully bidding for a stall. The bidder is also required to sign at once a licence agreement with the FEHD, or he/she will forfeit the rights to operate the stall.

         â€‹The FMP New Year Fair site will be made available to the licensees three days in advance of the fair (January 26 to 28, 2025) for the setting up of stalls. In the event of any unforeseeable incident that will cause shortening of the whole licence period (including the duration for setting up stalls and the business period of the fair), the Government has the right to postpone the commencement date and shorten the duration of the period. The bidding price (licence fee) paid will be refunded to the successful bidder on a pro-rata basis without interest.

         The FEHD reminded licensees that the stalls are solely for the purpose of selling and promoting the sale of the permitted commodities, and no other activities are allowed in the licensed area. If the FEHD considers that any activity conducted by the licensee to publicise, promote, display, show, sell or gift any permitted commodities in the venue is unlawful, contrary to the interest of national security, immoral or incompatible with the object of the FMP New Year Fair, the FEHD is entitled to direct the licensee to stop conducting such activities, and the licensee must immediately comply with the direction.

         Stall licensees should not destroy, damage or abandon any unsold commodities at or in the vicinity of the stall. They must completely remove the stall structure and all paraphernalia, together with all refuse, debris and unsold commodities (whether damaged or otherwise) from the licensed area before 6pm on February 12, 2025.

         According to the licence agreement, except inside designated stalls, licensees shall not keep, store or use any compressed helium cylinders in the licenced area. Whereas licensees of the designated stalls may keep, store or use helium cylinders in the licenced area, the quantity of helium should be such that a licence is not required pursuant to the Dangerous Goods (Application and Exemption) Regulation 2012 (Cap. 295E), i.e. no more than 150 litres (water capacity) of compressed helium. Sales of floating LED glowing balloons and aquarium fish by stall licensees are prohibited at the FMP Fair.

         In addition, as stated in the licence agreement, the height of dry goods stalls must not exceed 3 metres from ground level. The height of wet goods stalls must not exceed 4.5m from ground level. For wet goods stalls with a height of more than 3m from ground level, the licensee must, at his own costs, provide the FEHD with the original certificate issued by an authorised person, a registered structural engineer, or a competent person under the Construction Sites (Safety) Regulations (Cap. 59I) to certify the structural safety of the structure in the licensed area before the Fair is opened to the public. The licensee must also affix a copy of the aforesaid certificate on the structure of the stall.

         â€‹Successful bidders shall comply with all the stipulations and provisions as set out in the licence agreement. Otherwise, the FEHD is entitled to terminate the agreement and the licensee shall immediately vacate the stall.

         â€‹Details of the 2025 FMP New Year Fair, such as the public notice, the location and layout of the fair venue, commodities allowed for sale at the fair stalls, open auction arrangements and related rules, as well as a sample of the licence agreement, are available on the FEHD website (www.fehd.gov.hk). For enquiries, please call the FEHD’s Tai Po District Environmental Hygiene Office at 3183 9162 or 2657 1137.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: FS speaks at APEC meeting

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan speaks on various topics while attending day two of the APEC Finance Ministers’ Meeting (FMM) in Peru yesterday.

     

    The topics included global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

     

    This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.”

     

    In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated the city’s firm support for rules-based free trade and multilateralism.

     

    He pointed out that as a super connector, Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

     

    During the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects.

     

    He noted that through financial innovation and co-operation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges.

     

    He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

     

    Additionally, the Financial Secretary participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies.

     

    He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

     

    At a luncheon of the APEC Business Advisory Council, Mr Chan shared Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favourable environment for micro, small and medium enterprises to embrace digital finance.

     

    Furthermore, he exchanged views with representatives and business leaders from other economies.

     

    Also during the FMM, Mr Chan spent time meeting South Korea’s Deputy Prime Minister and Minister of Economy & Finance of the Republic of Korea Choi Sang-mok, and Vietnam’s Deputy Minister of Finance Vo Thanh Hung.

     

    In the evening, he departed Peru for the US city of New York where he plans to attend the Bloomberg Global Regulatory Forum today and deliver a speech.

    MIL OSI Asia Pacific News