Category: Asia

  • MIL-OSI Security: Boxer Celebrates Navy’s 249th Birthday

    Source: United States INDO PACIFIC COMMAND

    Sailors assigned to the Wasp-class amphibious assault ship USS Boxer (LHD 4) and embarked Marines, assigned to the 15th Marine Expeditionary Unit (MEU), held a ceremony on the mess decks to celebrate the Navy’s 249th birthday, Oct. 13, 2024.

    The theme of this year’s celebration is warfighting, strength and readiness, highlighting the Navy’s ability to operate anywhere, at any time, to promote security, deter aggression, and defend shared ideals.

    For the last 249 years, the United States Navy has been there to answer the call. From the Pacific Ocean to the Atlantic Ocean, and from the skies around the world, we continue to operate in support of our Allies and Partners, defending our protected interests, bringing lifesaving supplies to those in need, and countless other missions.

    During Boxer’s celebration ceremony, Capt. Brian Holmes, commanding officer, recalled the story of Lt. Cmdr. John D. Bulkeley, a Medal of Honor recipient who showed extraordinary heroism during World War II as the commander of Motor Torpedo Boat Squadron Three in the same waters that Boxer is currently operating in today.

    Under Bulkeley’s command, the PT boats of Motor Torpedo Boat Squadron Three severely damaged and destroyed multiple Japanese enemy planes, surface combatants and merchant ships, and dispersed landing parties and enemy forces for over four months in the waters surrounding the Philippines. His team was also responsible for safely bringing General Douglas MacArthur and his family out of the island of Corregidor in the Philippines, sailing through heavily-patrolled enemy waters, allowing him to evade capture and lead the counteroffensive in the Pacific that ultimately changed the course of WWII.

    “That same courage and that same determination that Lt. Cmdr. Bulkeley showed in World War II, we still celebrate today,” said Holmes. “I take great pride in knowing that we are the same Navy today that we were 249 years ago – strong, capable, and ready. I am incredibly proud to be sailing in the same waters, with the crew of Boxer and the embarked 15th Marine Expeditionary Unit, where Lieutenant Commander Bulkeley and those who have gone before us so bravely operated in defense of our nation’s security.”

    The United States Navy was born through the sacrifice and determination of the men and women who served a noble cause to defend the people of the United States of America, tracing its origins back to the American Revolution.

    “Soon after the War on Independence, the U.S. Constitution empowered the new Congress to provide and maintain the Navy,” said Chief Aviation Ordnanceman Corey Gadson during the ceremony. “Acting on this authority, Congress established the Department of the Navy on April 30, 1798, and in the years that followed, the first ships were constructed: the Constellation, Constitution, Congress, Chesapeake, United States and the President, known as the six frigates.”

    In the last 249 years, the Navy has since grown to become a symbol of freedom for both the American people and the world, protecting the air and seas, deterring aggression and operating alongside our Allies and Partners in support of shared interests of peace and stability.

    “Today, we have more than 280 ships – with 77 more under construction or on order – manned and backed by more than 300,000 Sailors,” said Aviation Electronics Technician 2nd Class Alana Reyes. “We are our nation’s vital maritime maneuver force – persistent, versatile, and capable of winning any fight and ready for the challenges of the future.”

    Boxer and embarked elements of the 15th MEU are conducting routine operations in the U.S. 7th Fleet area of operations. U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.

    Boxer is a Wasp-class amphibious assault ship homeported in San Diego. Commissioned February 11, 1995, Boxer is the sixth ship to bear the name. Boxer’s crew is made up of approximately 1,200 officers and enlisted personnel and can accommodate up to 1,800 Marines.

    For more information or imagery for USS Boxer visit: https://www.dvidshub.net/unit/LHD-4
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    MIL Security OSI

  • MIL-OSI Asia-Pac: Young musicians from Guangdong, Hong Kong and Macao to showcase diverse artistic vitality of Greater Bay Area with fine music

    Source: Hong Kong Government special administrative region

         The Hong Kong Youth Symphony Orchestra (HKYSO) of the Music Office under the Leisure and Cultural Services Department, the Macao Youth Symphony Orchestra (MYSO) and the Guangzhou Symphony Youth Orchestra (GSYO) will come together to present the talents of young musicians from Guangdong, Hong Kong and Macao at the “2024 GBA Youth Symphonic Spectacular” concert at the Auditorium of Sha Tin Town Hall at 7.30pm on November 16 (Saturday).

         A delightful concert programme will be presented to the audience by the three youth orchestras under the batons of the conductor of the HKYSO Lee Sing-wan, the conductor of the MYSO Stephen Lam, and the Music Director of the GSYO Jing Huan respectively.

         Highlights include “Namouna Suite d’orchestre No. 1” by the prominent French composer Lalo of the Romantic era; “Romanian Rhapsody No. 1” featuring composer Enescu’s unique interpretation of Romanian folk music; and “Harvest Song”, depicting the joy of a better life. At the finale of the concert, musicians from the three orchestras, under the baton of Jing, will perform Shi Wanchun’s “Festival Overture” and Borodin’s “Polovtsian Dances” as a joint orchestra, drawing the concert to a perfect conclusion.

         Tickets priced at $70, $90 and $115 are now available at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. For programme enquiries and concessionary schemes, please call 2796 7537 or 3842 7784 or visit http://www.lcsd.gov.hk/en/mo/activities/yme/2024gba.html.

         This concert is one of the programmes of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Culture and Arts Festival. Hong Kong is the host city of the Festival for the first time, organising and co-ordinating over 260 performances and exchange activities to be held in the “9+2” cities in the Greater Bay Area. The festival aims to showcase the vibrant and diverse cultural richness of the region and foster cultural exchange and co-operation among the cities. For more information, please visit http://www.gbacxlo.gov.hk.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Secretary-General of ASEAN delivers remarks at the Opening Ceremony of the 9th ASEAN Ministerial Conference on Cybersecurity in Singapore

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered remarks at the Opening Ceremony of the 9th ASEAN Ministerial Conference on Cybersecurity, in Singapore. The event marked a significant milestone with the official launch of the ASEAN Regional Computer Emergency Response Team (CERT).

    In his remarks, Dr. Kao underscored the importance of establishing robust regional mechanisms that shape unified policies across ASEAN, while working together with ASEAN strategic partners to build a secure and resilient digital ecosystem.

    Download the full remarks here.

    The post Secretary-General of ASEAN delivers remarks at the Opening Ceremony of the 9th ASEAN Ministerial Conference on Cybersecurity in Singapore appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (1)

    Source: Hong Kong Government special administrative region

         Following is the translation of the speech made by the Chief Executive, Mr John Lee, in delivering “The Chief Executive’s 2024 Policy Address” to the Legislative Council this morning (October 16):

    Mr President, Honourable Members and fellow citizens,

    I. Reform and Embrace Changes to Achieve Prosperity

    1. This is my third Policy Address.

    2. The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. The Resolution calls on Hong Kong to fully harness the institutional strengths of “One Country, Two Systems” while consolidating and enhancing its status as an international financial, shipping and trade centre. It also supports Hong Kong’s position to become an international hub for high-calibre talents, to exert a greater role in our country’s opening up to the world, and to deepen collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through better harmonisation of rules and mechanisms.

    3. In running for office, more than two years ago, I stated that “we must embrace a reform mind-set” and we “need further revamping”. I proposed to build a “result-oriented” government, setting key performance indicators (KPIs) to create a new government culture. I put forward a series of reform measures, including the establishment of Care Teams to enhance district services, introduction of the Advance Allocation Scheme to shorten the waiting time for public housing, and assistance to junior secondary students living in subdivided units (SDUs) for tackling intergenerational poverty. I believe that we must maintain our development momentum and self-renewal, and that we must embrace changes while staying principled, innovative and flexible in meeting challenges and opportunities.

    4. Regarding system reforms, I work on the principle that anything essential but lacking in the system must be established; any serious shortcomings must be rectified; any bottlenecks, weaknesses or hurdles must be overcome; and any areas in need of consolidation must be reinforced and improved. In the reform process, we have to decide what should be built from scratch, what should be overhauled to set things right, and what should be consolidated and bolstered. In taking forward reforms, we must have a systemic mind-set and manage the relationships between overall and local interests, between the present and the future, between macro and micro concerns. While we may make reference to the successful experiences of other places, we cannot adopt them directly given the differences in the basis and structure of our systems. Our reform proposals must take heed of the prevailing circumstances and be tailored to local conditions.

    5. Since becoming Chief Executive, I have carried out reforms along the above principle.

    6. On implementation of “One Country, Two Systems”, we fulfilled the constitutional responsibility to enact local legislation for Article 23 of the Basic Law; we reformed the institutional set-up of the District Councils by implementing the principle of “patriots administering Hong Kong”; we enacted a new legislation to enable an essentially automatic extension of land leases in an orderly manner for a term of 50 years to beyond 2047, manifesting the long-term adherence to “One Country, Two Systems”.

    7. On governance, we reformed the government structure and reshuffled the duties among policy bureaux, increasing their number from 13 to 15. We created three new Deputy Secretaries of Department to strengthen co-ordination of work across bureaux, setting up task forces led by the Deputy Secretaries to enhance implementation. We cultivated a government culture focusing on results. We also introduced a mechanism mobilising the Government at all levels to respond to major incidents.

    8. In economic development, we established the Hong Kong Investment Corporation Limited (HKIC) to optimise the use of government funds for the development of industries and our economy. We pressed ahead with the development of the “eight centres” and the Northern Metropolis, taking an industry-oriented approach. We set up the Hong Kong Talent Engage (HKTE) and the Office for Attracting Strategic Enterprises (OASES) to strengthen our efforts in trawling for talents and enterprises. We also established Hong Kong as a regional hub for higher education.

    9. As for people’s livelihood, we implemented healthcare reform and took steps to build our primary review mechanism for drugs and medical devices. We set up a system for bringing in healthcare professionals to alleviate manpower shortage in the public healthcare system. We also launched Light Public Housing (LPH) to fill short-term gaps in the supply of public housing, and established the Task Force on Tackling the Issue of Subdivided Units. We pooled resources for targeted poverty alleviation. We established an annual review mechanism for minimum wage protection. We also rationalised traffic flow among the three road harbour crossings.

    10. Reform is a continuous process. Over the past two years, my team and I have focused on economic growth and on improving people’s livelihood through development, with the well-being of the people of Hong Kong close to our hearts. This Policy Address will deepen our reforms and explore new growth areas. Measures include building an international gold trading market, promoting high value-added maritime services, and building a commodity trading ecosystem and internationally-accredited metal warehouses. We will promulgate the Development Outline for the Hong Kong-Shenzhen Innovation and Technology Park in the Loop, building a testing ground for policy and institutional innovation. We will also set up a working group on developing the low-altitude economy.

    11. In this Policy Address, I will continue to follow through the “four proposals” put forward by President Xi Jinping in his important speech delivered on 1 July 2022. I will also outline our vision and objectives for reforms and changes, as well as the related key measures and KPIs. A Supplement offering more details on the policy measures and related matters has also been compiled.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI China: China eyes further fruitful partnership with Australia

    Source: China State Council Information Office 3

    Chinese Vice President Han Zheng meets with President of the Australian Senate Sue Lines in Beijing, capital of China, Oct. 15, 2024. [Photo/Xinhua]

    Chinese Vice President Han Zheng met with President of the Australian Senate Sue Lines in Beijing on Tuesday, noting that China is willing to work with Australia to build a more fruitful bilateral comprehensive strategic partnership.

    Noting that this year marks the 10th anniversary of the establishment of China-Australia comprehensive strategic partnership, Han said consolidating and developing bilateral ties serves the common interests of the two countries and is conducive to regional peace, stability and prosperity, as both China and Australia are important countries in the Asia-Pacific region.

    Han said China is ready to work with Australia to implement the important consensus reached by leaders of the two countries and deepen mutually beneficial cooperation, so as to build a more mature, stable and fruitful China-Australia comprehensive strategic partnership and contribute to peace and development in the region and the world.

    Lines said she has felt the vitality and achievements of China’s development during this visit, adding that the close cooperation between Australia and China benefits the people.

    The Australian Senate is committed to promoting the sustained and steady development of Australia-China ties and the two countries being equal partners, Lines said.

    MIL OSI China News

  • MIL-OSI Economics: Money Market Operations as on October 15, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 532,197.56 6.29 4.50-6.50
         I. Call Money 10,248.04 6.42 5.00-6.50
         II. Triparty Repo 369,769.45 6.27 6.20-6.37
         III. Market Repo 151,167.07 6.31 4.50-6.50
         IV. Repo in Corporate Bond 1,013.00 6.40 6.40-6.45
    B. Term Segment      
         I. Notice Money** 436.00 6.38 5.75-6.50
         II. Term Money@@ 255.50 6.55-6.90
         III. Triparty Repo 429.00 6.27 6.24-6.40
         IV. Market Repo 395.33 6.49 6.49-6.49
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 15/10/2024 2 Thu, 17/10/2024 26,060.00 6.49
    3. MSF# Tue, 15/10/2024 1 Wed, 16/10/2024 1,528.00 6.75
    4. SDFΔ# Tue, 15/10/2024 1 Wed, 16/10/2024 76,656.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -101,188.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,242.78  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -58,562.22  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -159,750.22  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 15, 2024 996,914.69  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 15, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1301

    MIL OSI Economics

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (3)

    Source: Hong Kong Government special administrative region

    III. Consolidate and Enhance Our Status as an International Financial, Shipping and Trade Centre

    29. The development of international financial, shipping and trading centres are closely intertwined. Besides expanding and strengthening our existing businesses, we will also explore new growth areas, specifically by creating a commodity trading ecosystem to attract relevant enterprises to establish presence in Hong Kong, turning our city into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, and more. This will help develop the markets in international gold, non‑ferrous metal, green transportation, and others, further promoting the integrated development of Hong Kong as an international financial, shipping and trade centre.

    30. Hong Kong ranks among the world’s largest import and export markets for gold by volume. The current complexity in geopolitics underscores our city’s edge in security and stability, and hence an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery. We will capitalise on our strengths as an international financial centre to build Hong Kong into an international gold trading centre.

    31. The Government will facilitate an international commodity exchange to set up accredited warehouses in Hong Kong. We will also introduce measures such as a preferential tax regime to attract enterprises to expand their business in Hong Kong, and to increase storage and trade volume of commodities.

    32. Green shipping and aviation is a global trend. The Government will nurture industrial development of sustainable aviation fuel and green maritime fuel, and establish a fuel bunkering centre, leveraging the development opportunities in finance, trading and maritime sectors stemming from new energy.

    (A) International Financial Centre

    33. Hong Kong is an international financial centre, ranking third globally and first in investment environment. The Government will continue with reforms to reinforce and enhance our status as an international financial centre.

    Deepen Mutual Market Access and Enrich Offshore Renminbi Business

    34. We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors. We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMB‑denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Cross‑boundary Wealth Management Connect Scheme as well.

    35. We will also strive to bolster offshore RMB liquidity and make good use of the currency swap agreement between the HKSAR and our country, enabling the Hong Kong Monetary Authority (HKMA) to better support Hong Kong’s economic and trade development; expand the night‑time, cross‑boundary service capability of Hong Kong’s RMB Real Time Gross Settlement System to facilitate global settlement in offshore RMB markets; and explore the provision of more diversified channels for obtaining offshore RMB financing.

    36. We will provide more RMB‑denominated investment products –

    (i) the Hong Kong Exchanges and Clearing Limited (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter, and expand the scope of RMB equities;

    (ii) to increase issuance of RMB bonds and support issuance of more green and sustainable offshore RMB bonds in Hong Kong;

    (iii) to seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong; and

    (iv) to actively liaise with the Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to non‑bank financial institutions such as securities firms and insurance companies; and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing, at appropriate juncture, various bond repo and collateral products and arrangements using onshore RMB bonds.

    Further Enhance Our Status as an International Risk Management Centre

    37. Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. We will examine capital requirements for infrastructure investment, enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large state‑owned enterprises in the Mainland, to establish captive insurers in Hong Kong.

    Further Enhance Our Status as an International Asset and Wealth Management Centre

    38. There are 2 700 single‑family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest cross‑boundary wealth management centre by 2028. We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing, and:

    (i) collaborating with sovereign wealth funds in regions along the Belt and Road (B&R) – We will strive to collaborate with large‑scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions;

    (ii) enhancing the New Capital Investment Entrant Scheme – Effective today, investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million. In addition, investments made through an eligible private company wholly owned by an applicant will be counted towards the applicant’s eligible investment with effect from 1 March 2025; and

    (iii) expanding the scope of tax concessions – The Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single‑family offices.

    Proactively Expand Markets and Deepen Overseas Networks

    39. We will continue to actively expand and deepen our overseas networks, including forging financial co‑operation with the Middle East and the region of the Association of South East Asian Nations (ASEAN), organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.

    Further Enhance the Securities Market

    40. Relevant measures include:

    (i) opening up new sources of capital overseas – Exchange Traded Funds (ETF) tracking Hong Kong stock indices will be launched in the Middle East, seeking to attract allocation of capital in the market to Hong Kong stocks;

    (ii) striving for more listing of enterprises in Hong Kong – We will leverage the advantages brought about by our mutual access with the Mainland’s financial markets to attract international enterprises to list in Hong Kong. We will also encourage large‑scale Mainland enterprises to list here, particularly aiming to have more prominent initial public offerings in the near term;

    (iii) optimising vetting of listing applications – The Securities and Futures Commission (SFC) and the HKEX will announce specific measures for further optimising relevant procedures to provide greater certainty regarding the time required for vetting of listing applications; and

    (iv) boosting market efficiency – The SFC and the HKEX will boost market efficiency and lower transaction costs, including reviewing the arrangement for deposit of margin, and refining the requirements on placement of margin and collateral.

    Provide Convenient Cross-boundary Financial Services Arrangement

    41. To promote financial inclusion, we will facilitate members of the public in making cross‑boundary transactions and payments.  The HKMA and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, i.e. the Faster Payment System (FPS) in Hong Kong and the Internet Banking Payment System (IBPS) in the Mainland, to facilitate real‑time, cross‑boundary small‑value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kong‑incorporated banks in the Mainland.

    Build an International Gold Trading Market

    42. Hong Kong ranks among the world’s largest import and export markets for gold by volume. Amidst the increasingly complicated geopolitics, our city’s security and stability gives us a clear edge as an attractive place for physical gold storage, driving more gold trading, settlement and delivery activities, and potentially propelling Hong Kong into a gold trading centre. This will spur development of the related industry chain, ranging from investment transactions, derivatives, insurance, storage, to trading and logistic services.

    43. The Government will promote the development of world‑class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.

    44. The Financial Services and the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre. This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting‑edge financial technology, and actively exploring with the Mainland authorities on the inclusion of gold‑related products in the mutual market access programme.

    Enhance the Green Finance Ecosystem

    45. Hong Kong is a leading sustainable finance hub in Asia. The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar (HKD) and RMB settlement for trading of international voluntary carbon credits.

    46. The HKMA will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with ISSB Standards.

    (B) International Shipping Centre

    47. Hong Kong is one of the world’s busiest and most efficient ports, and ranks fourth in the International Shipping Centre Development Index (ISCDI). The average length of stay of container vessels in the Hong Kong port is 0.95 days, about half the average of 1.85 days for the world’s top 20 container ports, earning our city the reputation as a “catch‑up port” for vessels to make up for delays in other ports.

    48. The shipping business is composed of the port sector and maritime services, in which maritime services (including professional services such as ship broking, financing and leasing, maritime insurance, maritime law and arbitration) are the high‑value‑added segment of shipping business and the source of growth, having grown by nearly 40% over the past three years (from 2019 to 2022) in terms of economic contribution. We will step up our efforts in fostering Hong Kong’s maritime industry while taking a multi‑pronged approach to consolidate our status as an international shipping centre.

    Establish the Hong Kong Maritime and Port Development Board

    49. The existing Hong Kong Maritime and Port Board will be reconstituted into the “Hong Kong Maritime and Port Development Board”, a high‑level advisory body to assist the Government in formulating policies and long‑term development strategies. To be chaired by a non‑official member, with other members largely from the maritime sector, the new body will be underpinned by dedicated staff to undertake research and publicity work. Additional funding will be provided to enhance its research capabilities, strengthen its Mainland and overseas promotional work and step up manpower training, supporting the Government in policy implementation more effectively and promoting the sustainable development of Hong Kong’s maritime industry.

    Promote Development of High Value-added Maritime Services

    50. We will strive to promote the development of high value‑added maritime and professional services. Indeed, the Government has been encouraging more shipping commercial principals and maritime service enterprises to establish presence in Hong Kong by providing tax exemptions for ship leasing business and offering half‑rate tax concessions for marine insurance, ship management, ship agency and ship broking. We will continue to boost Hong Kong’s maritime strengths. Relevant measures include:

    (i) enhancing and promoting tax concessions – To strengthen the local maritime ecosystem, we will step up promotion of existing tax concessionary measures for maritime services and enhance the preferential tax regime (including introducing new tax deduction arrangements for ship lessors pursuant to international tax rules);

    (ii) attracting maritime service enterprises to establish presence in Hong Kong – We will encourage leading or high‑potential marine insurance business operators to establish presence in our city to broaden the range of marine insurance products; and

    (iii) developing maritime services talents – We will strengthen collaboration with international marine insurance organisations to promote the training of marine insurance talents, and expand the scope of the Maritime and Aviation Training Fund to cover more green energy courses, marine insurance examinations, and others.

    Advance Development of Green Maritime Centre

    51. We will develop Hong Kong into a green maritime centre through:

    (i) promoting the green transformation of registered ships – The Marine Department earlier this year began offering cash incentives to ships meeting relevant international standards on decarbonisation, and it will step up promotion of this initiative;

    (ii) developing a green maritime fuel bunkering centre – We will promulgate the Action Plan on Green Maritime Fuel Bunkering by the end of this year. We will take forward the related infrastructural development such as green maritime fuel bunker terminals, promote port emissions reduction, offer incentives to encourage green maritime fuel usage, co‑operate with ports in the GBA, and construct a green shipping corridor with major trading partners; and

    (iii) offering green fuel bunkering facilities – We will provide green ships with smart information concerning navigational safety, and enhance the ship monitoring systems to ensure safety during fuel bunkering.

    Create a Commodity Trading Ecosystem

    52. Commodities including metals and minerals account for more than half of the global shipping trade volume. Shipowners and commodity traders are the key users of shipping routes and maritime services. Their presence and operation in Hong Kong can drive the maritime services industry, and boost demand for related financial and professional services such as hedging activities of related futures products, conducive to consolidating and enhancing Hong Kong’s status as an international financial, shipping and trade centre. We will explore the introduction of tax concessions and support measures to attract relevant enterprises in the Mainland and overseas to set up businesses in Hong Kong, building a commodity trading ecosystem in our city.

    53. There has been an international commodity exchange expressing its intention to establish accredited warehouses in Hong Kong for storage and delivery of commodities, including non‑ferrous metal products. We will capitalise on this opportunity to establish relevant supporting facilities so as to attract Mainland enterprises to engage in commodity trade, especially of non‑ferrous metal, in Hong Kong, further expanding the demand for our maritime and trade services.

    Develop the Smart Port and Conduct International Promotions

    54. The Government will complete installation of a port community system next year. It will be equipped with functions such as shipment tracking, real‑time transport information, electronic information and document retrieval, and port data analysis, enabling the flow and sharing of data among stakeholders in the maritime, port and logistics industries.

    55. The Government will also organise more major events with international maritime organisations and enterprises to showcase to the world Hong Kong’s maritime strengths.

    Expand High Value-added Logistics Services

    56. We are taking forward the Action Plan on Modern Logistics Development, and will release four quality logistics sites for industry to develop modern, high‑end, multi‑storey logistics facilities. The findings of the planning study on the development of modern logistics clusters in the Hung Shui Kiu/Ha Tsuen New Development Area (NDA) will be published next year.

    57. The Government will continue to strengthen co‑operation in the logistics sector with the western part of Guangdong and other neighbouring areas, making good use of the Hong Kong‑Zhuhai‑Macao Bridge (HZMB) to expand the catchment area of our cargo services and facilitate more goods to go through Hong Kong.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Old and Valuable Tree in Sham Shui Po Park to be removed by LCSD

    Source: Hong Kong Government special administrative region

    Old and Valuable Tree in Sham Shui Po Park to be removed by LCSD
    Old and Valuable Tree in Sham Shui Po Park to be removed by LCSD
    *****************************************************************

         The Leisure and Cultural Services Department (LCSD) will remove an Old and Valuable Tree (OVT) in Sham Shui Po Park on October 21 in view of its very poor health and structural condition.      The tree concerned is a Eucalyptus robusta listed on the Register of OVTs (registration number LCSD SSP/1).      The tree is 11 metres tall. Its health and structural condition has been deteriorating since 2012, showing signs of termite infestation in its trunk and wood decay in its trunk base, with three open cavities. The LCSD has carried out regular inspections and maintenance of the tree, including applying fungicides, applying fertiliser, conducting soil aeration, placing termite bait, applying pesticide, pruning and removing decayed branches, and cabling to alleviate the tree risk. However, obvious signs of wood decay at the trunk base have been found since 2023. The health and structural condition of the tree have been deteriorating, and it is considered irrecoverable. Considering the heavy pedestrian and vehicular traffic at nearby Lai Chi Kok Road, the tree’s removal is necessary to ensure public safety.      The LCSD has consulted the Urban Forestry Advisory Panel through the Tree Management Office, and members of the panel had no objection to the removal proposal. Also, having obtained the Sham Shui Po District Council’s support, the LCSD plans to remove the tree on October 21 and replant a Plumeria rubra Acutifolia at a nearby location.      A spokesman for the LCSD reiterates that the department will continue to adopt a prudent approach in inspecting and managing trees under its care. Removal of problematic trees will be considered only when no other viable risk mitigation measure is available. 

     
    Ends/Wednesday, October 16, 2024Issued at HKT 11:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Murphy Statement On Deteriorating Humanitarian Situation In Gaza

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    October 15, 2024

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), Chairman of the U.S. Senate Foreign Relations Subcommittee on Near East, South Asia, Central Asia and Counterterrorism, on Tuesday released a statement following reports that no food aid has entered northern Gaza in more than two weeks, putting one million displaced Palestinians at risk of starvation. On Sunday, the Biden Administration sent a letter to senior Israeli officials warning that if conditions in Gaza do not improve within 30 days, the U.S. may consider restricting military assistance to Israel. 
    “I am deeply disturbed by the worsening humanitarian crisis in Gaza, and it is vital for Israel to take immediate steps to improve these nightmarish conditions. Despite some improvements by Israeli authorities earlier this year, the amount of humanitarian aid reaching desperate Palestinians has fallen to new lows at a time when needs are higher than ever. After more than a year of conflict, the actions required to surge humanitarian aid into Gaza are both known and achievable – as demonstrated by the recent successful campaign to vaccinate more than half a million Palestinian children against polio. The way Israel conducts this war matters, and the Israeli government has to do more to guarantee the safety of humanitarian aid workers and ensure sufficient aid is reaching Palestinians across all parts of Gaza. Israel, along with every other recipient of U.S. military aid, is required to abide by international humanitarian law for that assistance to continue. The Biden-Harris Administration took the right step this week by laying out clear changes that Israel must make in the next 30 days to stay in compliance with U.S. law.”

    MIL OSI USA News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (2)

    Source: Hong Kong Government special administrative region

    II. Steadfastly and Successfully Implement “One Country, Two Systems” and Strengthening Our Governance Systems (A) Fully and Faithfully Implement the Principle of “One Country, Two Systems”Optimise the Institutional Strengths of “One Country, Two Systems”12. The institutional advantages of “One Country, Two Systems” are numerous. Whether Hong Kong was fighting against the pandemic, tackling economic challenges, or seeking development opportunities, the Central Government always stands by Hong Kong and supports Hong Kong through a multitude of facilitation measures, ensuring our long-term prosperity and stability.13. Under the principle of “One Country, Two Systems”, Hong Kong is rooted in “One Country” and enjoys the benefits of “Two Systems”, enabling Hong Kong to serve the country’s needs with its own strengths. Hong Kong boasts both national and international advantages, enjoying the benefits of policies, guarantees and opportunities of our country. Hong Kong is an international city fully open to the world, underpinned by a capitalist system, with free flow of capital, people and information. It adopts a common law system, maintains its own legislative and judicial systems, laws, tax regime, currency and financial system, and is a separate customs territory. Hong Kong is a global metropolis.14. We will continue to fully, faithfully and resolutely implement the principles of “One Country, Two Systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy. We will continue to fully leverage the institutional strengths of “One Country, Two Systems” for sustaining the prosperity and stability of Hong Kong, contributing to China’s building into a great country and realising the great rejuvenation of the Chinese nation.Safeguard National Security15. Security and development work together like the two wings of a bird. Development requires a safe social environment. In March 2024, the Hong Kong Special Administrative Region (HKSAR) fulfilled the constitutional responsibility and historic mission of enacting local legislation for Article 23 of the Basic Law. The newly enacted Safeguarding National Security Ordinance (SNSO) achieves convergence, compatibility and complementarity with the Hong Kong National Security Law (HKNSL). Together they form a comprehensive legal system and enforcement mechanism for safeguarding national security. But threats to national security may spring up any time. We must stay vigilant and put up our guard.16. Public officers are duty bound to safeguard national security. Section 8(3)(a) of the SNSO stipulates that if the law of the HKSAR confers any function on any person, the function is to be read as including a duty to safeguard national security. Section 114 stipulates that public servants must provide assistance for the work on safeguarding national security. All bureaux and departments must review their codes, guidelines and procedures to ensure compliance with these provisions.17. It is of utmost importance that our people safeguard national security of their own accord. Since opening in August, the National Security Exhibition Gallery has been well-received by the public. We will train up tutors at district level for promotion of national security education in the community. Thematic exhibitions will be rolled out by the gallery to dovetail with the 10th National Security Education Day next year. The Education Bureau (EDB) will also update the Curriculum Framework of National Security Education.Foster Patriotic Education18. The Working Group on Patriotic Education has formulated promotion strategies and measures for supporting the organisation of more activities such that the spirit of patriotism can take root in society. Next year marks the 80th anniversary of victory in the War of Resistance. The Government will host commemorative activities to strengthen the sense of patriotism. The EDB will organise a range of joint school and cross-sectoral activities under the “Love Our Home, Treasure Our Country 3.0” series, continue to enhance Chinese History and national geography education in primary and secondary schools, and enrich patriotism and history elements in Mainland exchange programmes.Promote Chinese Culture19. Established in April, the Chinese Culture Promotion Office earnestly promotes Chinese culture, including planning for the construction of a museum to showcase the development and achievements of our country, and a new Chinese Culture Experience Centre. It also continues to organise the Chinese Culture Festival and exhibitions of the General History of China series.(B) Strengthen Our Governance Systems20. Since taking office, the current-term Government has taken forward various reforms on cross-disciplinary co-ordination and governance culture so as to strengthen our governance systems. Apart from introducing three Deputy Secretaries of Department to strengthen leadership and cross-bureau co-ordination, I have set indicators for specified tasks and monitored their progress and outcomes, creating a government culture focusing on actions and delivery of results. Moreover, we have updated the Civil Service Code to spell out the core values and standards of conduct that civil servants should uphold, and introduced a mechanism to mobilise the Government at all levels to enhance emergency response. The Government will deepen the reforms and continue to strengthen our governance systems.Enhance the Cross-bureau Co-ordination Mechanism21. We will enhance the leadership and cross-bureau co-ordination mechanisms, and fully leverage the leading and co-ordinating functions of Secretaries and Deputy Secretaries of Department. We will establish the following committee and working groups:(i) The Committee on Education, Technology and Talents, chaired by the Chief Secretary for Administration with the Secretary for Education, Secretary for Innovation, Technology and Industry, and Secretary for Labour and Welfare, as members, will co-ordinate and promote the integrated development of education, technology and talents. It will also expand connections, attract and cultivate talents, foster the development of technologies, and promote Hong Kong as an international hub for high-calibre talents; (ii) The Working Group on Developing Low-altitude Economy, led by the Deputy Financial Secretary, will kick-start projects with application prospects, formulate development strategies and action plans on the low-altitude economy, as well as take forward regulatory reform and plans for related infrastructural facilities;(iii) The Working Group on Developing Tourist Hotspots, led by the Deputy Chief Secretary for Administration, will strengthen cross-departmental co-ordination and leverage community efforts, identifying and developing tourist hotspots of high popularity and with strong appeal in various districts; and(iv) The Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration, will formulate measures to expedite the development of the silver industry in line with the daily needs of the elderly.Strengthen Governance Capabilities of the Civil ServiceStrengthen Civil Service Management22. Efforts in strengthening the reward and punishment system in the past two years include launching the Chief Executive’s Award for Exemplary Performance, streamlining the mechanism of directing officers with persistent sub-standard performance to retire, improving the efficiency and effectiveness of handling disciplinary cases. We will review the Public Service (Administration) Order and Public Service (Disciplinary) Regulation to enhance the civil service disciplinary mechanism, and will consult with the Public Service Commission on the preliminary proposals next year.National Studies and International Training23. The civil service must have a full grasp of the policy objectives and strategies of our nation. The Government will organise seminars and learning activities on the important policies, reports and so on delivered by the Central People’s Government (CPG).  We will also arrange for the middle, senior and directorate level officers to receive training at renowned institutions in the Mainland and overseas to help foster their sense of national identity and develop global perspectives.24. With the support of the CPG, the HKSAR Government will continue to send officers to work in various offices of the United Nations through a dedicated programme.Civil Service Exchange Programme between Hong Kong and the Mainland25. The Government will collaborate with the Mainland cities in the GBA, as well as Beijing, Shanghai, Chongqing, Wuhan and Hangzhou to launch mutual civil service exchange programmes.Launch the Governance Talents Development Programme26. The Civil Service College will launch a Governance Talents Development Programme to further develop governance capabilities of officers at leadership ranks. The college will also enhance its internal research and training capability building.Digital Transformation of Public Services27. The Digital Policy Office (DPO) will endeavour to fortify information systems of the Government and public organisations. The DPO will also spearhead the pilot use of a locally developed generative artificial intelligence (AI) document processing copilot application in government departments. About 20 digital government and smart city initiatives will also be launched this year, including using blockchain technology for issuing electronic certificates for designated civil service examinations and electronic licensing by the Fire Services Department, as well as the use of AI for handling public enquiries.Bolster Security of Computer Systems of Critical Infrastructure28. The Government will require critical infrastructure operators to undertake obligations to protect their computer systems, so as to reinforce their resilience against cybersecurity challenges. A bill will be introduced later this year.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Security: U.S. Marines with MRF-SEA, 15th MEU Begin Exercise KAMANDAG 8 in the Philippines

    Source: United States INDO PACIFIC COMMAND

    The U.S. Marine Corps, including personnel from Marine Rotational Force – Southeast Asia (MRF-SEA) and the 15th Marine Expeditionary Unit (15th MEU), and the Philippine Marine Corps (PMC) have begun KAMANDAG 8, a bilateral exercise scheduled from Oct. 15-25, 2024. Conducted under the annual Mutual Defense Board and Security Engagement Board (MDB-SEB) activities for 2024, the exercise aims to strengthen the interoperability of participating nations while promoting regional security and cooperation within the Indo-Pacific region.

    KAMANDAG 8 is designed to enhance combined operational proficiency in key areas such as combat medicine; coastal defense; humanitarian assistance and disaster relief; engineering; and chemical, biological, radiological and nuclear (CBRN) response. This year’s exercise will feature participants from several allied and partner nations, fostering deeper international military cooperation and readiness.

    “KAMANDAG serves as a testament to the enduring and ironclad alliance our nations share. We will enhance our interoperability, strengthen our collective defense, and build personal friendships,” said Col. Stuart Glenn, commanding officer, MRF-SEA. “Through our efforts, we reaffirm our mutual commitment to regional security as we face the ever-evolving security environment that threatens a free and open Indo-Pacific.”

    The estimated total number of exercise participants is over 2,300 personnel. More than 1,000 Marines and Sailors from MRF-SEA and the 15th MEU will train alongside over 1,100 personnel from the PMC and Philippine National Police. Service members from the Japanese Ground Self-Defense Force, Republic of Korea Marine Corps, British Armed Forces, Australian Defense Force, and French Armed Forces constitute the remainder of participants. Members of the Royal Thai Marine Corps and Indonesian Marine Corps are in-country to observe the exercise. Training will take place across the Philippines in Northern Luzon, Central Luzon, the National Capital Region, Cavite, and Palawan.

    KAMANDAG is an annual PMC and U.S. Marine Corps-led exercise aimed at enhancing the Armed Forces of the Philippines’ defense and humanitarian capabilities by providing valuable training in combined operations with foreign militaries in the advancement of a Free and Open Indo-Pacific. 2024 marks the eighth iteration of exercise KAMANDAG.

    MRF-SEA is a rotational unit derived from elements of I Marine Expeditionary Force (I MEF) executing a U.S. Marine Corps Forces, Pacific operational model that involves training events and exchanges with partner military subject matter experts, promotes security goals with Allied and partner nations, and ensures a persistent I MEF presence west of the International Date Line.

    The 15th MEU is a forward-deployed, flexible crisis response force, embarked aboard the amphibious assault ship USS Boxer (LHD 4), capable of conducting amphibious operations, crisis response, and limited contingency operations to support the requirements of geographic combatant commanders.

    POINT OF CONTACT:
    Capt. Mark McDonough
    Communication Strategy & Operations Director
    Marine Rotational Force – Southeast Asia
    +1 (760) 799-4590
    mark.mcdonough@usmc.mil

    MIL Security OSI

  • MIL-OSI Australia: Qantas and Jetstar increase capacity at Sydney Airport

    Source: Sydney Airport

    Wednesday 16 October 2024

    Qantas has revealed that it will resume the A380 service on its Sydney to Dallas route for the first time since COVID, providing passengers with greater options to this sought-after destination.

    Commencing 11 August 2025, the flights will enhance capacity on the route and are due to be operate on Qantas’ A380 configured with 70 Business Class seats and 341 Economy Class seats and 787 aircraft configured with 42 Business Class seats and 166 Economy Class seats.

    At the same time, Jetstar has announced it will increase flights between Sydney and the South Korean capital, Seoul from four per week to daily from 17 June 2025, adding 100,000 seats a year on the route to better serve strong leisure demand.

    With daily flights from Sydney, Jetstar will operate a total of 10 return flights between Australia and Seoul each week, making it the largest carrier between the two countries.

    Once the new flights begin in mid-2025, Jetstar will offer more than 240,000 low fares seats a year between Sydney and Seoul.

    Greg Botham, Group Executive, Aviation Growth & Group Strategy, Sydney Airport, stated, “The A380 has always been a passenger favourite so it’s great news that Qantas are returning it to their Sydney to Dallas route, and the increased capacity will provide more choice for passengers travelling to and from the USA.

    “We’re equally excited to announce that Jetstar is enhancing its services to Seoul, increasing its flights from four to a daily schedule, making it the largest carrier to Korea from Australia.

    “Korean travellers ranked as the fifth largest group passing through Sydney Airport in Q3, a 54 per cent increase compared to 2019 figures, so we know this will be welcome news for passengers.

    “These developments highlight our commitment to supporting airline growth and options for passengers at Australia’s global gateway.”

    Cam Wallace Qantas International CEO stated, “As part of our historic fleet renewal program, these changes are about having the right aircraft on the right route and responding to growing customer demand. 

    “One of the benefits of our dual brand strategy is the flexibility we have with our combined Qantas and Jetstar fleets. 

    “Qantas launched flights to Seoul after the pandemic, and now that demand has normalised, it’s grown substantially as a leisure market, opening up a great opportunity for Jetstar to increase its frequencies and allow Qantas to redeploy its aircraft to other routes where we are seeing strong demand.”

    Jetstar Executive Manager, Customer Jenn Armor stated, “We were the first low-cost carrier to launch direct flights between Australia and South Korea’s capital Seoul from Sydney in November 2022.

    “Demand has grown significantly since then, and with the launch of daily flights from Sydney adding 100,000 seats a year, we’ll become the largest carrier between the two countries.

    “It’s no wonder Seoul is becoming increasingly popular. Its vibrant nightlife and food scene, combined with rich history, famous K-pop culture and shopping, means there’s something for every traveller to enjoy.

    “We’d like to thank Sydney Airport for supporting the additional flights.”

    Notes to Editor

    To celebrate the expansion of its Sydney to Seoul service, Jetstar is offering fares from $309^ one-way for selected travel dates on its Deals page at jetstar.com.

    Jetstar flight schedule between Australia and South Korea (from 17 June 2025)

    Frequency From To Depart Arrive
    JQ47 Mon, Tue*, Wed, Thu*, Fri, Sat*, Sun Sydney Seoul (ICN) 10:45 20:15
    JQ48 Mon, Tue*, Wed, Thu*, Fri, Sat*, Sun Seoul (ICN) Sydney 21:50 10:05 +day
    JQ53 Tue, Thu, Sat Brisbane Seoul (ICN) 11:30 20:15
    JQ54 Tue, Thu, Sat Seoul (ICN) Brisbane 21:50 08:20 +day

    MIL OSI News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (6)

    Source: Hong Kong Government special administrative region

    V. Build Hong Kong into an International Hub for High‑calibre Talents(A) Co‑ordinate and Promote Integrated Development of Education, Technology and Talents103. Education nurtures our future, technology denotes our strength, and talents lead our development. The Government will set up the Committee on Education, Technology and Talents. Led by the Chief Secretary for Administration, the committee will co‑ordinate and drive the integrated development of education, technology and talents, expand connections, formulate policies to attract and cultivate talents, foster the development of technologies, and also promote Hong Kong as an international hub for high-calibre talents.(B) Attract Talents104. Hong Kong boasts five of the world’s top 100 universities and is an international hub for exchange and collaboration among high‑calibre talents.Trawl for Talents105. The Government implemented a new talent admission regime in late 2022. More than 380 000 applications have been received to date, and around 160 000 talents have arrived in Hong Kong with their families.106. In the next five years, there will be a projected shortage of around 180 000 workers across different sectors. To build a quality talent pool for development, we will reform various aspects of the talent admission regime, including:(i) updating the Talent List to include talents required for development of the “eight centres”;(ii) expanding the list of universities under the Top Talent Pass Scheme to 198 universities by adding 13 top Mainland and overseas universities, and extending the validity period of the first visa of high‑income talents under the scheme from two years to three years;(iii) enhancing the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals, providing new channels to attract experienced specialists in specific skilled trades facing acute manpower shortage to come to Hong Kong.  There will be a quota under the new arrangement;(iv) introducing a new mechanism under the Quality Migrant Admission Scheme, proactively inviting top‑notch talents to come to our city for development, promoting Hong Kong as the focal point of international high‑calibre talents; and(v) extending for two years the pilot arrangement of including graduates from the GBA campuses of Hong Kong universities under the Immigration Arrangements for Non‑local Graduates.Assist Talents in Pursuing Development in Hong Kong107. The HKTE will step up promotion of its online platforms to offer comprehensive information on salaries, taxation, education, visas and so on, in addition to providing personalised assistance. The HKTE will expand its network of collaborative partners and organise online and in‑person job fairs with industries and employer organisations, so that employers can directly match jobs with talents. It will also organise another international talent forum and conduct overseas promotion.Promote Development of an International Hub for Post-secondary EducationNurture Future Talents and Establish the “Study in Hong Kong” Brand108. The Government is committed to developing Hong Kong into an international hub for post‑secondary education.  Relevant measures include:(i) incentivising more local students to pursue advanced studies – We will set up the Hong Kong Future Talents Scholarship Scheme for Advanced Studies, beginning in the 2025/26 academic year, offering scholarships each year to up to 1 200 local students enrolling in designated postgraduate programmes;(ii) creating the “Study in Hong Kong” brand – We will strive to host international education conferences and exhibitions. We will also encourage local post‑secondary institutions to enhance collaboration and exchange with their counterparts around the world in promoting the “Study in Hong Kong” brand on a global scale, and to attract more overseas students, especially those from ASEAN and other B&R countries, to study in our city through the provision of scholarships and other incentives; and(iii) improving hostel facilities – We will launch a pilot scheme to streamline the processing of application in relation to planning, lands and building plans, so as to encourage the market to convert hotels and other commercial buildings into student hostels on a self‑financing and privately‑funded basis, increasing the supply of student hostels. The Government will also make available suitable sites for the private sector to build new hostels, having regard to market demand. The Development Projects Facilitation Office under the Development Bureau (DEVB) will provide one‑stop advisory and facilitation services for these projects.Promote Quality Development of Self-financing Institutions109. We will introduce a bill next year to amend the Post Secondary Colleges Ordinance, to improve the regulatory and quality assurance mechanisms of self‑financing post‑secondary institutions.Develop the Northern Metropolis University Town110. The Government has earmarked over 80 hectares of land in the Northern Metropolis for the Northern Metropolis University Town, and will encourage local post‑secondary institutions to introduce more branded programmes, research collaboration and exchange projects with renowned Mainland and overseas institutions in a flexible and innovative manner. We will retain flexibility in the planning process to facilitate development of student hostels. We plan to publish the Northern Metropolis University Town Development Conceptual Framework in the first half of 2026.(C) Nurture TalentsPromote Multiple PathwaysAdvance the Development of Universities of Applied Sciences111. The Hong Kong Metropolitan University has been recognised as the first university of applied sciences (UAS) in Hong Kong. The UAS alliance will be established this year to, among other things, embark on joint promotion and strengthen collaboration with UASs around the world. The Government has allocated a start‑up fund of $100 million for the alliance.Expand Our Vocational Talent Pool112. The Government will build a campus for the newly established Hong Kong Institute of Information Technology, under the Vocational Training Council, and develop its Lift and Escalator Technology Centre.Promote STEAM Education in Primary and Secondary Schools113. The EDB will establish the Steering Committee on Strategic Development of Digital Education to promote digital education, renew the Junior Secondary Science Curriculum and provide support for teachers in using AI in teaching.Enhance Support for Schools, Teachers and Students114. The Government will allocate $2 billion to set up the Teacher Professional Development Fund to support the long‑term development of the teaching profession, and to enhance the training and exchange programmes for teachers. A provision of about $470 million will be allocated to enhance the learning and teaching of English, Putonghua and other languages. We will also strengthen support for students with special educational needs and continue to provide subsidies such as textbook assistance for students with financial needs.Expedite Youth Hostel Projects115. In response to our young people’s aspirations to have their own living space, the Government launched the Youth Hostel Scheme and expanded it two years ago by subsidising non‑governmental organisations (NGOs) to rent suitable hotels and guesthouses for use as youth hostels. We have also set up a task force to offer targeted support and technical advice, including providing relevant NGOs with assistance in negotiating with hotel owners to expedite agreements. The number of hostel places has now increased to about 3 000.Support Young People to Purchase Subsidised Sale Flats116. The HKHA will allocate an extra ballot number to young family applicants and one‑person applicants aged below 40 with White Form status for the purchase of Home Ownership Scheme (HOS) flats from the next HOS sale exercise onwards. Starting from the next White Form Secondary Market Scheme (WSM) exercise, the WSM quota will increase by 1 500, all of which will be allocated to young family applicants and one‑person applicants aged below 40.Strengthen Support for Youth Development117. We will create, among others, the “Youth Post” hostel and spaces for cultural and arts exchanges for youths in the Kai Tak Community Isolation Facility. We will also set up a physical platform for interaction in the Nam Cheong District Community Centre for “Youth Link” members. Communication with young people will be augmented through various means, including leveraging the new mobile application “HKYouth+” and other online media.118. To strengthen support for unleashing the potential of young people, the Government will establish a new interactive space and set up a video studio at the Youth Square. We will also launch a new round of the Funding Scheme for Youth Life Planning Activities to sponsor NGOs in providing enhanced services and strengthening national affairs content. The Hong Kong Jockey Club will contribute $300 million to support these initiatives.119. We will continue to promote the Mainland and overseas exchange and internship programmes and enhance the GBA Youth Employment Scheme by relaxing eligibility requirements to allow young people aged 29 or below with sub‑degree or higher qualifications to join the scheme, increasing the limit of monthly allowance granted to enterprises to $12,000, and exploring reciprocal arrangements.120. The Youth Employment and Training Programme will be refined and its Chinese title renamed, with the upper age limit for participants raised to 29. Additional workplace attachment opportunities will be provided in the GBA under the programme.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (5)

    Source: Hong Kong Government special administrative region

    IV. Develop New Quality Productive Forces Tailored to Local Conditions

    75. The core element of new quality productive forces is to achieve high‑quality economic development through technological empowerment. Hong Kong is striving to become an international innovation and technology (I&T) centre by promoting the upgrading and transformation of traditional industries while actively nurturing emerging ones. We will spare no effort in developing new quality productive forces tailored to local conditions.

    (A) International I&T Centre

    Optimise the Strategy and Institutional Set-up for the Development of New Industrialisation

    76. We will draw up a medium to long‑term development plan for new industrialisation in Hong Kong. We will also press ahead with the establishment of the Hong Kong New Industrialisation Development Alliance to promote closer collaboration among the Government and the industry, academia, research and investment sectors, building a co‑operative platform for new industrialisation in Hong Kong. This includes providing more financing opportunities and fostering I&T co‑operation between newly‑listed companies in Hong Kong and local universities.

    Establish the Third InnoHK Research Cluster

    77. The InnoHK research clusters have become home to about 2 500 research and development (R&D) personnel from Hong Kong and around the world. The Government has already started preparatory work to establish the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. The target is to attract world‑class R&D teams to collaborate with local institutions, promoting R&D and bringing in talents.

    Increase Research Funding

    78. The Government will launch a new round of Research Matching Grant Scheme totalling $1.5 billion to attract more organisations to support research endeavours of institutions.

    Increase Investment for I&T Industries

    79. We will increase investment and guide more market capital to invest in I&T industries, reflecting a revamped approach of Government in this. Relevant measures include:

    (i) setting up a $10 billion I&T Industry‑Oriented Fund – We will set up a fund‑of‑funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology, AI and robotics, semi‑conductors and smart devices, advanced materials and new energy. The goal is to systematically build an I&T ecosystem;

    (ii) optimising the Innovation and Technology Venture Fund – We will redeploy $1.5 billion to set up funds jointly with the market, on a matching basis, investing in start‑ups of strategic industries, to further enhance Hong Kong’s start‑up ecosystem; and

    (iii) maximising the impact of the HKIC as “patient capital” – The HKIC will continue to attract I&T enterprises to establish their presence and settle in Hong Kong by channelling and leveraging market capital.

    Attract International Start-up Accelerators to Establish a Presence in Hong Kong

    80. The Government will launch the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one‑to‑two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million. The Scheme aims to attract professional start‑up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong, fostering the robust growth of start‑ups.

    Develop the Low-altitude Economy

    81. Low‑altitude economy, which refers to economic activities in airspace below 1 000 metres, presents a wide array of application scenarios including rescues, surveys and delivery of goods and passengers. Formulating a management system for low‑altitude economy will help drive development in areas such as telecommunication technologies, AI and the digital industry, unlocking the low‑altitude airspace as a new production factor for our economy.

    82. The Government will establish the Working Group on Developing Low‑altitude Economy. Led by the Deputy Financial Secretary, it will formulate development strategies and inter‑departmental action plans, starting with projects on low‑altitude applications. It will designate specific venues for such purposes, draw up regulations and design the institutional set-up, and study and map out plans to develop the required infrastructure and networks. Relevant measures include:

    (i) exploring low‑altitude flying application scenarios – We will press ahead with pilot projects and designate venues to explore deploying drones for delivery, surveys, building maintenance, aerial photography, performances, search and rescue, and other possibilities;

    (ii) amending relevant regulations – This includes relaxing restrictions on beyond‑line‑of‑sight flying activities, as well as those on weight and loading of drones, encouraging market research and investment, facilitating technology tests and developing aerial tours;

    (iii) promoting interface with the Mainland – We will explore with the Mainland authorities the joint establishment of low‑altitude cross‑boundary air routes, immigration and customs clearance arrangements and supporting infrastructure; and

    (iv) studying and planning for low‑altitude infrastructure – In the long run, we need a highly effective, intelligent and digitalised low‑altitude infrastructure system for the real‑time management on networks of low‑altitude activities. It will strategise solutions for complex management and safety issues arising from such activities. The working group will embark on technical studies and planning of support facilities for low‑altitude activities (such as vertiports and charging stations), communications network, air route network, management of low‑altitude flying activities and so on to lay the foundation for the low altitude economy.

    Promote Development of Communications Technology

    83. Low Earth Orbit (LEO) satellites are less costly than traditional ones. The Government will conduct a study on streamlining the vetting procedures of licence applications for operating LEO satellites. The Government will also make available more suitable radio spectrum to the market in a timely manner.

    Advance R&D of Aerospace Science and Technology

    84. Hong Kong’s research teams have been actively engaged in R&D of aerospace science and technology. This year, a Hong Kong resident was selected as a preparatory astronaut. We are very grateful for our country’s support for Hong Kong in developing aerospace‑related technologies. The Government will set up a research centre under the InnoHK research cluster to participate in the Chang’E‑8 mission, contributing to national aerospace development.

    Promote Development of New Energy

    85. The Government will earmark around $750 million under the New Energy Transport Fund to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles.

    86. We will further promote the development of new energy by:

    (i) setting a target for sustainable aviation fuel (SAF) consumption – We will speed up the reduction of carbon emissions by the aviation industry and cater to the increasing demand of international airlines for SAF;

    (ii) developing SAF and green maritime fuel supply chains – We will formulate the long‑term plan for industry development in respect of fuel supply and demand, storage and bunkering; and

    (iii) promoting green and low carbon hydrogen energy – We will actively support the industry to establish a solar‑to‑hydrogen facility for demonstration, introduce a bill next year to ensure the safe use of hydrogen fuel, and formulate the approach of hydrogen standard certification suitable to Hong Kong.

    (B) Regional Intellectual Property Trading Centre

    87. Hong Kong’s intellectual property (IP)‑intensive industries accounted for about 30% of our Gross Domestic Product and of total employment respectively. We will strengthen our position as a regional IP trading centre by expanding the IP trading ecosystem of the I&T sector and creative industries.

    Enhance the Legislative Framework for IP

    88. The Government will strengthen protection for the products of innovation and creativity yielded by R&D efforts. Measures include putting forward a proposal next year to enhance the Copyright Ordinance regarding the protection for AI technology development, launching a consultation in 2025 on the registered designs regime currently under review, and proposing legislative amendments to streamline IP litigation processes for the High Court to manage and hear these cases more effectively.

    89. Next year, the Trade Marks Registry under the Intellectual Property Department (IPD) will launch a new AI‑assisted image search service to facilitate the public’s search of the trademark database.

    90. With the Central Government’s support, Hong Kong will participate in the World Intellectual Property Organization Lex‑Judgments Database next year, sharing important IP case precedents of local courts, to showcase to the international community the quality of our IP‑related judicial judgments.

    Strengthen Training of IP Talents

    91. The Government will continue to discuss with the patent agent sector and stakeholders to plan for the introduction of regulatory arrangements for local patent agent services, covering qualification, registration, and other areas, aiming to nurture professional talents and enhance service quality.

    92. The IPD will collaborate with the Qualifications Framework Secretariat to develop practical teaching materials for deployment by training providers, benefitting personnel across 23 different industries.

    (C) International Health and Medical Innovation Hub

    93. To expedite patients’ access to advanced diagnostic and treatment services, and to foster new quality productive forces in biomedical technology, the Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.

    Reform the Approval Mechanism for Drugs and Medical Devices

    94. The Government will expedite the reform of the approval mechanism for drugs and medical devices, including:

    (i) extending the “1+” mechanism to all new drugs, including vaccines and advanced therapy products, and improving the approval mechanism to speed up registration, facilitating good drugs for use in Hong Kong;

    (ii) devising the timetable for the Hong Kong Centre for Medical Products Regulation and the roadmap towards adoption of “primary evaluation”, as well as formulating strategies and measures to facilitate R&D of drugs and medical devices; and

    (iii) taking forward preparatory work for legislating for the statutory regulation of medical devices.

    Strengthen Biomedical Technology R&D and Translation

    95. The Government will enhance Hong Kong’s clinical trial capability on all fronts and facilitate the translation of innovative biomedical research results into clinical applications by:

    (i) joining hands with Shenzhen to establish the GBA Clinical Trial Collaboration Platform, extending the R&D network and expediting clinical trials;

    (ii) establishing the Real‑World Study and Application Centre to open up local health and medical databases and promote co‑operation between Hong Kong and Shenzhen to integrate data generated from the “special measure of using Hong Kong‑registered drugs and medical devices used in Hong Kong public hospitals in GBA”. This will accelerate approval for registration of new drugs in Hong Kong, the Mainland and overseas; and

    (iii) supporting R&D, clinical trials and application of advanced biomedical technology in Hong Kong, attracting global top‑notch innovative enterprises and research organisations to set up operations in Hong Kong.

    (D) Promote Integrated Development of Digital Economy and Real Economy

    96. A robust system to promote integration of real economy and digital economy is one of the key drivers of new quality productive forces. The Government will expedite the development of digital economy, which includes accelerating the digital transformation of industries, strengthening digital infrastructure, exploring development of a data‑trading ecosystem, and exploring on a pilot basis facilitation arrangements for cross‑boundary data flow within the GBA.

    Accelerate Development of Digital Trade

    97. The Government will push forward reforms in the digitalisation of enterprises and trade. Measures include fostering participation in discussions among the international community about the development of digital economy and exploring the inclusion of relevant provisions in bilateral trade agreements during the negotiation process, with a view to promoting digital trade and cross‑boundary e‑commerce.

    98. The Commerce and Economic Development Bureau is developing the Trade Single Window to provide a one‑stop electronic platform. It will help the industry lodge import and export trade documents for trade declaration and customs clearance. Separately, the HKMA has established a working group to conduct an in‑depth study into the changes in future supply chains and make recommendations. The scope of study covers promoting the digitalisation of trade through areas such as talents and financial infrastructure, as well as the technology and legal framework, with the goal to lower trade cost and upgrade the trade ecosystem.

    Establish a New Fintech Innovation Ecosystem

    99. The Government will continue to promote the development of innovative financial services including Central Bank Digital Currencies (CBDCs), mobile payment, virtual banks, virtual insurance and virtual asset (VA) transactions. The FSTB will shortly issue a policy statement, setting out its policy stance regarding the application of AI in the financial market. Other measures include:

    (i) promoting the use of CBDCs for cross‑boundary payment – The HKMA is actively testing and exploring more add‑on technology solutions and use cases related to cross‑boundary trade settlement on the mBridge platform, and will further widen the participation of both the public and private sectors;

    (ii) enhancing the regulation of VA trading – The FSTB will complete the second round public consultation on the regulatory proposals for over‑the‑counter trading of VA and put forward a proposed licensing regime for VA custodian service providers;

    (iii) promoting real‑world asset tokenisation and developing a digital money ecosystem – The HKMA is taking forward Project Ensemble, a financial market infrastructure project, to explore the application of real‑world asset tokenisation and the use of digital money for interbank settlement, facilitating the development of the relevant asset trading. Separately, the HKMA also allows potential stablecoin issuers to test business plans and use‑cases through the stablecoin issuer sandbox, and will work with the FSTB to introduce a bill on the regulation of fiat‑referenced stablecoin issuers later this year; and

    (iv) promoting the development of the digital securities market – The HKMA will soon launch the Digital Bond Grant Scheme to encourage more financial institutions and issuers to adopt tokenisation technology in capital market transactions.

    Facilitate Cross-boundary E-commerce Logistics Services

    100. To develop Hong Kong into a cross‑boundary e‑commerce logistics and distribution centre, the Government will review existing procedures to enhance the efficiency of cross‑boundary goods’ distribution, strengthening the competitiveness of our city.

    Promote Smart Construction and Management of Public Rental Housing Estates

    101. The Hong Kong Housing Authority (HKHA) has selected 10 Public Rental Housing (PRH) estates as pilot sites for smart estate management. Next year, it will establish a central platform for property management and introduce digital technologies in daily estate management work, enhancing management effectiveness and service quality. The HKHA will also progressively apply the Project Information Management and Analytics Platform in new public housing projects starting next year, enhancing works efficiency by project management digitalisation and adopting three‑dimensional digital maps and virtual digital models, etc.

    Promote LawTech

    102. The DoJ will set up the Advisory Group on Promoting the Development of LawTech to formulate policies and measures on LawTech and promote its application in relevant sectors.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI New Zealand: Mayor to promote Auckland in key international markets

    Source: Auckland Council

    Auckland Mayor Wayne Brown is embarking on official visits to Brazil and China aimed at increasing trade and fostering relations between New Zealand’s largest city and countries with a combined population of over 1.6 billion.

    He will be supporting senior delegations of Auckland-based business leaders seeking to promote their products in these key markets.

    The potential creation of a dedicated passenger and freight air link between Asia, Auckland and South America – the Southern Cross trade connection, also known as Southern Link – will be a key discussion point on both legs.

    “Trade between China and Brazil totals around $490 billion annually – there is a huge opportunity for Auckland to tap into that with an air link that stops here and allows our businesses to get their products into these markets reliably, quickly and cost-effectively,” Mayor Brown said.

    “This is all about driving new investment in Auckland and helping companies based here to tap into export opportunities.

    “We have to be proactive and unapologetic about reaching out, building links and letting the world know that Auckland is a thriving and progressive place that welcomes trade and investment.

    “I’m very pleased to have a number of Auckland-based business leaders joining me at their own expense who see value and opportunity in taking our city to the world.

    “Modern Auckland is a cultural melting pot – we are a Pacific city in Asia, with more than 170,000 people who identify as Chinese alone living here. It’s important to keep reinforcing that we are proud, outward-looking people wanting to participate in the world around us.”

    The Mayor is well-acquainted with both countries, having been to Brazil on several occasions and written a book that was translated into Portuguese and sold well in Brazil. He has also led business delegations to China while he had his own interests.

    In 2008, he was invited by then-Prime Minister Rt Hon Helen Clark to travel to Beijing for the signing of the China-New Zealand Free Trade Agreement, where a particular highlight was attending the formal lunch to celebrate the signing with Premier Wen Jiabao.

    He is an official invited guest of the New Zealand Government whilst in Brazil, departing October 20 and returning October 25. It will be the first time an Auckland Mayor has made an official visit to Brazil, with a population well in excess of 200 million.

    He will accompany Trade Minister Todd McClay to a bilateral meeting with the Vice-Governor of São Paulo and participate in an economic and business briefing.

    There will also be a roundtable event hosted by NZ Trade and Enterprise, a partnership signing between New Zealand companies and their Brazilian customers and a NZ Business Technology Showcase featuring local companies in the technology and manufacturing sectors.

    The Mayor will return to Auckland before travelling to China on 31 October, leading a delegation of New Zealand business leaders for a series of official events.

    It will be the first time in five years an official delegation from Auckland has gone to China – New Zealand’s biggest export market worth more than $20 billion annually.

    He will have meetings with members of the Hainan Government in Haikou, support Auckland businesses exhibiting at the China International Import Expo in Shanghai, meet the China Chamber of Commerce in Ningbo, meet the Mayor of Ningbo and speak at a function in Guangzhou recognising 35 years of Auckland’s sister city relationship.

    While in Guangzhou, the Mayor will visit Auckland companies with operations there, including Zuru, before attending the International Friendship Cities Cooperation and Development Conference in Chengdu at the invitation of the Sichuan Government.

    The Mayor will be taking a particular interest in China’s approach to rapid infrastructure development – noting it has rolled out 46,000km of high-speed rail in under 20 years – and will look for opportunities for Auckland to benefit from better, faster and cheaper delivery methods.

    He will stop briefly in Tokyo en-route back to Auckland for a meeting with the Tokyo Metropolitan Government and attend part of the 50th Japan-New Zealand Business Council Conference before returning to Auckland on 17 November.

    The travel has been approved by the chair of council’s audit committee and complies with council rules. One Mayoral Office staff member will accompany the Mayor on each leg and the total cost is expected to be around $75,000, with business delegates meeting their own travel costs.

    Deputy Mayor Desley Simpson will be Acting Mayor in Mayor Brown’s absence.

    MIL OSI New Zealand News

  • MIL-OSI China: Political settlement of peninsula issue urged

    Source: China State Council Information Office 3

    China has taken note of the current situation on the Korean Peninsula and urged relevant parties to work actively for a political settlement of the issue, Foreign Ministry spokeswoman Mao Ning said on Tuesday.

    “As a close neighbor of the Korean Peninsula, China is closely monitoring the developments of the situation on the peninsula and the relations between the Democratic People’s Republic of Korea and the Republic of Korea,” Mao said at a regular news briefing in Beijing.

    The ROK’s joint chiefs of staff said its military fired shots within southern limits of the inter-Korean border as it bolstered its readiness and surveillance posture, as the ROK issued a statement saying that the DPRK blew up parts of inter-Korean roads in the north.

    The statement said the DPRK military carried out detonations around noon, purportedly with the objective to block roads on the DPRK side of the western Gyeongui and the eastern Donghae lines, north of the military demarcation line.

    On Oct 9, the general staff of the Korean People’s Army said the DPRK would completely cut off road and railway links to the ROK and fortify relevant areas on its side with strong defense structures.

    Mao, the Foreign Ministry spokeswoman, said that tensions on the peninsula do not serve the common interests of parties concerned and the top priority is to avoid further escalation of the situation.

    “China’s position of being committed to safeguarding peace and stability on the peninsula and promoting a political settlement has not changed,” she said.

    After Tuesday’s demolitions, a video released by the ROK military showed an explosion and a plume of smoke rising above an area of road where the DPRK had put up a black barrier.

    The cross-border roads and railways are remnants of rapprochement that included a 2018 summit.

    Tensions mounted after the DPRK last week accused the ROK of sending drones over its capital Pyongyang. It said the drones scattered a “huge number” of anti-DPRK leaflets, and warned that Seoul would “pay a dear price” for this.

    The DPRK has “secured clear evidence” showing that the ROK military is the “main culprit” of the hostile provocation of violating the DPRK’s sovereignty by intruding into the sky over its capital, said Kim Yo-jong, vice-department director of the Central Committee of the Workers’ Party of Korea.

    The ROK government has declined to say whether its military or civilians had flown the alleged drones.

    The government of the ROK’s Gyeonggi Province, bordering the DPRK, said on Tuesday that a special police force would be brought in to crack down on the practice of flying anti-DPRK leaflets from some border areas.

    The ROK’s constitutional court overturned a ban on such practice last year.

    MIL OSI China News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (4)

    Source: Hong Kong Government special administrative region

    (C) International Trade Centre58. The global trade landscape is undergoing constant changes, with parts of the supply chains shifting to the Global South and B&R countries, while many Mainland enterprises are also actively establishing their presence abroad.59. Hong Kong topped the global rankings in international trade and business legislation, according to the World Competitiveness Yearbook 2024. We have been the prime destination for Mainland and overseas enterprises setting up international headquarters to manage offshore trading and supply chain businesses.Build a High Value-added Supply Chain Service Centre60. Hong Kong is home to a deep pool of talents and extensive networks in offshore trading and supply chain management, including production chain management, export credit risk management, trade financing, marketing, testing and certification, accounting and other professional services. We will strengthen the provision of high value‑added supply chain services by:(i) establishing a high value‑added supply chain services mechanism – The Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC) will set up a mechanism and enhance the interface for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong, providing one‑stop, diversified professional advisory services for enterprises in Hong Kong looking to go global;(ii) providing greater export protection for enterprises – The statutory maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation (ECIC) will be increased from 90% to 95%. The ECIC will also provide more free buyer credit checks with extended geographical coverage, and enhance financing support for e‑commerce businesses;(iii) providing robust export credit services – We will encourage the China Export & Credit Insurance Corporation to explore setting up businesses in Hong Kong, providing export credit insurance services covering overseas investment with prolonged investment period, offering Mainland enterprises in Hong Kong venturing overseas markets and foreign‑funded companies doing businesses in Mainland market with more comprehensive export credit services;(iv) promoting electronic trade financing – The HKMA is experimenting with tokenised electronic bills of lading through its Project Ensemble Sandbox. The goal is to lower fraud risks through the better use of technology and to facilitate the provision of trade financing by financial institutions. The HKMA will work with other jurisdictions on a pilot basis to develop mechanisms for trade information transmission, promoting cross‑boundary data transfers and the digitalisation of international trade. It will also allow potential stablecoin issuers to test blockchain use cases, including solutions for cross‑boundary payments through the stablecoin issuer sandbox; and(v) enhancing financial services with data – The HKMA expects to connect its Commercial Data Interchange (CDI) with the system of the Land Registry next year to facilitate enhancement of banking services through the better use of data.Expand Our Global Economic and Trade Networks61. In addition to developing the European and American markets, we will continue to expand our economic and trade networks, especially with B&R countries. Relevant measures include:(i) further opening up of trade in services with the Mainland – Under the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) signed recently, further liberalisation measures have been introduced across several services sectors. These include the construction, testing and certification, financial services, film, and television sectors. In particular, the period requirement of substantive business operations in Hong Kong for three years has been removed in most services sectors. This will attract more Hong Kong start‑ups, overseas enterprises, and talents from around the world to establish their presence in Hong Kong to tap the Mainland market. We will implement the Amendment Agreement II, step up promotion and provide assistance to enterprises as needed;(ii) reinforcing the interface of trade mechanisms – We will continue to seek early accession to the Regional Comprehensive Economic Partnership (RCEP). We are also in investment agreement negotiations with Bangladesh and Saudi Arabia, and plan to begin negotiations with Egypt and Peru. Our free trade agreement (FTA) negotiations with Peru have been concluded and we expect to sign the FTA this year. We will also expand the global network of our Economic and Trade Offices, focusing on establishing economic and trade ties with emerging markets; and(iii) further exploring priority markets – We will continue to pay visits and lead business and professional services delegations to priority markets such as B&R countries. We will also organise the B&R Cross‑professional Forum to promote Hong Kong’s professional services.Promote Development of a Headquarters Economy62. The Government will step up efforts to bring in strategic enterprises from outside the city to set up headquarters or corporate divisions in Hong Kong. The FSTB will submit a bill this year to introduce a company re‑domiciliation mechanism obviating the need for companies intending to re‑domicile in Hong Kong to be wound up in its original domicile overseas and establish a new company in Hong Kong. The companies will be able to preserve their legal identity and business continuity, saving cost as a result of the simplified procedures.63. The validity period of multiple‑entry visas for foreign staff of companies registered in Hong Kong, including non‑permanent residents, will be extended to a maximum of five years to facilitate their visit to the Mainland, and their applications will enjoy priority processing.64. We will strengthen the range of financial services available for Mainland enterprises in Hong Kong wishing to expand overseas, encouraging Mainland financial enterprises to co‑ordinate and manage their overseas business in Hong Kong and facilitating their internationalisation. The HKMA is exploring ways to enable Mainland enterprises looking to go global to enjoy facilitation of cross‑boundary RMB settlement and financing through enhanced offshore RMB liquidity, utilising technology and promoting international collaboration.Foster Trading of Liquor65. At present, Hong Kong imposes a duty of 100% on the import price of liquor (with alcoholic strength of more than 30%). To promote liquor trade and boost the development of high value‑added industries including logistics and storage, tourism as well as high‑end food and beverage consumption, the Government has made reference to the successful experience of driving the wine trade through exemption of wine duty, and will, starting today, reduce the duty rate for liquor with an import price of over $200 from 100% to 10% for the portion above $200, while the duty rate for the portion of $200 and below, as well as liquor with an import price of $200 or below will remain unchanged.(D) International Aviation Hub66. As an international aviation hub, Hong Kong is connected to nearly 200 destinations worldwide. Our city has topped the global ranking for air cargo throughput for more than a decade.67. The Airport Authority Hong Kong (AAHK) will complete the Three‑Runway System by the end of this year. From 2035, the Hong Kong International Airport (HKIA)’s capacity will increase by 50%.Enhance Aviation Development Strategies68. The Government will step up efforts in expanding our aviation network by supporting the HKIA to explore new destinations and flights, particularly enhancing co‑operation with civil aviation counterparts from B&R countries. In parallel, we will combine the strengths of our airport and Zhuhai Airport to improve the Fly‑Via‑Zhuhai‑Hong Kong direct passenger service and jointly develop international air cargo business for greater synergy.Develop a World-leading Airport City69. The Government will plan with the AAHK for expanding the scale of the Airport City by more than double, building a new, world‑leading landmark in the bay area among the Airport Island, the Hong Kong Port Island of the HZMB and Tung Chung East New Town. New projects will be developed to promote high‑end commercial, tourist and leisure activities. These include creating an ecosystem for the arts industry, building the AsiaWorld‑Expo Phase 2, developing a yacht bay with ancillary facilities, opening a food market for imported fresh food and providing more public spaces.Expand Cargo Capacity through the GBA and Enhance Advantages of the Air Cargo Industry70. The AAHK is pressing ahead in full steam with the innovative development of a sea‑air intermodal cargo‑transhipment mode in collaboration with Dongguan. The initial stage of first‑phase construction for the permanent logistics park in Dongguan, the HKIA Dongguan Logistics Park, will be completed by the end of next year, and the cargo‑handling capacity will progressively reach one million tonnes per annum. Advance planning will be made to commence the second‑phase development, introducing more high value‑added logistics, cross‑boundary e‑commerce and courier service facilities.71. The Government will extend arrangements under the Air Transhipment Cargo Exemption Scheme to other intermodal cargo‑transhipment modes to boost competitiveness.(E) Regional Centre for International Legal and Dispute Resolution ServicesCommence Training for International Legal Talents72. The Hong Kong International Legal Talents Training Academy will be officially launched this year, cultivating legal talents to be familiar with international law, common law, civil law, national legal systems and other legal aspects. The dedicated office and expert committee under the Department of Justice (DoJ) are pressing ahead with the related work.Step up Promotion of Mediation Services73. The International Organization for Mediation will have its headquarters set up in Hong Kong upon adoption and entry into force of the relevant international convention. The Government will enhance the system on local accreditation and disciplinary matters of the mediation profession to further strengthen our role as an international mediation centre. We will incorporate mediation clauses in government contracts and encourage private organisations to make reference to and adopt such clauses. We will also launch the Pilot Scheme on Community Mediation to offer more training opportunities for promoting mediation culture.Develop a Sports Dispute Resolution System74. With the development of sports activities and industry, sports disputes have become increasingly complicated. We will explore establishing a sports dispute resolution system and promote sports arbitration, leveraging the institutional advantages of Hong Kong in dispute resolution.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Subsidiary legislation related to updating of technical details of dangerous goods to be gazetted on Friday

    Source: Hong Kong Government special administrative region

          The Government will publish the Dangerous Goods (Application and Exemption) Regulation 2012 (Amendment of Schedules 1 and 2) Notice 2024 (the Notice) in the Gazette this Friday (October 18).
     
          A spokesperson for the Security Bureau said today (October 16), “The local dangerous goods (DG) regulatory regime was harmonised with international standards after the amended Dangerous Goods Ordinance and its subsidiary legislation took effect from March 31, 2022. Considering that the international standards for the classification and transportation of DG under the International Maritime Dangerous Goods Code (IMDG Code) are regularly updated, we will update the technical details of the relevant piece of subsidiary legislation accordingly.” The Secretary for Security has made the Notice to update the lists of DG and relevant technical details in Schedules 1 and 2 to the Dangerous Goods (Application and Exemption) Regulation 2012 in accordance with the latest edition of the IMDG Code, so as to align with the international standards and facilitate the operations of the trades in Hong Kong.
     
          The Notice will be tabled at the Legislative Council for negative vetting on October 23. Subject to the completion of the legislative procedures, the Notice will come into operation on January 1, 2025.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (7)

    Source: Hong Kong Government special administrative region

    VI. Promote Integrated Development of Culture, Sports and Tourism and Foster Economic Diversification

    (A) East‑meets‑West Centre for International Cultural Exchange and Integrated Development of Culture, Sports and Tourism

    121. The current‑term Government set up the Culture, Sports and Tourism Bureau (CSTB) to consolidate the integrated development of culture, the creative industry, sports and tourism. To enhance Hong Kong’s role as the East‑meets‑West centre for international cultural exchange, the Government strives to deepen the institutional reform of our cultural system, improve the cultural and economic policies, and further enhance our cultural confidence.

    Enhance Cultural Soft Power and Promote Development of Cultural and Creative Industries

    122. The CSTB consulted the arts and cultural community last year on the formulation of the Blueprint for Arts and Culture and Creative Industries Development. The blueprint will cover four major development directions: promoting the development of diverse arts and culture with an international perspective, promoting Chinese culture, fostering arts and cultural exchange between China and the rest of the world, and driving industry development. The CSTB will consult the Culture Commission shortly and promulgate the blueprint later this year.

    123. Established in June, the Cultural and Creative Industries Development Agency adopts an industry‑oriented approach to promote the development of the cultural and creative industries. Relevant measures include:

    (i) incubating more cultural and creative projects with potential for industrialisation through the CreateSmart Initiative and strengthening cross‑sectoral collaboration and leveraging market resources, facilitating the industries to explore business opportunities;

    (ii) facilitating more registration of local and non‑local cultural and creative products on the Asia IP Exchange Portal to foster cross‑sectoral exchange, collaboration and business matching, and promoting transactions and transformation of cultural IP; and

    (iii) making the new flagship Hong Kong Fashion Design Week an annual signature event to develop Hong Kong into a fashion design hub in Asia.

    Strengthen Long-term Industry Development in the West Kowloon Cultural District

    124. The West Kowloon Cultural District (WKCD) is one of the largest arts and cultural projects in the world. The WKCD Authority will take a leading role in establishing an industry chain for the arts and culture and creative industries of Hong Kong, driving cultural and creative tourism, and enhancing its financial sustainability through diverse and innovative industrialisation measures, including:

    (i) further building Hong Kong’s strengths in arts trading – Promote the creation of a comprehensive arts trading ecosystem, and build storage, restoration and exhibition facilities for high‑end private art collections;

    (ii) promoting the WKCD as a prime destination for major international cultural, creative and commercial events – With more than 20 venues for different kinds of mega events, the WKCD Authority will step up efforts to host more major international cultural, creative and commercial events, attracting more inbound visitors and stimulating local spending;

    (iii) exporting more arts, cultural and creative projects – Organise and curate performing arts programmes and exhibitions to be staged as long‑run events locally, in the Mainland and overseas on a commercial basis, and expand the sales channels for cultural and creative merchandise; and

    (iv) branding the WKCD as a must‑visit landmark for cultural and creative tourism – Roll out more special experience activities, and step up worldwide promotion in collaboration with the Hong Kong Tourism Board (HKTB) to bring in more tourists.

    Promote Sports Development and Build Hong Kong into a Centre for Mega International Sports Events

    125. In recent years, Hong Kong athletes have achieved outstanding results in international competitions. Hong Kong has abundant resources and support. With our soon‑to‑complete new landmark Kai Tak Sports Park (KTSP), and our co‑hosting of the 15th National Games with Guangdong and Macao late next year, our city has unrivaled advantages for developing itself into a platform for international sports activities. The Government will continue to foster sports development by promoting sports in the community, supporting elite sports, maintaining Hong Kong as a centre for major international sports events, enhancing professionalism, and developing sports as an industry. Relevant measures include:

    (i) enhancing the development of elite athletes and coaches – The Government has invited the Hong Kong Sports Institute to review the mechanism of direct financial support for athletes (including athletes with disabilities) to enhance the training system, and has set up a committee to oversee the development of sports medicine and sports science. The Government will also strengthen training for coaches, and explore the feasibility of establishing a standardised accreditation system for coaches;

    (ii) boosting sports promotion in the community – Provide more sports and recreational facilities, including building a swimming complex suitable for hosting international competitions and a sports arena with fencing training and competition facilities. We will also regularise the Pilot Scheme on Subvention for New Sports;

    (iii) reforming the governance of national sports associations (NSAs) – The Sports Federation and Olympic Committee of Hong Kong, China will conclude its review on the governance and operation of NSAs, and make recommendations, ensuring the NSAs are operating effectively so that athletes (including athletes with disabilities) can realise their potential in a fair and professional environment; and

    (iv) developing a host city economy in the sports industry – The Government will continue to support athletes to participate in different large‑scale international competitions. We will make full use of the KTSP and other existing venues to host large‑scale international competitions so that Hong Kong teams can compete on home soil, building their own audience. These will be conducive to the long‑term development of the sports industry.

    126. The Government will review the redevelopment plan for the Hong Kong Stadium to ensure its synergy with the KTSP.

    Develop Kai Tak Sports Park into a Sports and Mega Event Landmark

    127. Opening in the first quarter of 2025, the KTSP is the largest sports infrastructure project ever commissioned in Hong Kong. It will boost sports development and inject impetus into related industries such as recreation, entertainment and tourism, and also mega‑event economy.

    128. The inter‑departmental Task Force on KTSP, led by the Chief Secretary for Administration, will ramp up efforts in overseeing the smooth completion and commissioning of the KTSP and its publicity work, fostering the synergistic development of major sports events, innovative entertainment, dining, conventions and exhibitions, as well as tourism activities. The task force will also formulate thorough plans and conduct comprehensive drills on security deployment, crowd management, emergency response, and other areas.

    Enhance Cultural Confidence and Revitalise Hong Kong’s Tourism Industry

    129. We will develop Hong Kong into a premier tourism destination through innovative thinking and making better use of our rich and unique resources such as the Victoria Harbour, outlying islands, rural areas, cultures, cuisines, lifestyles and historic buildings. These elements, combined with our edges in technology, animation and comics, the performing arts, film and television culture, and more, will help to instill the concept of “tourism is everywhere in Hong Kong”.

    130. The CSTB will publish the Development Blueprint for Hong Kong’s Tourism Industry 2.0 (Blueprint 2.0) later this year, with the focus on promoting culture, sports, ecology and mega events, covering such areas as:

    (i) developing eco‑tourism – We will explore more itineraries with characteristics related to the countryside and coastal routes, such as island‑hopping tours in Yan Chau Tong, and enhance related amenities; expedite the development of the South Lantau Eco‑recreation Corridor; develop the ex‑Lamma Quarry site into an area for resort and outdoor recreational uses; and develop Tsim Bei Tsui and Pak Nai into eco‑tourism nodes;

    (ii) developing visitor sources from the Middle East and ASEAN – We will actively encourage various sectors of the community to enhance tourism‑support measures for creating a friendly environment for visitors. They include providing information at the airport in Arabic and encouraging taxi fleets to provide fleet service information in Arabic; compiling a list of restaurants offering halal food; encouraging more commercial establishments to provide appropriate facilities, such as worship facilities in hotels; and stepping up staff training to strengthen their knowledge on receiving visitors from different cultural backgrounds;

    (iii) developing tourism products with characteristics – We will promote yacht tourism in the expansion area of Aberdeen Typhoon Shelter, the ex‑Lamma Quarry area and the development of the waterfront site in the vicinity of the Hung Hom Station. We will also promote panda tourism, horse racing tourism, and the like. The CSTB will promote cultural and eco‑tourism itineraries and products at Sha Tau Kok. The Security Bureau (SB) will increase the daily visitor quota under the Sha Tau Kok opening‑up plan to 3 000 by the end of this year. Facial recognition technology will be adopted to enable people living or working at Chung Ying Street to enter and leave the street unimpededly via a “contactless” mode on a pilot basis. The SB will explore the application of relevant technology to complement the future opening up of Chung Ying Street for tourism;

    (iv) developing mega‑event tourism economy – The Mega Events Coordination Group, led by the Deputy Financial Secretary, will continue to take a proactive role in attracting different mega events to Hong Kong with emphasis on quality and quantity, boosting the retail and hotel industries. We will drive the development of the site above the Exhibition Station in Wan Chai North, as well as the waterfront and pier sites in the vicinity of the Hung Hom Station, into new landmarks providing additional event venues;

    (v) strengthening the appeal of traditional tourism – The HKTB will draw up a gourmet guide covering the 18 districts, organise gastronomic events, and promote gourmet food in different districts. The CSTB will publish the action plan on the development of cruise tourism, alongside the Blueprint 2.0, to enhance the Kai Tak Cruise Terminal’s role as a homeport and a venue for conventions, exhibitions and other events; and

    (vi) promoting smart tourism and enhancing service quality of the tourism industry – The HKTB will strengthen its efforts in developing and promoting tourism products with Hong Kong characteristics to both locals and visitors, making use of technologies such as AI to provide one‑stop assistance and attraction recommendations. We will also launch a new outstanding services award scheme to consolidate our hospitable culture.

    Develop New Tourist Hotspots

    131. The Government will set up a Working Group on Developing Tourist Hotspots. Led by the Deputy Chief Secretary for Administration, it will strengthen cross departmental co‑ordination and leverage community efforts, identifying and developing tourist hotspots of high popularity and with strong appeal in various districts.

    Increase Tourist Arrivals

    132. The HKSAR Government has proposed to the Central Government further enhancements on Mainland residents’ tourism visit endorsements to Hong Kong, including resuming the “multiple‑entry” Individual Visit Endorsements for Shenzhen residents and expanding the coverage of pilot cities for implementing policies on the “one trip per week” Individual Visit Endorsements. The Central Government has advised that relevant departments are studying the expedited implementation of the proposal proactively.

    133. To foster closer people ties with ASEAN countries, starting today, the Government will relax the criteria for nationals of Cambodia, Laos and Myanmar applying for multiple‑entry visas for travel and business, and extend the validity period of multiple‑entry visas for these countries from two years to three years. The arrangement also applies to Vietnamese, who have benefitted from the relaxation of the visa policy since last year. Under a fast‑track arrangement, we will expedite the processing of visa applications from group visitors of ASEAN countries submitted via local travel agents. In addition, we will provide self‑service immigration clearance for invited persons participating in business, development and related activities from the 10 ASEAN countries, and provide one‑stop handling of their applications for self‑service immigration clearance and visa through a dedicated desk. Various bureaux will provide assistance in drawing up the list. Effective today, the requirement for visitors to furnish an arrival or departure card is cancelled, facilitating a faster and more convenient immigration clearance.

    (B) Foster Economic Diversification

    Support Small and Medium Enterprises

    134. To address the challenges commonly encountered by small and medium enterprises (SMEs) during economic restructuring, the Government will introduce the following support measures:

    (i) re‑launching the principal moratorium – Borrowing enterprises under the SME Financing Guarantee Scheme (including the existing loans already granted under the 80%, 90% and special 100% guarantee products as well as new loans under the 80% and 90% guarantee products) will be allowed to apply for principal moratorium for up to 12 months. The maximum loan guarantee periods of the 80% and 90% guarantee products will be extended to ten years and eight years respectively, while the partial principal repayment options will be offered to new loans under the two guarantee products. The HKMA is also actively considering to provide flexibility in banks’ capital requirement to facilitate their lending to SMEs;

    (ii) injecting $1 billion into the BUD Fund – Support will be provided for SMEs to upgrade their business operations and develop new markets through the Dedicated Fund on Branding, Upgrading and Domestic Sales (the BUD Fund), including expanding the geographical coverage of E‑commerce Easy to the 10 ASEAN countries, and providing targeted funding support for enterprises to implement green transformation projects;

    (iii) supporting digital transformation of SMEs and capitalising on e‑commerce opportunities – The scope of Cyberport’s Digital Transformation Support Pilot Programme will be expanded to cover the retail and food and beverage sectors, as well as industries such as tourism and personal services, subsidising SMEs for digital transformation on a one‑to‑one matching basis. The Hong Kong Shopping Festival is to be relaunched in the next two years to help SMEs tap into the Mainland e‑commerce sales market, and will be held in the ASEAN market in due course;

    (iv) strengthening brand development of SMEs – The HKTDC will formulate plans for setting up more Hong Kong Pavilions in Mainland and overseas exhibitions to further promote Hong Kong brands. The Trade and Industry Department and the HKTDC will also enhance support for SMEs in developing brands and expanding the sales network of e‑commerce;

    (v) enhancing the services of the Hong Kong Design Centre – The organisation and functions of the Hong Kong Design Centre will be re‑structured, so as to assist SMEs in the design industry to enhance their services in product and brand design, and strengthen collaboration and interface with start‑ups and Mainland enterprises operating in Hong Kong;

    (vi) enhancing incentives for recurrent exhibitions – An additional provision of $500 million will be allocated for launching the Incentive Scheme for Recurrent Exhibitions 2.0, targeting new and international exhibitions of large scale, in order to further promote mega‑event economy and the development of the convention and exhibition industry;

    (vii) supporting participation in government procurement – The HKHA will refine the application procedures for admission to the list of maintenance works contractors, providing more tendering opportunities for contractors; and

    (viii) enhancing security of payment in the construction industry – The Government has introduced the Construction Industry Security of Payment Bill, which prohibits the use of unfair payment terms such as “conditional payment” in contracts and introduces an adjudication mechanism to resolve payment disputes.

    Develop Silver Economy

    135. Given the rapid expansion of the silver market, there is growing demand for products and services catering to the elderly.  Developing new products and services to meet the needs of the elderly will help enhance their quality of life, and also generate business opportunities.

    136. The Government will set up a Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration. The working group will implement measures in five areas:

    (i) boosting “silver consumption” – We will work with all sectors to foster elderly‑friendly consumption, and encourage incorporation of silver economy elements into their business, for example, by offering discounts to the elderly. Efforts will also be made to safeguard the rights and interests of elderly consumers;

    (ii) developing the “silver industry” – We will promote marketisation and industrialisation of products catering to the elderly by consolidating funding resources to support product provision and market expansion by the business sector;

    (iii) promoting “quality assurance of silver products” – We will promote the certification of products catering to the elderly to enhance their recognition and appeal. Standards adopted will be aligned with those of the Mainland and overseas to facilitate sales network expansion;

    (iv) enhancing “silver financial and security arrangements” – We will assist the elderly in making proper financial arrangements and strengthening their financial security. Relevant measures include promoting retirement financial planning products offered by the Hong Kong Mortgage Corporation Limited, and providing investor education for the elderly; and

    (v) unleashing “silver productivity” – We will help unleash the productivity of the elderly through retraining, re‑employment and other measures.

    Promote Sustainable Development of the Agriculture and Fisheries Industries

    137. The Government will continue to take forward the Blueprint for the Sustainable Development of Agriculture and Fisheries. Relevant work includes developing deep sea mariculture at Wong Chuk Kok Hoi and Mirs Bay new fish culture zones, conducting preparatory work for the Agricultural Park Phase 2 development, implementing urban farming strategy in NDAs, facilitating the livestock sector to construct modernised and environmental‑friendly multi‑storey livestock farms and promoting leisure farming and fisheries.

    (To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Governance systems to be boosted

    Source: Hong Kong Information Services

    Chief Executive John Lee highlighted that key goals in his 2024 Policy Address include working hard to fully and faithfully implement the principle of “one country, two systems” and strengthening governance.

    While pointing out that the institutional advantages of “one country, two systems” are numerous, he made it clear that Hong Kong will fully, faithfully and resolutely implement the principles of “one country, two systems”, “Hong Kong people administering Hong Kong” and a high degree of autonomy.

    “We will continue to fully leverage the institutional strengths of “one country, two systems” for sustaining the prosperity and stability of Hong Kong, contributing to China’s building into a great country and realising the great rejuvenation of the Chinese nation.”

    When it comes to safeguarding national security, Mr Lee noted that security and development work together like the two wings of a bird, stating that development requires a safe social environment. 

    “It is of utmost importance that our people safeguard national security of their own accord. Since opening in August, the National Security Exhibition Gallery has been well‑received by the public. 

    “We will train up tutors at district level for promotion of national security education in the community. Thematic exhibitions will be rolled out by the gallery to dovetail with the 10th National Security Education Day next year. The Education Bureau (EDB) will also update the Curriculum Framework of National Security Education.”

    As for fostering patriotic education, Mr Lee said that the Working Group on Patriotic Education has formulated promotion strategies and measures for supporting the organisation of more activities such that the spirit of patriotism can take root in society.   

    He shared that as part of the Government’s plans to mark the 80th anniversary of victory in the War of Resistance, it will host commemorative activities to strengthen the sense of patriotism. 

    “The EDB will organise a range of joint school and cross‑sectoral activities under the ‘Love Our Home, Treasure Our Country 3.0’ series, continue to enhance Chinese history and national geography education in primary and secondary schools, and enrich patriotism and history elements in Mainland exchange programmes.”

    Since taking office, Mr Lee said that the current‑term Government has taken forward various reforms on cross‑disciplinary co‑ordination and governance culture so as to strengthen governance systems.

    The Government will enhance the leadership and cross‑bureau co‑ordination mechanisms, and fully leverage the leading and co‑ordinating functions of the secretaries and deputy secretaries leading such departments.

    Consequently, the Government will establish the Committee on Education, Technology & Talents, the Working Group on Developing Low-altitude Economy, the Working Group on Developing Tourist Hotspots and the Working Group on Promoting Silver Economy. The first two bodies are led by the Chief Secretary and the Deputy Financial Secretary respectively while the latter two are led by the Deputy Chief Secretary.

    Concerning its objective to strengthen governance capabilities of the civil service, Mr Lee stated that the Government will review regulations on civil service management and discipline, launch the Governance Talents Development Programme and collaborate with Mainland cities to launch mutual civil service exchange.

    While outlining another policy initiative, he specified that his administration will actively promote the application of artificial intelligence in the Government and the public sector to speed up the digital transformation of public services.

    “The Digital Policy Office (DPO) will endeavour to fortify information systems of the Government and public organisations. The DPO will also spearhead the pilot use of a locally developed generative artificial intelligence (AI) document processing copilot application in government departments. 

    “About 20 digital government and smart city initiatives will also be launched this year, including using blockchain technology for issuing electronic certificates for designated civil service examinations and electronic licensing by the Fire Services Department, as well as the use of AI for handling public enquiries.”

    On top of that, the Chief Executive described plans to bolster security of computer systems of critical infrastructure.

    “The Government will require critical infrastructure operators to undertake obligations to protect their computer systems, so as to reinforce their resilience against cybersecurity challenges. A bill will be introduced later this year.”

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE lays out agenda for development

    Source: Hong Kong Information Services

    This is my third Policy Address.

    The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. The resolution calls on Hong Kong to fully harness the institutional strengths of “one country, two systems” while consolidating and enhancing its status as an international financial, shipping and trade centre. It also supports Hong Kong’s position to become an international hub for high-calibre talents, to exert a greater role in our country’s opening up to the world, and to deepen collaboration within the Guangdong Hong Kong Macao Greater Bay Area (GBA) through better harmonisation of rules and mechanisms.

    In running for office, more than two years ago, I stated that “we must embrace a reform mindset” and we “need further revamping”. I proposed to build a “result-oriented” government, setting key performance indicators (KPIs) to create a new government culture. I put forward a series of reform measures, including the establishment of Care Teams to enhance district services, introduction of the Advance Allocation Scheme to shorten the waiting time for public housing, and assistance to junior secondary students living in subdivided units (SDUs) for tackling intergenerational poverty. I believe that we must maintain our development momentum and self-renewal, and that we must embrace changes while staying principled, innovative and flexible in meeting challenges and opportunities.

    Regarding system reforms, I work on the principle that anything essential but lacking in the system must be established; any serious shortcomings must be rectified; any bottlenecks, weaknesses or hurdles must be overcome; and any areas in need of consolidation must be reinforced and improved. In the reform process, we have to decide what should be built from scratch, what should be overhauled to set things right, and what should be consolidated and bolstered. In taking forward reforms, we must have a systemic mindset and manage the relationships between overall and local interests, between the present and the future, between macro and micro concerns. While we may make reference to the successful experiences of other places, we cannot adopt them directly given the differences in the basis and structure of our systems. Our reform proposals must take heed of the prevailing circumstances and be tailored to local conditions.

    Since becoming Chief Executive, I have carried out reforms along the above principle.

    On implementation of “one country, two systems”, we fulfilled the constitutional responsibility to enact local legislation for Article 23 of the Basic Law; we reformed the institutional set-up of the District Councils by implementing the principle of “patriots administering Hong Kong”; we enacted new legislation to enable an essentially automatic extension of land leases in an orderly manner for a term of 50 years to beyond 2047, manifesting the long term adherence to “one country, two systems”.

    On governance, we reformed the government structure and reshuffled the duties among policy bureaus, increasing their number from 13 to 15. We created three new Deputy Secretaries of Department to strengthen co-ordination of work across bureaus, setting up task forces led by the Deputy Secretaries to enhance implementation. We cultivated a government culture focusing on results. We also introduced a mechanism mobilising the Government at all levels to respond to major incidents.

    In economic development, we established the Hong Kong Investment Corporation Limited (HKIC) to optimise the use of government funds for the development of industries and our economy. We pressed ahead with the development of the “eight centres” and the Northern Metropolis, taking an industry oriented approach. We set up the Hong Kong Talent Engage (HKTE) and the Office for Attracting Strategic Enterprises (OASES) to strengthen our efforts in trawling for talents and enterprises. We also established Hong Kong as a regional hub for higher education.

    As for people’s livelihoods, we implemented healthcare reform and took steps to build our primary review mechanism for drugs and medical devices. We set up a system for bringing in healthcare professionals to alleviate manpower shortage in the public healthcare system. We also launched Light Public Housing (LPH) to fill short-term gaps in the supply of public housing, and established the Task Force on Tackling the Issue of Subdivided Units. We pooled resources for targeted poverty alleviation. We established an annual review mechanism for minimum wage protection. We also rationalised traffic flow among the three road harbour crossings.

    Reform is a continuous process. Over the past two years, my team and I have focused on economic growth and on improving people’s livelihoods through development, with the well-being of the people of Hong Kong close to our hearts. This Policy Address will deepen our reforms and explore new growth areas. Measures include building an international gold trading market, promoting high value added maritime services, and building a commodity trading ecosystem and internationally accredited metal warehouses. We will promulgate the Development Outline for the Hong Kong Shenzhen Innovation & Technology Park in the Loop, building a testing ground for policy and institutional innovation. We will also set up a working group on developing the low altitude economy.

    In this Policy Address, I will continue to follow through the “four proposals” put forward by President Xi Jinping in his important speech delivered on 1 July 2022. I will also outline our vision and objectives for reforms and changes, as well as the related key measures and KPIs. A Supplement offering more details on the policy measures and related matters has also been compiled.

    This is the English translation of the opening remarks in Chief Executive John Lee’s 2024 Policy Address, delivered on October 16.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: HK hones its financial edge

    Source: Hong Kong Information Services

    Chief Executive John Lee unveiled bold plans in his 2024 Policy Address for consolidating and enhancing Hong Kong’s status as an international financial centre.

    Upon highlighting the fact that Hong Kong is an international financial centre, ranking third globally and first in investment environment, he stated that the Government will continue with reforms to reinforce and enhance the city’s status.

    The Chief Executive explained that Hong Kong is an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery.  

    As such, his administration will capitalise on Hong Kong’s strengths as an international financial centre to build the city into an international gold trading centre.

    The Chief Executive provided details of the objective of building an international gold trading market given the city ranks among the world’s largest import and export markets for gold by volume.

    “The Government will promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector.”

    He added that the Financial Services & the Treasury Bureau (FSTB) will set up a working group to take forward the establishment of an international gold trading centre.

    “This will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting-edge financial technology, and actively exploring with the Mainland authorities on the inclusion of gold-related products in the mutual market access programme.”

    Mr Lee also outlined his plan to deepen market access and enriching offshore renminbi business.

    “We will continue to enhance the mutual market access regime and reinforce our status as the world’s largest offshore renminbi business hub, contributing to the internationalisation of RMB. Key measures include continuously improving our infrastructure and upgrading the Central Moneymarkets Unit to facilitate the settlement of various assets in different currencies by international investors.

    “We will also develop the fixed income market infrastructure by, for instance, setting up a central clearing system for RMB-denominated bond repurchase (repo) transactions, making RMB sovereign bonds issued in Hong Kong a more popular choice of collateral in offshore markets. We will look to enhance the Cross-boundary Wealth Management Connect Scheme as well.”

    The Chief Executive indicated that the Government will strive to make better use of the currency swap agreement between the Hong Kong Special Administrative Region with our country to enhance offshore RMB liquidity.

    In doing so, it will provide more RMB-denominated investment products.

    Part of that plan calls for the Hong Kong Exchanges & Clearing (HKEX) to encourage more listed companies to have shares listed in the RMB stock trading counter. 

    Apart from increasing the issuance of RMB bonds and supporting issuance of more green and sustainable offshore RMB bonds in Hong Kong, it will also seek support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, in Hong Kong.

    Additionally, the Government will actively liaise with Mainland authorities to expand the Bond Connect (Southbound Trading) as appropriate, including expanding the scope of eligible Mainland investors to non-bank financial institutions, and enriching liquidity management tools that facilitate offshore investors’ investment in onshore bonds by actively exploring and introducing various bond repo and collateral products and arrangements using onshore RMB bonds.

    Mr Lee shared the Government’s plans to enhance Hong Kong’s status as an international risk management centre and an international asset and wealth management centre.

    “Hong Kong has the highest concentration of insurance companies and the highest insurance density in Asia. To further strengthen Hong Kong’s position as a global risk management centre, the Insurance Authority will initiate a review next year. 

    “We will examine capital requirements for infrastructure investment, to enriching insurance companies’ asset allocation for risk diversification and driving investment in infrastructure such as the Northern Metropolis. We will also continue to invite Mainland and overseas enterprises, including large state-owned enterprises in the Mainland, to establish captive insurers in Hong Kong.”

    He added that there are 2,700 single-family offices in Hong Kong, and the industry has predicted that Hong Kong will become the world’s largest cross-boundary wealth management centre by 2028.  

    “We will make every effort to attract more global capital to be managed in Hong Kong, including facilitating the opening of new distribution channels for private equity funds through HKEX’s listing.”

    On top of that, he stressed that the Government will collaborate with sovereign wealth funds in regions along the Belt & Road.

    “We will strive to collaborate with large-scale sovereign wealth funds in regions such as the Middle East, in financing the setting up of funds to invest in assets in the Mainland and other regions.”

    Mr Lee also explained the measures to enhance the New Capital Investment Entrant Scheme, effective today. This means that investment in residential properties is allowed provided that the transaction price of the residential property concerned is no less than $50 million, with the amount of real estate investment to be counted towards the total capital investment capped at $10 million.

    Additionally, by expanding the scope of tax concessions, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds and single-family offices.

    The Government is committed to proactively expanding markets and deepening overseas networks, Mr Lee said, as he conveyed its strategy to accomplish such a goal.

    “We will continue to actively expand and deepen our overseas networks, including forging financial co-operation with the Middle East and the region of the Association of South East Asian Nations, organising more international financial mega events, and exploring further collaboration with Islamic markets in the area of finance.”

    Mr Lee expounded on how the Government will accomplish its aim of further enhancing the securities market.

    Relevant measures include opening up new sources of capital overseas, striving for more listing of enterprises in Hong Kong, optimising vetting of listing applications and boosting market efficiency.

    He also noted the Government’s proposal for providing convenient cross-boundary financial services arrangement.

    “To promote financial inclusion, we will facilitate members of the public in making cross-boundary transactions and payments. 

    “The Hong Kong Monetary Authority and the People’s Bank of China are pushing forward the linkage of fast payment systems in the two places, ie the Faster Payment System in Hong Kong and the Internet Banking Payment System in the Mainland, to facilitate real-time, cross-boundary small-value payments by residents on both sides; and they will implement the arrangement enabling issuance of bank cards by Mainland branches of Hong Kong-incorporated banks in the Mainland.”

    Mr Lee revealed that his Policy Address embraces measure to enhance Hong Kong’s green finance ecosystem, due to the fact that the city is a leading sustainable finance hub in Asia.

    “The international carbon market (Core Climate) launched by the HKEX is the world’s only carbon market to offer Hong Kong dollar and RMB settlement for trading of international voluntary carbon credits.

    “The Hong Kong Monetary Authority will roll out the Sustainable Finance Action Agenda. In addition, the FSTB will launch a roadmap on the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards this year, leading Hong Kong to be among the first jurisdictions to align its local requirements with the standards of the International Sustainability Standards Board.”

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Challenges and Opportunities for Adopting Alternative Dispute Resolution in Developing Asia

    Source: Asia Development Bank

    Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

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    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN attends the 9th ASEAN Ministerial Conference on Cybersecurity and related special sessions in Singapore

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning participated in the 9th ASEAN Ministerial Conference on Cybersecurity (AMCC) and the accompanying special sessions with Dialogue Partners, held in Singapore.

    The Meeting exchanged views on enhancing regional cooperation to address emerging cyber threats, while also exploring ways to strengthen a rules-based multilateral order in cyberspace. Additionally, the Meeting discussed approaches to advancing ASEAN’s regional cyber cooperation with dialogue partners to collectively address shared cybersecurity challenges.

    The post Secretary-General of ASEAN attends the 9th ASEAN Ministerial Conference on Cybersecurity and related special sessions in Singapore appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Banking: RBI to conduct Overnight Variable Rate Reverse Repo (VRRR) auction under LAF on October 16, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 16, 2024, Wednesday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 50,000 1 11:30 AM to 12:00 Noon October 17, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1302

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (8)

    Source: Hong Kong Government special administrative region

    VII. Take Forward the Northern Metropolis as Growth Engine and Deepen GBA Collaboration(A) Take Forward Development of the Northern Metropolis138. The Northern Metropolis is the new engine of Hong Kong’s economic development. We will expedite the implementation of economic and housing‑related projects in the Northern Metropolis, while maintaining a prudent fiscal position.139. The Northern Metropolis will gradually enter the maturity phase. In the next five years, some 60 000 housing units involving about 10 new PRH estates will be completed and ready for intake. The first batch of land at the San Tin Technopole will be put to the market, and the new Huanggang Port building with co‑location of immigration and customs clearance arrangement will be completed. In the second five‑year period, the number of new housing units will increase by about 150 000, with over 10 million square metres of gross floor area available for economic uses. The first joint‑user government building in Kwu Tung North will be put to use, and the expanded North District Hospital will be ready for service. As for transport infrastructure, construction of the Northern Link (NOL) Main Line is scheduled for completion in 2034, and the Northern Metropolis Highway (San Tin Section) is set to open in 2036. These developments will significantly boost our economic growth and bolster our R&D and technology industries, while providing a better living environment which will help attract talents and encourage them to settle in Hong Kong for good. It will also enhance the quality of life of the people of Hong Kong, improving their livelihood and well‑being.140. The Government will seek funding for the first‑stage of San Tin Technopole’s infrastructure and begin construction works this year. The target is to deliver about 20 hectares of new I&T sites in phases, beginning in 2026‑27, for the Hong Kong Science and Technology Parks Corporation’s development and operation. In addition, the second‑phase of the Yuen Long South NDA will begin in mid‑2025. The preliminary development proposal for Ngau Tam Mei will be announced shortly, with land reserved for developing the Northern Metropolis University Town, the third medical school and an integrated teaching hospital. This will be followed by the announcement of the preliminary development proposals for the New Territories North New Town and the Ma Tso Lung area before end this year. The rezoning process for Sandy Ridge in the North District will begin this year, expanding its I&T sites to 10 hectares for use as data centres and related purposes.141. We are exploring the establishment of a pilot industrial park by granting some of the logistics sites in the Hung Shui Kiu/Ha Tsuen NDA to a company established and led by the Government. The company will, in accordance with the Government’s industrial policies, be responsible for formulating the park’s development and operation strategies (including considering whether to accept strategic investment), taking up day‑to‑day management and attracting businesses and investment. We will announce the details in the first quarter of next year. Separately, we will consider flexible disposal approaches for industry land to meet the development needs of individual industries, with a view to driving industry development.142. To expedite development of the Northern Metropolis, the Government will adopt, on a pilot basis, a large‑scale land‑disposal approach, under which sizable land parcels with commercial value and earmarked for provision of community facilities will be selected and granted to successful bidders for collective development. This approach can speed up development of the land parcels, enabling a more co‑ordinated design for the area. We have identified three land parcels, each of 10 to 20 hectares, as pilot sites.(B) Promote Development of the Hong Kong‑Shenzhen I&T Park in the Loop143. The Hetao Shenzhen‑Hong Kong Science and Technology Innovation Co‑operation Zone, located on both sides of the Shenzhen River, consists of the Shenzhen Park and the Hong Kong Park. Capitalising on the strengths of “One Country, Two Systems” with the geographic advantages of “one river, two banks”, the Government will develop the Hong Kong Park in the Loop into a world‑class, industry‑academia‑research platform, an internationally competitive R&D transformation and pilot production base for industries, a hub for pooling global I&T resources, as well as a testing ground for institutional and policy innovation.144. I have established the Steering Committee on the Hong Kong‑Shenzhen I&T Park in the Loop, chaired by myself, to lead the HKSAR Government to formulate the overall strategy, planning and layout for the development of the Hong Kong Park. The Development Outline for the Hong Kong Park of the Hetao Shenzhen‑Hong Kong Science and Technology Innovation Co‑operation Zone will be published later this year, setting out innovative policies to facilitate the flow of personnel, materials, capital and data between the two parks, making the co‑operation zone a crucial source of new quality productive forces for our country.145. The Hong Kong Park will be developed in two phases from west to east. The Government is boosting both the speed and quantity, doubling the first‑phase development’s gross floor area to 1 million square metres. Construction of the first three buildings will be completed in phases, from the end of this year. The first batch of tenants, from life and health technology, AI, data science and other pillar industries, will begin to move in next year. The remaining five buildings will be completed in the coming five years.146. We are also exploring with the Mainland authorities the trial implementation of innovative facilitation measures, including facilitating cross‑boundary travel of designated personnel of the two parks, enabling the cross‑boundary movement of materials by using low‑altitude, unmanned aerial vehicles, and facilitating cross‑boundary fund transfers by Mainland enterprises settling in the Hong Kong Park.(C) Leverage the Strengths of the GBA to Foster Mutual Capacity Development147. The GBA is a strategic fulcrum of the new development pattern of our country, a demonstration zone of high‑quality development, and a pioneer of Chinese modernisation. And Hong Kong is an active participant, facilitator and beneficiary.148. To strengthen top‑level planning and steer, I have established the Steering Group on Integration into National Development to lead the HKSAR Government and all sectors of the community to take a more proactive role in promoting the integrated development of Hong Kong and the Mainland, particularly the Mainland cities of the GBA, deepening collaboration through various co‑operation task forces between the two sides. The Government will continue to promote the GBA development by building a higher level of connectivity, facilitating policy innovations and breakthroughs, pursuing wider harmonisation of rules and mechanisms, and expediting co‑ordinated development of I&T and related industries.Capitalise on the Mainland’s Land Resources and Hong Kong’s Advantages in Cargo Flow to Develop a Logistics Industry Circle149. The HKIA Dongguan Logistics Park is an excellent example for the development of an innovative co‑operation mechanism. The park, built with Hong Kong investment, combines our strengths in aviation and logistics with the Mainland’s advantages in terms of land and manpower resources, leading to a reduction in operating costs and cargo handling time. We will work with the Dongguan Municipal Government to jointly develop the permanent logistics park.Promote Collaboration in the Airport Cluster of the GBA to Expand Business Networks150. We will combine the strengths of the HKIA and the Zhuhai Airport, enhancing the Fly‑Via‑Zhuhai‑Hong Kong direct passenger service and promoting the development of the international air‑cargo business in collaboration with the Zhuhai Municipality, to achieve mutual benefits.Enhance the Mechanism on Recognition of Professional Qualifications151. In collaboration with the Guangdong Province, we have established an evaluation mechanism of post titles for the first batch of Hong Kong engineering professionals. We will continue to do so for other construction professions on a gradual basis.  We are also collaborating with the Guangdong Province and Macao to create GBA Standards on the skill level for skilled workers in the construction sector, and will work with the “One Examination, Multiple Certification” arrangement so that those who pass the examinations adopting the GBA Standards can concurrently obtain vocational skill certificates issued by the three places. This will enhance the training quality of the construction industry in the GBA and nurture talents.Mobilise Capital for Joint Investment in the GBA152. The HKIC is proactively exploring with relevant Mainland organisations co‑operation opportunities for joint investment in GBA projects that present the potential to realise economic and social benefits, taking into account market developments.Promote Data Flow for Public Convenience and Business Facilitation153. The Standard Contract for the Cross‑boundary Flow of Personal Information Within the GBA (Mainland, Hong Kong), piloted in the banking, credit referencing and healthcare sectors since last year, has been operating smoothly, streamlining cross‑boundary data flow in compliance with relevant rules. We will extend the measure to all sectors, promoting more cross‑boundary services to benefit the public and businesses while facilitating data flow throughout the GBA.Scale up Medical Collaboration in the GBA154. We will extend the Elderly Health Care Voucher GBA Pilot Scheme to cover nine Mainland cities in the GBA, and expand the sharing of cross‑boundary medical records via the eHealth platform. We will work to enable the cross‑boundary use of data, samples, drugs and medical devices through the GBA Clinical Trial Collaboration Platform and the Real‑World Study and Application Centre in the Hetao Shenzhen‑Hong Kong Science and Technology Innovation Co‑operation Zone. That will accelerate development of the pharmaceutical industry for medical innovation. We will also foster collaboration with the GBA to promote specialist training that aligns with international standards.Strengthen Legal Co-operation155. We will continue to follow up on the implementation of the enhanced arrangement for cross‑boundary service of judicial documents, and promote the establishment of a GBA legal information platform and a dedicated platform for GBA lawyers to facilitate professional exchange and training.Nurture Talents and Create Opportunities for Youth Development156. We have been encouraging local universities to offer education services in the GBA. To date, four GBA campuses have been set up. In addition, we have set up the GBA Youth Employment Scheme to encourage Hong Kong youths to work in the region. We are exploring the provision of a reciprocal arrangement.(To be continued.)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Countercyclical macroprudential measures for property mortgage loans

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
     
         The Hong Kong Monetary Authority (HKMA) today (October 16) issued guidelines to banks adjusting the countercyclical macroprudential measures for property mortgage loans.
          
         Following the abolition of the demand-side management measures for residential properties by the Government and the adjustments of the supervisory measures for property mortgage loans by the HKMA in February 2024, sentiment in the residential property market has improved. The average monthly housing transaction volume rose from 3 300 units in the first quarter of 2024 to 6 000 units in the second quarter. As market sentiment subsequently softened, the average monthly transaction volume fell back to 3 400 units in the third quarter. Official residential property prices declined by 6.2 per cent in the first eight months of 2024, with a cumulative correction of 26.6 per cent from their peak in 2021. The non-residential property market remained sluggish. In the first eight months of 2024, the prices of offices, flatted factories and retail premises eased further by 17.5 per cent, 11.8 per cent and 13.0 per cent respectively. Meanwhile, the external environment is still facing uncertainties including the pace of US interest rate cuts.
          
         The aim of the countercyclical macroprudential measures for property mortgage loans is to introduce appropriate measures in the light of changes in market conditions to ensure that, on the one hand, banks maintain effective risk management and, on the other hand, the measures minimise as far as possible the impact on the public in buying and selling properties. Taking all relevant factors into account, the HKMA considers that there is room to further adjust the countercyclical macroprudential measures, while continuing to maintain banking stability and ensuring the proper risk management of property mortgage loans:
     
         1. The maximum loan-to-value (LTV) ratio for all residential properties will be set at 70 per cent, regardless of the value of the property and whether it is for self-occupation.

         2. For mortgage loans assessed based on the net worth of mortgage applicants, the maximum LTV ratio will be adjusted from 60 per cent to 70 per cent, which will be the same as the maximum LTV ratio for mortgage loans assessed based on the debt servicing ability of mortgage applicants. This adjustment is applicable to both residential properties and non-residential properties (including offices, retail shops and industrial buildings). 

         3. The debt servicing ratio (DSR) limit for non-self-use properties will be adjusted from 40 per cent to 50 per cent, which will be the same as the DSR limit for self-use properties. This adjustment is applicable to both residential properties and non-residential properties.

         4. The requirement to lower the applicable maximum LTV ratio and DSR limit by 10 percentage points for mortgage applicants who have borrowed or guaranteed other outstanding mortgage(s) at the time of making a mortgage application will be lifted. 

         After these adjustments, the maximum LTV ratio will be standardised at 70 per cent and the DSR limit will be standardised at 50 per cent for all residential properties and non-residential properties.
          
         These adjustments will take effect from today and apply to property transactions with provisional sale and purchase (S&P) agreements signed today or subsequently. The adjustments are also applicable to mortgage applications for properties under construction where the provisional S&P agreements were signed previously and the properties are scheduled for completion on or after today.
          
         The Chief Executive of the HKMA, Mr Eddie Yue, said, “Taking into account the latest market developments, the HKMA has decided to adjust the countercyclical macroprudential measures for property mortgage loans and revert the maximum LTV ratio and DSR limit to the pre-2009 levels before the countercyclical macroprudential measures were first introduced. Even with these adjustments announced today, the Hong Kong banking sector has ample buffers to cope with any challenges from a sharp correction in property prices. Once again, I would like to remind the public that buying a property is a long-term financial commitment. Prospective buyers should carefully assess the risks involved and their ability to afford a property.”
          
         The HKMA will continue to monitor market developments closely and introduce measures to safeguard banking stability as conditions in the property market evolve.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: New maritime action plan unveiled

    Source: Hong Kong Information Services

    Chief Executive John Lee said the Government will step up efforts in fostering Hong Kong’s maritime industry while taking a multipronged approach to consolidating its status as an international shipping centre.

    Mr Lee made the announcement today while outlining key measures in his 2024 Policy Address.

    He explained that the existing Hong Kong Maritime & Port Board will be reconstituted into the “Hong Kong Maritime & Port Development Board”, a high-level advisory body to assist the Government in formulating policies and long-term development strategies. 

    Additional funding will be provided to enhance its research capabilities, strengthen its Mainland and overseas promotional work and step up manpower training, supporting the Government in policy implementation more effectively and promoting the sustainable development of Hong Kong’s maritime industry.”

    He emphasised that the Government will strive to promote the development of high value-added maritime and professional services in an effort to boost Hong Kong’s maritime strengths.

    Relevant measures include enhancing and promoting tax concessions to strengthen the local maritime ecosystem, attracting maritime service enterprises to establish a presence in Hong Kong and developing maritime services talents.

    Regarding advancing the development of a green maritime centre, the Chief Executive stated that the Government will start with promoting the green transformation of registered ships.  This includes offering cash incentives to ships meeting relevant international standards on decarbonisation.

    Another action plan, Mr Lee said, calls for developing a green maritime fuel bunkering centre.

    “We will promulgate the Action Plan on Green Maritime Fuel Bunkering by the end of this year. We will take forward the related infrastructural development such as green maritime fuel bunker terminals, promote port emissions reduction, offer incentives to encourage green maritime fuel usage, co-operate with ports in the Greater Bay Area, and construct a green shipping corridor with major trading partners.”

    He added that offering green fuel bunkering facilities will provide green ships with smart information concerning navigational safety, and enhance the ship monitoring systems to ensure safety during fuel bunkering.

    Because commodities, including metals and minerals, account for more than half of the global shipping trade volume, Mr Lee pointed out the Government is keen on creating a commodity trading ecosystem.

    “Shipowners and commodity traders are the key users of shipping routes and maritime services. Their presence and operation in Hong Kong can drive the maritime services industry, and boost demand for related financial and professional services such as hedging activities of related futures products, conducive to consolidating and enhancing Hong Kong’s status as an international financial, shipping and trade centre. 

    “We will explore the introduction of tax concessions and support measures to attract relevant enterprises in the Mainland and overseas to set up businesses in Hong Kong, building a commodity trading ecosystem in our city.”

    He noted that there has been an international commodity exchange expressing its intention to establish accredited warehouses in Hong Kong for storage and delivery of commodities, including non‑ferrous metal products.

    As such, the Government will capitalise on this opportunity to establish relevant supporting facilities so as to attract Mainland enterprises to engage in commodity trade, especially of non‑ferrous metal, in Hong Kong.

    On the topic of developing the Smart Port and conducting international promotions, Mr Lee shared that the Government will complete the installation of a port community system next year.

    “It will be equipped with functions such as shipment tracking, real-time transport information, electronic information and document retrieval, and port data analysis, enabling the flow and sharing of data among stakeholders in the maritime, port and logistics industries.

    “The Government will also organise more major events with international maritime organisations and enterprises to showcase to the world Hong Kong’s maritime strengths.”

    The Chief Executive also took time in his Policy Address to elaborate on the Government’s strategy of expanding high value-added logistics services.

    “We are taking forward the Action Plan on Modern Logistics Development, and will release four quality logistics sites for the industry to develop modern, high-end, multi-storey logistics facilities. 

    “The findings of the planning study on the development of modern logistics clusters in the Hung Shui Kiu/Ha Tsuen New Development Area will be published next year.”

    The Government will continue to strengthen co-operation in the logistics sector with the western part of Guangdong and other neighbouring areas, making good use of the Hong Kong-Zhuhai-Macao Bridge to expand the catchment area of its cargo services and facilitate more goods to go through Hong Kong, Mr Lee added.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Allens advises Spark Infrastructure on $1.8 billion refinancing

    Source: Allens Insights

    Allens has advised Spark Infrastructure, owned by a consortium of Ontario Teachers’ Pension Plan Board, Public Sector Pension Investment Board and funds and/or investment vehicles managed and/or advised by Kohlberg Kravis Roberts & Co. L.P. and/or its affiliates, on a $1.8 billion refinancing along with new hedging strategies related to the expanded debt facility.

    The refinancing brings in funds from a large syndicate of investment banks, commercial banks, and private credit funds throughout the Asia-Pacific region.

    ‘We are pleased to have advised the consortium on the initial acquisition of Spark back in 2021 and now on this significant refinancing. It is yet another example of Australia’s growing attractiveness as an investment destination among Asia-Pacific banks and private credit funds,’ said lead partner Tim Stewart.

    This transaction reinforces Allens’ position as a leader in complex financial advisory, with extensive experience in the regulated utilities sector. 

    Allens legal team

    Banking & Finance

    Tim Stewart (Partner), Brian Kirkup (Senior Associate), Sam Guzman (Lawyer), Cora Fabbri (Lawyer)

    Mergers & Acquisitions 

    Charles Ashton (Partner), Alex Knights (Senior Associate)

    MIL OSI News

  • MIL-OSI Asia-Pac: Result of tenders of RMB Sovereign Bonds held on October 16, 2024

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         Result of the tenders of RMB Sovereign Bonds held on October 16, 2024: 
     

    Tender Result

    *********************************************************************

    Tender Date
    :
    October 16, 2024

    Bonds available for Tender
    :
    2-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB24001 (Further Issuance)

    Issue and Settlement Date
    :
    October 18, 2024

    Maturity Date
    :
    March 15, 2026 (or the closest coupon payment date)

    Coupon Rate
    :
    2.20 per cent

    Application Amount
    :
    RMB 7,626 million

    Issue Amount
    :
    RMB 3,000 million

    Average Accepted Price
    :
    100.68

    Lowest Accepted Price
    :
    100.63

    Highest Accepted Price
    :
    100.91

    Allocation Ratio (At Lowest Accepted Price)
    :
    Approximately 36.36 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    October 16, 2024

    Bonds available for Tender
    :
    3-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB24002 (Further Issuance)

    Issue and Settlement Date
    :
    October 18, 2024

    Maturity Date
    :
    March 15, 2027 (or the closest coupon payment date)

    Coupon Rate
    :
    2.28 per cent

    Application Amount
    :
    RMB 8,799 million

    Issue Amount
    :
    RMB 3,000 million

    Average Accepted Price
    :
    101.14

    Lowest Accepted Price
    :
    101.01

    Highest Accepted Price
    :
    101.37

    Allocation Ratio (At Lowest Accepted Price)
    :
    Approximately 27.05 per cent

    Tender Result

    *********************************************************************

    Tender Date
    :
    October 16, 2024

    Bonds available for Tender
    :
    5-year RMB Bonds

    Issuer
    :
    The Ministry of Finance of the People’s Republic of China

    Issue Number
    :
    BCMKFB24003 (Further Issuance)

    Issue and Settlement Date
    :
    October 18, 2024

    Maturity Date
    :
    March 15, 2029 (or the closest coupon payment date)

    Coupon Rate
    :
    2.39 per cent

    Application Amount
    :
    RMB 12,456 million

    Issue Amount
    :
    RMB 2,000 million

    Average Accepted Price
    :
    101.86

    Lowest Accepted Price
    :
    101.72

    Highest Accepted Price
    :
    102.49

    Allocation Ratio (At Lowest Accepted Price)
    :
    Approximately 56.00 per cent

    MIL OSI Asia Pacific News