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Category: China

  • 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: 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 China: Xi inspects Zhangzhou in east China’s Fujian

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

    FUZHOU, Oct. 16 — Xi Jinping, general secretary of the Communist Party of China Central Committee, on Tuesday afternoon inspected Dongshan County in Zhangzhou City, east China’s Fujian Province.

    He visited Aojiao Village of Chencheng Township, the Gu Wenchang memorial hall and the Guandi cultural industrial park.

    During the visits, Xi learnt about local efforts to advance rural revitalization across the board, carry forward the revolutionary traditions and strengthen the protection of cultural heritage.

    MIL OSI China News –

  • MIL-OSI China: Lenovo launches tech summit featuring latest AI innovations

    Source: China State Council Information Office

    Lenovo launched its annual tech summit in Seattle, the U.S. state of Washington, on Tuesday, featuring the latest innovations, devices and solutions in artificial intelligence (AI).

    Lenovo Chairman and CEO Yuanqing Yang introduced the company’s innovations and strategies in pursuit of “Smarter AI for all” at the summit, titled “Lenovo Tech World 24.”

    He showcased the technologies making “hybrid AI” a reality for everyone, and everywhere — at home, at work, and on the move.

    “AI is already improving the quality of life for individuals, delivering higher productivity for enterprises, and protecting a more sustainable planet,” Yang said.

    “This is a time of massive productivity gains on the horizon, a time of fundamental paradigm shifts in our industry, and a time to reimagine the future — for AI to work not only in the cloud, but also at our fingertips, and within our own organizations,” he noted.

    Yang defined that future trend as “hybrid AI,” which features private AI — including personal AI and enterprise AI — coexisting with public AI, complementing each other to deliver enhanced outcome for different customer needs.

    Lenovo unveiled a range of new hardware and software solutions designed to help customers more rapidly achieve outcomes from AI, including AI for Good projects, hybrid AI to empower both individuals and enterprises, and ways to fast-track and deploy generative AI.

    The company also discussed its ongoing investment and collaboration with partners to deliver the most advanced and comprehensive AI-ready, AI-enabled, and AI-optimized AI devices, infrastructure, solutions, and services for customers.

    A new AI-powered communication technology was debuted at the summit by Lenovo and the Scott-Morgan Foundation (SMF), a non-profit pioneering innovative assistive tech.

    The new, scalable tech suite combines predictive AI, hyper-realistic avatars, personalized voices, and eye-gaze tracking to help people with amyotrophic lateral sclerosis (ALS) and other severe disabilities.

    The tech innovation could provide fast, accurate, and personal communication, revealing new possibilities for applying generative AI to accessibility challenges.

    With the technology, people diagnosed with ALS could tell stories and sing songs to others in their own voice, according to a video shown at the tech summit.

    “This is Smarter AI for All: applying transformative technologies to the most pressing human challenges,” said Linda Yao, vice president of AI Solutions and Services at Lenovo.

    Global tech leaders, including Intel CEO Patrick Gelsinger, Facebook CEO Mark Zuckerberg, and CEO of Advanced Micro Devices (AMD) Lisa Su, highlighted their partnerships with Lenovo, and shared how tech giants are leveraging AI to create a more connected, more accessible, and more sustainable world.

    “AI is truly the most important technology that I’ve seen in my career. And the most amazing part about it is we’re still in the very early days, but what we see is the pace of innovation mission moving faster than anything we’ve ever seen,” Su said at the summit.

    “I view this as an opportunity for us to really bring AI to solve the world’s most important and challenges,” she noted.

    Su hailed AMD-Lenovo partnership in end-to-end AI as well as promoting data center ecosystem.

    MIL OSI China News –

  • MIL-OSI Australia: Interview with Steve Martin, Ballarat Breakfast, ABC Radio

    Source: Australian Treasurer

    STEVE MARTIN:

    It’s not often that I get to talk to the federal Treasurer, and it’s almost never that the federal Treasurer is sitting across from me in the studio. Jim Chalmers, good morning.

    JIM CHALMERS:

    Thanks for having me on your show, Steve.

    MARTIN:

    Why are you here?

    CHALMERS:

    I’m here because Catherine King invited me, and I go where Catherine King tells me to go. She’s a wonderful local member and Cabinet colleague. But more seriously, I wanted to be here to engage with some of the business leaders but also to spend some time at Ballarat High, which I’ll be doing later on this morning.

    But what we try and do as Cabinet Ministers is make sure that we govern for the whole place, and that means spending time in the wonderful regions of this country, including this beautiful region of yours in Ballarat and the South West.

    MARTIN:

    All right. What are you doing at Ballarat High School?

    CHALMERS:

    I’m going to speak to some of the students about the economy. This is one of the most enjoyable things I get to do as Treasurer. I’ve done a lot of it lately actually, because I like the sense that there’s a lot of intergenerational interest in what’s happening in the world. The world’s a difficult place right now. We’ve got a lot of important decisions to make about the future of our own country in that context, and I find knocking around with young people and taking some really often difficult, always smart, intelligent, well‑motivated questions is a really good thing to do when you’re in communities like this one.

    MARTIN:

    Okay. I want to stick with students at the moment, Jim Chalmers. What do they ask you? What do young people want to know about the economy, and are they, broadly speaking, engaged in that sort of part of the political debate?

    CHALMERS:

    More than they get credit for as a generation. People are incredibly engaged at that level. The main questions I get is what’s happening in the world – Russia, Ukraine, the Middle East – what’s happening closer to home in our own region – China and the US – so a lot of really top shelf questions about what’s happening in the world and where we fit.

    But from an economic point of view, like a lot of Australians, they want to know how are we going to get on top of these cost‑of‑living challenges that people are confronting right around the country, every generation, and in particular, housing. They are a big motivation for the tens of billions of dollars that we’re investing as a government in building more homes so that they can find it easier to find somewhere to rent or buy when the time comes.

    MARTIN:

    Is it right that you’re also going to be having a look at some of the properties involved in the First Home Guarantee while you’re in Ballarat? Is that part of your visit?

    CHALMERS:

    That was in prospect, but not on this occasion. I’m looking forward to doing that, but not on this occasion.

    MARTIN:

    Okay. Cost of living does come up endlessly at the moment because things are tough. Do you think that you have made a difference?

    CHALMERS:

    Definitely –

    MARTIN:

    – in what way –

    CHALMERS:

    – but in saying that, I don’t pretend that the fight against inflation is over. I know that people are still doing it tough even at the same time as inflation by some measures has more than halved since we came to office. But I do understand that for people who are under the pump, they don’t want to be told necessarily that everything is fine when it’s not.

    People are still doing it tough. That’s why the tax cuts are so important, the energy bill relief, cheaper early childhood education, cheaper medicines, rent assistance, getting wages moving again. Really our highest priority as a government has been to try and provide that cost‑of‑living help in the most substantial and meaningful way that we can, but also in the most responsible way that we can, which means doing that as well as, not instead of, delivering those couple of surpluses that we’ve been able to deliver at the same time.

    MARTIN:

    I wonder, with the surplus, I recall when that was announced, and generally that would be considered to be good news politically, but to quote Twitter –

    CHALMERS:

    That’s a dangerous practice, Steve.

    MARTIN:

    I know. I realise that, but the most common response it seems on Twitter is, ‘You can’t eat a surplus.’ So while people think that’s great at one end things are happening, but at the business end for most of us it’s not filtering through.

    CHALMERS:

    I’m really grateful you raised that, because we don’t see a surplus as an end in itself either. The fact that we’ve been able to deliver back‑to‑back surpluses for the first time in almost 2 decades in this country is not an end in itself, it’s how we make room to provide all of that cost‑of‑living relief that I just ran through. It’s how we make sure we avoid paying too much interest on all that debt we inherited from our predecessors.

    Also in the context where the global economy is really uncertain, we want to get the budget in much better nick as a bit of a buffer against that global economic uncertainty, because if things do turn down then we want to have more room to respond if we need to. So those are the reasons for the surplus.

    I say to those people who raise that issue that you’ve raised from social media, but I get it out and about in communities like this one, if we were choosing between a surplus or cost‑of‑living help, I would understand that. But we’ve found a way, because of our responsible economic management, to deliver surpluses and cost‑of‑living help, and we think that’s a good thing.

    MARTIN:

    All right. On the SMS Bea has sent this through. As I say, ‘Morning, Steve. Would you ask Jim Chalmers, please, how can we justify $360 billion on a few submarines and $600 million on a PNG rugby league team but struggle to find money to increase mental health services to adequately address demand?’

    CHALMERS:

    Thank you, Bea, for the question and for listening. I think in every budget you’ve got to find room for all of those things. There is mental health funding, of course, in the Budget. There is national security and defence funding. We are interested in investing in our region, particularly when you’ve got all of this global uncertainty, conflict around the world and economic uncertainty around the world, including closer to home. Some of those investments I know, Bea, can be contentious but we think we’ve broadly struck the right balance – huge investments in health at the same time as we invest in our national defence and national security.

    MARTIN:

    All right. I want to ask you about an item in the news today, Treasurer, and that is a crackdown on subscription traps and hidden fees. What’s happening there? What’s the plan from the government?

    CHALMERS:

    We want to crack down on dodgy deals so that we can save Australians money if we can and where we can. Most businesses do the right thing and they’ve got nothing to worry about, but there are these traps which we’re seeing more and more of, whether it’s making it hard to cancel a subscription, different fees at different stages of a purchase, when the price goes up while you’re actually making the transaction, requiring consumers to provide more information than is necessary to buy something, when it’s hard for you to contact the person or the business that’s selling you a good or a service.

    There are a bunch of dodgy practices that we are worried about and we want to crack down on them and so we are looking to ban unfair trading practices, and that’s the announcement that we’re making today.

    MARTIN:

    Okay. So that is with Australian Consumer Law?

    CHALMERS:

    Absolutely. We’ll do some consultation, as we always do, but look to bed it down at the beginning or the first half of next year. We get a lot of feedback about this, Steve. I’m sure you do as well on your SMS line and out and about. A lot of people, for good reason they do a lot of shopping online or in other ways, and there’s just been these practices which have sprung up which we think go too far. We don’t want people to be taken for mugs. We don’t want to see these dodgy business practices, and so we’re going to crack down on them.

    MARTIN:

    So that will come into effect next year, after the next federal election effectively?

    CHALMERS:

    We’ve said the first half of 2025, and we’ll do it as soon as we can. But what we’d like to do is we want to make sure there are no unintended consequences and the like, and so we’ll do a little bit of consultation, but we’ve said today that we’re going to ban unfair trading practices, and we’ll spend the next month or 2 consulting on the best way to go about it.

    MARTIN:

    Twelve minutes to the next news at 8. We’re talking with federal Treasurer Jim Chalmers. I did say earlier this morning, I had a text from Jamie Vogels, who’s a Corangamite Shire Councillor, and this is in relation to the transition of dairy country to blue gum timber land and the practices of the Foreign Investment Review Board when they look at this.

    Now, Jamie Vogels’ question to you directly, Treasurer, is: why aren’t we allowed to know the conditions placed by the Foreign Investment Review Board on the $200 million foreign investment by Munich RE into blue gum plantations that’s replacing that dairy country in Simpson and the Heytesbury? It’s causing economic and job losses, from Jamie Vogels. So why can’t a community know what the Foreign Investment Review Board has and does look at, or is that information publicly available? Because that group sounds like they can’t find out why the decision was made to allow this to happen?

    CHALMERS:

    First of all, thanks to Councillor Vogels for raising it. I know this is an issue, and in that very important part of our national economy there’s a lot of economic opportunity. The dairy industry is important to us and the timber industry is important to us as well, and we’ve got to strike the right balance.

    When it comes to the Foreign Investment Review Board process, we try and be as transparent as we can about the process. But often the fine details for – whether it’s commercial in confidence or other kinds of reasons – often those are kept confidential. So I’ll have another look at that case, I’m confident that we would have provided all of the information that we can. I’m not anticipating that we can provide additional information, but if we can after I have another look, then I’ll do that.

    MARTIN:

    The community concern, though, Treasurer, is that you’ve got prime agricultural land, not just for dairy; it could be used for other things. You have farm workers, you have houses, you have all sorts of activity going on. And when the trees come in, as much as they are needed, in this sort of land where smaller holdings are more common, you’re losing a community because the trees go in and there’s not nearly as many people moving around. Is that social effect on an area looked at by the FIRB?

    CHALMERS:

    It looks at the broader national interest and to be up front with you, typically the focus is more on, national security concerns or concerns around concentration or concerns about one company or another dominating a certain market, and so there are a range of considerations, including the ones that you raise. But primarily, typically, the advice that comes to me, including in this case, the Department of Agriculture was consulted and didn’t raise any issues with this particular transaction, we cast a pretty broad net, but typically the advice is more about managing risks in areas like critical minerals, critical infrastructure, critical data.

    MARTIN:

    Just finally on this, the member for Wannon did ask for a moratorium on additional land being purchased for expansion of the timber industry until some of the concerns raised in the petition he tabled are addressed. Will you consider that, or is the government even looking at that for a moment?

    CHALMERS:

    I think the Agriculture Minister, Julie Collins, is a wonderful colleague of ours. She looks at these sorts of issues all of the time. We know that there are contentious issues in farming communities and we know as our economy changes and demand for different goods change over time that often difficult issues like this pop up. So Julie Collins, being the diligent minister that she is, would have these sorts of considerations in front of her from time to time.

    MARTIN:

    All right. Just on other more general things, I notice that a number of banks are factoring in a rate cut for December. What’s your take on that?

    CHALMERS:

    I try not to pre‑empt decisions taken independently by the independent Reserve Bank. Treasurers of both political persuasions don’t get into the guessing game about future movements in rates.

    My job is to focus on being helpful in the fight against inflation and we have been. Australia’s made really quite considerable progress when it comes to getting on top of the inflation challenge in our economy, less than half what we inherited on the monthly gauge and that’s a good thing.

    But the Reserve Bank will weigh that up, they’ll weigh up what’s happening in the labour market, what’s happening around the world, and they’ll come to a decision independently in due course.

    MARTIN:

    In Queensland, right. I do wonder, just finally, Treasurer, we’ve been through 30‑odd years of pretty good economic times. It started with Hawke and Keating, continued with Howard and Costello, and then, I guess, governments that have followed haven’t been able or as willing to do as much as those 2 governments did all those years ago. That set us up pretty well. There are older people who say we are back to normal, that the current settings we have are more normal. The long‑term interest rate is 7.4 per cent over – I looked this up yesterday, between ’69 and 2004, that’s the long‑term average interest rate in Australia. So has the community got their expectations too high?

    CHALMERS:

    I wouldn’t say that. I wouldn’t blame the community for that. If you think about that longer sweep of history, yes, Hawke and Keating did a remarkable job setting this place up for 3 decades of economic expansion, absolutely outstanding contribution, history‑making contribution.

    If you think about really since the global financial crisis, we’ve had about 15 years of economic upheaval. The global financial crisis in ’08–09, obviously we had COVID, the war in Ukraine sent supply chains basically haywire around the world, and so we’ve had these 3 shocks in 15 years. And so governments of both persuasions, including this one, have been doing their best to manage the here and now – in our case inflation – at the same time as we invest in the future and that’s why our Future Made in Australia agenda, our housing agenda, energy transformation, skills and human capital are so important.

    But what we need to do and what we are doing is working out what does the next generation of prosperity look like. And it won’t be the same as the one that Bob and Paul set up so skilfully in the 1980s. It’s possible to admire their contribution and recognise ours will be different.

    For us the big thing that we’ll be judged on is nailing this energy transformation. That’s the big economic reform opportunity for our generation. And that’s why we call the 2020s the defining decade in the way that the 1980s were, because the situation calls for a new economy, leveraging all of those traditional strengths that we’ve had and will continue to have into the future, but building new strengths in energy, human capital, technology, services and the like.

    MARTIN:

    All right. I was going to let you go, but since you’ve mentioned the energy transformation, one last quick topic: what do you say to communities in this part of the world that are bearing the brunt of that energy transformation, with transmission lines, with wind farms, with very large‑scale change over a very short period of time to communities that are feeling completely and utterly overwhelmed by circumstances beyond their control?

    CHALMERS:

    We are listening to you. We know that the best version of this energy transformation, which is the opportunity of a lifetime for Australia, including for the regions, requires us to take communities along with us. We understand that.

    MARTIN:

    Well, you’re failing at that, because they’re not coming along with those that are pushing this through.

    CHALMERS:

    We can always do better. And even in the most recent Budget I funded, I think $20 million from memory, for better consultation with local communities because we see this as an opportunity for local communities, including regional communities. We need to make sure that we are listening and bringing people along with us. If we can do a better job of that, we will.

    MARTIN:

    Jim Chalmers, thanks for your time.

    CHALMERS:

    Thanks so much, Steve.

    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 –

  • MIL-OSI China: Xi calls for steady, sustained progress in promoting China-Mongolia comprehensive strategic partnership

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

    Xi calls for steady, sustained progress in promoting China-Mongolia comprehensive strategic partnership

    BEIJING, Oct. 16 — Chinese President Xi Jinping said Wednesday that he attaches great importance to the development of bilateral relations and stands ready to work with Mongolian President Ukhnaa Khurelsukh to promote the steady and sustained development of China-Mongolia comprehensive strategic partnership under the guidance of building a community with a shared future.

    Xi made the remarks in his congratulatory message to Khurelsukh on the 75th anniversary of the establishment of China-Mongolia diplomatic ties.

    China and Mongolia are important neighbors to each other, and Mongolia is one of the first countries to establish diplomatic ties with the People’s Republic of China, Xi said.

    Since the establishment of diplomatic ties 75 years ago, the two countries have always adhered to the direction of good neighborliness and friendship, and continuously deepened mutually beneficial cooperation in various fields, bringing tangible benefits to their peoples, Xi said.

    For his part, Khurelsukh said that since the establishment of diplomatic ties 75 years ago, the two sides have steadily developed friendship, continued to consolidate mutual trust, and established a comprehensive strategic partnership.

    Khurelsukh said he is ready to work with Xi to synergize the Steppe Road Program and the Belt and Road Initiative, so as to contribute to the development of the two countries and bring more benefits to the two peoples.

    On the same day, Chinese Premier Li Qiang and Mongolian Prime Minister Luvsannamsrai Oyun-Erdene also exchanged congratulatory messages.

    Li said that China is willing to work with Mongolia to take the 75th anniversary of the establishment of diplomatic ties as a new starting point to promote the two countries to go hand in hand on the path of modernization and achieve win-win cooperation.

    For his part, Oyun-Erdene said he is ready to further deepen the traditional friendly relations between Mongolia and China, creating a bright future for bilateral relations.

    MIL OSI China News –

  • MIL-OSI China: China’s AG600 amphibious aircraft starts full-scale fatigue test

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

    BEIJING, Oct. 16 — China’s independently-developed AG600 large amphibious aircraft has initiated the full-scale fatigue test, the Aviation Industry Corporation of China (AVIC) said on Wednesday.

    The test is carried out at the Aircraft Strength Research Institute of China in Yanliang District in Xi’an, northwest China’s Shaanxi Province, according to the AVIC, the country’s leading aircraft manufacturer.

    This test will provide an important full-scale test basis for the future life extension and modification of the AG600 aircraft, the AVIC said.

    The AG600 large amphibious aircraft family is developed as vital advanced aeronautical equipment to strengthen the country’s emergency rescue capabilities.

    The aircraft features a unique configuration consisting of an integrated aircraft-shaped upper body and a ship-bottom-shaped lower body.

    The full-scale fatigue test of AG600 aircraft is a special and complicated fatigue test for the whole aircraft. It is the most important test to verify compliance with relevant regulations of the aircraft structure’s damage tolerance and fatigue assessment, according to the developer.

    MIL OSI China News –

  • MIL-OSI China: Yumai Township in China’s Xizang turns a new page

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

    Yumai Township in China’s Xizang turns a new page

    Updated: October 16, 2024 13:40 Xinhua
    This combo photo shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region on Oct. 26, 2003 (above, photo by Xinhua photographer Sonam Norbu), and the view here on Oct. 14, 2024 (photo by Xinhua photographer Ding Ting). Located at the southern foot of the Himalayas, Yumai Township once had a population of three. Today, the once three-person township is home to over 200 people and oversees two villages. Since 2018, Yumai Township has embarked on the construction of a prosperous border village with steel-framed houses, drainage, schools, and central parks popping up one after another. In 2019, a state investment of over 500 million yuan (about 70.28 million U.S. dollars) completed the reconstruction of the 50-kilometer paved road connecting Yumai to a neighboring township, which ended its pain of being snowbound every year. Additionally, the State Grid extended a 10-kilovolt power transmission line to Yumai, providing stable and secure electricity. In 2023, the per capita annual income in Yumai reached over 40,000 yuan (about 5,622.08 U.S. dollars) with a per capita residential area of 40 square meters. [Photo/Xinhua]
    This photo taken on Oct. 15, 2024 shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    A drone photo taken on Oct. 14, 2024 shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    An aerial drone photo taken on Oct. 14, 2024 shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    An aerial drone photo taken on Oct. 14, 2024 shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    This combo photo shows Cedain Zhaxi, a shop owner, organizing products in Yumai Township of Shannan City, southwest China’s Xizang Autonomous Region on Sept. 9, 2009 (above, photo by Xinhua photographer Purbu Zhaxi), and Baima Wangdui, a worker, organizing products at a shop in Yumai Township of Shannan City, southwest China’s Xizang Autonomous Region on Oct. 15, 2024 (photo by Xinhua photographer Ding Ting). [Photo/Xinhua]
    This combo photo shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region in September 1997 (above, photo by Xinhua photographer Sonam Norbu), and the view here on Oct. 14, 2024 (photo by Xinhua photographer Ding Ting). [Photo/Xinhua]
    An aerial drone photo taken on Oct. 14, 2024 shows roads near Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    A drone photo taken on Oct. 14, 2024 shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    This photo taken on Oct. 15, 2024 shows a view of Yumai Township in Shannan City, southwest China’s Xizang Autonomous Region. [Photo/Xinhua]
    This combo photo shows Zhaxi Norpu (L), a health worker, checking the blood pressure for a resident in Yumai Township of Shannan City, southwest China’s Xizang Autonomous Region on Sept. 9, 2009 (above, photo by Xinhua photographer Purbu Zhaxi), and Zhaxi Norpu (R) talking with a doctor in Yumai Township of Shannan City, southwest China’s Xizang Autonomous Region on Oct. 15, 2024 (photo by Xinhua photographer Ding Ting). [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Beijing Anzhen Hospital’s Tongzhou branch unveils advanced medical services

    Source: China State Council Information Office 2

    On Oct. 14, the Tongzhou district branch of Beijing Anzhen Hospital hosted a media event to show how Beijing is enhancing its citizens’ quality of life through medical advancements and promoting coordinated development in the Beijing-Tianjin-Hebei region.

    Beijing Anzhen Hospital’s Tongzhou branch features a comprehensive outpatient service center with dedicated accessibility windows, Beijing, Oct. 14, 2024. [Photo by Liao Jiaxin/China.org.cn]
    Since its establishment over 40 years ago, Beijing Anzhen Hospital has experienced rapid growth and now ranks among the top in China for the scale and quality of its cardiovascular disease treatments, with clinical capabilities that have reached international standards. Located in the city’s eastern Tongzhou district, the construction of this branch not only reflects Beijing’s strategy to relieve the city of functions nonessential to its role as the capital and optimize the layout of its sub-center, but also responds to the high-quality development goals set forth by the 19th CPC National Congress in 2017.
    The soon-to-open Tongzhou branch of Anzhen Hospital will feature a “smart pharmacy,” which is a highlight in its enhanced medical services. This facility is the first in the country to integrate inventory management and dispensing into a fully automated system, using advanced information technology and automated equipment to ensure precise drug dispensation, storage and distribution.

    An automated prescription refill robot at work at Beijing Anzhen Hospital’s Tongzhou branch, Beijing, Oct. 14, 2024. [Photo by Liao Jiaxin/China.org.cn]
    “The automated dispensing machines can complete a prescription in as little as 20 seconds, with patients typically waiting only one to two minutes to receive their medications,” said Lin Yang, director of the hospital’s pharmacy department. Additionally, the complete process from supplier to patient utilizes robotic closed-loop operations, significantly boosting the efficiency of medical services and ensuring the safety of patient medications.
    The Tongzhou branch also breaks away from traditional hospital outpatient environments, with vibrant and lively art murals throughout. “Our concept is to create an ‘Art Healing Forest’ atmosphere to minimize the psychological stress on patients using our outpatient services,” explained Yin Pengduan, head of the outpatient department. Plans are underway to collaborate with local artists to host personalized art exhibitions in the hospital’s main hall.

    Mural decorations at Beijing Anzhen Hospital’s Tongzhou branch, Beijing, Oct. 14, 2024. [Photo by Liao Jiaxin/China.org.cn]
    The Tongzhou branch of Beijing Anzhen Hospital is expected to officially begin operations in late October. This will not only provide higher quality medical services to residents of Beijing but also marks a significant step in the city’s efforts to promote high-quality, coordinated regional medical development. It will further enhance the overall medical service capacity of the Beijing-Tianjin-Hebei region, offering more comprehensive and convenient medical care to those living in the area.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Govt intensifies super hub strategy

    Source: Hong Kong Information Services

    While delivering the 2024 Policy Address, Chief Executive John Lee announced today that the Government has made meticulous plans to strengthen Hong Kong’s position as an international hub for trade, aviation and legal services.

    He called attention to the reason behind why his administration is building a high value-added supply chain services centre to serve the Mainland and overseas enterprises, and facilitate their establishment of an offshore trading headquarters in Hong Kong.

    “Hong Kong is home to a deep pool of talent 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.”

    He explained that Invest Hong Kong and the Trade Development Council 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.

    In an effort to provide greater export protection for enterprises, Mr Lee stated that the Government plans to raise the statutory maximum indemnity percentage of the Hong Kong Export Credit Insurance Corporation to 95%. It also encourages the China Export & Credit Insurance Corporation to establish a presence in Hong Kong.

    Another goal includes actively promoting the development of a headquarters economy to bring strategic enterprises from outside Hong Kong and extending the validity period of multiple-entry visas to the Mainland for foreign staff of companies registered in Hong Kong to up to five years.

    Additionally, Mr Lee described the Government’s aim of promoting electronic trade financing.

    “The Hong Kong Monetary Authority (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.”

    He added that to enhance financial services with data, the HKMA expects to connect its Commercial Data Interchange with the system of the Land Registry next year to facilitate enhancement of banking services through the better use of data.

    In addition to developing the European and American markets, the Chief Executive stressed that the Government will continue to expand Hong Kong’s economic and trade networks, especially with Belt & Road (B&R) countries.

    It will do so by further opening up trade in services with the Mainland so as to attract more Hong Kong start-ups, overseas enterprises, and talent from around the world to establish their presence in Hong Kong to tap the Mainland market.

    Mr Lee noted that another goal calls for reinforcing the interface of trade mechanisms.

    “We will continue to seek early accession to the Regional Comprehensive Economic Partnership. We are also in investment agreement negotiations with Bangladesh and Saudi Arabia, and plan to begin negotiations with Egypt and Peru.”

    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 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.

    With the Three-Runway System set to be completed this year, Mr Lee highlighted that Hong Kong’s status as an international aviation hub will be further accentuated.

    He made it clear that Hong Kong will fully utilise the capacity of the Three-Runway System.

    “The Government will step up efforts in expanding our aviation network by supporting Hong Kong International Airport (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.”

    Mr Lee lauded the endeavour of expanding the scale of the Airport City to build a world-leading new landmark.

    “The Government will plan with Airport Authority Hong Kong (AAHK) for expanding the scale of the Airport City by more than double, building a new, world-leading landmark in the Greater Bay Area among the Airport Island, the Hong Kong Port Island of the Hong Kong-Zhuhai-Macao Bridge 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.”

    One more important objective of the Government is to expand cargo capacity through the bay area and enhance advantages of the air cargo industry, Mr Lee stated.

    “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.”

    While expounding on the Government’s consistent work to promote Hong Kong as a regional centre for international legal and dispute resolution services, the Chief Executive specified that training for international legal talent will commence and promotion of mediation services will be stepped up.

    “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.”

    Apart from incorporating mediation clauses in government contracts and encouraging private organisations to make reference to and adopt such clauses, Mr Lee stated that the Pilot Scheme on Community Mediation will also be launched to offer more training opportunities for promoting a mediation culture.

    As an added bonus, he revealed that the Government is thinking about developing a sports dispute resolution system.

    “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.”

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China ready to join Russia, Mongolia for deeper trilateral cooperation

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

    ISLAMABAD, Oct. 16 — Chinese Premier Li Qiang said here Wednesday that China is ready to work with Russia and Mongolia to further enhance mutual trust, strengthen coordination and promote deeper and more practical trilateral cooperation to better benefit the people of the three countries.

    Li made the remarks when meeting with Russian Prime Minister Mikhail Mishustin and Mongolian Prime Minister Luvsannamsrai Oyun-Erdene on the sidelines of the 23rd Meeting of the Council of Heads of Government of Member States of the Shanghai Cooperation Organization.

    MIL OSI China News –

  • MIL-OSI China: China willing to work with Russia to strengthen strategic coordination — Premier Li

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

    China willing to work with Russia to strengthen strategic coordination — Premier Li

    ISLAMABAD, Oct. 16 — Chinese Premier Li Qiang said here on Wednesday that China is willing to work with Russia to strengthen strategic coordination, expand mutually beneficial cooperation and make due contributions to the development and revitalization of the two countries and the prosperity and stability of the world.

    Li made the remarks during his meeting with Russian Prime Minister Mikhail Mishustin on the sidelines of the 23rd Meeting of the Council of Heads of Government of Member States of the Shanghai Cooperation Organization.

    MIL OSI China News –

  • MIL-OSI China: Xi sends congratulations to Gala Dinner of National Committee on U.S.-China Relations

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

    Xi sends congratulations to Gala Dinner of National Committee on U.S.-China Relations

    BEIJING, Oct. 16 — Chinese President Xi Jinping on Tuesday sent a congratulatory message to the annual Gala Dinner of the National Committee on U.S.-China Relations (NCUSCR).

    Xi said in his message that he appreciates the NCUSCR’s unremitting efforts to promote exchanges and cooperation between China and the United States in various fields, and congratulated this year’s gala’s esteemed honoree, William E. Ford, chairman and chief executive officer of General Atlantic.

    Xi pointed out that China-U.S. ties are one of the world’s most important bilateral relations, which bear on the well-being of the two peoples and the future of mankind.

    Xi said China has always handled the China-U.S. relationship based on the principles of mutual respect, peaceful coexistence and win-win cooperation, and always believes that each country’s success presents opportunities for the other.

    The two countries should serve as a boost to each other’s development rather than a hindrance, Xi said, adding that China is willing to work with the United States as partners and friends, which will not only benefit the two countries but also the whole world.

    Xi stressed that the third plenary session of the 20th Central Committee of the Communist Party of China was successfully held in July this year, making systematic arrangements for China to further deepen reform comprehensively to advance Chinese modernization.

    Xi said that opening up is a defining feature of Chinese modernization, and China will only open itself ever wider to the outside world. China will enhance its institutional openness, continue to build a first-rate international business environment and leverage the advantage of its enormous market and domestic demand potential to bring more opportunities for China-U.S. cooperation.

    Xi said he hopes the NCUSCR and friends from all walks of life will continue to care about and support China-U.S. relations and actively participate in and benefit from China’s modernization.

    Xi said the two sides should carry out more visits and exchanges, deepen mutually beneficial cooperation and work together to translate the “San Francisco vision” into reality, so as to bring more benefits to the two peoples and inject more stability and positive energy into the world.

    On the same day, U.S. President Joe Biden also sent a congratulatory message to the NCUSCR’s annual gala dinner.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: CE says culture to drive development

    Source: Hong Kong Information Services

    Chief Executive John Lee pledged in this morning’s 2024 Policy Address to promote the integrated development of culture, sports and tourism in Hong Kong, and to foster economic diversification in the city.

    Mr Lee shared plans to enhance Hong Kong’s cultural soft power, promote sports development, build Hong Kong into a centre for international sports mega-events, and revitalise the city’s tourism industry. He also outlined initiatives to support small and medium enterprises (SMEs), develop the “silver economy”, and promote the sustainable development of Hong Kong’s agriculture and fisheries industries.

    The Chief Executive said that in order to enhance Hong Kong’s role as the world’s East-meets-West centre for international cultural exchange and boost its cultural confidence, the Government would deepen institutional reforms to the city’s cultural system, and improve its cultural and economic policies.

    Updating the community on the formulation of the Culture, Sports and Tourism Bureau’s (CSTB) Blueprint for Arts and Culture and Creative Industries Development, Mr Lee said the CSTB is due to consult the Culture Commission on it and will promulgate the blueprint later this year.

    He added that the Cultural and Creative Industries Development Agency, established in June, is incubating cultural and creative projects with potential for commercialisation through the CreateSmart Initiative, and facilitating more registration of cultural and creative products on the Asia IP Exchange Portal. It is also turning Hong Kong Fashion Design Week into an annual signature event, with a view to establishing Hong Kong as a fashion design hub. 

    Mr Lee also iterated that the West Kowloon Cultural District (WKCD) Authority is taking the lead on establishing an industry chain for Hong Kong’s arts, cultural and creative industries. He reported that it will promote the creation of a comprehensive arts trading ecosystem; host more major international cultural, creative and commercial events; export more performing arts programmes and exhibitions to the Mainland and overseas on a commercial basis; and brand the WKCD as a must-visit cultural landmark in collaboration with the Hong Kong Tourism Board (HKTB). 

    On sports development, Mr Lee said the Government will continue to promote sports in the community, support elite sports, enhance the professionalism of Hong Kong athletes and sports teams, maintain Hong Kong as a centre for major international sports events, and develop sports as an industry.

    He mentioned that the Hong Kong Sports Institute is reviewing the mechanism for direct financial support of athletes, including those with disabilities, and has set up a committee to oversee the development of sports medicine and sports science. He added that the Government will provide more sports and recreational facilities, including a new swimming complex suitable for hosting international competitions and a new sports arena with fencing facilities.

    In terms of sports governance, the Sports Federation and Olympic Committee of Hong Kong, China will conclude its review of the governance and operation of national sports associations (NSAs). Mr Lee also outlined that the Government aims to develop Hong Kong as a host city economy and will make use of the new Kai Tak Sports Park (KTSP) and other existing venues to host large-scale international competitions so that Hong Kong athletes and teams can compete on home soil.

    He added that the KTSP, due to open in the first quarter of 2025, will boost sports development and foster the synergistic development of major sports events, innovative entertainment, dining, conventions and exhibitions, and tourism activities.

    With regard to tourism, the Chief Executive said the CSTB will publish its Development Blueprint for Hong Kong’s Tourism Industry 2.0 later this year. It will cover areas such as the development of eco-tourism, and the enhancement of tourism-support measures to encourage more visitor arrivals from the Middle East and Southeast Asia. There will also be efforts to create tourism products around specific themes, such as yachting, pandas and horse racing, build the city’s mega-event tourism economy, promote gastronomy tourism and cruise tourism, and develop “smart tourism” through the application of technologies such as AI (artificial intelligence).

    In addition, Mr Lee said the Government will set up a Working Group on Developing Tourist Hotspots to co-ordinate with the community and develop new tourist hotspots in various districts. It has also proposed to the central authorities that the “multiple-entry” Individual Visit Endorsements for Shenzhen residents be resumed and that the “one trip per week” Individual Visit Endorsements pilot scheme be expanded to cover more cities.

    Mr Lee added that starting from today the Government has relaxed the criteria for nationals of Cambodia, Laos and Myanmar in applying for multiple-entry visas for travel or business, and extended the validity period of the visas offered from two years to three.

    The Chief Executive also unveiled a number of support measures to address challenges encountered by SMEs. These include re-launching the principal moratorium, meaning that enterprises that borrow under the SME Financing Guarantee Scheme will be allowed to apply for a principal moratorium for up to 12 months. 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 covered.

    In addition, $1 billion will be injected into the Dedicated Fund on Branding, Upgrading and Domestic Sales to help SMEs upgrade their business operations and develop new markets, and the scope of Cyberport’s Digital Transformation Support Pilot Programme, which offers SMEs funding for digital transformation on a matching basis, will be expanded to cover the retail and food and beverage sectors.

    Mr Lee said the Hong Kong Trade Development Council will formulate plans to set up more Hong Kong Pavilions at Mainland and overseas exhibitions, while an additional provision of $500 million will be allocated for the launch of the Incentive Scheme for Recurrent Exhibitions 2.0, which aims to attract large-scale international exhibitions to Hong Kong.

    In terms of the development of a silver economy, the Chief Executive said new products and services must be developed in response to the rapid expansion of the elderly market. The Government will set up a “Working Group on Promoting Silver Economy”, led by the Deputy Chief Secretary, to implement measures to boost elderly-related consumption and support elderly consumers.

    Mr Lee reported that the Government will also take forward the Blueprint for the Sustainable Development of Agriculture and Fisheries.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HK stands to prosper: CE

    Source: Hong Kong Information Services

    Chief Executive John Lee

    Since taking up office, I have pushed ahead with many reform measures to transform government culture, strengthen the systems and improved various regimes. Our goal is to keep Hong Kong going, and make it a city in which people live in better homes, enjoy better education and cherish their lives. We strive for this goal.

    I always take time to reflect and listen to views of others to ensure that our policies are working and our measurers are effective. I take a close look into the daily needs of our people while staying abreast from a global perspective of the world trend, our nation’s strategic outlook and the societal interests. While keeping our principles and being innovative when taking forward reforms, we have to look at the flip sides that a measure may bring other than its benefits. Reform is essential, but we should always be mindful that it is a means and not an end, that it should never undermine success factors that are well established and work effectively.

    Having regard to various objective facts, I do believe that our overall policy directions are on the right course. Over the past two years or so, median monthly household income has risen by about $2,800, up over 10%, while over 100,000 jobs have been added. The waiting time for public housing has been shortened by six months, and the first batch of Light Public Housing will soon be completed for intake, filling the gap in the supply of public housing. District governance and Care Team services are firmly in place in all 18 districts across the city. Outcomes of our efforts to trawl for talent and enterprises are also well recognised.

    Thanks to the concerted efforts of all concerned, Hong Kong’s status as an international financial centre has climbed up one place to restore the global third position, putting an end to the negative narratives of our city’s future. We moved up two places to rank fifth in world competitiveness, and rose seven places in talent competitiveness, to stand among the world’s top 10 once again. Hong Kong also retains the top spots in global ranking in investment environment, international trade, business legislation and air cargo throughput, etc.

    That said, past performance is no guarantee of future success. We must not be complacent, but keep up our momentum for advancement and reforms. We must remain confident in ourselves and uphold our morale, standing firm against any efforts to downplay our success story.

    This Policy Address deepens the reforms that I have introduced since I became Chief Executive. It presents enhanced measures to boost the economy and improve people’s livelihoods. It seeks to address the prevailing needs of our people, while mapping our vision and long term goals for building a brighter future for Hong Kong.

    Amid the accelerating global changes not seen in a century and complex geopolitics, the uncertainties surrounding Sino-US relations have exposed Hong Kong to frontline external political forces. But while we are facing many challenges, they are outweighed by the opportunities available to us. Global economic gravity continues to shift eastward and investment is also shifting in the same direction to balance geopolitical risks. Hong Kong boasts a secure and stable investment environment, enjoys a favourable location at the heart of Asia, and is the only city in the world where China’s advantages and international advantages converge. Blessed with our linkage with our motherland and close connection to the world, as well as the solid backing of our country, including the central government’s support and measures benefitting our city, Hong Kong stands to prosper. We must seize every opportunity to make progress and renew ourselves. Indeed, with the wisdom and experiences of Hong Kong people, coupled with the ‘dare to fight and win’ spirit in us, I am confident that Hong Kong will continue to go from strength to strength and attain new heights. Through our united efforts to reform and innovate, our economy will go even stronger and our people will lead a better life, making Hong Kong a shining city.

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

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: ‘Distance is not a problem’: HSE develops cooperation with think tanks of BRICS countries

    MILES AXLE Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    At the end of September Institute for Statistical Studies and Economics of Knowledge (ISSEK) HSE held a meeting with representatives of analytical centers from Brazil, India, and Egypt. The participants considered the possibilities of cooperation, including conducting joint surveys and comparative studies, and discussed the formation of common databases and joint publications on foresight and scientific and technical policy. A decision was also made to prepare a draft multilateral agreement on the establishment of the BRICS Foresight Research Association.

    Leonid Gokhberg, First Vice-Rector of the National Research University Higher School of Economics and Director of the ISSEK, welcomed the participants and presented an overview of HSE research activities in areas of possible cooperation, focusing in particular on those conducted by the team of the Institute for Statistical Studies and Economics of Knowledge.

    ISSEK comprises 19 research centres and two international laboratories, with over 240 employees, making it the largest research unit of the Higher School of Economics. The key areas of the institute’s activities are statistical measurements and forecasting of development directions in science, technology, innovation, education, the digital economy and creative industries. ISSEK scientists analyse scientific, technical and innovation policies implemented in Russia and around the world, and study the factors of sustainable economic growth, social welfare and competitiveness.

    ISSEK is implementing a number of large-scale research projects. The Doing Science in Russia study analyzes the current state of Russian science and its development prospects. The Russian Cluster Observatory, which studies the innovative and creative development of cities and regions, publishes two ratings: the Innovative Development Rating of Russian Regions and the HSE Global Cities Innovation Index. In the third, recently published edition, the authors examine more than 1,000 agglomerations with the largest number of high technologies and creative leaders from 144 countries. Hundreds of ISSEK research projects use the results of the unique iFORA big data mining system developed by its team.

    Leonid Gokhberg outlined potential areas of cooperation between ISSEK and foreign partners in the framework of joint research, publications and courses in such areas as foresight, the use of big data, scientific and technical policy, the business climate in the field of science and technology, the digital economy, the creative economy, and innovative urban development.

    The Director of the ISSEK also proposed the creation of a BRICS Foresight Research Association, which would promote cooperation in the field of futures research.

    Fernando Rizzo, Director of the Center for Strategic Studies and Management in Science, Technology and Innovation (CGEE, Brazil), introduced the audience to the history and activities of the organization. CGEE was founded in 2001 and has 115 employees. The center supports decision-making processes on topics related to science, technology and innovation. CGEE experts evaluate and monitor public policies, identify promising technologies and competencies, conduct foresight studies, and provide strategic consulting services for decision-making. CGEE includes several research observatories: Information Services for Science, Technology and Innovation; Space Technology Observatory; Science, Technology and Innovation Observatory; Innovation Observatory for Sustainable Cities; Bioeconomy Observatory; Digital Transformation Observatory.

    In 2024, CGEE organized the 5th National Conference on Science, Technology and Innovation, a major event that attracted a total of 30,000 participants from 27 Brazilian states. The conference presented the Brazilian Plan for Artificial Intelligence (BPAI) 2024-2028.

    Dr. Mohamed Ramadan Rezk, Director of the Egyptian Science, Technology and Innovation Observatory (ESTIO, Egypt), began his presentation with the surprising idea that foresight existed as far back as Ancient Egypt, where the future, i.e. life after death, was depicted on bas-reliefs. In its modern sense, foresight research began in Egypt in 1975, when the Food and Agriculture Organization of the United Nations conducted a study on the demographic impact of potential development strategies from 1975 to 1985. ESTIO was established in February 2014 as a subordinate organization of the Academy of Scientific Research and Technology (ASRT) to develop science, technology and innovation indicators, conduct foresight studies and raise awareness of foresight in Egypt. Later, in 2021, the North African Applied Systems Analysis Center (NAASAC) was established as a collaboration between ASRT, the International Institute for Applied Systems Analysis (IIASA) in Austria and the National Planning Institute of Egypt. Its activities include developing an online educational program on applied research; organizing joint applied research on issues relevant to decision makers in Egypt, North Africa and the Arab States; and providing advisory services to governments and businesses. ASRT conducts foresight research in areas such as energy, water, the impact of COVID-19 on society, and climate change.

    Dr. Gautam Goswami, Principal Scientist, Technology Information, Forecasting and Assessment Council (TIFAC, India), shared the strengths of his organization. TIFAC is a technology think tank under the Ministry of Science and Technology, Government of India. It brings together eminent experts from government agencies, research institutes, universities and industry. TIFAC focuses on areas such as assessing the country’s technology needs and forecasting promising areas of technology development. Since 1996, TIFAC has been publishing a series of reports called “The Future of Technology” (the first and second editions set the forecast horizon for 2020 and 2035; the report “The Future of Technology – 2047” is currently being prepared). The council’s experts also prepare other short- and long-term foresight reports, as well as the Technology Market Research Report, which tracks new technologies, collects patent information, and maintains databases of technologies and experts. TIFAC also provides foresight training to industry professionals, government officials, and academics.

    Iwao Ohashi from Japan, Advisor for Japan and Asia Pacific Countries to the Association of Industrial Parks of Russia, shared his opinion on the prospects for Russia’s technological development under sanctions. He believes that Russia should develop cooperation in technology and innovation with the BRICS countries. Joint foresight studies are also very important, and Iwao Ohashi believes that the creation of the BRICS Foresight Research Association would be a very promising idea. Mr. Ohashi noted that in the near future, China will most likely become a global leader in innovation. At the same time, he emphasized that “we need to make a strategic bet on the creation of Russian innovation centers within the country and in its regions, as well as invite foreign experts to Russia.”

    Following the presentations, ISSEK scientists exchanged ideas for cooperation with foreign participants. Dirk Meissner, Head ofLaboratory of Innovation Economy and academic director of the master’s program “Governance in the field of science, technology and innovation“, mentioned cooperation with colleagues from the University of Campinas in Brazil. “Geographical distance is no longer a problem,” said Dirk Meissner, emphasizing the importance of communication and education online.

    Liliana Proskuryakova, Head of DepartmentLaboratory for Science and Technology Research, noted the issues of health care, energy and water resources as cross-cutting themes in the participants’ speeches. A comprehensive analysis of these basic needs of humanity can determine the priorities of cooperation, in addition, this agenda is also in line with the Sustainable Development Goals that are relevant for our countries. Mikhail Gershman, Director Center for Scientific, Technical, Innovation and Information Policy, head of the project “Making Science in Russia”, invited colleagues to join forces in the framework of comparative cross-country studies of the working conditions of scientists and state scientific and technical policy. Ekaterina Streltsova, director Center for Statistics and Monitoring of Science and Innovation, proposed establishing cooperation to conduct joint research on technological development, including using patent analysis tools.

    Evgeny Kutsenko, Director of the Russian Cluster Observatory, spoke about the project’s scientific plans, including cluster development, unicorn companies and creative industries. The possibilities of strengthening joint projects based on the results of big data analysis were demonstrated by showing the system developed at ISSEKiFORA, expert of the Center for Strategic Analytics and Big Data of the ISSEK Maria Antasheva.

    “I am pleased to meet you. CGEE started collaborating with HSE many years ago. And when Alexander Sokolov suggested intensifying scientific ties, most of the CGEE staff, who already had experience interacting with the Higher School of Economics, knowing the high level of its research, readily supported this idea,” said Fernando Rizzo, Director of CGEE. “At our center, we work in various areas, including sustainable cities, bioeconomy, energy, airspace, agriculture and education. Among the potential areas of our international cooperation, I see training and education in AI and data science, the use of generative AI for research and innovation, joint data infrastructure and the use of predictive modeling in big data analysis.”

    The meeting participants agreed to strengthen international ties and implement projects in areas of mutual interest, including within the framework of the planned multilateral agreement to create the BRICS Foresight Research Association.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.hse.ru/nevs/expertise/975578115.html

    MIL OSI Russia News –

  • MIL-OSI Europe: Briefing – Asia’s skyrocketing space race: A competition for peace? – 16-10-2024

    Source: European Parliament

    Over the past 20 years, new Asian players have emerged in the competition for space. Until the end of the 20th century, Japan – the only Asian country admitted to the International Space Station – played a leading role in the region. However, the beginning of the 21st century has seen the rise of other countries’ space capabilities, fuelling a new space race. China has made sizeable progress, outpacing Russia as the main competitor to the United States. Beijing aims to be the world’s leading space power by the mid-2040s and has integrated its space activities in the army structure. China is planning to build a permanent research station on the lunar south pole and a solar power station in space. China and Russia are increasingly teaming up in space projects. India has showed the capability to perform low-cost missions, including the successful landing on the Moon in August 2023, making it the fourth country to achieve this. South Korea has a relatively recent space history, but aims to rank among the world’s top five space powers by 2045. The United Arab Emirates (UAE) and Saudi Arabia have revealed ambitious space policies; the UAE aims to establish the first inhabitable human settlement on Mars by 2117. Meanwhile, despite the narrative of a shared vision for humanity in space, China is accumulating major counter-space capabilities, including that of seizing control of a satellite, rendering it ineffective. The Chinese army has meanwhile designated outer space as a warfighting domain. There is also concern around the claimed pacific purpose of Iran’s space programme, potentially supporting its intercontinental ballistic missile capacities. North Korea is also developing a space programme. The European Union (EU) economy, society and security are increasingly reliant on space services. The April 2021 Space Regulation established the EU space programme and the EU Agency for the Space Programme. The EU’s space strategy for security and defence was adopted in March 2023.

    MIL OSI Europe News –

  • MIL-OSI USA: Moolenaar on VP Kamala Harris’s Visit to Michigan

    Source: United States House of Representatives – Congressman John Moolenaar (4th District of Michigan)

    Headline: Moolenaar on VP Kamala Harris’s Visit to Michigan

    Vice President Kamala Harris is expected to be in Michigan today. Her visit comes after a new Quinnipiac poll shows 57% of Michigan residents oppose the Biden-Harris polices that push Michigan residents to own electric vehicles. 

    “Vice President Harris says she wouldn’t do anything differently than the past four years, and that means she would continue the Biden-Harris policies that push Americans toward buying cars they don’t want and allow foreign adversaries to receive billions in taxpayer funding. Those policies are wrong, and they are out of touch. American companies should never have to compete with foreign adversaries receiving taxpayer funding,” said Congressman John Moolenaar. 

    Last year, Moolenaar introduced the NO GOTION Act to block green energy production tax credits from the so-called “Inflation Reduction Act” from going to companies and subsidiaries affiliated with foreign adversaries including China, Iran, Russia, and North Korea.

    MIL OSI USA News –

  • MIL-OSI Canada: Minister MacAulay announces research funding for an innovative, sustainable poultry sector

    Source: Government of Canada News

    News release

    October 15, 2024 – Guelph, Ontario – Agriculture and Agri-Food Canada

    Today, the Honorable Lawrence MacAulay, Minister of Agriculture and Agri-Food, toured the University of Guelph’s research facilities to meet with researchers and learn about their innovative work in support of a sustainable poultry sector. As part of his visit, Minister MacAulay highlighted that the Government of Canada is delivering an investment of $5,155,608 to the Canadian Poultry Research Council (CPRC) through the AgriScience Program – Clusters Component, an initiative under the Sustainable Canadian Agricultural Partnership.

    This funding will allow the CPRC to partner on research that will ensure poultry welfare at all levels of the production chain, meeting the consumer demand for healthy and safe poultry products, and decreasing the environmental impacts of poultry farms—including ambient air quality, emissions, and the effect on humans and birds in the surrounding area.

    Some examples of Cluster activities include upcycling Canadian fruit waste to develop novel feed ingredients, managing environmental conditions to reduce the risk of avian influenza, researching alternatives to antimicrobials, and optimizing feed to reduce particulate matter emissions.

    Research funding in the poultry sector is crucial for the continued development of sustainable practices and improved animal welfare.

    Quotes

    “Investments in research are vitally important to the future of our agricultural sector. By making sure our hardworking poultry farmers are using best practices and adopting innovative solutions, we’re not only strengthening our economy, we’re building a resilient industry that meets the needs of consumers, while protecting our environment for generations to come.”

    – The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food

    “This new injection of funding from AAFC will ensure continued innovation and excellence in research that benefits the entire Canadian poultry supply chain. Research will focus on three main areas – environment and climate change, economic growth, and sector resilience – looking for ways to reduce greenhouse gas emissions, find innovative approaches to disease management, and improve the overall strength of the poultry sector.”

    – Caroline Wilson, Executive Director of the Canadian Poultry Research Council

    Quick facts

    • The Canadian poultry industry contributed about $5.5 billion in farm cash receipts in 2021, with over 2,800 chicken producers, 1,200 egg producers, 513 turkey producers, and 232 hatching egg producers across the country.

    • The CPRC leads the industry in its national research endeavours and seeks to address national poultry and egg research priorities, driven by the National Research Strategy for Canada’s Poultry Sector.

    • The CPRC has delivered the 3 previous poultry clusters and is made up of five members: the Canadian Hatching Egg Producers, the Egg Farmers of Canada, the Turkey Farmers of Canada, the Chicken Farmers of Canada, and the Canadian Poultry and Egg Processors.

    • The Sustainable Canadian Agricultural Partnership (Sustainable CAP) is a $3.5-billion, 5-year agreement (2023 to 2028), between the federal, provincial and territorial governments to strengthen the competitiveness, innovation, and resiliency of the agriculture, agri‐food and agri‐based products sector.

    • The AgriScience Program, under the Sustainable CAP, aims to accelerate innovation by providing funding and support for pre-commercial science activities and research that benefits the agriculture and agri-food sector, and Canadians.

    • The AgriScience Program – Clusters Component supports projects intended to mobilize industry, government and academia through partnerships, and address priority national themes and horizontal issues.

    Associated links

    Contacts

    For media:

    Annie Cullinan
    Director of Communications
    Office of the Minister of Agriculture and Agri-Food
    annie.cullinan@agr.gc.ca

    Media Relations
    Agriculture and Agri-Food Canada
    Ottawa, Ontario
    613-773-7972
    1-866-345-7972
    aafc.mediarelations-relationsmedias.aac@agr.gc.ca
    Follow us on Twitter, Facebook, Instagram, and LinkedIn
    Web: Agriculture and Agri-Food Canada

    MIL OSI Canada News –

  • MIL-OSI: ProCap Ushers in the Grand Opening of a New Business Lounge in China Hong Kong SAR

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Oct. 15, 2024 (GLOBE NEWSWIRE) — On 9th October 2024, ProCap leaders from China, Japan, The Philippines, and South Korea graced the grand opening of ProCap’s new Hong Kong business lounge. The business lounge is located right in the heart of Tsim Sha Tsui district and marks a significant milestone in ProCap’s business expansion plans as the company is preparing to launch a strategic entry in the Mainland Chinese markets. The grand opening is a testament of ProCap’s commitment to serving our valued partners and business associates in the Pearl River Delta Region. Additionally, the new business lounge is a symbol of the company’s confidence in Hong Kong and the Greater China Region as the company continues to regard it as a key strategic focus market for expansion.

    Last Wednesday’s grand opening was the culmination of the hard work and dedication by ProCap’s management team and Hong Kong’s leaders as the company intends to capitalise on our presence in Hong Kong as a launching pad to realise the huge business potential in the Pearl River Delta Region. Specifically, the Pearl River Delta Economic Zone as a trading and logistics hub presents itself with unique opportunities for ProCap as the company seeks to make inroads into a bustling regional hub for trade and commerce. Additionally, the Pearl River Delta Economic Zone is also where the different economies of China, Hong Kong, and Macau converge, which gives rise to a dynamic and robust business environment; this is crucial and in-line with ProCap’s business ethos as the company seeks to grow continuously amidst an ever-changing fast paced regional backdrop.  

    At ProCap, we believe in constantly expanding our presence and network to better serve our growing customer base. With the new business lounge sited in Hong Kong, it will provide ProCap with access to a dynamic and vibrant region of Southern China while providing greater connectivity to our valued customers in the region. Additionally, the presence of the Hong Kong-Zhuhai-Macao Bridge will provide ProCap with further expansion and growth opportunities beyond Hong Kong. The company is aware of recent developments in China’s fiscal and monetary stimulus push and looks optimistically towards a better outlook for the domestic economic situation.

    ProCap would like to express our immense gratitude to all leaders and associates for attending the grand opening ceremony in Hong Kong. The company would also like to express our heartfelt thanks to our valued clients for their continuous support and trust placed in ProCap as your preferred partners for capital protection. ProCap will continue to grow as a company as we strive to be the world’s leading capital protection services provider by providing our clients with world class protection coverage.

    About Procap International

    ProCap International a technology-empowered, innovative financial services provider, is the pioneer of Capital Protection. The company is built on the basis of risk management in prediction games; and selected trading instruments on exchanges.

    By following the ProCap Formula, clients can get to enjoy stable returns daily by making the correct predictions; without the need to worry about making the wrong predictions and incurring any financial losses.

    As the industry transits through consolidation and technological disruptions, ProCap’s avant-garde operating model is poised to provide the most competitive and cost-effective insurance products tailored to our clients’ ever evolving needs. The amalgamation of ProCap, Clients and Gaming Operators seamlessly is an industry first with the company having tremendous growth potential to carve out a niche for itself with this revolutionary business model.

    Web: http://www.procap.insure

    The MIL Network –

  • MIL-OSI: Credit Agricole Sa: Crédit Agricole Personal Finance & Mobility takes a stake in GAC Leasing to support the growth of GAC Group sales in China

    Source: GlobeNewswire (MIL-OSI)

    Massy – October 15th, 2024

    Crédit Agricole Personal Finance & Mobility
    takes a stake in GAC Leasing to support the growth
    of GAC Group sales in China

    • CA Personal Finance & Mobility announces the planned acquisition of 50% of the equity interests of GAC Finance Leasing Co. Ltd. (GAC Leasing), the leasing company of one of the largest Chinese manufacturers Guangzhou Automobile Group Co., Ltd. (GAC Group), via a reserved capital increase.
    • With this new joint venture, CA Personal Finance & Mobility is expected to offer financial and operational leasing solutions on the Chinese market in 2025 and will thus promote the deployment of electric vehicles in China.
    • This transaction will consolidate a partnership that has existed since 2009 between CA Personal Finance & Mobility and GAC Group with the creation of GAC-Sofinco AFC, a 50-50 joint venture. The latter operates throughout China and offers automotive financing and services to the GAC-Honda, GAC-Toyota, AION, HYPTEC and GAC Motor networks, serving more than 3,000 dealers.

    CA Personal Finance & Mobility to become 50% shareholder of GAC Leasing

    Following a reserved capital increase, CA Personal Finance & Mobility will hold 50% of the equity interests of GAC Leasing. The company has been operating on the Chinese market since 2004 and offers financial and operational leasing solutions to GAC customers and its dealer network.

    Through this transaction, CA Personal Finance & Mobility and GAC group are strengthening the leasing offer proposed to Chinese customers, thereby stimulating the sale of electric vehicles, which already represents 60% of GAC Leasing’s leasing contracts on a portfolio of more than 200,000 vehicles.

    The impact on the CET1 ratio of Crédit Agricole S.A. and that of the Crédit Agricole group will be very limited.

    « This transaction reaffirms the importance of our long-standing partnership with GAC group. It will enable us to support together and over the long term the development of the particularly dynamic electric automobile market in China. »
    STEPHANE PRIAMI – CEO of Crédit Agricole Personal Finance & Mobility

    Key figures:

    • In 2023, GAC group was the 4th largest automotive group in China
    • More than 2.5 million vehicles sold in 2023 worldwide
    • 39,90% of electrified vehicles sold in 2023

    Press Contact

    Claire Garcia
    presse@ca-cf.fr
    +33 (0)1 87 38 11 81 / +33 (0)6 80 41 17 77

    About Crédit Agricole Personal Finance & Mobility

    Crédit Agricole Personal Finance & Mobility is a leader in personal financing and a provider of access to all mobility solutions in Europe. It distributes directly, at the point of sale or on its partners’ e-commerce platforms, a wide range of financing solutions – amortizable credit, revolving credit, leasing and credit buyback – with associated services including insurance, split payment solutions and services dedicated to mobility, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (automotive financing only). Crédit Agricole Personal Finance & Mobility aims to be the leader in electric mobility in Europe and offers a mobility continuum in the 22 countries where it is present (leasing, medium and short-term rental, subscription, car sharing, installation of charging stations, etc.). The company relies on Leasys, a joint venture equally owned by Stellantis, CA Auto Bank and Drivalia, the pan-European leader in automotive financing, rental and mobility, Crédit Agricole Mobility Services, a comprehensive service offering dedicated to mobility and the development of automotive financing in its universal subsidiaries in Europe and in Crédit Agricole Regional Banks and at LCL via Agilauto. CA Personal Finance & Mobility acts every day in the interest of its 17.2 million customers and society. As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in outstanding credit. More information: http://www.ca-personalfinancemobility.com

    Attachment

    The MIL Network –

  • MIL-OSI Canada: Government of Canada announces funding to improve the sustainability and competitiveness of Canadian cereals

    Source: Government of Canada News (2)

    Cereal crops are a staple of Canada’s agricultural sector.

    October 15, 2024 – Winnipeg, Manitoba – Agriculture and Agri-Food Canada

    Cereal crops are a staple of Canada’s agricultural sector. Last year, we exported 29.8 million tonnes of wheat, barley and oats, valued at $13.8 billion, and demand continues to grow.

    To support the competitiveness and sustainability of Canadian cereals, today, Terry Duguid, Parliamentary Secretary to the Prime Minister and Special Advisor for Water and Member of Parliament for Winnipeg South, on behalf of the Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, announced up to $7.3 million in funding to Cereals Canada through the AgriMarketing Program and the AgriScience Program – Projects Component, two initiatives under the Sustainable Canadian Agricultural Partnership.

    Cereals Canada is receiving up to $6,660,817 through the AgriMarketing Program to increase market access, improve customer support, and expand exports through initiatives like technical exchanges, market research, and knowledge sharing among stakeholders.

    Through the AgriScience Program – Projects Component, Cereals Canada is also receiving up to $674,249. This funding will support research on how environmental conditions impact cereal crop quality during the growing season. It will also expand milling expertise, establish oat quality standards, and compare Canadian wheat with international competitors to strengthen Canada’s place in the global market.

    By sharing key insights on the performance, functionality, and marketability of Canadian cereals with customers, producers, and partners, these projects will drive market growth. At the same time, by investing in research to help farmers adapt to environmental challenges, they will further build on Canada’s reputation as a reliable supplier of high-quality, sustainable cereal grains.

    “We are grateful for the support from the Government of Canada for applied research and market access initiatives that will benefit Canadian wheat, durum, barley, and oat growers, and the value chain as a whole. This funding enables us to amplify our resources, maintain and grow markets, and foster industry relationships and advocacy, helping to ensure the long-term competitiveness and sustainability of Canada’s cereals industry.”

    – Dean Dias, CEO, Cereals Canada

    • In the last five years, Canada exported wheat to almost 100 countries with some of the largest buyers being in the United States, Indonesia, China and Japan.

    • According to Statistics Canada, 2023 wheat exports were nearly $12 billion, and 2023 oat exports were $725 million.

    • Cereals Canada is a longstanding recipient of departmental funding, having most recently received over $3 million in funding through the AgriMaketing Program under the previous Canadian Agricultural Partnership framework.

    • Cereals Canada is a national, not-for-profit organization representing the cereal grains sector, focused on enhancing the competitiveness of Canadian cereals both domestically and internationally.

    • The Sustainable Canadian Agricultural Partnership (Sustainable CAP) is a $3.5-billion, 5-year agreement (2023 to 2028), between the federal, provincial and territorial governments to strengthen the competitiveness, innovation, and resiliency of the agriculture, agri‐food and agri‐based products sector.

    • The AgriMarketing Program, under the Sustainable CAP, supports national agricultural sectors to increase and diversify exports to international markets and seize domestic market opportunities.

    • The AgriScience Program, under the Sustainable CAP, aims to accelerate innovation by providing funding and support for pre-commercial science activities and research that benefits the agriculture and agri-food sector, and Canadians.

    Annie Cullinan
    Director of Communications
    Office of the Minister of Agriculture and Agri-Food
    annie.cullinan@agr.gc.ca

    MIL OSI Canada News –

  • MIL-OSI Europe: Written question – Follow-up to the Draghi report – E-001767/2024

    Source: European Parliament

    Question for written answer  E-001767/2024/rev.1
    to the Commission
    Rule 144
    Aleksandar Nikolic (PfE), Jean-Paul Garraud (PfE), Julien Leonardelli (PfE), Pierre Pimpie (PfE), Rody Tolassy (PfE), Marie Dauchy (PfE), Virginie Joron (PfE), Catherine Griset (PfE), Angéline Furet (PfE), Anne-Sophie Frigout (PfE), Mélanie Disdier (PfE), Julien Sanchez (PfE), Marie-Luce Brasier-Clain (PfE), Valérie Deloge (PfE), Gilles Pennelle (PfE), Philippe Olivier (PfE), France Jamet (PfE), Mathilde Androuët (PfE)

    On 9 September 2024, The Future of European Competitiveness report was published. In the report, Mario Draghi paints an alarming picture of the state of European competitiveness, highlighting the fact that we are lagging behind the USA and China technologically and economically.

    He has drawn up a list of 170 proposals for responding to this existential challenge. Some of these have long been called for by Rassemblement National MEPs, for example the need to reform the EU’s electricity market, cut red tape and curb the Commission’s legislative expansion.

    Other proposals, such as extending qualified majority voting to all policy areas, are direct attacks on the sovereignty of European nations. That specific proposal would mean that Member States could no longer oppose any future EU enlargement or any action that the Commission wished to take which ran counter to national interests.

    Considering that certain political groups in the European Parliament have long been advocating for some of the proposals in the Draghi report, could the Commission state which ones it intends to follow?

    Submitted: 19.9.2024

    MIL OSI Europe News –

  • MIL-Evening Report: China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy?

    Source: The Conversation (Au and NZ) – By Wenting He, PhD candidate of International Relations, Australian National University

    Sanga Park/Shutterstock

    China’s relentless economic growth used to be the marvel of the world. Oh, what a memory.

    The past couple of years have seen China contend with an economic slowdown amid colliding crises, many of which make it internationally unique. Consumer prices have been approaching deflationary territory, there’s an oversupply of housing, and youth unemployment has soared.

    Mounting pressure has forced the Chinese government to step in. Over the past month, Beijing has put forward a set of significant economic stimulus measures aimed at reviving China’s faltering economy.

    According to a research note by Deutsche Bank, this stimulus could potentially become “the largest in history” in nominal terms. But there’s still a lot we don’t know. So what kinds of measures that are in this package so far, and has China been here before?

    What’s in the package?

    On September 24, Pan Gongsheng, governor of China’s central bank, unveiled the country’s boldest intervention to boost its economy since the pandemic.

    The initiatives included reducing mortgage rates for existing homes and reducing the amount of cash commercial banks are required to hold in reserves. The latter is expected to inject about 1 trillion yuan (A$210 billion) into the financial market by letting the banks lend out more.

    China has been grappling with an oversupply of housing and a property sector crisis.
    Charles Bowman/Shutterstock

    On top of this, 800 billion yuan (A$168 billion) was announced to strengthen China’s capital market.

    This comprised a new 500 billion yuan (A$105 billion) monetary policy facility to help institutions more easily access funds to buy stocks, and a 300 billion yuan (A$63 billion) re-lending facility to help speed up sales of unsold housing.

    Further signs of economic revitalisation became evident at a Politburo meeting of China’s top government officials, two days after this announcement.

    Chinese President Xi Jinping stressed the urgency of economic revival. Xi even encouraged officials to “go bold in helping the economy” without having to fear the consequences.

    That same day, seven government departments released a joint policy package to stabilise China’s 500 billion yuan (A$105 billion) dairy industry, which has been severely impacted by declining milk and beef prices since 2023.

    A market rollercoaster

    Initially, the market’s response was overwhelmingly positive. Perhaps too positive. In the last week of September, stock markets in Shanghai, Shenzhen, and Hong Kong saw their biggest weekly rise in 16 years.

    On October 8, following China’s National Day holiday, turnover on the Shanghai and Shenzhen stock exchanges hit an unprecedented 3.43 trillion yuan (A$718 billion). However, expectations for further stimulus measures were met with disappointment.

    China’s National Development and Reform Commission brought forward 100 billion yuan (A$21 billion) in spending from the 2025 budget. That wasn’t enough to sustain market optimism. On October 9, Chinese stocks saw their most severe drop in 27 years.

    This downturn only worsened a few days later, when China’s Ministry of Finance hinted there was “ample room” to raise debts but did not specify any new stimulus measures.

    Still thin on the details

    The market remains deeply uncertain about the future direction of China’s economic policies and what they might mean for the world. Hopes that more details might be released over the weekend were largely dashed.

    Back in July, Chinese authorities asserted in their Third Plenary Session communique that China “must remain firmly committed” to achieving this year’s economic growth target of 5%. Compared to the country’s reform-era economic performance, that’s a modest goal.

    But facing a persistently sluggish economic outlook, Xi later seemed to subtly shift the tone, changing the language from “remain firmly committed” to “strive to fulfill” in September.

    Over the past decades, China has frequently employed massive-scale stimulus measures to revive its economy during downturns. These policies have been able to significantly rejuvenate the economy, though occasionally with some worrying side effects.

    In response to the 2008 global financial crisis, China’s State Council released a 4 trillion yuan (A$837 billion) stimulus package. This successfully helped China stand firm through the crisis and was credited as a key stabiliser of the global economy.

    But it also accumulated trillions of yuan in debt through local government financing and accelerated the rise of “shadow banking” – unregulated financial activities.

    China also spent big on stimulating its economy in 2015, following stock market turbulence, and then again in the wake of the pandemic.

    What should we expect?

    What should we expect this time? How balanced or sustainable will any ensuing growth be?

    We are still waiting on many of the details about the size and scope of the package, but any big increase in Chinese economic demand will likely have “spillover” effects.

    As we’ve discussed, many of the measures announced to date will have their most immediate effect on borrowing, lending and liquidity in China’s stock markets.

    That suggests we should watch for what’s called the “wealth effect” in economics. This is the theory that rising asset prices – such as for housing or shares – make people feel wealthier and therefore spend more.

    If China’s big stimulus spend causes sustained increases in asset values, it could give rise to economic optimism. Chinese consumers – and investors – may become less anxious about the future.

    From Australia’s point of view, that could see increases in demand in areas where our economies are interlinked – iron ore, tourism, education and manufactured food exports.

    More broadly, Chinese demand could contribute to growth in other global economies, with a self-reinforcing effect on the world as a whole.

    Beware financialisation

    On the other hand, China’s shift to depending more on volatile asset price rises in its capital markets to sustain growth could have destabilising effects. Where asset price increases benefit those at the “top end of town,” they can breed inequities and imbalances of their own.

    China’s “Black Monday” stock market crash in 2015 raised alarm in Beijing. Partly reflecting a wariness of excess financialisation, Xi cautioned at the time that “housing is for living in, not for speculation”.

    So far, China is still navigating its path towards a more sustainable development model, striving to strike a balance between sustaining economic growth and stabilising its domestic markets and political landscape. As for the outcome, it remains a profound uncertainty for us all – perhaps China itself included.

    Wesley Widmaier receives funding from the Australian Research Council.

    Wenting He does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy? – https://theconversation.com/chinas-government-is-about-to-spend-big-on-stimulus-can-it-turn-around-the-countrys-sluggish-economy-241260

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Latest Canada-India diplomatic tensions are another serious obstacle to an improved relationship

    Source: The Conversation – Canada – By Saira Bano, Assistant Professor in Political Science, Thompson Rivers University

    Canada-India relations have suffered a major setback after Canadian law enforcement authorities accused Indian agents of involvement in “homicides, extortion, and violent acts” on Canadian soil.

    In response, Canada expelled six Indian diplomats, including High Commissioner Sanjay Kumar Verma.

    In a tit-for-tat move, India expelled six Canadian diplomats, rejecting Canada’s allegations as “preposterous” and politically motivated, particularly given the Sikh diaspora’s political significance as a key voting bloc for Justin Trudeau’s Liberal government.

    India has consistently denied the accusations and refused to co-operate with the Canadian investigation, which ultimately compelled the federal government to make these allegations public.

    Trudeau has acknowledged the importance of maintaining strong relations with India, but condemned India’s actions targeting pro-Khalistan leaders as “unacceptable.”

    But without a shared understanding of the pro-Khalistan issue, the relationship between the two countries is likely to remain strained. Both nations continue to approach the situation from fundamentally different perspectives.



    Read more:
    The fraught history of India and the Khalistan movement

    Nijjar’s assassination fallout

    Canada-India relations have been strained since Trudeau’s bombshell statement in September 2023, when he accused India of being involved in the assassination of Hardeep Singh Nijjar, a pro-Khalistan leader based in Canada.

    The Khalistan movement is a separatist movement that aims to establish an independent Sikh state in northern India.

    The assassination led to the expulsion of a senior Indian diplomat linked to the case and a rapid deterioration of bilateral ties, with India expelling Canadian diplomats and suspending visa services. India later demanded the repatriation of 41 Canadian diplomats, citing the principle of diplomatic parity.



    Read more:
    Alleged assassination plots in the U.S. and Canada signal a more assertive Indian foreign policy

    India has long accused Canada of being too lenient on the Khalistan movement, which it views as a serious threat to its national security and territorial integrity.

    The Sikh diaspora in Canada, the largest in the world, includes elements that have supported the pro-Khalistan cause, fuelling India’s concerns. Canada, however, emphasizes the right to freedom of expression, including peaceful protests, as a core tenet of its democratic values.

    In a related incident, the United States revealed in November 2023 that it had thwarted an alleged Indian plot to assassinate a Sikh separatist leader in New York. This development, coupled with Trudeau’s statement in 2023 that there was “credible evidence” linking India to Nijjar’s slaying, has further substantiated concerns over India’s alleged covert actions targeting pro-Khalistan activists.

    India’s strategic calculations

    India’s strategic significance, particularly in counterbalancing China’s growing assertiveness in the Indo-Pacific region, adds complexity to its diplomatic relations.



    Read more:
    Justin Trudeau’s India accusation complicates western efforts to rein in China

    India views its alliance with the United States as essential for safeguarding its interests, given the power imbalance with China. The U.S., in turn, sees India as a cornerstone of its Indo-Pacific strategy, with initiatives like the Quadrilateral Security Dialogue (Quad). It includes the U.S., India, Japan and Australia and is designed to promote the region as an “arc of democracy.”

    Bipartisan support in the U.S. for deepening ties with India has led to expanding defence and economic partnerships, with a growing emphasis on technology transfer as a critical pillar of this relationship.

    During Indian Prime Minister Narendra Modi’s state visit to Washington, D.C. in June 2023, President Joe Biden’s administration finalized an agreement for the joint production of General Electric (GE) F-414 jet engines.

    At present, only four nations — the U.S., U.K., Russia and France — have the capability to manufacture jet engines, with China still lacking this advanced technology. The GE F-414 collaboration is intended to strengthen U.S.-India defence co-operation and improve their collective ability to counter China’s advancements in defence technology.

    India also plays a central role in Canada’s Indo-Pacific strategy, unveiled in 2022. In the official document outlining the strategy, Ottawa described China as a “disruptive power” and emphasized the need to strengthen ties with Indo-Pacific nations, particularly India.

    The strategy highlights “India’s growing strategic, economic, and demographic importance” as key to achieving Canada’s geo-strategic objectives. As part of this approach, Canada committed to negotiating a Comprehensive Economic Partnership Agreement with India. But due to the diplomatic tensions sparked by Canada’s allegations, these negotiations have been suspended.

    The West’s disapproval

    The Modi government may have calculated that India’s strategic value to the West would shield it from criticism over its handling of pro-Khalistani activists abroad. However, the unequivocal response from both the U.S. and Canada suggests otherwise, with the West making it clear that such actions are unacceptable, regardless of India’s strategic significance.

    India will probably continue to deny Canada’s accusations and further sever diplomatic ties in an enduring dispute that will affect all aspects of the bilateral relationship.

    From Canada’s perspective, Indian actions on Canadian soil represent a blatant violation of sovereignty. Ottawa expects co-operation and assurances from India that such transnational repression will not occur in the future. From India’s point of view, it’s a matter of national security issue as Canada appeases pro-Khalistan elements.

    While the Indian diaspora has generally been an asset for the Modi government in fostering relations with western countries, the Sikh diaspora in Canada has been a significant hurdle in improving ties.

    Without a common denominator to reconcile these differing perspectives, the relationship between the two countries is likely to remain strained, despite broader strategic factors that would otherwise encourage closer ties.

    Saira Bano does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Latest Canada-India diplomatic tensions are another serious obstacle to an improved relationship – https://theconversation.com/latest-canada-india-diplomatic-tensions-are-another-serious-obstacle-to-an-improved-relationship-241406

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: India and Colombia sign Audio-Visual Co-Production Agreement to boost film co-production and cultural ties

    Source: Government of India (2)

    Posted On: 15 OCT 2024 7:18PM by PIB Delhi

    India and Columbia have signed the Audio-Visual Co-Production Agreement which will enable Indian and Colombian film producers to utilize a platform for collaboration on various facets of film making. The agreement is expected to deepen the engagement between the critical sectors of the film industries of both countries thereby, unfolding a new chapter of collaboration. The agreement was signed by the Honourable Minister of State for Information & Broadcasting Dr. L. Murugan and His Excellency Mr. Jorge Enrique Rojas Rodriguez, Vice Minister of Foreign Affairs of the Republic of Colombia to India.

    Colombia – 17th Country to sign Audio Visual co-production Agreement with India

    The agreement between India and Columbia is expected to benefit producers from both the countries in pooling their creative, artistic, technical, financial and marketing resources for the co-production. It will also lead to exchange of art and culture and create goodwill among the people of both the countries thereby boosting cultural ties.

    The agreement will also provide an opportunity to create and showcase India’s ‘Soft Power’ and lead to employment generation among artistic, technical and non-technical human resources engaged in film production including post-production and marketing.

    The Minister of State for Information and Broadcasting Dr L Murugan, highlighted the strengthening cultural and cooperative ties between India and Colombia. Speaking on the long-standing relationship, the Minister emphasized India’s diverse and multi-dimensional collaboration with Colombia.

    “India has enjoyed a rich cultural exchange with Colombia over the years. We have cooperation in various fields, including science and technology, defence, IIT, health, and culture. The Government of India acknowledges the importance of co-production agreements, a significant step towards fostering international partnerships. Our first co-production agreement was a landmark moment, and we have consistently built on that foundation,” said the Minister.

    The agreement is expected to boost the utilization of Indian locales for shooting. It will increase the visibility/prospects of India as a preferred film shooting destination across the globe and will lead to the inflow of foreign exchange into the country. The agreement will also lead to the transparent funding of Film Production and will boost export of Indian Films into the Columbian Market.

    Audio-visual co-production agreements with various countries

    Earlier, the Government of India had signed similar agreements with the Government of Italian Republic and Government of United Kingdom of Great Britain and Northern Ireland in 2005, Federal Republic of Germany in 2007, Government of the Federative Republic of Brazil in 2007, Republic of France in 2010, Republic of New Zealand in 2011, Republic of Poland and Republic of Spain in 2012.  More recent agreements were signed with Canada and China in 2014, Republic of Korea in 2015, Bangladesh in 2016, Portugal in 2017, Israel in 2018, Russia in 2019 and Australia in 2023.

    Agreements unlock Government financial aid and support

    The Co-production agreements signed so far seek to achieve economic, cultural and diplomatic goals. For filmmakers, the key attraction of a treaty co-production is that it qualifies as a national production in each of the partner nations and can avail benefits that are available to the local film and television industry in each country. Benefits accruing from such agreements include government financial assistance, tax concessions and inclusion in domestic television broadcast quotas.

    Enhanced financial support for official co productions and foreign productions in India

    India has increased the incentives for film production in India including for coproductions 12 times with the maximum incentive possible being 300 Million Rupees. The incentives scheme for official co-productions offers reimbursement of up to 30% of costs incurred in India, with a maximum of ₹300 Million. Services undertaken in India for Foreign Productions can claim an additional bonus of 5% for showcasing Significant Indian Content subject to a maximum of INR 300 Million. A further 5% can be claimed for employing 15% or more Indian manpower raising the reimbursement to 40% of the expenses.

    Speaking on the occasion, the Secretary, Ministry of Information and Broadcasting, announced about India’s upcoming role as a global platform for the best in cinema, media, and entertainment. “Starting from the 20th of November, India will be hosting the International Film Festival of India (IFFI) in Goa which will showcase the best cinema from across the world and within India. ” said the Secretary.

    The Secretary also highlighted that in February 2025, India will also be hosting the much-anticipated World Audio Visual & Entertainment Summit (WAVES) which will witness the convergence of traditional broadcasting, films, and new forms of media and entertainment, marking a pivotal moment in the future of the industry.

    Participants from Ministry of Information and Broadcasting, Government of India –

    I.          Dr. L. Murugan, Hon’ble Minister of State for Information & Broadcasting

    II.        Shri Sanjay Jaju, Secretary (I&B)

    III.       Ms. Neerja Shekhar, Additional Secretary(I&B)

    IV.       Ms. Vrunda Manohar Desai, Joint Secretary (Films)

    V.        Ms. Shilpa Rao Tanugula, Director, (IIS, IIMC, CRS)

    Participants from Republic of Colombia

    I.          H.E. Mr. Jorge Enrique Rojas Rodríguez, Vice Minister of Foreign Affairs of the Republic of Colombia (Head of Delegation)

    II.        H.E. Dr. Victor H. Echeverri Jaramillo, Ambassador of the Republic of Colombia to India

    III.       Mr. Juan Carlos Rojas, Deputy Chief of Mission, Embassy of Colombia to India

    IV.       Ms. Laura Montejo Espitia, First Secretary, Ministry of Foreign Affairs of Colombia

    V.        Ms. Alejandra María Rodríguez, Second Secretary, Embassy of Colombia to India

    VI.       Mrs. Minni Sawhney, Resource person.

    *****

    Dharmendra Tiwari/Kshitij Singha

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    MIL OSI Asia Pacific News –