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Category: Economy

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

    Source: Hong Kong Government special administrative region

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

    Mr President, Honourable Members and fellow citizens,

    I. Reform and Embrace Changes to Achieve Prosperity

    1. This is my third Policy Address.

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

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

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

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

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

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

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

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

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

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

    (To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI New Zealand: Health – Nursing students rally across the country

    Source: New Zealand Nurses Organisation

    On Saturday (19 October), New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) nursing students take their struggle to the streets calling on the Government to invest in their futures with paid training.
    Students need assistance while they study but are being ignored and exploited by those in charge, NZNO spokesperson and former National Student Unit co-chair Shannyn Bristowe says.
    They are given no additional financial help during clinical placements which sees them working full time without pay for up to 12 weeks – and often away from their hometown, she says.
    “Existing student allowances aren’t enough to cover even the most basic necessities.
    “Tauira (students) are stressed both financially and mentally. They are living in sheds, in cars, or in cramped, temporary spaces, just to get by. Some can’t afford to keep the lights on or put kai on the table for their whānau. The financial burden of studying weighs heavily on us all, forcing some of us to make impossible choices between paying bills, buying food, or continuing our education.
    “This burden is even heavier for Tauira Māori, as existing inequities create additional barriers, leading to the continued under-representation of Māori in the nursing workforce.
    “This is the reality we face every day. And we endure it because we want to serve, we want to help, we want to be the faces of care for our communities.”
    Ms Bristowe says with a high student drop-out rate of 33 percent, paid training is essential to keep students focused on studying and professional development instead of perpetually struggling.
    “Aotearoa cannot wait. Our people need nurses who are well-prepared, culturally safe, and emotionally resilient. Nurses who have not been broken by the journey to get there but have been supported along the way.
    “We ask the Government: Is this not a worthy investment? Because this isn’t just about us-it’s about the health and future of Aotearoa. We’ll be calling on the public to support us by signing our petition to the Government calling for paid training,” Ms Bristowe says.
    Rallies take place at nine centres across the country.
    Find the locations here https://maranga-mai.nzno.org.nz/student_nurse_rallies

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Economics: Money Market Operations as on October 15, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

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

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (3)

    Source: Hong Kong Government special administrative region

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

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

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

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

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

    (A) International Financial Centre

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

    Deepen Mutual Market Access and Enrich Offshore Renminbi Business

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

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

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

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

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

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

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

    Further Enhance Our Status as an International Risk Management Centre

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

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

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

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

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

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

    Proactively Expand Markets and Deepen Overseas Networks

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

    Further Enhance the Securities Market

    40. Relevant measures include:

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

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

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

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

    Provide Convenient Cross-boundary Financial Services Arrangement

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

    Build an International Gold Trading Market

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

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

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

    Enhance the Green Finance Ecosystem

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

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

    (B) International Shipping Centre

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

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

    Establish the Hong Kong Maritime and Port Development Board

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

    Promote Development of High Value-added Maritime Services

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

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

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

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

    Advance Development of Green Maritime Centre

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

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

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

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

    Create a Commodity Trading Ecosystem

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

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

    Develop the Smart Port and Conduct International Promotions

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

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

    Expand High Value-added Logistics Services

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

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

    (To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI USA: Cantwell, Murray, Smith, Larsen Send Letter to Boeing, Unions

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    10.15.24
    Cantwell, Murray, Smith, Larsen Send Letter to Boeing, Unions
    SEATTLE, WA – Today, U.S. Senators Maria Cantwell (D-WA), chair of the Senate Committee on Commerce, Science, and Transportation, and Patty Murray (D-WA), chair of the Senate Appropriations Committee, joined U.S. Representatives Adam Smith (D, WA-09), ranking member of the House Armed Services Committee, and Rick Larsen (D, WA-02), ranking member of the House Transportation & Infrastructure Committee, in calling for Boeing and the machinists unions to reach a mutually beneficial resolution to the month long strike.
    The full text of the letter to Kelly Ortberg, president and chief executive officer of The Boeing Company, Jon Holden, IAM District 751 president, and Brandon Bryant, IAM District W24 president is HERE and below.
    Dear Mr. Ortberg, Mr. Holden, and Mr. Bryant:
    We are writing about the contract negotiations between the Boeing Company and the International Association of Machinists and Aerospace Workers (IAM) Districts 751 and W24. With the machinist strike now lasting well over a month, and with no further talks currently scheduled, we urge you to redouble your efforts to reach a mutually beneficial resolution.
    With over 42,000 single-aisle and wide body commercial aircraft projected to be manufactured over the next twenty years, valued at $8 trillion, now is the time to rebuild the historic partnership between management and workers in order to restore Boeing’s reputation for engineering and manufacturing excellence. This will require investing in next generation manufacturing techniques, innovative new materials, and providing workers with wages and benefits that acknowledge the essential and irreplaceable work they perform for the Company.
    IAM 751 and W24 represent a vital workforce in the Pacific Northwest and for nearly a century have made it possible for Boeing to produce aircraft that fly millions of passengers each day, connecting communities and economies around the world. With these contributions in mind, we hope you will expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing’s future, the aerospace economy of the Pacific Northwest, and the nation.
    Thank you for your attention to this matter, we look forward to your timely response.

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: BPA Investing Approximately $3 Billion in PacNW Electricity Grid Using Cantwell-Led Authorization

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    10.15.24
    BPA Investing Approximately $3 Billion in PacNW Electricity Grid Using Cantwell-Led Authorization
    Cantwell: “Bringing more affordable clean power online is the key to holding down electricity costs.”
    EDMONDS, WA – The Bonneville Power Administration (BPA) announced today it is moving forward with approximately $3 billion in electricity grid improvement projects that will significantly increase the capacity and reliability of the Pacific Northwest grid and its ability to integrate new energy sources. This announcement adds to the $2 billion in grid upgrades BPA announced in July 2023, both investments enabled by the increased borrowing authority Senator Maria Cantwell (D-WA) included in the 2021 Bipartisan Infrastructure Law. 
    In Central Washington these upgrades include expanding the capacity of the existing Coulee-Olympia 287 kV circuit to 500 kV, looping in the Columbia line with a new 500 kV substation, and reconductoring some adjacent transmission lines. In Western Washington, BPA will be rebuilding the Schultz-Olympia portion of the Coulee-Olympia by also increasing its capacity from 287 kV to 500 kV, along with installing some necessary new transformers and shunt capacitors. A 500 kV line can typically carry 3-5 times more power than a 287 kV line. The remaining grid investments will occur in Oregon. 
    “I commend Bonneville for expanding our region’s transmission capacity using the tools we gave them in the bipartisan infrastructure bill,” said Sen. Cantwell. “Bringing more affordable clean power online is the key to holding down electricity costs. These investments will not only create thousands of construction jobs, they will help revitalize our Pacific Northwest grid so we can take advantage of countless manufacturing, electrification, and emission reduction opportunities.”
    In July 2021, Sen. Cantwell authored and fought for passage of a bipartisan amendment that eventually resulted in a $10 billion increase in BPA’s borrowing authority being included in the Bipartisan Infrastructure Law. The measure allowed BPA to continue to borrow at low-interest rates at no ultimate cost to the taxpayer, so that Bonneville could move forward with the vital projects announced today. Sen. Cantwell’s amendment also linked expanded borrowing authority to new financial oversight requirements and opportunities for increased stakeholder engagement.
    Without Sen. Cantwell’s efforts, the borrowing authority would likely not have been established, industry insiders said at the time. 
    In July of 2023, BPA announced $2 billion in electricity grid investments. Combined with the proposed BPA announced then, BPA is now working on more than 20 proposed projects with an estimated cost of approximately $5 billion.
    This July, Sen. Cantwell joined U.S. Senator Ron Wyden (D-OR) and regional energy stakeholders to discuss technological and policy solutions that will ensure NW ratepayers and our regional economy continue to benefit from abundant, affordable, and reliable clean energy. More than 200 business, government, and non-profit energy professionals attended the event, including BPA Administrator John Hairston. On the day of the event, Sen. Cantwell released a snapshot report highlighting the key energy technology areas that the Pacific Northwest is poised to lead.
    Bonneville’s generating and transmission portfolio consists primarily of emissions-free sources and is the backbone of an electricity system that is relied on by tens of millions of people throughout the Western United States. The U.S. Department of Energy estimates that the Pacific Northwest will need to add 56% more transmission capacity by 2040. The Northwest Power and Conservation Council’s latest report indicates that electricity demand in the Northwest is projected to increase by more than 30% in the next decade, triple the prediction from three years ago. 
    Sen. Cantwell has been a longtime champion of BPA and the cost-based power it helps provide the Pacific Northwest, and has successfully fended off multiple efforts to privatize BPA or increase regional electricity rates.

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (2)

    Source: Hong Kong Government special administrative region

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

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI New Zealand: Transport – Trucking firms weathering tough economic conditions

    Source: Ia Ara Aotearoa Transporting New Zealand

    The latest economic data shows the road transport industry continues to meet market demand, despite tougher economic times, and most companies are successfully withstanding rising costs.
    Ia Ara Aotearoa Transporting New Zealand Interim Chief Executive Dom Kalasih says that transport operators have shown remarkable resilience in the face of challenging economic conditions.
    “While it’s clearly not easy out there, we believe there is no cause for alarm. It’s a case of operators having to do what they need to do to weather the current downturn before the economy gradually moves up a gear and gets in better shape.”
    “It’s important for operators to keep a keen eye on costs and pass increases on to customers when necessary, and to take advantage of best price offers for fuel and other services. Transporting New Zealand can help with all of those challenges.”
    Recently released economic data confirms this tough picture for the industry. The latest Transporting New Zealand/Grant Thornton Transport Cost Index (TCI) for the quarter ending June 2024 with forecasting to September 2024, shows transport costs outpacing CPI inflation.
    “The TCI increased by 8.2% in the 12 months to June 2024, with CPI sitting at 3.3% during the same period. While it’s great to see general inflation coming down, there are still real cost pressures facing road freight operators when setting their rates.” Dom Kalasih says.
    “The only TCI cost category coming down over the June 2024 quarter was fuel, with all other categories apart from RUC increasing. That means costs like insurance, tyres, overheads and interest are all going up”.
    These cost increases have combined with falling monthly demand to put the squeeze on some freight operators. The latest ANZ Truckometer data revealed a monthly fall in September for the Heavy Traffic (down 1.8%). However, it was 0.6% higher than a year ago (based on a three-month average). Light traffic was 1.1% lower. ANZ commented “The overall signal regarding economic activity remains weak.”
    Motor Industry Association (MIA) data for September 2024 and for the year to the end of September shows a mixed picture. Heavy commercial vehicle sales were down on 2023 (minus 2.30%) but up on 2022 (plus 7.95%). Monthly sales for September 2024 (585) were lower than last year (724).
    Transporting New Zealand encourages any members under pressure to contact their team for support.
    About Ia Ara Aotearoa Transporting New Zealand 
    Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter- regional commercial freight transport services throughout the country. 
    Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4,700 businesses, with an annual turnover of $6 billion.

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (6)

    Source: Hong Kong Government special administrative region

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

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (5)

    Source: Hong Kong Government special administrative region

    IV. Develop New Quality Productive Forces Tailored to Local Conditions

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

    (A) International I&T Centre

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

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

    Establish the Third InnoHK Research Cluster

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

    Increase Research Funding

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

    Increase Investment for I&T Industries

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

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

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

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

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

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

    Develop the Low-altitude Economy

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

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

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

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

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

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

    Promote Development of Communications Technology

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

    Advance R&D of Aerospace Science and Technology

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

    Promote Development of New Energy

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

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

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

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

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

    (B) Regional Intellectual Property Trading Centre

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

    Enhance the Legislative Framework for IP

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

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

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

    Strengthen Training of IP Talents

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

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

    (C) International Health and Medical Innovation Hub

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

    Reform the Approval Mechanism for Drugs and Medical Devices

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

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

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

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

    Strengthen Biomedical Technology R&D and Translation

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

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

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

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

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

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

    Accelerate Development of Digital Trade

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

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

    Establish a New Fintech Innovation Ecosystem

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

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

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

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

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

    Facilitate Cross-boundary E-commerce Logistics Services

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

    Promote Smart Construction and Management of Public Rental Housing Estates

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

    Promote LawTech

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

    (To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Australia: Interview with Matthew Pantelis, FIVEAA

    Source: Australian Treasurer

    MATTHEW PANTELIS:

    The practice of dynamic ticket pricing will be banned in Australia. This is where you go to buy a concert ticket and it might be advertised, let’s just call it $100. But then there’s all these hidden fees and charges that are added to it and suddenly $100 is, you know, 2, $300. I don’t know if that’s the best example, but it’s how it sort of works. Now, the price might be too low to start with in my example, but you do get the idea. So, you quoted a price, but it turns out that is not the finishing price. Stephen Jones, Assistant Treasurer, the government making moves to cancel this policy, this practice. Thank you for your time, Assistant Treasurer. The issue of dynamic ticket pricing, it is pretty widespread I imagine.

    STEPHEN JONES:

    It is pretty widespread, whether it’s concert tickets, whether it’s sporting events, tennis tickets, the Australian Open was a pretty famous example of that. Most recently, it’s become an increasing feature of it. So, our changes to the Australian Consumer Law, focusing on 3 issues in particular. One is dynamic pricing, which we’ve just been discussing. That’s when you go online, the price might be $150 a ticket, but there’s a surge in demand at the time you go online and all of a sudden you find yourself paying $300 for a ticket. That’s one practice.

    The second one is drip pricing, and that’s when they advertise a charge which a ticket price or a charge for a particular product. It might be $100. You’re finding your way through the transaction and screen by screen, form by form, another price gets added on, another fee gets added on, another fee gets added on, and all of a sudden you see a massive inflation in the price. It’s called drip pricing and it’s going to stop.

    And then the third one is what we call subscription traps. Your listeners would be familiar with this. It’s where you subscribe to a streaming service or a gym, and it’s really easy to subscribe and almost impossible to unsubscribe. So, there are 3 things which are clearly ripping Australian consumers off, and the government is going to introduce new laws to crack down on these behaviours.

    PANTELIS:

    You wonder why this hasn’t been done before, frankly. I mean, it is – it’s just a rip‑off.

    JONES:

    It is a rip‑off. And our government – the Albanese government – is focusing on a raft of changes to Australian consumer and financial services law and other practices. You would have heard us talking about the need to knock these surcharges on the head for using your debit card to access your own money at a coffee shop, or a restaurant, or wherever you’re shopping, and in a range of other areas. I’m doing a lot of work on scams as well. Basically, what we need to do is ensure that Australians are better protected and have more rights and ensure that we can drag the Australian Consumer Law into the 21st century.

    PANTELIS:

    What about the marketing pushes that you get around the place where they say, if you don’t get your ticket now, you’re going to miss out? Reality is they’ve got thousands.

    JONES:

    Yeah. These are creating a false sense of scarcity and there might be a clicking clock on the screen that you’re shopping on, or they might flash up and say, only one left to go. And 5 people are inquiring about this product. In reality, there’s no shortage. It’s just trying to get you to rush in to make a purchase and trying to get you to suspend all the normal caution that you might have or stop you shopping around for a better deal. They’re sharp practices that really are on the edge of misleading and deceptive conduct, which is already outlawed under Australian Consumer Law. But we’re going to make sure that these sort of very specific practices are banned.

    PANTELIS:

    Yeah, all right. You mentioned scams. Any hope for people getting their money back if they’re scammed in the future?

    JONES:

    Yes, there will be. Under the current arrangements, there’s no clear obligations on either the banks, the telecommunications companies, or the social media platforms if people get scammed by using their service. I’m introducing laws in a few weeks time which will create clear obligations and clear avenues for addressing compensation if the banks, the telcos and the social media companies don’t meet those obligations. So, a major uplift in the law in this area and new channels for compensation, fines, and penalties as well.

    PANTELIS:

    All right, while I have you, Stephen Jones, Assistant Treasurer – the Prime Minister, buying a $4 million house on a clifftop in NSW. Is that a good look given many Australians can’t afford a $500,000 house at the moment? In fact, they don’t exist anymore.

    JONES:

    Yeah, look, I won’t comment on whether it’s a good look or not. It’s a private matter that PM and Jodie, his fiancée, getting married next year, and I understand they’ve sold a couple of properties that they own separately and are buying one jointly. But I got to say, the housing policy that I’m focused on is how we build more homes for everyday Australians, how we make it easier for them to get into the housing market, and how we help renters as well. And we’ve got bills before the Senate at the moment. They’re being blocked by the far left and by the Coalition on this, and we’ve just got to get them through parliament. This is the stuff that’s going to make a difference to ordinary Australians.

    PANTELIS:

    Do you think, too, it sends the wrong message on climate change? Buying a house on a clifftop where erosion can occur, all of that. I mean, the PM doesn’t seem to mind.

    JONES:

    Well, I think it’s my understanding in the photo I saw it was on top of the cliff, not down on the beach. So, I’m not sure that that’s the concern. I come from a coastal area. I’ve got to say we’re all pretty –

    PANTELIS:

    Well, you’d know there’s erosion.

    JONES:

    – switched on about the issue of erosion. But like I said, I want to focus on our policies to build more houses, because the biggest problem we have in Australia at the moment is there are not enough houses for the people who are living here. So, more units, more houses, and we’ve got to get it done quickly.

    PANTELIS:

    Appreciate your time. Thank you.

    JONES:

    Good to be with you.

    PANTELIS:

    Stephen Jones, who is the Assistant Treasurer.

    MIL OSI News –

    January 23, 2025
  • 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 –

    January 23, 2025
  • 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 –

    January 23, 2025
  • 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 –

    January 23, 2025
  • 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 –

    January 23, 2025
  • MIL-OSI: UXLINK Celebrates Milestone of 28 Million Global Users, Reinforcing Its Status as the Largest Web3 Social Platform

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 16, 2024 (GLOBE NEWSWIRE) — UXLINK, the world’s largest Web3 social platform and infrastructure provider, proudly announces a significant milestone of reaching over 28 million users globally. As the leading Web3 platform, UXLINK continues to shape the future of decentralized social networking by seamlessly connecting users, developers, and real-world scenarios in sectors such as food, clothing, housing, and transportation.

    With a mission to build a comprehensive Web3 ecosystem, UXLINK offers an innovative social graph that enhances user engagement through its “link-to-earn” model, allowing users to build connections and groups while earning rewards for their participation. The platform’s intuitive features are designed to guide new users into the world of Web3, making it accessible and user-friendly.

    “Our rapid growth is a testament to the value that UXLINK brings to its community. We are committed to further enhancing the platform by introducing new features that not only serve users but also empower developers to create unique applications,” said Sean, CEO at UXLINK. “By integrating blockchain technology, UXLINK is redefining what it means to connect in the digital age.”

    Empowering Developers Through Social Growth Layer

    In addition to serving users, UXLINK is building a robust Social Growth Layer, which provides app developers with modular services for various application scenarios. The Social Growth Layer offers chain abstraction, unified accounts, social protocols, and rich data integration, enabling developers to focus on delivering exceptional product experiences.

    “Developers are the backbone of the Web3 ecosystem. By providing a flexible and scalable infrastructure, we are lowering the barriers for innovation and enabling developers to achieve rapid success,” Sean added.

    With over 200 partners in the UXLINK ecosystem, the platform is rapidly expanding its reach and capabilities. Several applications have already leveraged UXLINK’s infrastructure to accelerate growth and secure token listings on major centralized exchanges (CEXs).

    For more information, visit http://www.uxlink.io.

    About UXLINK:

    UXLINK is the world’s largest Web3 social platform and infrastructure provider, connecting a wide array of ecosystem partners and users through a seamless and interactive digital experience. By leveraging blockchain technology, UXLINK aims to redefine social networking, ensuring a secure, transparent, and rewarding environment for its global community.

    Contact Details:

    UXLINK: https://www.uxlink.io/
    Twitter: https://twitter.com/UXLINKofficial
    Telegram: https://t.me/uxlinkofficial, https://t.me/uxlinkofficial2
    CMC: https://coinmarketcap.com/currencies/uxlink/

    Contact Information:
    UXLINK
    admin@uxlink.io

    Media Contact:
    Rachita Chettri
    MediaX Agency
    contact@mediax.agency

    Disclaimer: This content is provided by “UXLINK”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6e40cdd-c017-4e64-ade0-baee64c201a6

    The MIL Network –

    January 23, 2025
  • MIL-OSI Asia-Pac: Countercyclical macroprudential measures for property mortgage loans

    Source: Hong Kong Government special administrative region

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

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

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

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

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

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: New maritime action plan unveiled

    Source: Hong Kong Information Services

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News –

    January 23, 2025
  • 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 –

    January 23, 2025
  • MIL-OSI Australia: Allens advises Spark Infrastructure on $1.8 billion refinancing

    Source: Allens Insights

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

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

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

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

    Allens legal team

    Banking & Finance

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

    Mergers & Acquisitions 

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

    Contact for further information

    Communications & Corporate Affairs Manager

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (10)

    Source: Hong Kong Government special administrative region

    (C) Take Forward the Construction of Transport InfrastructurePromote Major Transport Infrastructure Development183. The Government is actively following through the Major Transport Infrastructure Development Blueprint for Hong Kong, under which the Hung Shui Kiu Station and the NOL Main Line are to commence construction this year and next year for tentative completion in 2030 and 2034 respectively. In parallel, cross‑boundary railway projects are pressed ahead at full speed, including the Hong Kong‑Shenzhen Western Rail Link (Hung Shui Kiu‑Qianhai) and the NOL Spur Line, to enhance linkage between Hong Kong and Shenzhen.Build Smart and Green Mass Transit Systems184. Devoted to take forward the three smart and green mass transit systems, and for compressing the time required for construction, we invited suppliers and operators to submit expressions of interest for the East Kowloon and Kai Tak projects this August.  We will invite expressions of interest for the Hung Shui Kiu/Ha Tsuen projects later this year. Through innovative implementation mode and construction methods, we aim to complete the Kai Tak project three years ahead of the original target completion date.(D) Deepen Reform of the Healthcare System185. To enhance the health of the people of Hong Kong, improve healthcare protection and quality, and capitalise on our healthcare professions’ strengths, the Government will conduct a comprehensive review on the positioning and objectives of the healthcare system. The review will cover the following areas: reforming the functions and division of work among the Hospital Authority (HA), the Department of Health (DH) and the Primary Healthcare Commission (PHC Commission), strengthening health promotion and disease prevention in primary healthcare, and improving public healthcare services. In parallel, we will reform private healthcare services in terms of their quality, cost‑effectiveness and price transparency, providing the public with high quality, cost‑effective and affordable healthcare service options. We will also support manpower training and technology innovation, helping to uphold the global standing and regional advantage of Hong Kong’s healthcare professions. This will also be conducive to the development of Hong Kong into an international health and medical innovation hub, an advanced medical service centre in Asia, a place where medical professionals cluster, as well as a bridge for East‑and‑West healthcare exchanges.Advance Primary Healthcare Development186. The Government will promote the development of primary healthcare on all fronts, including:(i) formulating legislation to strengthen the regulatory framework of primary healthcare and authorise the PHC Commission to set up quality assurance and monitoring mechanisms;(ii) developing a community drug formulary and launching a community pharmacy programme to help the public obtain affordable, primary‑healthcare drugs through central purchasing and the community network;(iii) devising health promotion strategies by adopting a life‑course framework to formulate health management plans for the public according to age and health conditions;(iv) revamping maternal and child health and family‑planning services to strengthen pre‑pregnancy counselling and parental education and promote healthy fertility;(v) strengthening the Whole School Health Programme to recommend targeted school‑based measures for physical activities, meals and other matters for each school to improve students’ physical and psychological well‑being;(vi) upgrading more District Health Centre Expresses into District Health Centres (DHCs), and expanding the service network, and integrating the services of Woman Health Centres and Elderly Health Centres;(vii) expanding the Chronic Disease Co‑Care Pilot Scheme to cover blood lipid testing; positioning the HA’s general out‑patient services as the comprehensive, primary healthcare service providers for the underprivileged;(viii) formulating risk‑based screening programmes for prevalent cancers on a gradual basis, including breast cancer screening, exploring the use of AI to assist lung cancer screening, and implementing hepatitis B screening to prevent liver cancer;(ix) launching a Primary Dental Co‑Care Pilot Scheme for Adolescents to encourage the prevention of dental diseases, as well as a Community Dental Support Programme to enhance dental services for underprivileged groups. This would include elderly persons in financial hardship, replacing the Community Care Fund Elderly Dental Assistance Programme, and introducing preventive dental services for pre‑school children; and(x) continuing efforts in tobacco control.Enhance Public and Private Healthcare Services187. The Government will strengthen the HA’s public healthcare services, including:(i) reviewing the structure and levels of the HA’s fees and charges to encourage prudent use of services and direct resources to patients who need them most and for those with serious or critical conditions, while increasing support for patients with financial difficulties and strengthening the financial sustainability of the targeted subsidisation of public healthcare services;(ii) strengthening the centralised procurement of drugs and medical devices by various clusters of the HA system in order to enhance their bargaining power and to expedite, in a more proactive manner, the introduction of new drugs, meeting efficacy and cost‑effectiveness standards to the Drug Formulary;(iii) formulating a directory for inherited and rare diseases by using the Hong Kong Genome Institute’s genomic data, thereby facilitating early diagnosis and treatment by clinical teams, while supporting relevant research and clinical trials to promote precision medicine;(iv) fully integrating the paediatric services of various clusters at Hong Kong Children’s Hospital and developing more advanced healthcare services to make the best use of the Children’s Hospital;(v) finalising the projects and timetable of the Second Hospital Development Plan to dovetail with the development of the Northern Metropolis and to address the needs of local districts;(vi) setting up, in accordance with national accreditation standards, the first stroke centre and the second chest pain centre;(vii) enhancing the triage system and referral arrangements for specialist out‑patient services, including setting up inter‑specialty, integrated, out‑patient clinics to avoid the need for multiple referrals; and(viii) increasing the service capacity for cataract surgeries by at least 20%.188. The Government will also enhance the quality and efficiency of healthcare services, including:(i) establishing a professional platform for developing evidence‑based clinical protocols and exploring the feasibility of devising service quality and efficiency standards for public and private healthcare sectors;(ii) developing quality indicators for public and private healthcare systems and exploring legislating for private healthcare price transparency to enhance service efficiency and address the issue of medical inflation, with the plan to consult the healthcare sector next year; and(iii) amending relevant legislation to require all healthcare providers to deposit essential health data in the personal eHealth accounts of members of the public, enabling the latter to have more complete electronic health records and enhance continuity of medical care.Bring in More Healthcare Professionals189. We will promote the use of the legislation passed earlier to proactively admit more non‑local doctors, nurses and dentists to enhance manpower. The Government will introduce a bill on the admission of qualified non‑locally trained supplementary medical professionals next year.Support Establishment of a Third Medical School190. In addition to increasing training places of the existing two medical schools, the Government supports the plan, by local universities, to establish a third medical school, increasing the number of doctors and supporting the city’s development as an international health‑ and medical‑innovation hub. A task group will be set up, inviting universities interested in establishing the new medical school to submit proposals. The Government will set aside sites in the Northern Metropolis Ngau Tam Mei to develop the new medical school campus and build an integrated medical teaching and research hospital.Promote Development of Chinese Medicine191. To develop Hong Kong into a bridgehead for the internationalisation of Chinese medicine (CM), the Government will make use of Hong Kong’s advantages in its healthcare system, regulatory regime, standard‑setting, clinical research and trade, and other areas. We will publish the CM Development Blueprint next year, and take forward the following measures:(i) exploring the application of big data to foster international research collaboration on herb‑drug interaction to discover more evidence of clinical significance, promoting the internationalisation of CM;(ii) expanding integrated Chinese‑Western medicine services to cover more diseases in which CM has an advantage, including respiratory diseases and knee osteoarthritis, and to progressively extend the cancer care programme to all hospital clusters;(iii) rolling out the first Chinese Medicine Hospital and the permanent premises of the Government Chinese Medicines Testing Institute, which are expected to be completed and begin phased operation next year; and(iv) organising the first edition of the Hong Kong Chinese Medicine Cultural Festival to promote the culture of CM in collaboration with the industry.Promote Mental Health192. The Government will extend integrated services based on a medical‑educational‑social collaboration model to promote mental health. Relevant measures include:(i) formulating a stepped care model for mental health – We will develop a multi‑disciplinary framework with tiers, from dealing with general emotional problems in the frontline to handling cases requiring follow‑up and more serious mental illnesses cases.  The framework sets out the roles of different professionals (such as teaching staff, social workers and healthcare workers) and their division of work in the provision of mental health services for cases in each tier, enabling them to work together and perform their respective roles smoothly;(ii) raising community awareness of mental health – An annual promotional theme will be set for the Mental Health Workplace Charter, and recognition will be given to participating organisations for achieving targets. We will also promote the 4Rs Mental Health Charter in schools to promote the mental health of students, teaching staff and parents in a more holistic manner;(iii) enhancing support for children and adolescents – We will extend and enhance the Three‑Tier School‑based Emergency Mechanism, and launch the “Mental Health Literacy” resource packages for senior secondary and lower primary levels. A real‑time, online youth‑emotional‑support platform will be set up in the second quarter of next year;(iv) facilitating the integration of persons in mental recovery into the community – We will set up Transitional Support Service Teams for Persons in Mental Recovery, offering support to discharged patients waitlisted for halfway house service. The Social Welfare Department (SWD) will also set up an additional Integrated Community Centre for Mental Wellness; and(v) strengthening teacher training and parent education – We will strengthen teachers’ capacity in the early identification of, and support for, students with mental health needs, and assist parents in acquiring the knowledge and skills in addressing children’s mental health.(E) Build a Caring and Inclusive Society193. I attach great importance to building a harmonious and stable community, one that is caring and inclusive, providing targeted assistance to the underprivileged and families in need. Social welfare tops public expenditures of all policy portfolios, with more than $300 million spent on social welfare each day. This underlines the Government’s emphasis on social welfare.Targeted Poverty Alleviation194. The Government has adopted the strategy of targeted poverty alleviation by directing resources to those most in need. This approach is well‑received by the community. We will focus on the following key areas:(i) expanding the Strive and Rise Programme – We will launch the third cohort of the programme this year to recruit 4 000 mentees. We will also encourage youth leaders of the Alumni Club to organise activities for self‑development, enhance training for mentors and related initiatives;(ii) extending the Pilot Programme on Community Living Room (CLR) – We will set up three additional CLRs next year in areas clustered with SDUs. They are expected to benefit about 1 300 target households, serving about 200 000 attendances a year.  Including the four CLRs already launched, they are expected to serve about 3 050 SDU households, drawing about 470 000 attendances a year;(iii) enhancing the School‑based After‑School Care Service Scheme – Beginning this school year, the number of primary schools covered by the Scheme will increase from 50 to over 110, enabling students in need to stay at school outside school hours for care and learning support, allowing their parents to take up jobs. Subject to actual utilisation and outcome of the scheme, we plan to encourage more schools to participate in the scheme, without capping the number of places, in the 2025/26 school year; and(iv) subsidising elderly recipients of the Comprehensive Social Security Assistance (CSSA) to reside in residential care homes for the elderly (RCHEs) in the Guangdong Province – We will launch a three‑year pilot scheme next year to subsidise elderly CSSA recipients retiring in Guangdong to reside in designated RCHEs in the Guangdong Province. Each eligible elderly person will receive a monthly subsidy of $5,000, subject to a quota of 1 000.Care for the Elderly195. The Government attaches great importance to caring for the elderly in need and has been constantly strengthening elderly services.  The total number of vouchers under the Residential Care Service Voucher Scheme for the Elderly will be increased by 20% to 6 000, allowing more frail elderly persons to be admitted to RCHEs of their choice and receive subsidised care services without waiting.196. We will enhance the Residential Care Services Scheme in Guangdong to provide more choices and support for elderly persons who opt to stay in RCHEs in the province. Relevant measures include:(i) increasing the number of participating RCHEs from the existing 4 to 11 in November 2024;(ii) sharing part of the elderly participants’ medical expenses in Guangdong; and(iii) engaging organisations to provide care services for participating elderly persons to help them adapt to living in Guangdong.197. We are providing, through the Special Scheme to Import Care Workers for RCHs, additional manpower support for local residential care homes (RCHs) and enhancing their staff quality. We are also conducting a holistic review of the skill and qualification requirements of RCH staff providing health and rehabilitation services, including the creation of promotion ranks for incumbent health workers and the relaxation of the academic qualification for the Certificate in Progression Training for Care Workers programme. The review is expected to be completed by the end of this year.198. The Government is also discussing with the banking sector possible ways to enable Hong Kong elderly persons retiring in Guangdong and Fujian Provinces to receive portable cash assistance from the Government more conveniently through banks.Support Carers199. The Government is committed to supporting carers. In addition to providing carers’ allowance, respite services, a one‑stop information gateway and the 24‑hour Designated Hotline for Carer Support 182 183, we launched the District Services and Community Care Teams – Pilot Scheme on Supporting Elderly and Carers in Tsuen Wan and Southern District this March. Trained by the SWD, Care Teams of the two districts identify and reach out to households in need, and provide support to the elderly and carers who seek help from the Designated Hotline. The scheme has achieved good results. In the past six months, the Care Teams visited 4 700 families and referred about 900 cases to social welfare organisations for follow‑up. Next year, we will extend the scheme to across the territory, supporting elderly persons and carers in all 18 districts.200. We will also explore the setting up of an inter‑disciplinary and inter‑organisation database. It will cover carers of elderly persons and carers of persons with disabilities (PWDs) and the use of identification tools designed by university teams for the detection of high‑risk cases and early intervention and support.Strengthen Support for Persons with Disabilities201. We will further enhance the rehabilitation services for PWDs, including:(i) establishing 14 Integrated Community Rehabilitation Centres across the city with the provision of 1 280 additional service places, to support PWDs based on their individual needs and rehabilitation progress through an integrated, case‑management approach;(ii) creating 90 additional peer‑support posts to enhance peer assistance for PWDs and their carers;(iii) setting up an additional District Support Centre for PWDs in New Territories East; and(iv) providing about 1 040 additional places for day, residential and pre‑school rehabilitation services, and exploring the establishment of Special Child Care Centres on vacant kindergarten premises.202. To encourage and support PWDs to engage in employment, the Government will introduce the “Caring Employer” medal, commending employers who actively engage PWDs; promote the establishment of more social enterprises engaging PWDs; and enhance the services and training models of sheltered workshops and integrated vocational rehabilitation services centres, building a better vocational rehabilitation and training ladder for PWDs.Promote Women’s Development203. There are many women in Hong Kong playing leading roles. To promote women’s workplace development, we will establish a network run by leading women from all walks of life and launch a mentorship programme “She Inspires”. Under the programme, female university students will be paired with mentors from the senior management of different sectors.Support Working Parents204. To support working parents, I announced the setting up of 10 aided, standalone, child care centres last year. The Government will set up one more child care centre providing 100 additional places for day child care services. Service places under the Neighbourhood Support Child Care Project will be increased by 25%, to 2 500, with the estimated number of beneficiaries increasing to 25 000.Protect Children205. The LegCo has enacted the Mandatory Reporting of Child Abuse Ordinance to require professionals in the social welfare, education and healthcare sectors to report serious child‑abuse cases. To strengthen parental education, the SWD will launch a pilot scheme to set up four Community Parents and Children Centres to promote parent‑child interaction and pass on positive‑parenting skills to parents through play‑based services, supporting families in need.Provide Support for Ethnic Minorities206. To help ethnic minorities (EMs) better integrate into the community, I announced the setting up of two additional support‑service centres for EMs last year, which will begin operation by the end of this year. The Government will engage one more support service centre to provide interpretation and translation services for EMs next year, reducing language barrier concerns. The EDB will strengthen Chinese learning support and parental assistance for non‑Chinese speaking (NCS) students (including EM students), providing after‑school Chinese‑language courses, enhancing the Online Chinese Language Self‑learning Resources and organising cross‑school, teacher‑learning communities. The EDB will also provide parental education activities for the parents of NCS children.Care Teams207. Care Teams are the Government’s key service teams under the improved district governance structure. Fully launched across the city last year, all 452 Care Teams have been working diligently and providing a wide range of caring and support services for the community. To date, they have visited about 230 000 elderly households and other households in need, and provided over 22 000 counts of simple household care or other support services. Their service have been well‑received by the public. The Government will regularise the funding provision for Care Teams and increase funding by 50% in the next term of service in support of their work.(To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: CE’s speech in delivering “The Chief Executive’s 2024 Policy Address” to LegCo (9)

    Source: Hong Kong Government special administrative region

    VIII. Improve People’s Livelihood in Pursuit of Happiness (A) Housing: Continuously Enhance Speed, Quantity, Quality and EfficiencyIncrease Public Housing Supply157. Housing is an issue of great public concern. Despite the relatively slow pace of creating land for housing development in the past, the problem of back‑loaded public housing supply has started to turn around through the unremitting efforts of the Government. While we have identified land for providing sufficient public housing units to meet the long‑term demand and enhanced the speed as well as efficiency of housing development, land creation and housing construction take time. To bridge the short‑term supply gaps in these few years, I announced in 2022 the introduction of the innovative LPH with the provision of 30 000 units, in order to reduce the Composite Waiting Time for Subsidised Rental Housing (CWT).158. This measure has been bearing fruit. Coupled with LPH, the total public housing supply in the coming five years (2025‑26 to 2029‑30) will reach 189 000 units, which is about 80% higher than that of the first five‑year period since the current‑term Government took office (2022‑23 to 2026‑27). In the past two years, the average waiting time for PRH dropped by half a year, from the peak of 6.1 years to the current 5.5 years. Following the gradual completion of LPH next year, the CWT could be shortened by one and a half years to 4.5 years in 2026‑27.159. I am eager to house PRH applicants as early as possible. The Advance Allocation Scheme I proposed when I took office has so far helped more than 2 000 families move in their flats five to nine months in advance, saving nearly $50 million of rental expenditure on the part of the beneficiaries. By 2027‑28, about 10 000 additional units will be completed, enabling PRH applicants to move in earlier than originally anticipated.160. In addition, the first batch of some 2 100 LPH units, located on Yau Pok Road, Yuen Long, will be completed for intake in the first quarter of next year. We expect to complete a total of about 9 500 units next year, moving towards the target of completing about 30 000 units by 2027‑28.Devise a System on the Renting of Subdivided Units in Residential Buildings to Tackle the Issue161. The Task Force on Tackling the Issue of SDUs has already submitted a report. The Government has decided to put in place, through legislation, a system on the renting of SDUs in residential buildings. SDUs meeting the required standards will be named as Basic Housing Units.162. Current SDUs differ significantly in their conditions regarding fire safety, ventilation, floor area, availability of individual kitchens and toilets and whether they are separated or combined, among others. As such, it is necessary to set minimum standards to eradicate inadequate SDUs. At present, there are some 110 000 households living in SDUs, indicating a genuine demand for these units. As the aggregate rent received from several units subdivided from a single flat is much higher than the rent of one whole flat without subdivision, it gives owners a strong financial incentive to operate rental SDUs. Under appropriate regulation, the market demand for SDUs will be satisfied by Basic Housing Units that meet the required standards.163. Substandard SDUs in residential buildings must be converted into Basic Housing Units that meet the required standards. Upon conversion, these units must be confirmed by professionals their compliance with the required standards and apply for recognition. Otherwise, there would be criminal liability on the part of owners to rent out substandard SDUs, while the tenants concerned will not be held liable. We will allow time for owners of existing SDUs in residential buildings to carry out the necessary works.  A grace period will be prescribed by law, during which enforcement actions will not be taken against the illegal renting of substandard SDUs. To this end, the Government will set up a registration system, enabling registered owners to be entitled to the grace period. The registration system only accepts applications from owners of pre‑existing SDUs in residential buildings under rental. New SDUs entering the market must apply for recognition as up‑to‑standard Basic Housing Units before renting out, hence no grace period is needed for their conversion. Given that only new SDUs recognised as up‑to‑standard Basic Housing Units are allowed to be rented out, and that pre‑existing registered SDUs must be converted into Basic Housing Units in conformity with the required standards or they will face orderly eradication if the owners concerned continue to rent out substandard SDUs illegally after the grace period, the number of substandard SDUs in residential buildings will gradually go down to zero.164. The Government will allow an adequate grace period for pre‑existing SDU owners and households to make necessary arrangements, and handle SDUs in residential buildings by batches in an orderly manner having regard to the market supply of Basic Housing Units and taking into consideration the supply of and policy on public housing. The Secretary for Housing will be empowered by law to decide, upon expiry of the grace period, when to take enforcement actions against substandard SDUs by batches in an orderly manner in light of actual circumstances.165. The Government proposes that the standards of “Basic Housing Units” should include the provision of windows, an individual toilet, a floor area of no less than 8 square metres, etc. The Deputy Financial Secretary and the Secretary for Housing, being the head and deputy head of the Task Force respectively, will announce the details and seek the views of the LegCo and stakeholders for drawing up the legislative proposals and related measures, such as the timetable for registration.Enhance the Housing Ladder166. The HKHA will further enhance the housing ladder in addressing the aspiration of the public for home ownership, including:(i) adjusting the ratio between PRH (including Green Form Subsidised Home Ownership Scheme (GSH) units) and subsidised sale flats (SSF) – The HKHA is reviewing public housing projects to be completed in the middle or near the end of the next decade, with an aim to gradually adjust the ratio between PRH and SSF from the current 7:3 to 6:4;(ii) increasing the chance of applicants who have made repeated attempts to purchase SSF – Starting from the next GSH and HOS sale exercises, an extra ballot number will be allocated to applicants who failed to purchase an SSF in the last two consecutive sale exercises of the same type of SSF; and(iii) expediting the circulation of PRH units – The HKHA will tighten up the Well‑off Tenants Policies by raising the additional rent and lowering the income limits for well‑off tenants, so that public resources are appropriately allocated to applicants in need. Meanwhile, the ratio between Green Form and White Form in respect of HOS flats will be revised from 4:6 to 5:5 to encourage more PRH tenants to buy HOS flats.Combat Public Rental Housing Tenancy Abuse167. In recent years, the HKHA has been strengthening its efforts to combat PRH tenancy abuse. The number of PRH flats recovered by the HKHA due to tenancy abuse and breach of tenancy agreement or housing policies over the last two years adds up to 5 000, equivalent to building a medium‑sized housing estate. The results are prominent. The HKHA will launch the “Cherish Public Housing Resources Award Scheme” in January next year to offer rewards to persons who provide concrete intelligence that leads to identification of substantiated tenancy abuse of PRH.Take Forward Public Rental Housing Redevelopment168. The HKHA is proceeding with 11 redevelopment projects. We will announce the findings and details of the study on the redevelopment of Choi Hung Estate later this year, and release the redevelopment plans for Sai Wan Estate and Ma Tau Wai Estate next year.Stabilise the Supply of Spade-ready Sites for Private Housing169. According to the Long Term Housing Strategy, the supply target for private housing in the coming decade is projected to be 132 000 units. The Government will make available land over the next five years to provide about 80 000 private housing units.Relax the Maximum Loan-to-Value Ratios of Property Mortgage Loans170. Taking into account the latest economic and financial environment and on the basis that the stability of the banking system is maintained, the HKMA will adjust the maximum loan‑to‑value ratio for residential properties to 70%, regardless of the value of the properties, whether the properties are for self‑use or held by companies, and whether the purchasers are first‑time home buyers, while the maximum debt servicing ratio will be adjusted to 50%. For non‑residential properties, the maximum loan‑to‑value ratio and maximum debt servicing ratio will be adjusted to the respective same levels.Further Improve Building Safety and Building Management171. Through the Building Management Professional Advisory Service Scheme, the Home Affairs Department assisted in the formation of about 100 owners’ corporations in the past two years in nine districts with more “three‑nil” buildings. The scheme has been expanded to cover all districts across the city in mid‑2024, with the contract period extended to three years.172. Next year, the Government will implement a pilot scheme on “joint property management” in selected areas, under which the same property management company will be engaged to provide joint management services for aged building clusters in the vicinity, enabling “three‑nil” and aged buildings to have access to basic property management services at affordable fees.173. To enhance deterrence against failure to comply with notices or orders by required time and against the erection of large‑scale unauthorised building works (UBWs), the Government will put forth proposals to amend the Buildings Ordinance and launch a public consultation later this year. Among other things, we will propose increasing the types of exempted works and minor works under the Buildings Ordinance, so as to handle minor illegal structures of lower risks in a pragmatic manner. The relevant legislative amendment proposals will be introduced in 2026.174. To foster an elderly‑friendly building environment, the Government will put forward a series of proposals on elderly‑friendly building design for phased implementation.(B) Create Land to Build More Housing175. The Government remains determined to sustain efforts in land production. We will assess the situation and take forward various projects in a steady and paced manner. According to the latest forecast, the supply of developable land, i.e. spade‑ready sites, from Government‑led projects will reach about 3 000 hectares in the next decade. The Government will take into account the latest market changes when disposing land, ensuring a stable and healthy development of the market.Cut More Red Tapes and Lower Costs176. The Government is making vigorous efforts in streamlining land development procedures. We have promulgated an internal circular, expressly stating that all approving departments are required to take a facilitating role and strive to streamline the relevant procedures when processing applications. The initiative is well‑received by the industry. We will continue to cut red tapes and streamline procedures. Relevant measures include:(i) leveraging industry resources to enhance speed and efficiency – We will outsource drone inspections of external walls of buildings and UBWs as well as associated analyses, to private companies. We will also engage professionals to handle the vetting work of small‑scale or temporary structures through self‑certification;(ii) reducing construction costs – We will strengthen the role of the Project Strategy and Governance Office under the DEVB to complete a strategic study on construction costs by the end of this year and propose improvement measures such as increasing direct procurement of construction materials and products by the Government, reviewing the building design standards, and facilitating local application of cost‑effective construction materials and technologies from the Mainland and overseas; and(iii) expanding project co‑ordination – We will expand the purview of the Development Projects Facilitation Office under the DEVB to facilitate co‑ordination with departments in expediting the approval of land use and related matters for the development of I&T and other industries in the Northern Metropolis, in addition to vetting of large‑scale private residential and commercial developments.Facilitate R&D and Application of Construction Technologies and Align Hong Kong Standards with Guobiao177. The DEVB established the Building Technology Research Institute (BTRi)  this August. Apart from conducting R&D on innovative materials, construction methods and technologies, the BTRi also devises standards, conducts testing and provides accreditation to spearhead innovation in the industry. A Modular Integrated Construction (MiC) Manufacturer Certification Scheme will also be launched in synergy with production bases in the Mainland, so as to leverage the complementarity of the construction industries in Guangdong and Hong Kong.178. We will also review and enhance Hong Kong’s building standards, which have been in place for many years, through the BTRi by making reference to overseas building standards and Guobiao (GB), with a view to promoting local application of high‑quality and cost‑effective construction materials from the Mainland and overseas. Moreover, when high‑quality GB construction materials and technologies are applied locally, it will also be beneficial for GB to explore international markets. We will also closely liaise with our counterparts in the Guangdong Province to take forward the formulation of the GBA Construction Standards.179. The HKHA will make wider use of MiC 2.0, the second generation MiC approach jointly developed with research institutions, and streamline the on‑site installation procedures to safeguard construction safety. Tender documents will also expressly state the works procedures permissible for the use of construction robotics to enhance site safety and construction efficiency.Commence the Environmental Impact Assessment Process for Kau Yi Chau Artificial Islands180. The Government will take forward the Kau Yi Chau Artificial Islands project in a steady and prudent manner. We will commence the statutory environmental impact assessment (EIA) process for the reclamation works under the project by the end of this year. The target is to complete the relevant approval procedures next year. The related detailed engineering design will commence later this year.Expedite Urban Redevelopment181. The Urban Renewal Authority is conducting planning studies for Tsuen Wan and Sham Shui Po, and will submit renewal master plans in the second half of next year. Meanwhile, the DEVB is examining the use of newly developed land to drive large‑scale urban redevelopment projects, including the cross‑district transfer of plot ratios and the construction of more dedicated rehousing estates, etc. The target is to formulate proposals in the first half of next year.182. To continue encouraging redevelopment and conversion of aged industrial buildings, we will extend an array of measures, which are expiring soon under the revitalisation scheme for industrial buildings, to the end of 2027, continuing to allow an increase in plot ratio of up to 20% for industrial building redevelopment projects.(To be continued.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: I&T will drive city’s development: CE

    Source: Hong Kong Information Services

    Delivering his 2024 Policy Address, Chief Executive John Lee said today that Hong Kong must harness new quality productive forces and technological innovation as it seeks to achieve high-quality economic development.

    Mr Lee outlined that in its efforts to become an international centre for innovation and technology (I&T), the city is upgrading and transforming traditional industries, while actively nurturing emerging ones. He vowed that no effort will be spared in developing new quality productive forces tailored to local conditions. 

    Measures announced in Mr Lee’s speech include the drawing up of a development plan for new industrialisation, the setting up of a third InnoHK research cluster, a new round of $1.5 billion in funding under the Research Matching Grant Scheme, a revamping of the Government’s approach to I&T investment, and the launch of an I&T Accelerator Pilot Scheme.

    Besides drawing up a medium to long‑term development plan for new industrialisation, Mr Lee said the Government will also press ahead with the establishment of the Hong Kong New Industrialisation Development Alliance. He explained that this will promote closer collaboration among the Government, industry, academia, and the research and investment sectors, expand financing opportunities, and foster I&T co‑operation between newly‑listed companies and local universities.

    In terms of research and development (R&D), Mr Lee highlighted that preparatory work is underway to establish a third InnoHK research cluster. He mentioned that the existing two such clusters are now home to about 2,500 R&D personnel from Hong Kong and around the world, and iterated that the new cluster will focus on advanced manufacturing, materials, energy and sustainable development. 

    In addition to the new round of funding under the Research Matching Grant Scheme, which encourages organisations to support research endeavours by institutions, Mr Lee pledged that the Government will increase its own investment in I&T industries and guide more market capital to invest in the sector. This will include setting up a $10 billion I&T Industry‑Oriented Fund, a “fund of funds” that will channel market capital to invest in emerging industries of strategic importance, including life and health technology, AI and robotics, semi‑conductors and smart devices, advanced materials, and new energy.

    The Chief Executive added that $1.5 billion from the Innovation and Technology Venture Fund will be redeployed to set up funds that will invest – jointly with the market, on a matching basis – in start‑ups operating in strategic industries. Meanwhile, the Hong Kong Investment Corporation will continue to channel and leverage market capital to attract I&T enterprises to establish operations in Hong Kong.

    Announcing plans to allocate $180 million to establish an I&T Accelerator Pilot Scheme, Mr Lee said it will offer institutions government funding on a one-to-two matching basis, with a subsidy ceiling of $30 million. He explained that the scheme will attract professional start‑up service providers to set up accelerator bases in Hong Kong, thereby fostering the robust growth of start‑ups.

    Mr Lee also outlined plans to unlock the potential of Hong Kong’s low-altitude airspace economy. A working group led by the Deputy Financial Secretary will be established to formulate development strategies and action plans for this issue, and will collaborate with Mainland authorities in exploring the joint establishment of low‑altitude cross‑boundary air routes, as well as immigration and customs clearance arrangements. It will also carry out studies and make plans for the establishment of effective systems, networks and infrastructure for managing low-altitude activities.

    With regard to Low Earth Orbit satellites, Mr Lee announced that the Government will conduct a study aimed at streamlining vetting procedures in relation to licence applications for their operation. He also revealed that the Government will set up a research centre to participate in the Chang’E‑8 lunar mission.

    In relation to new energy development, around $750 million under the New Energy Transport Fund will be earmarked to subsidise the taxi trade and franchised bus companies to purchase electric vehicles, and to launch the Subsidy Scheme for Trials of Hydrogen Fuel Cell Electric Heavy Vehicles.

    Mr Lee added that the Government will speed up the reduction of carbon emissions by setting a target for sustainable aviation fuel (SAF) consumption, and formulate a long-term plan for the development of SAF and green maritime fuel supply chains. Furthermore, it will support industry in establishing a solar-to-hydrogen demonstration facility, and introduce a bill next year to ensure the safe use of hydrogen fuel. 

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI United Kingdom: Ministers bring together industry experts and consumer champions to tackle spiralling costs for drivers

    Source: United Kingdom – Executive Government & Departments

    New taskforce is a major step forward in getting a fair deal for UK drivers by rooting out factors that increase costs for car insurance industry.

    • Transport Secretary and Economic Secretary to the Treasury to bring together industry experts, consumer champions and regulators to crack down on spiralling costs of car insurance
    • comes as figures show an average 21% rise in premiums in 2 years as new taskforce launched to deliver a fairer deal for drivers
    • taskforce to focus on how hardest hit by rising costs, including ethnic minorities, those on lower incomes and elderly and young drivers

    Transport Secretary, Louise Haigh, and Economic Secretary to the Treasury, Tulip Siddiq, will bring together industry groups and consumer champions such as the Association of British Insurers, Citizens Advice, Which? and Compare the Market, as well as insurance regulators, to tackle spiralling costs of car insurance today (16 October 2024).

    It comes as motor insurance premiums have grown by an average of 21% since June 2022, according to Financial Conduct Authority (FCA) analysis – far higher than in comparable economies such as Germany, France, Spain and Italy – with the government reaffirming its manifesto commitment to act on increasing consumer costs, which stunt the economy and prevent growth.

    A new cross-government motor insurance taskforce, supported by industry experts, will also be launched by the Transport Secretary and Economic Secretary to the Treasury today to help drive down the high costs of car insurance.

    The taskforce will identify the factors behind rapidly rising premiums and will agree solutions to keep costs under control. Factors driving up the cost of insurance include inflation, rising car thefts and the country’s pothole-ridden roads, which the government has pledged to fix with its pledge of filling up to 1 million more potholes every year.

    This taskforce is part of the government’s manifesto commitment to act on the high cost of insurance for drivers – particularly those who are disproportionately affected by high prices such as young and older people and those from ethnic minority backgrounds or on lower incomes.

    Transport Secretary, Louise Haigh, said:

    Car insurance is an essential, not a luxury. It is vital to accessing economic opportunities and this government is committed to getting costs under control. That’s why we’re taking direct action to bring insurance companies and regulators round the table to discuss how we can crack down on spiralling costs.

    The rising cost of cover affects all drivers but some groups have been hit harder than others. No matter your background or circumstance, this government is determined to ensure drivers get a fair deal.

    Our new expert taskforce is a major step forward in delivering a fair deal for drivers. It will give this issue the attention it deserves – rooting out the factors driving up costs for industry and ensuring drivers are able to hit the road.

    The taskforce will bring together expertise from regulators, motoring groups, insurers and consumer groups to find solutions for the high cost of insurance, addressing contributing factors to high costs generally and those that may be disproportionate depending on age or ethnicity.

    The taskforce will help support the government’s missions to grow the economy and break down the barriers to opportunity, by acting on the cost pressures facing industry and supporting drivers to hit the road.

    The expert group will identify the causes of rising costs, assess whether consumers are receiving fair value for money and look at the impact on the groups hit the hardest, using advice from the regulators the FCA and Competition and Markets Authority (CMA).

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    Published 16 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • 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 –

    January 23, 2025
  • MIL-OSI Asia-Pac: HK to be hub for health innovation

    Source: Hong Kong Information Services

    Chief Executive John Lee today identified innovation in the health sector, digitalisation across key industries, and an expansion of the city’s Intellectual Property (IP) trading ecosystem as key drivers of new quality productive forces in Hong Kong.

    Delivering his 2024 Policy Address, Mr Lee said the Government will combine technological and institutional innovation to develop Hong Kong into an international health and medical innovation hub, accelerate the development of the digital economy and its integration with the real economy, and take steps to strengthen the city’s position as a regional IP trading centre.

    On the first of these ambitions, the Chief Executive pledged to expedite reforms to the approval mechanism for drugs and medical devices, enhance Hong Kong’s clinical trial capabilities on all fronts, and facilitate the translation of innovative biomedical research into clinical applications.

    With regard to the approval of drugs, the “1+” mechanism will be extended to all new items, including vaccines and advanced therapy products, and refined to speed up the registration process. Meanwhile, preparatory work will be undertaken for the statutory regulation of medical devices, and timetables will be drawn up for establishing a Hong Kong Centre for Medical Products Regulation, the adoption of “primary evaluation”, and measures to facilitate research and development (R&D).

    In terms of clinical trial capabilities, Hong Kong will join hands with Shenzhen to establish the Greater Bay Area (GBA) Clinical Trial Collaboration Platform. A Real-World Study and Application Centre will also be established to open up local health and medical databases and promote co-operation between Hong Kong and Shenzhen on the integration of data generated from the “special measure of using Hong Kong-registered drugs and medical devices used in Hong Kong public hospital in the GBA.”

    In addition, Mr Lee set forth a number of policies designed to accelerate the digital transformation of industries and promote integration of the digital economy with the real economy.

    He outlined that the Government will push forward reforms relating to the digitalisation of enterprises and trade. The Commerce & Economic Bureau is developing a Trade Single Window, a one-stop electronic platform that will allow enterprises to lodge import and export trade documents more conveniently and efficiently.

    In the area of fintech, Mr Lee said that the Financial Services & the Treasury Bureau (FTSB) is due to issue a policy statement setting out its position on the application of AI (Artificial Intelligence) in the financial market. The FTSB will also complete the second round of a public consultation on regulatory proposals for over-the-counter trading of virtual assets.

    In addition, the Monetary Authority (HKMA) is looking into add-on technology solutions and use cases related to cross-boundary trade settlement on the mBridge platform. It is also exploring the application of real-world asset tokenisation and the use of digital money for interbank settlements, and will work with the FTSB to introduce a bill on the regulation of fiat-referenced stablecoin issuers later this year.

    Mr Lee also mentioned efforts by the Hong Kong Housing Authority (HKHA) to promote smart construction and management of public rental housing estates. The HKHA has selected 10 such estates as pilot sites for smart estate management, and plans to introduce digital technologies in daily estate management work.

    Meanwhile, the Department of Justice will set up an Advisory Group on Promoting the Development of Lawtech to formulate policies and measures on the application of lawtech.

    With regard to expansion of Hong Kong’s IP trading ecosystem, Mr Lee highlighted that IP-intensive industries account for about 30% of Hong Kong’s Gross Domestic Product and total employment. He vowed to strengthen the city’s position as a regional IP trading centre in relation to innovation and technology, as well as the creative industries.

    Specifically, he said a proposal will be put forward next year to enhance the Copyright Ordinance with regard to AI technology development. A consultation will be launched, also in 2025, on the registered designs regime, and legislative amendments to streamline IP litigation processes will be proposed.

    Moreover, the Trade Marks Registry, under the Intellectual Property Department, will next year launch a new AI-assisted image search service for public use.

    Mr Lee added that the Government will continue discussions with patent agents and other stakeholders about introducing regulatory arrangements for local patent agency services, with the aim of nurturing professional talent and enhancing service quality.

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Australia: Doorstop – Social Media Summit, Adelaide

    Source: Australian Executive Government Ministers

    PETER MALINAUSKAS, PREMIER OF SOUTH AUSTRALIA: G’day and welcome to the Adelaide Convention Centre for the second day of the Social Media Summit that is being hosted between the New South Wales Government and the South Australian Government.

    I want to take this opportunity to thank Chris Minns for his leadership. Chris suggested the Social Media Summit, and certainly after a successful day yesterday, we now roll it to the second day of the agenda and look forward to hearing from a range of experts throughout the course of the day. One of them is Professor Simon Wilksch, who will be here a bit later on, who has been a keen advocate for change in this area, and has done an extraordinary amount of research through the Flinders University. I want to thank the professor for his presence here at this press conference. Really looking forward to hearing from Mike Burgess, who, of course, is responsible for ASIO here in Australia to hear about the implications of disinformation and social media and the impact on young people in the context of the future of our democracy here within Australia. I look forward to hearing Mike, along with a range of experts this afternoon.

    But I am very, very grateful that we have representation of the Federal Government here who, of course, has displayed great initiative and leadership to pursue reform that will be applied throughout the country. To that end, I express my particular gratitude to Minister Rowland, who is here from Sydney in Adelaide today, and also Minister Aly, who is the Minister for Youth of course.

    Michelle has been a keen advocate to making sure that the Commonwealth is getting ahead of the curve, to make sure we deal with this global challenge emerging, and whether it be through the age verification trial, the work of the eSafety Commissioner, but most recently a commitment to introduce legislation into the Federal Parliament that will put in place an age restriction for young people’s access to social media.

    It is significant work and I want to thank the Albanese Government, but particularly Minister Rowland for leading this charge. I’m very grateful that she’s able to be with us today on the second day of the Summit.

    We have taken this opportunity, though, as a State Government, to make sure that we’re not just focusing on the institution of an age limit for access to social media, but also doing the work around educating young people around what safe online behaviour looks like. Social media represents only one part of a young person’s access to the internet. There, of course, remains other unregulated areas where we know there is work to be done when it comes to educating children on how best to deal with the challenges that they simply will confront.

    No one is suggesting for a moment that we should keep kids off the internet. Yes, we want to put an age limit in place in terms of their access to social media, but if we’re serious about their safety, we’ve got to make sure that they’ve got the skills and the capability to be able to deal with cyber bullying; to be able to understand what healthy messages are around body images; to understand what is illicit content, and really, is it safe for them, to give them the preparedness to know what to do and who to speak to, and if an online predator comes after them, we want to make sure that in South Australia, we’re leading the way in that regard.

    That’s why today we are announcing that there will be a school based program that applies to all schools throughout the state of South Australia, within the curriculum, that gives access to children, to the knowledge and the tools about how to confront the challenges they’ll experience online. We want to make sure that in the South Australian education system, we’re not just keeping kids off their phones while they’re at school. We want to give them the tools about what they can do to protect themselves from the harms of the internet when they get home from school, and otherwise might get access to it. This is a consequence of evidence-based work. The Department of Education, through Minister Blair Boyer, who is with us as well, has been doing this work now for some months and we are now in a position to commit to this roll out starting next year. So from the school year 2025, children in South Australian schools will start learning, with the resources and tools that are required, what they need to do to be able to go online and do it safely. Without it being at the expense of their mental health, and then in turn their futures. I want to thank the Department, and particularly Blair for his hard work in this regard.

    Chris put on a great show in Sydney yesterday. It was a thoroughly worthwhile exercise, and I just want to thank him for his partnership and his leadership to this end, and invite him to say a few words before we hear from Minister Rowland.

    CHRIS MINNS, PREMIER OF NEW SOUTH WALES: Well, thanks a lot, Peter. It’s a real privilege to be here in Adelaide this morning with you, and Anne, and of course, Michelle as well. This is an important breakthrough when it comes to confronting an issue that’s facing parents, not just across Australia, but right around the world – and that is how do you deal with this creeping use of technology, particularly social media, that’s ubiquitous, that’s comprehensive, that every family has to deal with. When you look at the eSafety Commissioner’s report out earlier this week indicating that most young people are on social media, and the evidence that presented at the Social Media Summit yesterday indicated that 16-year-olds are spending three hours a day on social media. How do we as a community, not just a Government, but how do we as a community come together to protect our children, to protect the next generation? I think it’s been our view for a while now that this is a global, unregulated experiment on young people. This is the first generation that’s gone through this kind of access to social media, and as a result of that access to social media, exposure to what is often harmful content, what is often hurtful content, or bullying behaviour within social groups.

    We need to be able to do something about it, and the two-day Summit has given us an opportunity, with South Australia, to get the issues on the table, to talk directly with parents, to arm people with both the latest facts as well as tips and strategies to get the best out of your kids and ensure that they’ve got the best start in life. I think most crucially, to progress legislative change so that we can deal with rapidly changing technology.

    I want to give full credit to the Commonwealth Government for stepping up here and introducing what will be a globally leading change to regulation in the world. We think it will make a difference and spark or ignite a fire when it comes to a recognition amongst communities that social media is doing harm to young people that could sweep right across the world. It’s been resisted at every gate, at every step by Silicon Valley and the billionaires that own these companies. But that’s not a good enough reason to do nothing. At the end of the day, our obligation is to do no harm for young people, and if we get this right, technology can work for us rather than running and dominating all of our community and family life.

    MICHELLE ROWLAND, MINISTER FOR COMMUNICATIONS: Thank you so much, Premiers. The safety of our young people is paramount. Not only their wellbeing, but also their mental health. To that end, the Commonwealth sees the safety of children, especially in the online space, as a collective responsibility. 

    The Premiers will know that their frontline services are being impacted by the harmful implications that can arise from social media. Whilst it can be a positive tool in many respects, there are harms that come with it. The Premiers will also tell you that the mobile phone ban in schools, for example, has seen a definite change in behaviours. At the same time, the consequences of the harms of social media are impacting on their education as well as health systems and mental health systems in particular. It’s for this reason that the Commonwealth takes a collective approach, not only right across the Albanese Government, but also with the states and territories as well. All Australians should know that we are working as one towards the safety of our most vulnerable.

    To that end, the Commonwealth has committed that we will introduce legislation this year to mandate a minimum age for access to social media. This is a commitment from the Prime Minister, and I am pleased that today we are announcing the legislative design principles that will underpin this approach. For example, we see the onus as being on the platforms, not on users or their parents when it comes to safety online. It’s important to incentivise the platforms to create less at risk platforms, less at risk apps, less at risk services. To that end, we look forward to working with industry to help achieve this goal. We know through recent developments that the platforms can, and they should, be doing more in this space. We will also be working with eSafety, who will be overseeing this legislative change. Importantly, we will continue to pursue efforts to make sure that the platforms are held to account, and do more. To that end, there won’t be penalties that will be imposed, as I said, on those children or their parents as users. But we will ensure, through our review of the Online Safety Act, that the penalties regime is fit for purpose. It’s important to note here, as I said, that this is a collective responsibility across Government. As I will outline today, this is one step in many that the Albanese Government is taking to keep young Australians safer online. The normative value of this is immense. So many parents are being overwhelmed by the amount of time their children are spending online, and what they can do as parents to help more effectively manage that – the normative value of this will be immense for those parents. So again, I thank the Premiers for convening this. It’s so important that the Australian people know that as one we have their back when it comes to keeping their children safer online.

    PROFESSOR SIMON WILKSCH: Hi, everybody. I’m absolutely delighted to see the collaboration between the Federal and State governments, the respective leaders and the premiers on this issue. We heard this week that 84 per cent of eight to 12-year-olds are on a social media site in Australia. That is entirely unacceptable. I’m a clinical psychologist working with patients with eating disorders – if we wanted to try to create a way of causing eating disorders, it would be to use these kinds of platforms with children that age. We’ve seen a 200 per cent spike in 10 to 14-year-olds experiencing an eating disorder over the last 12 years. As someone who works in the clinics helping these families through this problem, I see the devastation this causes young people; the families, the toll it takes – and these are just in the area of eating disorders. We know across the board with mental health and other areas there is suffering going on caused by these platforms, so I completely support minimum age. I would like to see it get up to 16.

    I also really welcome the announcement of funding towards school-based programs that will prevent these problems and really assist young people to be equipped to handle their online presence and be safe. I have a particular program, named Media Smart, for schools which has a very strong evidence-base. 

    It’s an eight lesson program designed to help young people be informed about those messages they see; to question how social is their experience on social media; just take steps towards taking care of themselves and others. So I’m really hopeful that that type of program can be made available widely, and thank you.

    JOURNALIST: You talked about the onus not being on the users or the parents, but putting it back on the platforms. We’ve seen platforms be reluctant to make that change to ownership of platforms rather than the user itself. How is the Government going to enforce this? Is there going to be big fines? Or what’s the timeline here for platforms to adopt this change?

    ROWLAND: Well, we are looking at a one-year implementation timeframe. But I think it’s important to note that even as we have seen recently with Meta’s announcement of a new Instagram teen product, that the platforms can do more in this space to create less at-risk services. So we want to encourage that. We want to incentivise those better, less risky services that they can actually produce. But the point is very valid when it comes to penalties for the platforms. Currently in the Online Safety Act, the maximum penalties for offences are less than $1 million, and these are actually not reflective of the sometimes litigious nature of these platforms, but also the amount of revenue that’s generated. So this is one of the specific areas that the independent review of the Online Safety Act is looking at, and I expect to have their findings in the upcoming weeks. But we are very mindful of that. We want to incentivise as well as provide that backstop through penalties, appropriate levels of penalties that make the platforms do better.

    JOURNALIST: Are you expecting resistance from these platforms?

    ROWLAND: Well, so two things there. The first is that the Online Safety Act has been in operation now for some years, and the industry is now accustomed to it. By and large, the social media platforms have a high rate of compliance with it. However, there are always instances where there is non-compliance or it is contested, and the fact that is contested again demonstrates that the Government considers that no company, despite its wealth, despite its multinational status, is beyond our laws. We will always assert Australia’s sovereignty in that regard.

    The second point too goes to the fact that we want those platforms to be accountable, by having not only incentives but proper penalties in place, that ensures that transparency and accountability. We do not wish to punish parents or users in this process. That is something that needs to be made very clear. This is about the platforms doing better. We have an Online Safety Act that was basically designed as a complaint-based system about individuals, not the onus being on the platforms. That’s something that we are looking at changing through our review, but it’s something that we are also committed to in the design principles of this legislative change.

    JOURNALIST: Minister Rowland, as part of this legislation, are you going to be advocating for better psychological support for young people who have suffered as a result of these tech platforms? Because hearing from the young people in there, that’s hand in hand with this legislation.

    ROWLAND: Now, that is certainly valid. The other side of that, of course, too, is that a lot of young people do access support services now through social media. So it’s going to be very important for Governments and departments to work together to ensure that young people can still access those services, even if they are below that minimum mandated age. So those two points are very valid.

    JOURNALIST: We’ve seen recent changes to Instagram. Do you think our Government’s push has led to that?

    ROWLAND: It is pleasing to see that these Instagram changes occurred after our Prime Minister made that commitment. Now, whether or not there is causation in there remains to be seen. But we do know that incentivisation does work in this area, and I can give that example from when Minister Amanda Rishworth and I convened the first roundtable to regulate dating apps services, because the level of tech facilitated abuse and death was simply too high as a result of this occurring. 

    Amazingly, these multinational dating app platforms suddenly discovered new safety features that they were able to roll out. So we welcome any safety features that the platforms may be rolling out, but that does not mitigate the need to legislate in this space.

    JOURNALIST: Premier Minns – the announcement today from the South Australian Government in curriculum and an adjustment there – could we see something similar to New South Wales and maybe even the mobile phone bans, etcetera.?

    MINNS: Yeah, we’ve got a proud history of stealing good ideas from Peter, so why should today be any different? It seems like a good initiative to us. We flat out nicked the mobile phone ban from South Australia which was resisted when we were in Opposition. But I saw it in implementation over here, Peter came over to Sydney to talk to us about the positive benefits, and I have to say it’s a reasonably early stage in our Government’s tenure, but I think it’s the best decision that we’ve made. 

    Interestingly, if you speak to kids and parents and teachers, they’ll tell you that the big difference has happened during recess and lunchtime. Where kids put down their phones, they can actually speak with one another, play games, and interact at a human level rather than online. So it’s great initiative. I think this is a good way for federations to work – see something in operation somewhere else, steal it and put it in your own jurisdiction.

    JOURNALIST: So the current plan to adopt more online safety into the curriculum from next year – is that something that New South Wales might be looking at as well?

    MINNS: Yeah. Look, I don’t have an announcement today, but give us a bit of time. I think part of the process for a summit like this is you get the ideas out on the table, you can learn from them, steal them and implement them and ultimately get the facts on the table. These two- this summit, the two days that we’ve had in both Sydney and Adelaide has been, I think, a breakthrough in both policy change, but also getting the facts out on the table and invaluable. So I’d like to see more of it actually.

    JOURNALIST: Is there the opportunity to take this then to National Cabinet as a joint collective then, if you seem interested in the idea to pursue it further, to maybe make it a bit more of a wider national problem, given that social media can happen anyway?

    MINNS: Look, potentially. We’ve got a lot on our plate when it comes to the National Cabinet agenda, and states have to work and operate independently. Public education, the curriculum is a state based responsibility. We take that very seriously. Obviously, that’s our responsibility, but if we can spot a good initiative that’s working somewhere else, I’m not afraid to steal it.

    JOURNALIST:  I’ve got a question for Premier Malinauskas – what kind of fines would you like to see the federal legislation do for this?

    MALINAUSKAS: Look, the Chief Justice French report, I think, lays it out pretty clearly that whatever the fine regime is needs to have a sufficient economic deterrence to make sure we change the behaviour of these social media companies. Now, economic deterrence is an established legal principle, and basically what it means is that capacity to pay should inform the size of the fine. 

    Now, when it comes to these social media companies, my word, they’ve got the capacity to pay. These companies are making an extraordinary amount of money out of the Australian market, which means if they break the law, the Australian jurisdiction, the fine should reflect that. In other words, it’s got to be billions of dollars. We certainly welcome the Federal Government’s not just interest but for the work that is already underway through the Online Safety Act.

    JOURNALIST: Premier, you’re a father of young kids. How do you see this sort of legislation playing out in real time? Won’t kids find a way to get on social media regardless?

    MINNS: It’s a really important question and it’s one that reflects, I think, a public sentiment. It continuously gets raised. Won’t kids find a way around the social media ban? Probably, but that doesn’t mean that we shouldn’t be establishing the principle in a law that sets the community standard, that arms the parents with the ability to say to their children, no, you can’t do that because it is against the law. No different to drinking underage or smoking before you’re 18. I mean, we say to kids you shouldn’t drink if you’re under the age of 18 – that’s consistent across the country. Do kids drink underage? Of course they do. Do they sneak behind the shed and have a cigarette? Probably. But what we know is that a lot less kids do that as a result of us having a clear standard and a law that can apply throughout the land. Social media is no different. With even the mobile phone ban at schools, we were the first state to do a proper phone ban in schools, bell to bell, not having them at recess and lunch. Are there examples of kids sneaking mobile phones into school post the mobile phone ban? Yeah, of course there are, but they are the exception to the rule because now the rule is clear. No phones in schools. So we establish rules and principles and standards that- in the full knowledge that someone will break them but that doesn’t mean they’re not worthwhile because the majority of people tend to comply.

    JOURNALIST: Premier, will you be taking this idea to National Cabinet? You’ve been very vocal in youth law and social media spaces

    MALINAUSKAS: Look, I think and Blake and [indistinct]… necessary of it. In that education ministers’ forum, there is a constant sharing of ideas between states and also with the Federal Government around various initiatives that are being undertaken. This will be shared in that context. Chris is right. I mean, I think when it comes to National Cabinet, my view is we’ve got to be a little bit careful that we don’t load up a National Cabinet agenda, so we don’t end up focusing on the main structural challenges that we have within our federation. So I don’t think this will be one that goes through National Cabinet, but it’s certainly an idea that’s clearly going to be shared through the appropriate channels and hopefully gets taken up.

    JOURNALIST: Would you like to see it adopted maybe through the Federal Government then maybe not through National Cabinet at all?

    MALINAUSKAS: As Chris said, what we teach our kids in the schools is the responsibility of states. We’ve got a range of discussions on [indistinct] with the Cabinet at the moment around funding school regimes and the like. This is an initiative that we’re applying here in South Australia, but if it’s relevant and appropriate in other jurisdictions, that would be great.

    JOURNALIST: Premier, what age will this new curriculum be rolled out to? Is it high school students and is it being done elsewhere?

    MALINAUSKAS: Well, it starts next year. I might invite Blair to go into a bit of detail on that.

    BOYER: Thank you, Premier. So it starts next year. It will be delivered at different ages or different year levels in high school, and each one will be adapted in a way to make sure that it’s actually age appropriate as you go up from year seven, year eight, year nine. I think Simon spoke really well about the kind of content that’s in there. Simon’s program is one of the ones already that is on the approved list here in South Australia. So the funding that we are announcing today to provide to schools so they can secure the services of Simon and other programs like that and come in and actually sit down with kids and talk through all these issues that we know come about because of the use of social media. So the important thing to do here, I think, though, is that what is taught and the kind of curriculum and detail in there needs to be different as it goes up from year seven all the way into the senior years, because as kids get older, they are dealing with different issues and the nature of their engagement with social media changes as well.

    We need to make sure it’s evidence based, which Simon’s is, and make sure it’s regularly updated because the other thing I think here that is the real challenge that I’ve observed is that we’re on a burning platform here. I mean as we sit here having this press conference, there’s people outside here who seek to take advantage of young people through social media, whether it’s a scam or harassment or predators, they are constantly thinking of ways to get around the protocols and security features that we put in. Every day they are spending their time trying to get around the things that Governments do to keep our kids safe. So that’s why it’s really important that we use programs like Simon’s to make sure the information we’re giving kids is up to date. It also speaks to why we’re upgrading and updating the Keeping Safe: Child Protection Curriculum here in South Australia to make sure that it now includes things like AI, deepfakes and coercive control. We’ve actually done that work with the AFP, with the Australian Centre for Countering Violent Extremism and the eSafety Commissioner to make sure that what’s in our child protection curriculum is fit for the year 2024 and not still based on something that was an issue back in the 1980s.

    JOURNALIST: You mentioned the extra funding to allocate this to bring programs in like Simon, what’s that going to cost? 

    BOYER: I don’t know a specific figure yet because we’ve- we’re going to roll it right out across all schools. That will depend exactly how many sessions that we actually provide. We’ll work with some of the providers like Simon to see that. But we’ll make sure that what we provide is not just age appropriate, but can reach all South Australian students, which I think is important as well. It’s also going to be some work to do there in the future to do that constant updating, because, as I said, those people who are seeking to, you know, get around the things that we are doing to keep kids safe are doing that every, waking minute. So we need to make sure that things that we do are constantly updated. And you know, brought into the year 2024.

    JOURNALIST: So what will it look like in classrooms? Will it be a number of sessions with people and programs like what Simon has? 

    BOYER: So exactly right. So we have an approved provider list for the Department for Education. So there’s a number of providers who offer services like the ones that Simon does and schools are able to choose from that list of those providers and we will be funding them to do that and bring those providers in and sit down with students of all those year levels all the way up to year seven and offer the classes essentially. It’s all one on one basis, talking through all these issues and effective things they can do to protect their own mental health and wellbeing and have all those kind of deeper conversations, which as what we heard from the student panel today is needed, I think. It can’t be kind of a cursory tick and flick kind of part of the curriculum, because what these students are grappling with here is, incredibly complex, really complex stuff and changing all the time. So we need to make sure that the resource materials and support that our schools and teachers get is up to date. What we’re announcing today is making sure they have the financial resources to do exactly that.

    JOURNALIST: What are the indicators here to know that this is starting to get traction and working?

    BOYER: In terms of?

    JOURNALIST: In terms of the application.

    BOYER: Of the program?

    JOURNALIST: Yeah, the program through the school?

    BOYER: Yeah. Yeah. Good question. I mean, I always say that in my job as Education Minister, there’s nothing more powerful than hearing from students and premiers- Premier Malinauskas spoke with you well before I think around why the mobile phone ban was really important, even though it was going to be a very hard thing to do. Although now we’re talking about its success, I remember at the time there were plenty of who thought it was going to be very challenging to put in place. Are there still students who try to get around it? Absolutely they are, but the reason that is starting to drop in terms of the numbers of students we see who are trying to get a way around it, is because as those students this morning said, what they are finding is that when their classroom or the playground is free of mobile phones, they actually like the place more. The most powerful bit of advice I got or feedback I got from- was from a principal out in my way in the north eastern suburbs who said the playground feels like it did in the 1990s. As Kirsty said this morning, it’s kicking the football, playing sport, talking to each other and seeking more activities to do. So I think it’s that kind of feedback that speaks to how the kind of programs that we are funding today actually work and actually succeed and actually make the school and the classroom a place that kids want to be in, a place that kids enjoy.

    JOURNALIST: I suppose just further to Josh’s question, who’s been consulted on these new reforms? Have the kids been part of the discussion?

    BOYER: We’ve done a massive amount of consultation as part of the new Australian curriculum in South Australia, including the adapted South Australian part. I think 12,000 views people have taken into account. It’s the biggest consultation that the education system in South Australia has ever done. Students, classroom teachers, principals, industry groups, the employers, associations like Kirsty is the head of the Principals’ Association about what they want to see. I was fortunate enough to be part of some of the consultation groups that we held here.

    JOURNALIST: Minister Rowland. The flights from Lebanon, how much did they cost? 

    ROWLAND: That’s best directed to the Foreign Affairs Minister. But I will say this, the Australian Government has been saying for some time that Australian citizens need to return to Australia. It is becoming increasingly difficult; the situation is becoming unstable. The Government has made provisions to ensure that Australian citizens are safe but as we have been saying for some time, it’s time to get out.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Asia-Pac: FDC Chairman welcomes “The Chief Executive’s 2024 Policy Address” that actively promotes development of arts, culture and creative sectors

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Film Development Council:
     
         The Chairman of the Hong Kong Film Development Council, Dr Wilfred Wong, welcomed “The Chief Executive’s 2024 Policy Address” delivered today (October 16), which actively promotes the development of the arts, culture and creative sectors.
          
         Dr Wong expressed his support for the Government’s initiative to promote the development of the arts, culture and creative sectors as industries under an industry-oriented principle, with a view to creating economic impetus for the community and enhancing cultural soft power, including the provision of financial support for the film industry through the Film Development Fund to produce films that promote Chinese culture by incorporating Chinese cultural elements into film productions.
          
         “Chinese culture has a long history and profound connotations. It is one of the unique and rich cultures in the world. As an art form that transcends geographical boundaries, film has extensive influence. It is envisaged that the new measure can, through the power of films, strengthen the promotion of the charm and diversity of Chinese culture and showcase these fine cultural elements to audiences around the world,” said Dr Wong.
     

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI: Virtune announces its collaboration with Polkadot, aimed at achieving extensive visibility and awareness of its Virtune Staked Polkadot ETP in the Nordics

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, October 16th, 2024 – Virtune, a Swedish regulated digital asset manager and issuer of crypto exchange-traded products (ETPs), is announcing a collaboration with the Polkadot Network, funded through the Polkadot OpenGov Decentralized Treasury. Through this partnership, Virtune aims to promote and raise awareness of its Virtune Staked Polkadot ETP throughout the Nordics. Since its inception, Virtune has rapidly grown in the Nordic market, earning recognition for its educational initiatives, regulated status, and transparency.

    The company has also swiftly expanded its product portfolio. One of these products, Virtune Staked Polkadot ETP, was listed on Nasdaq Stockholm on January 10, 2024. The product is 100% physically backed by DOT and offers investors exposure to Polkadot through a regulated structure, along with the benefits of staking, providing an additional 4% annual yield before fees on top of Polkadot’s own performance. It is accessible for both institutional and retail investors in Sweden, Finland, Norway and Denmark through banks and brokers, including Avanza and Nordnet, among others.

    About Polkadot
    Explore the transformative potential of Polkadot, the next-generation blockchain platform designed to power a fully interconnected digital future. Polkadot stands out by enabling seamless interoperability across various blockchains, allowing for secure message and value transfers without relying on third parties.

    About Virtune Staked Polkadot
    Virtune Staked Polkadot ETP provides exposure to Polkadot with enhanced returns through staking. This product includes secure and efficient staking directly from cold-storage with Virtune’s custodian Coinbase, with staking rewards providing 4% annual yield continuously being added to the ETP which is reflected in the daily price of the ETP.

    • 1:1 exposure: Easy and secure 1:1 exposure to Polkadot
    • Passive Income: Earn staking rewards from the included staking without any efforts required
    • Security: Non-custodial staking from cold-storage, the DOT tokens are never sent to any third party
    • Liquidity: The product can be traded freely without lock-up periods
    • Physical backing: Fully backed by DOT stored securely with Virtune’s custodian Coinbase
    • Regulated and accessible: Traded on a regulated market in the form of Nasdaq Stockholm as straightforwardly as trading a stock and can be held in ISK or capital insurance accounts for tax benefits

    About staking
    Staking is the process of actively participating in transaction validation on a blockchain that uses a proof-of-stake (PoS) consensus mechanism. Participants lock up a certain amount of crypto assets to support the network’s security and operations. In return, they earn rewards in the form of additional crypto assets.

    Polkadot OpenGov
    Polkadot OpenGov is a fully decentralized governance system designed to serve the Polkadot Network and all holders of the DOT token, Polkadot’s native crypto asset. Within OpenGov, any DOT holder can submit a referenda (proposal) requesting funds from the Polkadot Treasury to aid the ecosystem’s evolution and growth. The fate of each proposal is determined by a vote from all DOT token holders. OpenGov allocates its Treasury Funds, which are accumulated through worldwide network usage, to proposals that are successfully submitted and approved by the Polkadot community.

    Christopher Kock, CEO of Virtune:
    “Following a long and collaborative process with Polkadot Opengov, we are both pleased and humbled to have earned the trust of the Polkadot community to lead Polkadot adoption in the Nordic financial market. We recognize a significant knowledge gap in this region regarding Polkadot’s great capabilities, and we are committed to bridging this gap through a comprehensive campaign. This campaign will include educational content, as well as outdoor and digital advertising, and events aimed at educating about Polkadot’s fundamentals and the opportunities it presents, particularly how investments can be made into Polkadot’s native token DOT combined with staking rewards via a regulated exchange-traded product. We launched our Virtune Staked Polkadot earlier in 2024, and we are encouraged by the growing interest from investors across the Nordics.”

    The purpose of the campaign
    The goal of this campaign is to enhance awareness of Polkadot’s technology, its potential, and its suitability as an investment when integrated into traditional portfolios. Through the campaign and Virtune’s regulated exchange-traded product, Virtune Staked Polkadot ETP, both institutional and private investors will be informed and enlightened about Polkadot and its vibrant ecosystem, which includes all the projects building on-chain. The campaign aims to attract a significant number of new investors to Polkadot across the Nordics, while also providing educational content about Polkadot to the financial industry.

    The content of the campaign
    The campaign will introduce a new scale of marketing efforts, combining outdoor advertising in high-visibility areas such as Stockholm’s financial district, subway stations, and the Arlanda Express, among other prominent locations. This approach is designed to significantly boost the visibility of Polkadot and Virtune’s Staked Polkadot ETP. In addition, digital advertising will feature Polkadot across various digital channels. Furthermore, the campaign will include large-scale events focused on educating attendees about Polkadot both as a blockchain technology and as an investment opportunity.

    The campaign aims to showcase a range of dynamic technologies that demonstrate Polkadot’s valuable role in the evolution of web3, where it has made significant strides. Polkadot is exhibiting substantial progress in various sectors, including gaming, with companies like Mythical Games migrating their platforms to the Polkadot blockchain. Furthermore, Polkadot supports fast and cost-effective transactions with stablecoins and is continuing to show its strengths in other emerging areas within decentralized finance, real-world assets, data storage, and artificial intelligence (AI).

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a fully regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at http://www.virtune.com.

    The MIL Network –

    January 23, 2025
  • 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 –

    January 23, 2025
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