Financial Secretary Paul Chan said in his blog that the Lok Ma Chau Control Point has completed its historic mission today, and that on 12 October the new Huanggang Port will continue the Shenzhen-Hong Kong link to a new standard. The new port has a total gross floor area of about 690,000 square metres, is designed to handle 200,000 passenger trips daily, takes about five minutes to complete immigration procedures for both places, and maintains 24-hour clearance. He also discussed the four key areas of focus at the APEC finance ministers' meeting, being held in Hong Kong for the first time, including fiscal policies supporting people's livelihood development, digital infrastructure financing, inclusive finance, and exchanges and cooperation among young financial talent.
Why read this: The blog sets out the upgrading of the Shenzhen-Hong Kong port alongside the upcoming APEC finance ministers' meeting, listing verifiable figures such as clearance times and loan approvals, allowing readers to compare Hong Kong's role in connectivity and financing.
Oct 9Fri
Fri
Translation is not available yet. Showing the Traditional Chinese version.
Chan Hang-bun suggested the government extend the electric taxi subsidy scheme, pointing out that the number and distribution of charging piles are uneven and vehicle model choices are limited, hindering owners from switching to electric taxis. The Environment and Ecology Bureau said the scheme aims to subsidise the trade to purchase 3,000 electric taxis. As of end-August, 1,152 had completed licensing and were eligible for the subsidy, while there were over 1,600 across the territory. In the latest round, 1,343 taxi owners did not reply before the deadline earlier this month. The bureau said some people had become cautious about investing due to changes in the economic environment.
Hong Kong Monetary Authority Chief Executive Eddie Yue said the HK dollar has gradually weakened since mid-June to hover around 7.8460 to 7.8475, close to the 7.8500 weak-side convertibility undertaking, mainly because the widening Hong Kong-US interest rate gap has prompted carry trades and demand for HK dollars related to the stock market has fallen back. He said the automatic interest rate adjustment mechanism of the Linked Exchange Rate System will keep the HK dollar stable between 7.75 and 7.85 to 1 US dollar, and the Hong Kong Monetary Authority will closely monitor market conditions.
Why read this: The Hong Kong Monetary Authority Chief Executive set out two causes of the HK dollar's weakness and explained how the Linked Exchange Rate System will automatically adjust as it approaches the weak-side convertibility undertaking, allowing readers to compare it with the exchange rate levels they are holding.
Rita Fan estimated during an interview that the number of Legislative Council seats would need to be reviewed again in future, and quoted a friend's view that 90 seats would cost a lot of public money while 60 seats would not cost as much, saying she thought the argument made sense. She also said that legislators should fulfil their duties and be more law-abiding than the public in order to earn the public's trust, and that even if they were not particularly outstanding, at least they would not make people doubt the Legislative Council.
Rita Fan suggested reviewing the number of Legislative Council seats in order to use public funds properly. She also revealed that the Hong Kong and Shenzhen authorities had begun discussions before the 1997 handover over the development of a piece of land at the border between the two places, but the plan fell through due to opposition within the government.
Financial Secretary Paul Chan wrote in his blog on 4 October that Hong Kong will deepen international ties across multiple areas including finance, innovation and technology, and mega events. During the first three days of the Golden Week, 732,000 mainland visitor arrivals were recorded in Hong Kong, up about 8.4% year-on-year; over the first nine months, the average daily turnover of the Hong Kong stock market was $272.9 billion, with 116 companies listing and raising more than $388 billion.
Financial Secretary discussed the aftermath of the Tai Po Wang Fuk Court fire in his blog, saying the Government would provide support to affected families, with the living allowance increased from $50,000 to $100,000, and that salaries tax, rates and other fees would be waived. The Chief Executive has announced the establishment of an independent commission chaired by a judge to investigate the causes, and the Financial Secretary also urged voters to turn out in force on Legislative Council election day.
Why read this: The blog sets out specific arrangements for the aftermath of the fire, and lists verifiable figures including the living allowance increasing from $50,000 to $100,000.
Financial Secretary says in his blog that Hong Kong's economy has picked up speed, with GDP growing 3.8% in real terms year-on-year in the third quarter, and the full-year growth forecast raised to 3.2%. Merchandise exports grew 11.3% in real terms year-on-year in the first three quarters, while average daily turnover in the first ten months reached $258 billion. Residential property prices rose a further 2% in the third quarter, turning from a year-to-date decline to a rise of 1.1%.
Why read this: Financial Secretary sets out the basis for raising the full-year economic growth forecast to 3.2%, and lists verifiable figures such as exports, the property market and turnover, enabling readers to assess actual performance across each area.
Nov 9Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.
The Financial Secretary discussed Hong Kong's response to the US tariff war, saying the Hong Kong dollar exchange rate remained firm, with the Hang Seng Index closing at 20,914 points last Friday, while average daily turnover last week was HK$427.6 billion, up about 68 per cent from the previous week. The Hong Kong Monetary Authority, together with the banking sector, launched support measures for small and medium-sized enterprises, with the dedicated funds reserved by participating banks under the "SME Financing Dedicated Committee" increased to more than HK$390 billion.
Why read this: The blog post lists specific figures on the Hong Kong dollar exchange rate, the Hang Seng Index and turnover, and sets out support measures from the Hong Kong Monetary Authority and the Export Credit Insurance Corporation, making it convenient to verify Hong Kong's response to the tariff shock.
Jan 19Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.