Archive for ‘Hong Kong Special Administrative Region (HKSAR)’

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12/03/2020

China’s determination to achieve goal of poverty elimination unwavering: official

BEIJING, March 12 (Xinhua) — China’s determination to achieve the goal of poverty elimination remains unwavering despite the impact from the novel coronavirus disease (COVID-19), according to Liu Yongfu, director of the State Council Leading Group Office of Poverty Alleviation and Development.

About 3 million more migrant workers from the poverty-stricken areas have returned to their jobs last week, said Liu. He added that one-third of the poverty-relief projects had resumed operation as of March 6, and resumption will be accelerated.

The country’s poverty alleviation tasks are near completion, as the number of impoverished people fell to 5.51 million at the end of 2019 from 98.99 million at the end of 2012, and the number of poverty-stricken counties fell to 52 in 2020.

Guidance on establishing the poverty-relief supervision and aid mechanism will be released soon to prevent people from returning to poverty after being lifted out of it, according to Liu.

Measures should be taken to ensure the quality of compulsory education as well as develop vocational, higher and pre-school education in impoverished areas to eliminate poverty from the roots, he said.

Efforts to relieve poverty will not be stopped, even after absolute poverty is eradicated, said Liu, stressing that the country would then bridge the development gap and realize common prosperity.

Liu also noted that a census targeting poor people will be launched this year to ensure the data authenticity and accuracy of the achievements of the poverty alleviation tasks.

He also praised the help from Hong Kong in the fight against poverty. Nanjiang county in southwestern China’s Sichuan province has lifted all of the poor populations out of poverty last year, with parts of the contributions made by the government of Hong Kong Special Administrative Region and all walks of life in Hong Kong.

Source: Xinhua

Posted in achieve goal, China's, COVID-19, determination, Hong Kong, Hong Kong Special Administrative Region (HKSAR), Leading Group Office of Poverty Alleviation and Development, Nanjiang county, novel coronavirus disease, poverty alleviation, poverty elimination, sichuan province, State Council, Uncategorized | Leave a Comment »

06/10/2019

HKSAR chief executive vows greatest resolve to end violence

HONG KONG, Oct. 5 (Xinhua) — Chief Executive of China’s Hong Kong Special Administrative Region (HKSAR) Carrie Lam said Saturday that the government will take the greatest resolve to end violence, after rampant rioters Friday wreaked havoc in various areas of Hong Kong.

Lam said in a video address that Hong Kong witnessed “a very dark night” on Friday and the society was half-paralyzed, describing the extreme acts as “unprecedented and appalling.”

Violent and disruptive acts were staged again in Hong Kong on Friday as masked rioters blocked roads, set fires, damaged public facilities, and assaulted police officers and passersby, leaving the transport network paralyzed and forcing numerous shops to close.

“The extreme violence is a clear indication of the widespread danger to public security in Hong Kong,” Lam said.

Given the escalating violence recently, the HKSAR government has invoked the power under the Emergency Regulations Ordinance and put in place the Prohibition on Face Covering Regulation. The anti-mask law, designed to end violence and restore order, came into effect on Saturday, Lam said.

The move has received support from 40 Legislative Council members and many chambers of commerce, media outlets and social organizations, she said.

Lam reiterated the legality of the action and said the HKSAR government adopted appropriate measures using the power conferred by the existing law.

Lam urged foreign officials and lawmakers to understand the nature of the violent incidents. “Hong Kong is facing unprecedented violence and the government needs to adopt resolute legal measures to stop violence, restore peace and order, and protect the rights and freedoms of Hong Kong residents from the threats of rioters.” She said anti-mask legislations were also adopted in a number of western countries.

Lam also called on Hong Kong residents to support the HKSAR government in stopping the violence, make a clean break with rioters, and work together to bring back peaceful lives as soon as possible.

Source: Xinhua

Posted in Carrie Lam, Chief Executive, end violence, Government, greatest resolve, Hong Kong, Hong Kong Special Administrative Region (HKSAR), rampant rioters, Uncategorized, wreaked havoc | Leave a Comment »

06/10/2019

Xinhua Headlines: China’s Greater Bay Area busy laying foundation for innovation

As China aims to develop its Greater Bay Area into an international innovation and technology hub, innovation and entrepreneurship resources are shared in the area to provide more opportunities for young Hong Kong and Macao entrepreneurs.

The provincial government of Guangdong has stepped up efforts to improve basic research capability, considered the backbone of an international innovation and technology hub, by building large scientific installations and launching provincial labs.

by Xinhua writers Liu Yiwei, Quan Xiaoshu, Wang Pan, Jing Huaiqiao

GUANGZHOU, Oct. 5 (Xinhua) — Hong Kong man Andy Ng was surprised his shared workspace Timetable was rented out completely only six months after it had started operation in Guangzhou, capital of south China’s Guangdong Province.

While studying economics at City University of Hong Kong, Ng set up his first business, developing an online education platform, but soon realized the Hong Kong market was too small. After earning a master’s degree in the UK in 2017, Ng returned to China and chose Guangzhou as his new base.

Timetable is now accumulating popularity and even fans in Dianping.com, China’s major online consumer guide. Ng feels lucky that his business caught the implementation of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development plan.

The bay area, covering 56,000 square km, comprises Hong Kong and Macao, as well as nine cities in Guangdong. It had a combined population of about 70 million at the end of 2017, and is one of the most open and dynamic regions in China.

Aerial photo taken on July 11, 2018 shows the Hong Kong-Zhuhai-Macao Bridge in south China. (Xinhua/Liang Xu)

In July 2017, a framework agreement on the development of the bay area was signed. On February 18 this year, China issued the more specific Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. One of its major aims is to develop the area into an international innovation and technology hub.

OPPORTUNITIES FOR YOUTH

The plan proposes that innovation and entrepreneurship resources be shared in the bay area to provide more opportunities for young Hong Kong and Macao entrepreneurs.

An incubator for entrepreneurship, Timetable is home to 52 companies, including 15 from Hong Kong and Macao, such as Redspots, a virtual reality company that won the Hong Kong Information and Communications Technology (ICT) Awards 2019.

“I persuaded them one by one to come here,” Ng said. “I told them of my own experience that the GBA is a great stage for starting a business with ever-upgrading technologies, ever-changing consumer tastes and a population 10 times that of Hong Kong.”

Timetable is a startup base of the Guangzhou Tianhe Hong Kong and Macao Youth Association, which has assisted 65 enterprises founded by Hong Kong and Macao young people since its establishment in October 2017.

The association and its four bases provide a package of services from training and registering to policy and legal consultation, said Chen Jingzhan, one of the association founders.

Tong Yat, a young Macao man who teaches children programming, is grateful the association encouraged him to come to Guangdong, where young people enjoy more preferential policies to start their own businesses.

“The GBA development not only benefits us, but paves the way for the next generation,” Tong said. “If one of my students were to become a tech tycoon in the future and tell others that his first science and technology teacher was me, I would think it all worthwhile.”

In the first quarter of this year, there were more than 980 science and technology business incubators in Guangdong, including more than 50 for young people from Hong Kong and Macao, said Wu Hanrong, an official with the Department of Science and Technology of Guangdong Province.

INNOVATION HIGHLAND

As the young entrepreneurs create a bustling innovative atmosphere, the Guangdong government has stepped up efforts to improve basic research capability, considered the backbone of an international innovation and technology hub, by building large scientific installations and launching provincial labs.

Several large scientific facilities have settled in Guangdong. China Spallation Neutron Source (CSNS) operates in Dongguan City; a neutrino observatory is under construction in Jiangmen City; a high intensity heavy-ion accelerator is being built in Huizhou City.

Aerial photo taken on June 23, 2019 shows the construction site of the Jiangmen Underground Neutrino Observatory (JUNO) in Jiangmen, south China’s Guangdong Province. (Xinhua/Liu Dawei)

Guangdong also plans to build about 10 provincial labs, covering regenerative medicine, materials, advanced manufacturing, next-generation network communications, chemical and fine chemicals, marine research and other areas, said Zhang Yan, of the provincial department of science and technology.

Unlike traditional universities or research institutions, the provincial labs enjoy a high degree of autonomy in policy and spending. A market-oriented salary system allows them to recruit talent from all over the world, and researchers from other domestic organizations can work for the laboratories without giving up their original jobs, Zhang said.

The labs are also open to professionals from Hong Kong and Macao. Research teams from the universities of the two special administrative regions have been involved in many of the key programs, Zhang said.

For example, the provincial lab of regenerative medicine and health has jointly established a regenerative medicine research institute with the Chinese University of Hong Kong, a heart research center with the University of Hong Kong, and a neuroscience research center with the Hong Kong University of Science and Technology (HKUST).

Photo taken on July 24, 2019 shows a rapid cycling synchrotron at the China Spallation Neutron Source (CSNS) in Dongguan, south China’s Guangdong Province. (Xinhua/Liu Dawei)

Guangdong has been trying to break down institutional barriers to help cooperation, encouraging Hong Kong and Macao research institutions to participate in provincial research programs, exploring the cross-border use of provincial government-sponsored research funds, and shielding Hong Kong researchers in Guangdong from higher mainland taxes.

NANSHA FOCUS

Located at the center of the bay area, Guangzhou’s Nansha District is designed as the national economic and technological development zone and national free trade zone, and is an important pivot in building the area into an international innovation and technology hub.

The construction of a science park covering about 200 hectares started on Sept. 26. Gong Shangyun, an official with the Nansha government, said the park will be completed in 2022.

Jointly built by the Guangzhou government and the Chinese Academy of Sciences (CAS), the science park will accommodate CAS research institutes from around Guangzhou, including the South China Sea Institute of Oceanology, the South China Botanical Garden (SCBG) and the Guangzhou Institute of Energy Conversion.

Ren Hai, director of the SCBG, is looking forward to expanding the research platforms in Nansha. “We will build a new economic plant platform serving the green development of the Pearl River Delta, a new botanical garden open to the public, and promote the establishment of the GBA botanical garden union.”

Wang Ying, a researcher with the SCBG, said the union will help deepen the long cooperation among its members and improve scientific research, science popularization and ecological protection. “Predecessors of our botanical garden have helped the Hong Kong and Macao counterparts gradually establish their regional flora since the 1950s and 1960s.”

HKUST also started to build a new campus in Nansha the same day as the science park broke ground. “Located next to the high-speed rail station, the Guangzhou campus is only a 30-minute journey from the Hong Kong campus. A delegation from the HKUST once paid a visit to the site and found it very convenient to work here,” Gong said.

Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam hoped the new campus would help create a new chapter for the exchanges and cooperation on higher education between Guangzhou and Hong Kong, and cultivate more talents with innovative capabilities.

Nansha’s layout is a miniature of the provincial blueprint for an emerging international innovation and technology hub.

“We are seeking partnership with other leading domestic research institutions and encouraging universities from Hong Kong and Macao to set up R&D institutions in Guangdong,” said Zhang Kaisheng, an official with the provincial department of science and technology.

“We are much busier now, because research institutes at home and abroad come to talk about collaboration every week. The GBA is a rising attraction to global scientific researchers,” Zhang said.

Source: Xinhua

Posted in advanced manufacturing, autonomy, Carrie Lam, chemical, Chief Executive, China alert, China's Greater Bay Area, Chinese Academy of Sciences (CAS), Chinese University of Hong Kong, City University of Hong Kong, collaboration, Construction, cooperation, Department of Science and Technology, development plan, Dianping.com, Dongguan City, entrepreneurs, entrepreneurship, fine chemicals, Greater Bay Area, Guangdong, guangdong province, Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Guangdong. China Spallation Neutron Source (CSNS), Guangzhou, Guangzhou Institute of Energy Conversion, Guangzhou Tianhe Hong Kong and Macao Youth Association, heart research center, high intensity heavy-ion accelerator, high-speed rail station, HIGHLAND, Hong Kong, Hong Kong Information and Communications Technology (ICT) Awards, Hong Kong Special Administrative Region (HKSAR), Hong Kong University of Science and Technology (HKUST), Huizhou City, incubator, innovation, innovation and technology hub, institutional barriers, international, Jiangmen City, laying foundation, Macao, marine research, market, market-oriented salary system, materials, Nansha District, neuroscience research center, neutrino observatory, next-generation network communications, online consumer guide, online education platform, open and dynamic region, opportunities, Outline Development Plan, Pearl River Delta, policy, programming, provincial government, recruit talent, Redspots, regenerative medicine, small, South China Botanical Garden (SCBG), South China Sea Institute of Oceanology,, special administrative regions, spending, teaches children, Timetable, traditional research institutions, traditional research labs, traditional universities, UK, Uncategorized, University of Hong Kong, virtual reality company, won, World, Youth | Leave a Comment »

18/08/2019

Feature: Over 470,000 people in Hong Kong say “no” to violence

CHINA-HONG KONG-OPPOSITION TO VIOLENCE-RALLY (CN)

People from all walks of life take part in a rally to voice their opposition to violence and call for restoring social order, expressing the people’s common will to protect and save the city at Tamar Park in south China’s Hong Kong, Aug. 17, 2019. (Xinhua/Lui Siu Wai)

HONG KONG, Aug. 17 (Xinhua) — “Anti-violence!”, “Save Hong Kong!” Over 470,000 people gathered on Saturday in a rally held at Tamar Park, Admiralty of Hong Kong, to voice out their demand for peace and stability in Hong Kong.

At around 4 p.m. local time, the metro station near Tamar Park was swarming with people. An hour later, the rally started as the Chinese national anthem was ringing out.

Waving the Chinese national flag and the flag of the Hong Kong Special Administrative Region (HKSAR) and holding signs written with slogans including “Stop Riots”, “Anti-violence” and “Save Hong Kong”, the crowd was enthusiastic and impassioned despite the rain. They chanted the slogans to express their views.

At the beginning of the rally, a video was played, featuring a recording of a policeman’s wife who spoke, choking back sobs, of how violent protesters stormed the police stations and attacked the police. She appealed to the public to support the police and Hong Kong during this difficult time. “Police, keep it up!”, “Save Hong Kong!” the crowd cried out at the end of the video.

Tam Yiu-chung, a member of the Standing Committee of China’s National People’s Congress, called upon people from all walks of life to firmly oppose violence.

The national flag and emblem represent the dignity of the country, and those who insult the national flag and emblem are turning themselves into enemies of the people in the whole country, Tam added.

Rebuking the recent illegal assemblies and violent acts at Hong Kong International Airport as “the ugliest riot in the world”, Maria Tam Wai-chu deputy director of the National People’s Congress Standing Committee Basic Law Committee from Hong Kong, stressed that everyone should respect the freedoms of others and the exercise of freedom does not include wanton destruction of public properties or obstruction of public transport.

Wong Kam-leung, chairman of Hong Kong Federation of Education Workers, said that the violence in Hong Kong has been escalating over the past two months and he was distressed to see young people using force and violating laws.

He called on the young people to “stop and think twice” before engaging in violent or illegal acts.

A 57-year-old gardener surnamed Chan said sometimes she could not go to work because radical demonstrators disrupted the traffic, “which was very annoying.”

“Hong Kong has always been a peaceful society. I hope the extremist radicals stop violent acts so that people can return to peaceful life,” she said.

A finance professional surnamed Lee said his business has been badly hit by the illegal demonstrations since many of his clients are too concerned to invest in Hong Kong.

“The common aspiration of the overwhelming majority of people in Hong Kong is that the violence and chaos will stop soon. Our community has been torn apart and can not afford any more of it,” he said. “We urge the demonstrators and mobs to stop it immediately; otherwise, the whole community has to pay for the consequences.”

A local resident, Wendy, a mother of a young boy, told the reporter that her life was largely affected by the violent protests going on in the recent two months.

“For the sake of our future generations and Hong Kong getting back on track, we refuse to be in silence, we must let the world hear our voice,” she said firmly.

The assembly ended at around 6 p.m. local time, with the participants singing the chorus Below the Lion Rock, a famous song in Hong Kong that represents the spirit of unity and hard-working.

Source: Xinhua

Posted in Admiralty, Anti-violence, Below the Lion Rock, Chinese national anthem, flag, Hong Kong, Hong Kong Federation of Education Workers, Hong Kong International Airport, Hong Kong Special Administrative Region (HKSAR), national flag, National People's Congress Standing Committee Basic Law Committee, obstruction, Over 470,000 people, peace and stability, public properties, public transport, Save Hong Kong, say "no", Standing Committee of China's National People's Congress, Stop Riots, Tamar Park, Uncategorized, Violence, wanton destruction | Leave a Comment »

14/08/2019

Hong Kong airport resumes operation after protest-forced halt

HONG KONG, Aug. 14 (Xinhua) — The Hong Kong International Airport started to resume operation on Wednesday after chaos and flight cancellations caused by protesters.

Passengers are now able to conduct check-in procedures after tickets or purchase vouchers are checked by airport staff. A demonstration area has been marked out at the arrival hall.

Airport Authority Hong Kong said earlier Wednesday that it has obtained an interim injunction to restrain persons from unlawfully and willfully obstructing or interfering with the proper use of the airport.

The authority emphasized that persons are also restrained from attending or participating in any demonstration or protest or public order event in the airport other than in the area designated by the airport authority.

The interim injunction expressly provides that nothing in the interim injunction shall be construed as authorizing any demonstration, protest or public order event contrary to the Public Order Ordinance.

Many of the passengers, who have their flights delayed or changed, are still waiting at the airport for confirmation of their departure time.

“It was totally chaos last night and those people in black were everywhere. We were very scared,” said Maria, a passenger from the Philippines. “I just hope we can fly on time today.”

“I’m very angry. Some of the protesters said they were sorry but I think they were just having fun here, obstructing us,” said Pia from Germany. “I can’t believe this could be happening in the 21st century.”

“I only wish I can leave Hong Kong safely and go back home,” she said.

As one of the busiest in the world, the Hong Kong International Airport handled an average of 200,000 travelers each day in 2018.

Frank Chan, secretary for transport and housing of the Hong Kong Special Administrative Region government, said paralyzing the airport will make Hong Kong “pay a heavy price.”

“Amid fierce regional competition, it is very easy to destroy years of achievements the airport has accomplished, but rebuilding them will be very hard,” Chan said.

Source: Xinhua

Posted in Airport, Airport Authority Hong Kong, Chaos, check-in procedures, flight cancellations, Germany, Hong Kong, Hong Kong International Airport, Hong Kong Special Administrative Region (HKSAR), operation, passengers, protest-forced halt, protesters, Public Order Ordinance, resumes, Uncategorized | Leave a Comment »

16/06/2019

Commissioner’s office of China’s foreign ministry in HK voices support for HK’s decision to suspend fugitive law amendments

HONG KONG, June 15 (Xinhua) — An official in charge of the Office of the Commissioner of the Chinese Foreign Ministry in Hong Kong Special Administrative Region (HKSAR) on Saturday expressed understanding, respect and support for the decision by the HKSAR chief executive to suspend the exercise to amend the HKSAR’s Fugitive Offenders Ordinance and the Mutual Legal Assistance in Criminal Matters Ordinance.

The official also voiced continuous staunch support for HKSAR Chief Executive Carrie Lam and the SAR government in governing Hong Kong in accordance with law, safeguarding the country’s sovereignty, security and development interests, and upholding Hong Kong’s enduring prosperity and stability.

“We firmly support the SAR government’s efforts to amend the ordinances,” he said, adding that the amendments to the two ordinances aim to plug a legal loophole in the existing legal framework, demonstrate social justice and improve Hong kong’s rule of law, which is necessary, legitimate and reasonable.

The contents of the amendments conform to the international law and the common practices of the international community, and help fight crimes, he said.

The official strongly condemned the violent acts by some people, and voiced firm support for the Hong Kong police force to mete out punishment in accordance with law, uphold Hong Kong’s rule of law and protect Hong Kong’s social stability.

Since Hong Kong’s return to the motherland, Hong Kong people have been enjoying unprecedented and extensive rights and freedoms, including the freedoms of speech and assembly, he said.

However, freedom is by no means without boundaries, and rights must be exercised within the framework of the rule of law. Any civilized society ruled by law will not tolerate unlawful acts which impact peace and security, he said.

He stressed that Hong Kong is China’s Hong Kong and its affairs are purely China’s internal affairs. “We resolutely oppose any external forces interfering in its affairs with any excuse or in any form. Any attempts to create chaos in Hong Kong and jeopardize its prosperity and stability are doomed to fail,” he said.

“Again, we urge relevant countries to comply with the international law and the basic norms governing international relations, fully respect China’s sovereignty and the SAR government in exercising governance in accordance with law and immediately stop the wrong words and deeds that undermine Hong Kong’s prosperity and stability,” the official said.

Source: Xinhua

Posted in boundaries, Commissioner's office, Foreign Ministry, Freedom, freedoms of speech and assembly, fugitive law, Hong Kong, Hong Kong police force, Hong Kong Special Administrative Region (HKSAR), motherland, Mutual Legal Assistance in Criminal Matters Ordinance, prosperity, sovereignty, stability, suspend, Uncategorized | Leave a Comment »

25/05/2019

Across China: “Sino-British Street” seeks rejuvenation

SHENZHEN, May 25 (Xinhua) — A southern Chinese trade hub boasting special links with Hong Kong is hoping the enhanced efforts to build the g will revitalize its tourism industry and local economy.

Chung Ying Street, or “Sino-British Street,” straddles the Hong Kong Special Administrative Region and the mainland city of Shenzhen and has been a special zone where local residents from both sides are allowed to cross the border freely.

It was once a boomtown popular among mainland visitors, who entered with a special permit to snatch duty-free goods from Hong Kong, but fell into decline after travel to Hong Kong was made easier for mainlanders.

The street derived from a small village, which was divided by the “Sino-British” borderline after Hong Kong became a British colony in the 19th century.

Sha Jintao, a 73-year-old resident, remembers how the street became a boomtown as China opened up and tightened links between the mainland and Hong Kong.

“When I was a child, there were only a few farmers and fishermen living on the mainland side of the street, while the Hong Kong side bustled with shops and businesses,” Sha said.

But as Shenzhen rose as a forefront of China’s reform and opening up starting in the late 1970s, the street became the center of changes. New shops and factories propped up with the inflow of Hong Kong investments, and the fancy commodities from its Hong Kong stores wooed in large numbers of mainland tourists.

Historical records show the number of tourists flocking into the 250-meter-long street peaked at 100,000 a day in the 1980s. As many as 89 jewelry stores opened in its heyday and sold 5 tonnes of gold jewelry in half a year.

SURVIVAL CRISIS

The heyday was however short-lived. After Hong Kong returned to the motherland in 1997, the street began to lose its appeal, as shopping in Hong Kong was made much easier for mainland tourists. Its daily visitors dropped below 10,000 after 2003, when mainlanders were allowed to independently travel to Hong Kong.

Many stores closed due to a loss of customers, and some survived by selling fake jewelry, winning the street much notoriety, recalled Sha, who then headed the local neighborhood committee.

Sha said the ephemeral boom was limited to the era when most Chinese had limited access to the outside world, so as the country opened its door wider, the street’s function as a “window” faced an inevitable doom.

“Now with a smartphone, a consumer could easily buy goods from across the globe,” he said, referring to China’s cross-border e-commerce boom. “So if is just for the purpose of shopping, why take the trouble of traveling to the Chung Ying Street?”

The street is now more of a cultural site, dotted with relics and museums displaying its history, but locals are hopeful that the ongoing construction of the Guangdong-Hong Kong-Macao Greater Bay Area will usher in another golden era for their neighborhood.

China has planned to turn the greater bay area, which encompasses Hong Kong, Macao and nine cities in Guangdong Province, into the world’s largest bay area in terms of GDP by 2030.

Earlier this month, the city government of Shenzhen said it will upgrade its ports with Hong Kong to boost the greater bay area development. The Shatoujiao Subdistrict, where the Chung Ying Street is located, was reserved for a new cooperation zone featuring tourism and consumption.

Optimism is running high in the community. New industries like artificial intelligence (AI), health and high-end shipping service have taken root in Yantian District, which administers Shatoujiao, and Sha is buzzing around to connect business people from Hong Kong and Shenzhen.

“Shatoujiao and its Chung Ying Street have boasted the one-of-the-kind advantage in Shenzhen-Hong Kong cooperation. We’ll work hard to turn the blueprint of the greater bay area into a reality here,” said Chen Qing, party secretary of Yantian.

Source: Xinhua

Posted in artificial intelligence (AI), Chung Ying Street, ephemeral boom, GDP, guangdong province, Guangdong-Hong Kong-Macao Greater Bay Area, health, high-end shipping service, Historical records, Hong Kong, Hong Kong Special Administrative Region (HKSAR), Macao, mainland, motherland, rejuvenation, Sha, Shatoujiao, Shen-Hong Kong cooperation, Shenzhen, Sino-British Street, smartphone, Uncategorized, Yantian District | Leave a Comment »

28/02/2019

HKSAR gov’t sees Greater Bay Area development as golden opportunity

HONG KONG, Feb. 27 (Xinhua) — The financial secretary of China’s Hong Kong Special Administrative Region (HKSAR) government delivered Hong Kong’s annual budget on Wednesday, saying the Guangdong-Hong Kong-Macao Greater Bay Area offers golden opportunities for Hong Kong to explore new directions and open up new horizons.

To support implementation of various measures, the budget, themed “supporting enterprises, safeguarding jobs, stabilizing the economy, strengthening livelihoods,” provides new resources ready for use of about 150 billion HK dollars (about 19.1 billion U.S. dollars), with additional resources earmarked for various purposes.

“This demonstrates our determination to enhance public services, support enterprises, relieve people’s burden and invest for the future,” Financial Secretary of the HKSAR government Paul Chan said.

Under mounting external pressures, Hong Kong’s economic growth moderated from 4.1 percent in the first half of 2018 to 2.1 percent in the second half of the year, with growth for the fourth quarter at a mere 1.3 percent, the lowest since the first quarter of 2016, he said.

Overall, Hong Kong’s economy grew by 3 percent in 2018, at the lower end of the range projected in last year’s Budget but still higher than the trend growth rate of 2.8 percent over the past decade, he added.

Chan forecast a surplus of 58.7 billion HK dollars for 2018-19. Fiscal reserves are expected to reach 1,161.6 billion HK dollars by March 31, 2019; economic growth of 2 to 3 percent in real terms for Hong Kong in 2019.

He said the development of innovation and technology (I&T) will bring huge economic benefits to Hong Kong, adding that sufficient resources, with a commitment of over 100 billion HK dollars has been allocated in this area so far.

More efforts will be made to support scientific research and I&T sectors by developing I&T infrastructure, promoting research and development (R&D), pooling talent, supporting enterprises and promoting reindustrialization.

Talking about national development strategy, Chan emphasized that the Greater Bay Area development and the Belt and Road Initiative are providing rare opportunities for Hong Kong.

Chan said that the outline development plan for the Greater Bay Area, promulgated last week, is a milestone setting out the development directions for the Greater Bay Area up to 2035.

Hong Kong, positioned as international financial, transportation and trade centers as well as an international aviation hub in the Greater Bay Area, will strengthen its roles as a global offshore Renminbi business hub and an international asset and risk management center; and will devote great efforts to develop I&T industries as well as international legal and dispute resolution services, the financial chief said.

Meanwhile, the Belt and Road Initiative will create greater room for Hong Kong’s economic and social development. There has been positive outcomes in areas such as supporting industries in exploring markets, establishing business matching platforms for enterprises and encouraging Hong Kong’s professional services sector to participate in Belt and Road projects.

As for land supply, Chan said, the HKSAR government will ensure that adequate resources are provided to support fully the short, medium and long-term measures to increase land and housing supply.

The estimated public housing production for the next five years is about 100,400 units and the supply of first-hand private residential units is expected to remain at a relatively high level in the coming three to four years at about 93,000 units, according to Chan. (1 U.S. dollar = 7.84 HK dollars)

Source: Xinhua

Posted in Belt and Road Initiative, China alert, enterprises, financial, financial secretary, Greater Bay Area, Guangdong-Hong Kong-Macao, HKSAR government, Hong Kong, Hong Kong Special Administrative Region (HKSAR), Infrastructure, national development strategy, new horizons, Paul Chan, private residential units, professional services, public housing, reindustrialization, Renminbi, research and development (R&D), trade centers, transportation, Uncategorized | Leave a Comment »

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