New Capital Investment Entrant Scheme opens for application

The new Capital Investment Entrant Scheme (the Scheme) is open for application from 1 March 2024.

An eligible applicant must make investment of a minimum of HK$30 million in the permissible investment assets. A successful applicant may bring dependants (including spouse and unmarried dependent children aged under 18) to Hong Kong. Permission to stay will normally be granted to them for two years. Upon expiry of the two-year period, they may apply for an extension of stay for three years, and may subsequently apply for further extensions of stay for three years. They may, upon a period of continuous ordinary residence in Hong Kong of not less than seven years, apply to become Hong Kong permanent residents in accordance with the law.

Invest Hong Kong is responsible for assessing whether the applications fulfill the financial requirements under the Scheme, and the Immigration Department is responsible for assessing the applications for visa/entry permit and extension of stay, etc. Details are available at the Scheme website (www.newcies.gov.hk/en/index.html).

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “Following the announcement of the Scheme details in December 2023, a multitude of briefing sessions have been conducted for financial intermediaries, members of the Network of Family Office Service Providers and international business associations. These sessions have garnered considerable interest from high-net-worth individuals worldwide, including those from the Middle East, Southeast Asia and beyond. An early launch of the Scheme demonstrates the Government’s commitment to strengthening the development of asset and wealth management business, financial services and related professional services, as well as driving the high-quality development in Hong Kong.”

The Director-General of Investment Promotion, Ms Alpha Lau, said, “The Scheme will solidify Hong Kong’s position as a hub for talent and capital, and elevate Hong Kong’s status as an international financial centre. As the Government continues to roll out measure to further enhance Hong Kong’s competitiveness as an asset and wealth management hub, the attractiveness of the Scheme will be further enhanced. We will continue to work diligently in promoting the Scheme to various business associations, international stakeholders and family offices. We will also collaborate closely with service providers and potential applicants in addressing enquiries and ensuring clarity.”

For relevant press release, please visit https://www.info.gov.hk/gia/general/202403/01/P2024022900797.htm?fontSize=1.

Refined vehicle inspection arrangement for applications of “Northbound Travel for Hong Kong Vehicles”

As agreed by the governments of Guangdong and Hong Kong, the vehicle inspection arrangement for applications of “Northbound Travel for Hong Kong Vehicles” has been refined starting from 1 March 2024.

Before the refinement, applicants of “Northbound Travel for Hong Kong Vehicles” were required to conduct vehicle inspections at designated locations in Hong Kong. Starting from 1 March 2024, vehicle inspections will be exempted if the applicant and the vehicle remain unchanged when resubmitting applications for “Northbound Travel for Hong Kong Vehicles” within two years of passing the vehicle inspection and within the validity of the applicant’s electronic vehicle licence from the Mainland authorities.

Details of the arrangement are available on the “Northbound Travel for Hong Kong Vehicles” website (www.hzmbqfs.gov.hk).

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/29/P2024022900609.htm?fontSize=1.

Public consultation on Basic Law Article 23 legislation concluded

The public consultation on Basic Law Article 23 legislation launched by the Security Bureau on 30 January 2024 concluded on 28 February 2024.

Since the commencement of the public consultation, the HKSAR Government had held nearly 30 consultation sessions to meet with representatives from various sectors to give them detailed briefings on the proposals in the consultation document, and to take the initiative to address the concerns of attendees on specific issues and garner their support. About 3 000 people participated in the consultation sessions, covering representatives from such sectors as local and international businesses, legal, financial, education, media and other professions. Representatives of national organisations, district personalities, political parties and relevant organisations as well as Consuls-General also attended the sessions. A majority of the participants indicated their support for the legislation.

To enable the public to gain a clearer understanding of the legislative proposals and refute false information, various publicity items (e.g. leaflets, thematic webpage, infographics and Announcements in the Public Interest) were launched to better visualise the content of the consultation document. The Secretary for Justice and the Secretary for Security also participated in a series of media interviews by TV stations, radio stations, newspapers and online media during the consultation period to explain in greater depth areas of public concerns.

A spokesman for the Security Bureau said, “While it takes time to take stock of the number of views received at the end, according to the preliminary figures as at 11.59pm yesterday (28 February 2024), the HKSAR Government received a total of 13 147 submissions during the consultation period, which are mainly by email, post and fax. Among them, 12 969 (98.64 per cent of the total) show support and make positive comments; while 85 (0.65 per cent of the total) purely contain questions or opinions therein that cannot reflect the authors’ stance and 93 (0.71 per cent of the total) oppose the legislative proposals, amongst them over 10 are overseas anti-China organisations or abscondees. The aforementioned result has indicated that the legislative proposals have gained majority support from the public. On the other hand, views received cover different aspects of the legislative proposals while some offered views on safeguarding national security beyond what is covered in the proposals of the consultation document. These would serve as valuable reference in the process of drafting the bill.”

In addition, organisations and bodies from various sectors and professions showed their staunch support for the HKSAR Government’s legislative work through open statements, bylined articles, joint letters and more, amounting to 512 as at 27 February 2024. Some of the statements were directly submitted to the HKSAR Government as responses to the consultation document.

“The HKSAR Government would like to express gratitude to members of the public for their active participation in the public consultation, and is pleased that society has reached consensus to complete the legislation as early as possible. We are encouraged by the proactive expression of support for the legislation work by various sectors, which demonstrates a strong ambience to support the Basic Law Article 23 legislation in the society,” the spokesman said.

The HKSAR Government will work in full steam to consolidate the results of the public consultation and report to the joint meeting of the Panel on Security and the Panel on Administration of Justice and Legal Services of the Legislative Council (LegCo). By making reference to the views received, it will also strive to finalise the Safeguarding National Security Bill soonest for introduction to the LegCo. During the legislative process, the HKSAR Government will continue to brief various sectors proactively, take the initiative to disseminate further information in relation to the legislation through different channels, and refute groundless attacks and smears on the Basic Law Article 23 legislation to set the record straight and protect the public from being misled. In the next stage, the HKSAR Government will proactively facilitate the work of the LegCo to complete the legislative work as early as possible to cope with the constant national security risks and threats, and safeguard public safety, allowing Hong Kong to focus entirely on economic development and maintain prosperity and stability.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/29/P2024022900287.htm?fontSize=1.

SME Financing Guarantee Scheme extends application period

The Financial Secretary announced in the 2024-25 Budget that the application period of the 80% Guarantee Product and the 90% Guarantee Product of the SME Financing Guarantee Scheme (SFGS) be extended for two years to end-March 2026.

Enterprises wishing to apply for loans may approach the lending institutions. Details including the list of participating lenders are available on the SFGS webpage: www.hkmc.com.hk/sfgs. For public enquiries, please call the SFGS Hotline at 2536 0392.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/28/P2024022800394.htm.

Extension of first registration tax concession arrangement for electric vehicles for two years and relevant new arrangements

The 2024-25 Budget announced on 28 February 2024 that the first registration tax (FRT) concession arrangement for electric vehicles (EVs) will be extended for two years to 31 March 2026. The relevant new FRT concession arrangements for various types of EVs are as follows:

From 1 April 2024 to 31 March 2026:

(a) Electric private cars (e-PCs)

(i) Except for eligible e-PC owners (see paragraph (a)(ii)), the FRT concession cap for e-PCs in general will be adjusted from $97,500 to $58,500.

(ii) For vehicle owners who register a new e-PC for the first time after arranging for the scrapping and cancellation of the registration of their eligible old private car (PC) (PC with an internal combustion engine or e-PC) under the "One-for-One Replacement" Scheme, the FRT concession cap granted will be adjusted from $287,500 to $172,500.

(iii) e-PCs with a taxable value (i.e. vehicle price before tax) of over $500,000 will no longer be entitled to the FRT concession.

(b) The FRT for other types of EVs (including electric commercial vehicles, electric motorcycles and electric motor tricycles) will continue to be waived in full.

The prevailing vehicle first registration procedures remain unchanged. The above new arrangements are applicable to "One-for-One Replacement" Scheme applications or EV first registration applications submitted on or after 1 April 2024 (subject to receipt of the completed application form and required documents by the Transport Department (TD)). The Government will implement a one-off arrangement. For e-PCs that have been ordered on or before 28 February 2024, or have been arranged by the vehicle owners to be shipped to Hong Kong for their own use, even if the e-PCs have not been first registered before 1 April 2024, they are still entitled to the FRT concession before adjustment, provided that the relevant local registered distributors/registered importers/vehicle owners have submitted the supporting documents required to the TD and have applied for paying motor vehicles FRT based on the concession before adjustment, and that the relevant application is verified and approved by the TD. However, local registered distributors/registered importers/vehicle owners must submit the application on or before 27 February 2025, so that they can pay the motor vehicles FRT at the concession before adjustment under the aforementioned one-off arrangement.

For enquiries, members of the public can call 1823 or the TD's Hong Kong Licensing Office at 2804 2637.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/28/P2024022800393.htm.

Countercyclical macroprudential measures for property mortgage loans

The Hong Kong Monetary Authority (HKMA) issued guidelines to banks adjusting the countercyclical macroprudential measures for property mortgage loans and other related supervisory requirements on 28 February 2024.

Property prices continue to adjust recently. Official residential property prices decreased by 7 per cent in 2023, and further declined by 1.6 per cent in January 2024, with a cumulative correction of more than 20 per cent from their peak in 2021. Residential property transaction volume stayed low with an average number of transactions of 3,584 per month in 2023, representing an annual decline of 4.5 per cent. The situation in the non-residential property market is similar. The average prices of offices fell by approximately 7 per cent in 2023, while market data showed that the vacancy rate of Grade A offices rose to about 16 per cent at the end of 2023. Meanwhile, the external and domestic economic outlooks are still subject to many uncertainties.

After detailed analyses, the HKMA considers that there is room to adjust the countercyclical macroprudential measures for property mortgage loans and to suitably adjust other related supervisory requirements on property loans, while continuing to maintain banking stability and ensuring the proper risk management of property lending by banks:

1. For residential properties for self-occupation, the maximum loan-to-value (LTV) ratios have been adjusted to 70 per cent for properties valued at HK$30 million or below; and 60 per cent for properties valued at HK$35 million or above. To avoid a sudden drop in applicable LTV ratios, ratios for properties valued between HK$30 million and HK$35 million will be adjusted downward gradually. For non-self-use residential properties, the maximum LTV ratio has been adjusted from 50 per cent to 60 per cent.
2. The maximum LTV ratio for non-residential properties (including offices, retail shops and industrial buildings) has been adjusted from 60 per cent to 70 per cent.
3. For mortgage loans assessed based on the net worth of mortgage applicants, the maximum LTV ratio has been adjusted from 50 per cent to 60 per cent. This adjustment is applicable to both residential properties and non-residential properties.
4. With the United States (US) Federal Reserve recently expressing that the US rate hike cycle might be approaching an end, the probability of a further increase in mortgage interest rates in Hong Kong in the near future is relatively low. The HKMA therefore considers it appropriate to suspend the interest rate stress testing requirement for property mortgage lending that assumes a 200-basis-point rise in the mortgage rate.
5. The HKMA tightened the financing caps for property development projects in June 2017. In view of the current property market situation, the HKMA considers it appropriate to raise the relevant financing caps back to the pre-2017 levels – in other words, the overall financing cap has been increased from 50 per cent of the expected value of the completed properties to 60 per cent, within which the financing cap for the value of the property site has been increased from 40 per cent to 50 per cent and the financing cap for the construction cost has been increased from 80 per cent to 100 per cent. In addition, the requirement for banks to set aside additional capital for exposures to property developers which offer mortgage financing with high LTV ratios has been lifted.

These adjustments have taken effect from 28 February 2024 and apply to property transactions with provisional sale and purchase agreements signed on 28 February or subsequently.

The HKMA will continue to monitor market developments closely and introduce measures to safeguard banking stability as conditions in the property market evolve.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/28/P2024022800267.htm.

World Trade Organization services domestic regulation disciplines enter into force

A Government spokesman said on 28 February 2024 that a set of domestic regulation disciplines aiming to facilitate services trade agreed under the World Trade Organization (WTO) has entered into force. Hong Kong businesses will benefit from a more transparent and predictable regulatory environment when they enter foreign markets.

The disciplines are the negotiated outcome of a plurilateral trade initiative under the WTO. They aim to facilitate services trade by improving the transparency, predictability and effectiveness of the relevant domestic measures relating to licensing requirements and procedures, qualification requirements and procedures, and technical standards that businesses have to comply with to supply their services in a market, thereby cutting red tapes and lowering trade costs for service suppliers.

With the inclusion of Hong Kong, China (HKC), the plurilateral trade initiative has a total of 72 participants, together accounting for over 92.5 per cent of the world services trade. Other participants include HKC's major services trading partners such as China, the European Union (EU), Japan, Singapore, the United Kingdom and the US.

Being a highly open economy with a well-established and transparent regulatory regime, HKC's existing regulatory frameworks are able to comply with all the relevant disciplines. HKC will apply these disciplines to all its existing committed services sectors (Note 1) under the WTO General Agreement on Trade in Services, and to six additional sub-sectors under Environmental Services (Note 2). For details about the disciplines, please refer to the dedicated webpage: www.tid.gov.hk/english/trade_relations/tradefora/domestic_regulation.html

Note 1: HKC has undertaken commitments in more than 30 services sectors, including accounting, auditing and bookkeeping services; telecommunication services; banking and other financial services; restaurant and catering services; travel agencies and tour operator services. The full list of HKC's committed services sectors is available on the TID’s website: www.tid.gov.hk/english/trade_relations/tradefora/files/HKC_Services_Commitments_Only.pdf

Note 2: Namely sewage services; sanitation and similar services; cleaning services of exhaust gases; noise abatement services; nature and landscape protection services; and other environmental protection services.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/28/P2024022300401.htm.

Qualifying standards for environment-friendly commercial vehicles to remain unchanged from April 2024 to March 2025

The Environmental Protection Department (EPD) announced on 23 February 2024 that the qualifying standards (QS), first registration tax concession rates and their concession caps for environment-friendly commercial vehicles (EFCV) will remain unchanged for the period from 1 April 2024 to 31 March 2025 inclusive.

To improve roadside air quality and safeguard public health, the Government has been offering tax incentives since 1 April 2008, to encourage commercial vehicle owners to choose EFCVs with exhaust emissions that outperform the prevailing statutory emission standards. The EPD reviews the QS of EFCV models annually in the light of vehicle technological advancements, market availability and the prevailing statutory emission standards for the first registered vehicles.

The EPD regularly updates the list of EFCV models as new models enter the local market. Details of the tax concession scheme for EFCVs are available at www.epd.gov.hk/epd/english/environmentinhk/air/prob_solutions/environment_friendly_commercial_vehicles.html.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/23/P2024022300280.htm.

United Nations Sanctions (Haiti) (Amendment) Regulation 2024 gazetted

The Government gazetted the United Nations Sanctions (Haiti) (Amendment) Regulation 2024 on 23 February 2024, which came into operation on the same date.

"The Amendment Regulation amends the United Nations Sanctions (Haiti) Regulation to give effect to certain decisions relating to sanctions in the United Nations Security Council Resolution 2700 in respect of Haiti," a Government spokesman said.

The amendments renew the travel ban, financial sanctions and arms embargo, revise the scope of arms embargo, and reflect the new exemption requirements relating to arms embargo.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/23/P2024022300187.htm.

Commencement notice for remaining four elements of safety management system of Factories and Industrial Undertakings (Safety Management) Regulation gazetted

The Government published in the Gazette on 23 February 2024 the Factories and Industrial Undertakings (Safety Management) Regulation (Commencement) Notice 2024 (CN), to appoint 29 April 2024, as the day on which the uncommenced provisions of the Factories and Industrial Undertakings (Safety Management) Regulation (Regulation) come into effect.

The uncommenced provisions refer to the remaining four elements of the safety management system (SMS) specified in Part 3 of Schedule 4 of the Regulation which include "Job-Hazards Analysis", "Safety and Health Awareness", "Accident Control and Hazard Elimination", and "Occupational Health Assurance Programme".

The Regulation was approved by the Legislative Council in 1999 and the 14 SMS elements listed in Schedule 4 of the Regulation was brought into operation by phases. The first 10 elements of the SMS specified in Parts 1 and 2 of Schedule 4 of the Regulation have been put into operation since 1 April 2002. The phased implementation of the Regulation aims to let the relevant industries become accustomed to the SMS and make necessary preparations for the implementation of the remaining four elements.

Upon the full operation of the Regulation, proprietors and contractors of relevant industrial undertakings (RIUs) (i.e. factories, construction sites, shipyards and designated undertakings having 100 or more workers in a day working therein, as well as construction projects with a contract value of HK$100 million or more) are required to implement the SMS which contains all 14 elements, and to regularly carry out safety audits of their SMSs.

A spokesman for the Labour Department (LD) said, "Since the commencement of the Regulation, we conducted a number of reviews to assess the readiness of the industry on the implementation of the remaining four elements. The latest review showed that the general feedback from the industry was positive and there was no objection to the implementation of the remaining four elements. In addition, Occupational Safety Officers of the LD regularly visited the management of the RIUs to proactively promote the implementation of an SMS containing all 14 elements. Considering the Regulation has been enacted for more than two decades, the proprietors and contractors of the RIUs should have prepared for the implementation of the remaining four elements."

The Government also gazetted the revised Code of Practice on Safety Management (CoP) on 23 February. The major amendments include enhancing the requirements for conducting a safety audit and review, adding the requirements for notification of a safety audit and submission of a safety audit report, adding the assessment form on the SMS, so as to provide more practical guidance for the duty holders in complying with the requirements of the Regulation.

The spokesman added, "This CoP has a special legal status. In criminal proceedings, if a relevant person fails to observe any provision of this CoP, that failure may be taken by a court as a relevant factor in determining whether or not a person has breached the relevant occupational safety and health legislation."

The revised CoP can be downloaded from the LD's website (www.labour.gov.hk/eng/public/content2_8.htm). Enquiries about the CoP can be made at 2559 2297.

There will be a grace period of six months after the commencement date to allow sufficient time for the RIUs to make necessary preparations.

The CN was tabled at the Legislative Council for negative vetting on 28 February 2024.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/23/P2024022200490.htm.

Cross-Agency Steering Group launches revamped website for sustainable finance

The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) has revamped its official website (CASG website) with enhanced database and tools to offer a one-stop green and sustainable finance information hub for financial institutions, corporates and the general public.

Key enhancements of the CASG website include:

• Sustainability Disclosure e-Portal: The Climate and Environmental Risk Questionnaire for Non-listed companies (Questionnaire) has been digitalised. The Questionnaire is an easy-to-use template developed and launched in 2022 by the Steering Group and CDP to help corporates, particularly small and medium-sized enterprises, get started in sustainability reporting. The digitalisation facilitates reporting and will support broader consent-based data sharing between corporates and financial institutions (Note).
• Greenhouse gas (GHG) emissions calculation and estimation tools: Together with the Hong Kong University of Science and Technology, the Steering Group has developed two tools to support the calculation and estimation of GHG emissions. The calculation tool enables users, especially small and medium-sized enterprises, to calculate their GHG emissions based on actual activity levels. The results can be automatically exported to answer relevant questions in the Questionnaire. The estimation tool enables users, primarily financial institutions, to estimate the GHG emissions associated with their investments or loans where data of underlying companies is limited.
• Centralised sustainability data and information: Sustainability related data, regulation, news and events, training and internship opportunities will be featured on the CASG website with user-friendly browsing and search functions.

The Steering Group will continue to enhance the CASG website to support Hong Kong's decarbonisation efforts and role as a regional and global green and sustainable finance hub.

Note: CDP is a global non-profit organisation that runs the world's environmental disclosure system for companies, cities, states and regions. Nearly 20 000 organisations around the world disclosed data through CDP in 2022, including more than 18 700 companies worth half of global market capitalisation, and over 1 100 cities, states and regions.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/21/P2024022100186.htm.

SMS Sender Registration Scheme open to all sectors to further combat SMS fraud

The Office of the Communications Authority (OFCA) announced on 21 February 2024 that the SMS Sender Registration Scheme is now open for application by all sectors to further help members of the public verify the identities of SMS senders, with a view to combating SMS fraud.

OFCA has been maintaining close liaison with Police and telecommunications operators to assist in combating telephone and SMS fraud from the perspective of telecommunications services. Since the implementation of the Scheme on 28 December 2023, major telecommunications operators, the banking industry and individual government departments have joined the Scheme successively. OFCA is now further opening up the Scheme and welcomes the participation of public and private organisations from various industries with a practical need to communicate with customers/clients via SMS.

"Under the Scheme, only those companies or organisations being Registered Senders are able to send SMS messages using their Registered SMS Sender IDs with the prefix '#'. All other SMS messages with sender IDs containing '#' but not sent by Registered Senders will be blocked by the telecommunications networks. With such an arrangement, members of the public can easily identify whether an SMS message is received from a Registered Sender by the prefix '#' in the SMS Sender ID," a spokesman for OFCA said.

"Companies or organisations interested in joining the Scheme may visit OFCA's website for details and submit their completed application forms together with the required information to OFCA. OFCA will review the application and the SMS Sender ID(s) that can be used for registration if the application is approved," the spokesman added.

OFCA reminds that under all circumstances, members of the public should stay highly vigilant when receiving SMS messages from unknown senders, and must not disclose to unidentified senders any personal information, bank account numbers or credit card details, transfer money or access any hyperlink in the SMS messages, to avoid suffering any loss. Should there be any doubt, they should report it to Police immediately.

OFCA will continue to collaborate with all stakeholders and enhance publicity to raise public awareness of phone and SMS scams.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/21/P2024022100255.htm.

HKSARG welcomes EU's removal of Hong Kong from watchlist on tax co-operation

The Hong Kong Special Administrative Region (HKSAR) Government welcomed the removal of Hong Kong from the EU's watchlist on tax co-operation on 20 February 2024 in recognition of Hong Kong's efforts in ensuring that its foreign-sourced income exemption (FSIE) regime is in full compliance with the EU's relevant requirements.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "As an international financial centre, Hong Kong has all along been supporting international co-operation in combating cross-border tax avoidance. Our refined FSIE regime came into effect on 1 January 2024. We are pleased to note that the EU has recognised our efforts in this regard and removed Hong Kong from the watchlist. Hong Kong will continue to comply with international tax standards while maintaining Hong Kong's tax competitiveness."

In response to the EU's inclusion of Hong Kong in its watchlist in 2021, the HKSAR Government introduced in January 2023 a new FSIE regime, under which multinational enterprise entities receiving foreign-sourced dividend, interest, income derived from the use of intellectual properties and disposal gain in relation to shares or equity interests in Hong Kong must satisfy the economic substance requirement to enjoy tax exemption. In December 2022, the EU promulgated an updated Guidance on FSIE Regimes, explicitly setting out disposal gains as a general class of income covered by an FSIE regime and subjecting the taxpayers concerned to the economic substance requirement. Jurisdictions with ongoing FSIE reforms, including Hong Kong, were kept in the watchlist pending completion of the necessary legislative amendments.

In this regard, the HKSAR Government enacted the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Ordinance 2023 last December to refine the FSIE regime by expanding the scope of assets in relation to foreign-sourced disposal gains to cover assets other than shares or equity interests. The refined FSIE regime has come into effect on 1 January 2024.

Mr Hui said, "Looking ahead, the HKSAR Government will continue to take forward and implement new policy initiatives to create new impetus for sustainable market development. I am confident that Hong Kong will continue to maintain its favourable business environment and strengthen its status as an international business and trade centre."

Despite the impact of the global geopolitical situation and high interest rate environment, Hong Kong has remained resilient and continued to strengthen its competitiveness as an international financial centre. Hong Kong enjoys unique advantages, including a simple tax regime, a regulatory regime aligned with major overseas markets, free flow of capital and information, as well as a diversified talent pool. Hong Kong is the only place in the world where the global advantage and China advantage converge in a single city. This unique convergence allows Hong Kong to be China's gateway to the world's financial markets and investors.

Hong Kong's financial market is internationalised. Hong Kong is one of the world's largest international banking centres, with 73 of the world's 100 largest banks operating here. In the insurance industry, 11 of the top 20 insurers in the world have been authorised to conduct business in Hong Kong.

Hong Kong also performs well overall in various areas of the financial industry. For example, the asset and wealth management business amounted to $30.5 trillion as of end-2022, with 64 per cent of the funding sourced from non-Hong Kong investors. The asset under management of Hong Kong-domiciled funds recorded net fund inflows of $53.6 billion in the first three quarters of 2023, indicating an increase of more than 215 per cent from that over the same period of 2022. The average daily turnover of exchange traded funds in 2023 reached $11.8 billion, representing a year-on-year increase of 20 per cent.

Our country also provides solid support to Hong Kong's financial industry. On 24 January 2024, the Central People's Government and the HKSAR Government jointly announced six new measures to deepen the financial co-operation between the Mainland and Hong Kong. The measures deepen the mutual access between the financial markets of the Mainland and Hong Kong and better serve international investors' need for liquidity management of investments in the Mainland bond market, thereby further consolidating Hong Kong's status as an international financial centre and a global offshore Renminbi business hub.

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/20/P2024022000563.htm.

Queue ticketing system for driving licensing-related services to be implemented at TD's Licensing Offices from 13 March 2024

The TD said on 19 February 2024 that the trial queue ticketing system for driving licensing-related services implemented at the Kowloon Licensing Office will be extended to the Licensing Offices in Admiralty, Sha Tin and Kwun Tong from 13 March.

A spokesman for the TD said, "For driving licensing services and driving test applications processing over the counter, if no prior appointment has been made online or by phone, applicants are required to obtain a same-day queue ticket on-site before using the counter services. A total of 980 same-day queue tickets will be distributed on every working day among the four Licensing Offices at 9am and 2pm. Details are at the Annex. There is no need for same-day queue ticket holders to stay and wait at the Licensing Offices. They can check the latest queue ticket numbers being distributed and called at the Licensing Offices by scanning the QR code on the ticket or via the TD’s website (www.td.gov.hk/qts), return to the Licensing Office in a timely manner and follow the instructions of staff to join a designated queue for counter services."

Apart from replacing the walk-in counter services by the same-day queue tickets, all service arrangements regarding driving licensing-related services of the Licensing Offices remain unchanged. The Licensing Offices will continue to provide counter services to members of the public who have made a prior appointment online or by phone. The TD will closely monitor the implementation of the queue ticketing system for driving licensing-related services. Depending on the experience and feedback after the implementation, and the service demand of the public upon the introduction of the electronic vehicle licence initiative later, the TD will consider the feasibility of extending the queue ticketing system to vehicle licensing-related services.

The TD spokesman said, "The TD expects that the waiting environment of the Licensing Offices will be improved after the implementation of the queue ticketing system for driving licensing-related services (include applications for driving tests). Those who are unable to get a queue ticket or do not have an appointment can submit their driving licensing-related applications through non-counter channels, such as online or drop-in boxes.

"The TD has all along encouraged members of the public to use online licensing services as far as possible, allowing them to submit applications anytime and anywhere without the need to attend and queue at the Licensing Offices in person for processing of applications. Upon receiving a duly completed application, the TD in general completes processing within 10 working days and sends the licences/permits to the applicants by registered mail. To cope with the anticipated increase in the number of applications received online or through drop-in box, the TD will strengthen its manpower to process."

Since September 2022, the TD has been extending its online services in phases to cover applications for learner's driving licences, probationary driving licences, full driving licences, driving instructor's licences, applications for duplicates of driving licences/driving instructor's licences, and also international driving permits. Members of the public who have registered for "iAM Smart+", which comes with a digital signing function, or are holding a valid personal e-Certificate, can submit applications online for the above various driving licences through the website: www.gov.hk/en/residents/transport/drivinglicense/onlineservices.htm. The Office of the Government Chief Information Officer has set up mobile registration teams at Licensing Offices to help members of the public register for "iAM Smart+".

To avoid unnecessary delays, applicants should allow sufficient time and submit applications for the required licences/permits as early as possible. Regarding the renewal of a full driving licence, the TD will send a "Full Driving Licence Renewal Notice cum Application Form" (TD578) to licence holders about three months before expiry of their licences, which includes a renewal password for online application and serves as a reminder to them to renew their full driving licences in a timely manner. Licence holders can use the renewal password to apply online for renewing full driving licences after completing the relevant online form.

Apart from online applications, members of the public can also submit their applications through drop-in boxes or by post. The TD advises applicants to make appointments online for counter services before the expiry of their licences through the website www.gov.hk/en/residents/transport/drivinglicense/abs.htm or by calling 3763 8080. To bring greater convenience to applicants, the appointment booking for TD Licensing Office counter services has been extended to applications for a Certificate of Driving Licence Particulars and change of personal particulars (for driving licence holders only).

For relevant press release, please visit https://www.info.gov.hk/gia/general/202402/19/P2024021900301.htm.

 

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