Exciting updates from tac: taxi fare hikes, beautification projects, and cutting-edge tech for road maintenance
The following is issued on behalf of the Transport Advisory Committee:
The Transport Advisory Committee (TAC) was briefed today (April 16) by the Government on the fare increase applications submitted by the taxi trade, the district beautification programme and the application of innovative technology in road maintenance.
The TAC Chairman, Professor Stephen Cheung, said, "The TAC discussed the fare increase applications submitted by the taxi trade, and noted its latest operating situation. When deliberating on the fare increase applications, we have considered and balanced all relevant factors including financial viability of taxi operation and public acceptability. Members also acknowledged that the Government had launched a series of measures to enhance taxi service quality, including introducing a taxi fleet regime and raising the penalties of taxi-driver-related offences."
"Similar to other fare increase applications, the TAC will submit its advice to the Government for consideration by the Chief Executive-in-Council," Professor Cheung added.
In addition, members were also briefed by the Highway Department (HyD) on the renovation and beautification works of highway structures (including bridges and pedestrian subways), of which the relevant works for about 500 structures had been completed from 2017 to 2023. Under the Steering Committee on District Governance and the Task Force on District Governance set up in July 2023, the HyD is forging ahead with the renovation and beautification works of two footbridges/subways in each of the 18 districts (i.e. a total of 36 footbridges/subways) to improve the safety and comfort of pedestrians. Meanwhile, the HyD has been striving to make use of innovative technology in its road maintenance works. Key initiatives include the research and development of more durable bituminous paving materials, adoption of artificial intelligence technology in road inspection, and usage of small unmanned aircrafts to survey highway structures, as well as implementation of the Digital Road Maintenance Management System to digitise workflow.
Professor Cheung said, "Members are pleased to learn about the HyD's ongoing efforts in the beautification works for highway structures and streetscape, which can enhance the walking experience for citizens. Meanwhile, members also support the adoption of various innovative technologies in road maintenance works and look forward to more advanced technologies being put into application, so as to further enhance the efficiency and quality of the inspection and maintenance of road facilities."
Exploring the impact of ai on hong kong's financial industry: insights from sfst at zhongguancun forum
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, attended the 2024 Zhongguancun Forum Fintech Parallel Forum in Beijing today (April 29).
Mr Hui also called on the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, on the same day. Mr Hui reported to Director Xia on the latest developments and the way forward for Hong Kong financial market and key areas of work under the Financial Services and the Treasury Bureau (FSTB), which include offshore Renminbi businesses, securities, asset and wealth management, fintech and green finance. Director Xia fully recognised the work of the FSTB.He said that the Hong Kong and Macao Work Office of the Communist Party of China Central Committee will give full support to Hong Kong in pursuing economic growth and advancing development. He hoped that the HKSAR Government will publicise, leverage and make good use of its unique edges and roles, so as to attract more enterprises and talents to develop in Hong Kong.
Mr Hui expressed his gratitude for Director Xia's encouragement. Mr Hui was especially grateful for the country's announcement on April 19 about a series of measures to further expand the mutual access between the capital markets of the Mainland and Hong Kong. He also looked forward to liaising closely with the relevant Mainland ministries and institutions to implement the measures as early as possible, with an aim to jointly contribute to the country's development as a financial powerhouse and high-quality financial development.
Mr Hui delivered a keynote speech on how Hong Kong's financial sector addresses the opportunities and challenges brought by artificial intelligence (AI) at the Parallel Forum this morning. Developing AI has become a major global trend. Hong Kong, as an international financial centre, should certainly look into its impact on the financial industry. In this regard, Mr Hui shared his three judgements.
Mr Hui said, "Firstly, as a data-driven industry, the financial sector is suitable for embracing AI to enhance its efficiency and competitiveness significantly. Secondly, AI is like a double-edged sword, and improper use can bring considerable risks. Thirdly, as AI will become more and more prevalent, the amount of investment it attracts in the future will continue to increase, creating new businesses that will revamp the industry ecosystem."
"Being an international financial centre, Hong Kong's financial market is open and inclusive towards the application of AI. We are committed to building a healthy and sustainable market environment, encouraging the financial sector to seize the opportunities brought by AI, and at the same time, safeguarding the overall financial security with responsible use of AI," Mr Hui added.
Mr Hui said that the HKSAR Government will issue a policy statement later this year, setting out its policy stance and approach on the application of AI in the financial market. He also looked forward to maintaining close exchanges and co-operation between Beijing and Hong Kong in the areas of AI and digital economy in the future, as well as exploring new development opportunities together.
Organised by the Haidian District People's Government, the Xicheng District People's Government, the Asian Financial Cooperation Association, and Tsinghua University PBC School of Finance, the Parallel Forum invites guests to discuss the prospects of integrated development of digital finance and AI under the theme "AI for Digital Finance Development". At the Parallel Forum, those joining Mr Hui to deliver keynote speeches included the Nobel Laureate in Economic Sciences of 2001, Professor Michael Spence; academician of the Chinese Academy of Sciences and professor of the Department of Computer Science and Technology of Tsinghua University, Professor Zhang Bo; and former vice-president of the Renmin University of China Professor Wu Xiaoqiu.
Mr Hui will return to Hong Kong tomorrow (April 30). Before concluding his visit to Beijing, Mr Hui will meet with the leadership of the China Development Bank and the Bank of China.
SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum Source: HKSAR Government Press Releases
SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum Source: HKSAR Government Press Releases
