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Opening remarks by SHYA at LegCo Finance Committee special meeting

HK

Opening remarks by SHYA at LegCo Finance Committee special meeting
HK

HK

Opening remarks by SHYA at LegCo Finance Committee special meeting

2024-04-16 19:12 Last Updated At:04-17 01:37

Shya's powerful insights at legco finance committee special session

Following are the opening remarks (English translation) by the Secretary for Home and Youth Affairs, Miss Alice Mak, at the special meeting of the Legislative Council Finance Committee today (April 16):

Chairman,

I would like to brief Members on the key areas of work of the Home and Youth Affairs Bureau (HYAB) and its departments in 2024-25.

The HYAB released the Youth Development Blueprint in December 2022. Since then, we have been actively co-ordinating with various policy bureaux to implement at full steam over 160 measures under their relevant policy areas as set out in the Blueprint. Around 50 of the measures have already been completed, and most of the remaining ones are progressing well towards the set targets. In light of the latest situation of society and our youth, policy bureaux have also updated measures in the Blueprint to ensure that the Blueprint can continuously respond to the needs of young people.

In respect of youth exchange and internship, with the resumption of normal travel, the HYAB has fully resumed various schemes/programmes. We have implemented enhancement measures under a number of schemes/programmes to encourage participation of more young people from different backgrounds, so that they may broaden their horizons, acquire a better understanding of our country and the world, and develop a proper and holistic outlook.

Moreover, we plan to increase the total commitment for the Youth Development Fund (YDF) by $300million from its current amount of $600million. The YDF will, inter alia, support the launch of a new round of the Funding Scheme for Youth Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Funding Scheme for Experiential Programmes at Innovation and Entrepreneurial Bases, as well as strengthening support to youth entrepreneurs through the newly established Alliance of Hong Kong Youth Innovation and Entrepreneurial Bases in the GBA.

Under the tripartite collaboration among the Government, the business sector and the community, the 2023Youth Festival has organised some 200 activities with an overall attendance of about 200000. In August 2024, the HYAB will organise the Youth Development Summit as the opening and highlight of the 2024Youth Festival. We will invite guest speakers and youth groups from the Mainland and overseas to attend the Summit, where they can exchange views and engage in mutual learning with local youth on issues of concern to young people. It is anticipated that no less than 1000 persons will participate in the Summit.

The HYAB will continue to provide subvention to youth uniformed groups for organising activities relating to national education, including events in support of National Security Education Day, with a view to raising young people's awareness of national security, enhancing their understanding of the Constitution, Basic Law and national security, as well as strengthening their sense of national pride and national identity through these events.

We will also continue to work closely with the Committee on the Promotion of Civic Education to promote civic and national education (including national security education) outside schools and in the community, with the aim of enhancing the sense of patriotism, civic responsibilities and awareness of the rule of law among members of the public through various channels and diverse means, such as school talks and roving exhibitions.

On April 1 this year, a dedicated Women Affairs Team was set up under the HYAB, and the post of Commissioner for Women Affairs was designated to focus on work related to women development, as well as enhancement to family building, family education and family values. Key initiatives this year include launching a one-stop family and women information portal, organising the first Family and Women Development Summit, and rolling out a new Funding Scheme on the Promotion of Family Education. We will also continue to encourage women's groups and non-governmental organisations to make good use of the Women Empowerment Fund.

Since the seventh-term District Councils took office on January 1 this year, it has set a new scene for district governance. All the District Council members work proactively to ensure effective communication between the Government and the people. They not only reflect public views and offer suggestions to the Government, but also assist the Government in promoting and explaining various policies. I look forward to continuing to work closely with the District Councils in carrying out district governance work and building a better community together.

The 452 District Services and Community Care Teams in the 18districts have been fully activated to support the district work and strengthen community network. So far, they have visited more than 30000 households in need, and provided them with over 7000 times of simple support services. Care Teams pool community resources together to help in emergencies, and actively assist in policy promotion. The Government will continue to provide Care Teams with some of the resources required. The estimated provision for 2024-25 is $180.8million.

To further enhance the support for ethnic minorities to integrate into the community, the Home Affairs Department will establish two new support service centres for ethnic minorities (EM centres) and set up an Ethnic Minority Care Team in each of the 10 EM centres. We will also regularise the enhanced services provided by the EM centres for new arrivals and youth of ethnic minorities, and continue to implement the District-based Programmes for Racial Harmony.

My colleagues and I are happy to answer questions from Members. Thank you.

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

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

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