Hong Kong Financial Secretary Paul Chan Visits London, Strengthens Economic Ties with UK

2024-09-27 09:55 Last Updated At：19:01

FS begins visit to UK (with photos/video)

The Financial Secretary, Mr Paul Chan, began his visit to London yesterday (September 26, London time).

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FS begins visit to UK (with photos/video) Source: HKSAR Government Press Releases

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FS begins visit to UK (with photos/video) Source: HKSAR Government Press Releases

In the evening, Mr Chan attended the annual "Hong Kong Dinner" organised by the Hong Kong Trade Development Council and delivered a keynote speech. Approximately 350 leaders from the British political and business sectors and professionals were invited to the dinner.

Mr Chan shared the latest developments in Hong Kong with the guests present. He emphasised that Hong Kong has maintained strong economic and cultural ties with the United Kingdom (UK) over the years, and continues to be one of the largest sources of foreign investment for the UK. He also pointed out that Hong Kong would continue to adhere to the "one country, two systems" arrangement, which includes the implementation of common law and respect for the rule of law; maintaining the free flow of capital, information, talent, and goods; and ensuring a friendly business and investment environment.

Mr Chan also mentioned that Hong Kong legislated for Article 23 of the Basic Law this year, finally fulfilling its constitutional responsibility. He stressed that national security laws ensure a stable and predictable environment for Hong Kong's economic development, and have gained widespread recognition from the business community. Many foreign businesses in Hong Kong have reported that their operations have remained normal since the implementation of the national security law, and expressed confidence in Hong Kong's rule of law.

Mr Chan continued to point out that there have been many positive changes in Hong Kong over the past year. The economy has shown robust growth, and through hosting various large-scale international events, Hong Kong has reconnected with the world and told the good Hong Kong story. With the steady recovery of the tourism and aviation industries, the Three-Runway System at the airport will come into operation this year, further reinforcing Hong Kong's position as a global logistics hub.

In financial services, Mr Chan noted that Hong Kong's IPO market is recovering, with fund-raising exceeding HK$50 billion to date, making it the fourth-largest IPO market globally this year thus far, with over 100 companies preparing for listing. With more family offices establishing in Hong Kong and the deepening of the Guangdong-Hong Kong-Macao Greater Bay Area Cross-Boundary Wealth Management Connect, the asset and wealth management sectors in Hong Kong are set to flourish.

In innovation and technology, Hong Kong is committed to developing key sectors such as artificial intelligence, biotechnology, fintech, and new energy and new materials. The innovation and technology ecosystem is continuously expanding, and good progress has been made in attracting key technology companies.

Finally, Mr Chan said that Hong Kong has a bright development outlook and welcomed British businesses and talent to explore opportunities in Hong Kong. He looks forward to maintaining connections with different sectors in the UK and advancing co-operation for mutual benefit.

In the morning, Mr Chan attended the plenary of the "Hong Kong-Europe Business Council" and a roundtable meeting hosted by the British think tank "Asia House" respectively, where he introduced Hong Kong's economic situation and development strategies to European and British financial and business leaders, particularly focusing on consolidating and enhancing Hong Kong’s development of international financial, trade, and shipping centres.

At the roundtable meeting hosted by "Asia House", representatives from the Hong Kong Science and Technology Parks, Cyberport, and companies participating in the startup delegation introduced their respective businesses and development strategies, aiming to enhance attendees' understanding of Hong Kong's innovation and technology ecosystem and promote communication and co-operation.

In the afternoon, Mr Chan met with Ms Tulip Siddiq, the UK Economic Secretary to the Treasury, and Andrew Bailey, the Governor of the Bank of England, respectively to exchange views on global economic and financial development matters of mutual concern.

Mr Chan also called on the Chinese Ambassador to the UK, Mr Zheng Zeguang, and introduced the latest situation and development directions of Hong Kong. They engaged in in-depth discussions on promoting economic and trade co-operation between Hong Kong and the UK.

Mr Chan will continue his visit to London today (September 26, London time).

Labour Department Urges Employers to Ensure Flexible Work Arrangements After Adverse Weather Conditions

Employers and employees should make reasonable work arrangements after tropical cyclones or rainstorms

The Labour Department (LD) today (May 21) reminded employers to make practical and reasonable work arrangements for employees after the cancellation of tropical cyclone warnings or rainstorm warnings, with due consideration to the road and traffic conditions and other factors, and make flexible arrangements for staff to resume work or work remotely (if applicable). This will help maintain good labour-management relations, and ensure the safety of employees as well as the smooth operation of organisations.

"For staff who have genuine difficulties in resuming work on time upon cancellation of a tropical cyclone or rainstorm warning, employers should be sympathetic and handle each case flexibly. For example, employers may allow employees to resume work in stages, permit employees who have difficulties in returning to workplaces to work remotely (if applicable) or allow more time for them to report for duty and resume work," an LD spokesman said.

The spokesman reminded employers to observe the statutory liabilities and requirements under the Employment Ordinance, Occupational Safety and Health Ordinance, Factories and Industrial Undertakings Ordinance, Employees' Compensation Ordinance and Minimum Wage Ordinance.

"As natural calamities cannot be avoided, for employees who are not able to report for duty or resume duty on time due to adverse weather or extreme conditions, employers should neither deduct their wages, good attendance bonus or allowances, nor reduce employees' entitlement to annual leave, statutory holidays or rest days under the Employment Ordinance, or ask for additional hours of work from employees to compensate for the loss of working hours when they are unable to report for duty," the spokesman said.

Employers should note that they have an obligation to provide and maintain a safe working environment for their employees under the Occupational Safety and Health Ordinance. Moreover, under the Employees' Compensation Ordinance, employers are liable to pay compensation for injuries or deaths incurred when employees are travelling by a direct route from their residence to their workplace, or from their workplace back to their residence after work, four hours before or after working hours on a day when Tropical Cyclone Warning Signal No. 8 or higher, a Red or Black Rainstorm Warning Signal or extreme conditions are in force.

The LD has published the "Code of Practice in Times of Adverse Weather and 'Extreme Conditions'", which provides the major principles, reference guidelines and information on relevant legislation on making work arrangements for the reference of employers and employees. The booklet can be obtained from branch offices of the Labour Relations Division or downloaded from the department's webpage (www.labour.gov.hk/eng/public/wcp/Rainstorm.pdf).

Hong Kong Financial Secretary Paul Chan Visits London, Strengthens Economic Ties with UK

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