Hong Kong's Financial Secretary Highlights Resilience and Future in Global Finance at New York Forum

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video)

The Financial Secretary, Mr Paul Chan, began his visit to New York, the United States, yesterday (October 22, New York time).

In the afternoon, Mr Chan attended the Global Regulatory Forum hosted by Bloomberg, delivering a keynote speech on how to build a future-proof financial system. He stated that despite facing various challenges in recent years, Hong Kong's economic and financial fundamentals remain strong and resilient. Data, as well as international rankings and assessments, have shown that Hong Kong continues to play an important role in the global financial market and serve as a leading international financial centre in Asia, with a degree of economic freedom and competitiveness among the best in the world. Recent inflows of investment from United States and European investors have also reflected their confidence in Hong Kong. Mr Chan also noted that with the long-term adherence to the "one country, two systems" arrangement, and the country’s pursuit of high-level opening-up, Hong Kong's unique advantages will only be more evident, and the city will better fulfil its role as a "super connector."

In his speech, Mr Chan also elaborated on Hong Kong's robust financial regulation. He pointed out that as a small and fully open economy, Hong Kong has learned from past experience to respond to potential or even unpredictable external shocks and market volatility. This has been achieved through identifying and addressing systemic weaknesses, establishing a cross-sector, co-ordinated and round-the-clock risk detection and monitoring system, and building strong buffers to respond to various risks and challenges.

Mr Chan emphasised that the ultimate goal of financial regulation is to promote healthy and sustainable market development. Therefore, Hong Kong's financial regulators take on dual roles as both regulators and market enablers. This requires them to establish an agile and forward-looking regulatory regime, respond swiftly to market changes, and embrace technological innovation, with a view to creating the conditions for a thriving market and promote the long-term development of the financial system.

Finally, Mr Chan shared two key future development directions for Hong Kong: continuing to deepen the Connect Schemes and strengthen the links and regulatory co-operation with Mainland and global capital markets; and embracing innovation, which includes enabling the responsible and sustainable development of digital assets.

Before attending the forum, Mr Chan met with the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg, to exchange views on issues of mutual concern.

Mr Chan will continue his visit in New York today (October 23, New York time).

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

FS attends Bloomberg Global Regulatory Forum in New York (with photos/video) Source: HKSAR Government Press Releases

HKSAR Government welcomes court's decision to dismiss Chow Hang Tung's application for judicial review on clothing policy for persons in custody

The Hong Kong Special Administrative Region Government welcomes the judgment handed down by the Court of First Instance of the High Court today (January 13) to dismiss Chow Hang Tung's application for judicial review on the clothing policy for persons in custody (PICs).

The court judgment pointed out that the current clothing policy for PICs, including the requirement for female PICs to wear trousers in summer daytime, was formulated by the Correctional Services Department (CSD) as authorised by the Prison Rules. The Court was satisfied that the CSD had the expertise and experience in the relevant context, and that it had carefully considered various factors, taken into account of professional opinion when making the decision, as well as reviewed the policy continuously. The Court ruled that Chow Hang Tung had failed to demonstrate that the current policy constituted less favourable treatment of a particular gender. The Court pointed out that there was currently no factual evidence to support any assertion that there was widespread concern about the health effects of wearing trousers in summer. In addition, the rule was not absolute, but instead allowed individual PICs to apply for exceptional arrangements in special circumstances. At the same time, the Court also rejected Chow Hang Tung's assertion that she had requested to the CSD in July and August 2024 to wear shorts and had been refused.

A spokesman for the Security Bureau said, "The ruling of the Court of First Instance confirmed that the CSD's approach is reasonable, justified and lawful. According to Rule 26 of the Prison Rules, the CSD must provide every PIC with a uniform that meets a scale imposed by the Commissioner of Correctional Services. Over the years, the CSD had appointed task groups from time to time to review the clothing arrangements of PICs. These reviews gave ample consideration to numerous factors, including the type of correctional institutions, PICs' varying daily routines and activities involved, the need for thermal, physical and psychological comfort for PICs of different genders, privacy and decency of PICs and the security, good order and discipline of the prison, so as to continuously refine clothing arrangements according to the prevailing circumstances."

The spokesman stated, "Chow Hang Tung's assertion that she requested to wear shorts in summer and was rejected by the CSD is entirely inconsistent with the facts and was rejected by the Court. Besides, the current clothing policy for PICs already provides a degree of flexibility. For example, a PIC may make an application to wear other clothing on medical or non-medical grounds to the CSD, and the CSD would make appropriate arrangements having considered the actual circumstances and relevant factors."

The CSD will continue to impartially implement the relevant rules of the Prison Rules in accordance with the law and commit to providing a secure, safe, humane, decent and healthy custodial environment.

Source: AI-found images