Joint announcement of People's Bank of China and Hong Kong Monetary Authority
The following is issued on behalf of the Hong Kong Monetary Authority:
To deepen financial cooperation between the Mainland and Hong Kong, and to meet the demand of residents in both places for secure, efficient and convenient cross-boundary remittance service, the People's Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) have jointly pushed forward the cooperation between the China National Clearing Center (CNCC) and the Hong Kong Interbank Clearing Limited (HKICL) in linking the faster payment systems in the Mainland and Hong Kong (hereafter referred to as Payment Connect). It is hereby announced that:
1. Payment Connect refers to the linkage between the Mainland's Internet Banking Payment System (IBPS) and Hong Kong's Faster Payment System (FPS). It supports real-time cross-boundary payment services for residents in both places, in compliance with relevant laws and regulations of the two places.
2. Payment Connect supports the participating institutions of the faster payment systems in both places to provide convenient remittance services in Renminbi and Hong Kong dollar for residents in both places under the current account. It also supports the participating institutions in both places, on the basis of implementing relevant policies, to provide instant remittance services for salary disbursements, payments of tuition fees and medical bills, as well as other use cases beneficial to the integration of the two places.
3. Payment Connect represents another key measure of the Central Government in supporting the development of Hong Kong. It brings convenience to people's daily lives, deepens financial cooperation between the Mainland and Hong Kong, and enhances the efficiency and service quality of cross-boundary payments between the two places. It also facilitates economic and trade activities and flow of people, benefits Hong Kong in elevating its competitive edge, and reinforces its position as an international financial centre and a global offshore Renminbi business hub.
4. Under the frameworkof the Memorandum of Understanding on Cross-Boundary Linkage of Payment Systems between the Mainland and Hong Kong, the PBoC and the HKMA will establish an effective collaboration mechanism for the Payment Connect to ensure the related services are operated in an orderly manner and comply with the respective legal and regulatory requirements in the two places.
5. The CNCC and HKICL, having regard to the operation procedures and risk management principles, will coordinate with participating institutions to provide secure and efficient cross-boundary payment services to residents in both places, ensuring the smooth operation of the system and its transactions, while actively coordinating in resolving issues which may arise.
6. Institutions participating in the Payment Connect shall strictly comply with the relevant laws and regulations on anti-money laundering, counter-terrorist financing, counter-proliferation financing and cross-boundary payment settlement.
7. Payment Connect will be launched on June 22, 2025.
Note: This is a translated version of the official announcement in Chinese.
Mirs Bay in Hong Kong selected as Outstanding Example in fourth batch of national Beautiful Bays
The Ministry of Ecology and Environment (MEE) recently announced the fourth batch of national "Beautiful Bays". Hong Kong's Mirs Bay has been selected as an "Outstanding Example of Beautiful Bays" with an excellent overall score. This marks the first time the Hong Kong Special Administrative Region (HKSAR) has received this commendation, highlighting the efforts of the HKSAR Government in marine ecological environment protection, and representing a significant achievement of the HKSAR Government in jointly building the Guangdong-Hong Kong-Macao Greater Bay Area into an international, first-class beautiful bay area.
Located in the northeastern waters of Hong Kong, Mirs Bay presents a beautiful scene of "clear water and clean beaches, thriving marine life, and harmonious coexistence between humans and the sea". Its overall Water Quality Objectives compliance rate has reached 100 per cent, achieving Class I of the National Seawater Quality Standard. The bay's rich and diverse ecosystems are important habitats for various nationally protected wild animals, such as hard corals, seahorses, horseshoe crabs and white-bellied sea eagles. The bay area also features the Hong Kong UNESCO Global Geopark, Yan Chau Tong and Tung Ping Chau Marine Parks, etc, allowing the public to appreciate diverse ecological and geological wonders in the bay at close range and to experience the harmonious coexistence between humans and the sea.
Furthermore, the HKSAR Government has been strengthening regional co-operation with the Guangdong Provincial Government and the Shenzhen Municipal Government, deepening exchanges on marine environmental and resource management in Mirs Bay. This collaboration promotes information sharing and emergency response co-ordination, jointly elevating the overall level of ecological environment management. The Director of Environmental Protection, Dr Samuel Chui, said that the environmental management of Mirs Bay fully embodies the concept of harmonious coexistence between humans and nature, providing an important reference for bay management in densely populated areas of the country. Taking this opportunity of Hong Kong's Mirs Bay being selected as an "Outstanding Example of Beautiful Bays", the HKSAR will share its experience in developing beautiful bays with coastal cities on the Chinese Mainland, jointly promoting marine ecological environment protection and sustainable development.
The HKSAR Government will continue to enhance the quality of the marine ecological environment through the prevention and control of nearshore pollution, co-ordinated ecosystem protection and shoreline remediation, continuously advancing the building of "Beautiful Bays".
The "Outstanding Examples of Beautiful Bays" is a campaign launched by the MEE to identify exemplary cases in the field of marine ecological environment protection. It aims to establish replicable and promotable models for comprehensive bay management and advance the vision of building a "Beautiful China". This round of the campaign received a total of 72 applications nationwide, with 32 bays designated as "Beautiful Bays", of which 12 (including Hong Kong's Mirs Bay) were selected as "Outstanding Examples of Beautiful Bays". For the selection results, please visit the MEE's WeChat official account at mp.weixin.qq.com/s/dYq2dODQvjW-6sQaDHvk8Q (Chinese only).
Mirs Bay in Hong Kong selected as Outstanding Example in fourth batch of national Beautiful Bays Source: HKSAR Government Press Releases
Mirs Bay in Hong Kong selected as Outstanding Example in fourth batch of national Beautiful Bays Source: HKSAR Government Press Releases
Mirs Bay in Hong Kong selected as Outstanding Example in fourth batch of national Beautiful Bays Source: HKSAR Government Press Releases
Mirs Bay in Hong Kong selected as Outstanding Example in fourth batch of national Beautiful Bays Source: HKSAR Government Press Releases
