Paul Chan Welcomes Global Financial Leaders to Hong Kong Investment Summit

Speech by FS at Global Financial Leaders' Investment Summit Welcome Dinner

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Global Financial Leaders' Investment Summit Welcome Dinner today (November 3):

Deputy Commissioner Mr Hua You (Deputy Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region), Eddie (Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue), distinguished guests, ladies and gentlemen,

Good evening. It is a pleasure to join you tonight at the welcome dinner for this year's Global Financial Leaders' Investment Summit.

I hope you've brought your appetite. Tonight's carefully curated menu features a fusion of culinary cultures - a hallmark of Hong Kong's unique ability to blend the best of East and West.

Of course, the essence of this evening lies in your presence, in the international diversity you represent, and in the breadth of insight and experience you bring to the Main Summit, tomorrow morning.

This year's theme, "Trekking through Shifting Terrain", aptly captures the moment we're in. From trade to finance, from geopolitics to the global economy, we are navigating uncertain, often volatile terrain.

But before we dive into tomorrow's full schedule, allow me to say a few words about the city that hosts you tonight: Hong Kong.

For our financial services sector, it has been a rewarding year. By firmly adhering to the "one country, two systems" framework, Hong Kong is shining as a preferred destination for global investors, and as a two-way platform for Mainland businesses going global and international businesses tapping into the Chinese and broader Asian markets.

Our stock market has risen by some 30 per cent, on top of the 18 per cent increase last year. IPO (initial public offering) activity is leading the world so far, with a very strong pipeline. The asset and wealth management business is flourishing, as evidenced by the expansion of several global financial institutions in the city. In the bond market - such as green and sustainable bonds - Hong Kong stands as a regional leader in Asia.

And from tokenised assets to stablecoins, Hong Kong's fintech sector is also making its mark - setting global standards and pioneering innovations that define the financial landscape of tomorrow.

But Hong Kong is more than just a financial centre. We are building a new engine of growth powered by innovation and technology. We know for a fact that they are central to any economy's long-term competitiveness. They are central to a more diverse economic structure and thus the resilience of our economy, and instrumental to our commitment to inclusive growth. It is also important in the context of our role in the national development strategy of developing the GBA (Guangdong-Hong Kong-Macao Greater Bay Area) as an I&T (innovation and technology) hub.

We focus on four strategic sectors: AI, biotech, fintech as well as new energy and new materials.

The carrier of this vision is the Northern Metropolis.

Occupying one-third of Hong Kong's landmass and adjacent to Shenzhen, the Northern Metropolis will become the innovation and technology hub of Hong Kong.

As outlined in the Policy Address by the Chief Executive this year, we are accelerating development in this new land of opportunity. Two strategic initiatives characterise our approach.

First, policy innovation. We are dismantling barriers and embracing bold and flexible development models - such as large-scale land disposals - to fast-track our land and infrastructure development with industry development. We are also proactively attracting top-notch global and Mainland enterprises to Hong Kong by offering tailor-made incentive packages.

Second, cross-boundary collaboration with cities in the Greater Bay Area. As you may know, Hong Kong, Shenzhen and Guangzhou together form the world's top innovation cluster according to the WIPO (World Intellectual Property Organization).

In particular, our partnership with Shenzhen is deepening with greater impact. For example, in the Shenzhen-Hong Kong Co-operation Zone along the Shenzhen River, infrastructure investments are ramping up. This zone will be a test bed for policy breakthroughs. That includes seamless cross-boundary flow of people, capital, goods, data and even biosamples. For example, the clinical trial institutions from both the Mainland and Hong Kong now established in the Zone will accelerate clinical trials, streamline regulatory approvals, and shorten the time to market for drugs and medical devices developed there. This is particularly attractive for global AI and biotech firms that rely on access to both Mainland and international data.

We see tremendous potential for Hong Kong and the Greater Bay Area to combine the best of both Silicon Valley and the New York Bay Area - where deep-tech innovation meets global financial and commercial connectivity.

Ladies and gentlemen - whether you manage funds or sovereign wealth, scale unicorns, or steward generational legacies - I would say Hong Kong is a land of opportunities.

Base your regional headquarters here. Meet your clients here. And grow with us here.

My thanks to Eddie and the Hong Kong Monetary Authority for orchestrating this landmark event, and to all our supporting organisations.

Above all, my gratitude to each and every one of you for making this Summit one of the world's must-go gatherings of financial leaders.

I wish you all flourishing business, enduring partnerships and a memorable stay here in Hong Kong.

Thank you and bon appetit.

Speech by FS at Global Financial Leaders' Investment Summit Welcome Dinner Source: HKSAR Government Press Releases

Seven persons arrested during anti-illegal worker operation

The Immigration Department (ImmD) mounted an anti-illegal worker operation codenamed "Contribute" today (January 15).During the operation, ImmD Task Force officers raided premises under renovation in a newly built public housing estate in Sheung Shui district.A total of six suspected illegal workers and one suspected employer were arrested. Thearrested suspected illegal workers comprise six men, aged 22 to 41. Furthermore, one man, aged 45, suspected of employing the illegal workers, was also arrested. An investigation into the suspected employers is ongoing, and the possibility of further arrests is not ruled out.

Apart from mounting the enforcement operation, ImmD officers and a promotional vehicle have been deployed to distribute "Don't Employ Illegal Workers" leaflets and convey the message in the estate.

An ImmD spokesman said, "Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years' imprisonment. Aiders and abettors are also liable to prosecution and penalties."

The spokesman stressed that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years' imprisonment to a fine of $500,000 and 10 years' imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.

According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee's identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker's valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.

Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) and/or forced labour victims. When any TIP and/or forced labour indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP and/or forced labour elements. Identified TIP and/or forced labour victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP and/or forced labour victims to report crimes to the relevant departments immediately.

For reporting illegal employment activities, please call the dedicated hotline 3861 5000, by fax at 2824 1166, email to anti_crime@immd.gov.hk, or submit "Online Reporting of Immigration Offences" form at www.immd.gov.hk.

Seven persons arrested during anti-illegal worker operation Source: HKSAR Government Press Releases

Seven persons arrested during anti-illegal worker operation Source: HKSAR Government Press Releases