Hong Kong and Laos Discuss Gold Market Cooperation and Double Taxation Agreement Negotiations

SFST meets delegation led by Minister of Finance of Laos

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement (CDTA).

"I am glad to meet Mr Phomvihane again after my visit to Laos at the end of 2023. Mr Phomvihane comes here with over 10 senior officials from different government departments, as well as Deputy Governor of the Bank of the Lao PDR (Laos' central bank) Mr Soulysak Thamnuvong, giving us a great opportunity to receive the latest updates on financial developments in the two places for exploring more collaboration," Mr Hui said.

He told the delegation that Hong Kong has been actively consolidating the strengths of its financial system in recent years and broadening the financial value chain to achieve greater financial diversification. Leveraging its robust financial infrastructure, Hong Kong is pressing ahead to develop into an international gold-trading centre, attracting physical gold storage, clearing and delivery in Hong Kong, thereby driving the development of the entire industry chain, ranging from related financial trading, insurance, warehousing, trade and logistics services. As a unique place bridging the Mainland and global markets, Hong Kong will continue deepening its co-operation with international markets, including the Belt and Road countries.

He added, "Amid the increasingly uncertain global landscape, we will continue to maintain close ties with Belt and Road countries for opening up new areas of co-operation and demonstrate the city's roles as a 'super connector' and a 'super value-adder', with a view to achieving mutual benefits and win-win outcomes."

Today, representatives of the Financial Services and the Treasury Bureau and the delegation also conducted in-depth discussions on gold market co-operation. Mr Hui anticipated that the discussions would expedite the signing of a Memorandum of Understanding between the two places, thus laying a solid foundation for future collaboration in jointly building an international gold trading ecosystem.

At the meeting, Mr Hui expressed gratitude to Mr Phomvihane for his unwavering support for the CDTA negotiations between Hong Kong and Laos, the first round of which has been scheduled to take place in Hong Kong from March 23. He hoped that the CDTA could be signed as soon as practicable to create a more attractive business environment for promoting bilateral trade and investment.

The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, also attended the meeting today.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui (second left), met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane (second right), today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement. Source: HKSAR Government Press Releases

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). Photo shows Mr Hui (right) and Mr Phomvihane (left). Source: HKSAR Government Press Releases

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement. Photo shows (from left) the Consul General of Laos in Hong Kong, Mr Ammala Saenchonghack; Deputy Governor of the Bank of the Lao PDR Mr Soulysak Thamnuvong; Mr Phomvihane; Mr Hui; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; and the Political Assistant to the Secretary for Financial Services and the Treasury, Mr Julian Ip. Source: HKSAR Government Press Releases

Government concludes second-day arrangements for Wang Fuk Court residents returning to their units

Today (April 21) is the second day of phased arrangements for residents of seven blocks of Wang Fuk Court in Tai Po to return to their units. Ten middle-zone floors of Wang Sun House were opened. The access arrangements were carried out in an orderly manner and operated smoothly.

A total of 77 households (271 people) registered to return to their units today through the "one social worker per household" service, while 78 households (275 people) actually turned up (one household reported sick and absent yesterday joined the arrangement today). The average time residents spent entering and leaving the building today was one hour and 48 minutes, with the shortest time being 21 minutes and the longest three hours and 25 minutes. About 13 per cent of the residents stayed in the building for less than one hour. A total of 14 households (34 people) went up and down the building more than once within three hours. Among them, eight households (23 people) made one additional trip, four households (eight people) made two additional trips, while one household (one person) made four additional trips, with the highest record of one person of one household making five additional trips and another making four additional trips.

The integrated enquiry counter set up by relevant departments today received 11 cases of requesting police assistance and two cases involving residents seeking help due to physical discomfort, as well as two cases seeking psychological counselling services.

The 11 cases of requesting police assistance involved suspected loss of property, including camera, jewellery and gold items. Officers were immediately deployed to assist in searches, and lost property was recovered in four cases. In another four, the units concerned were severely damaged and residents believed after investigation that the property might have been destroyed by fire. For the remaining three cases, there were no signs of ransacking in the units and the residents could not provide details on the concerned property.

After reviewing the experience from the first day of arrangements, two adjustments have been made on site starting today:

(1) expanding the personal protective equipment donning area at Kwong Fuk Community Hall, adding more tables and chairs, and setting up more marquees for rain protection; and

(2) adding more tables and chairs in the resident waiting area at Tai Po Baptist Public School, and expanding the on-site storage area to facilitate residents while they wait for transport.

Each day, the Government deploys over 1 000 personnel from various departments, including the Police, the Civil Aid Service, the Fire Services Department, the Auxiliary Medical Service, the Home Affairs Department, the Social Welfare Department, the Housing Department, and the Housing Bureau, and staff mobilised from other departments, as well as District Services and Community Care Teams members to fully support residents returning to their units.

Government concludes second-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases

Government concludes second-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases

Government concludes second-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases

Government concludes second-day arrangements for Wang Fuk Court residents returning to their units Source: HKSAR Government Press Releases