Financial Secretary Promotes Hong Kong's Economic Advantages During Visiting Brussels, Belgium

FS begins visit to Brussels, Belgium

The Financial Secretary, Mr Paul Chan, yesterday (May 20, Paris time) proceeded to visit Brussels, Belgium, during which he met with a number of European Union (EU) officials and European business leaders to promote Hong Kong's advantages.

After arriving in Brussels, Mr Chan met respectively with the Deputy Director-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, Dr Alexandra Jour-Schroeder; the Managing Director for Asia and the Pacific of the European External Action Service, Mr Erik Kurzweil; and the Hors Classe Adviser in the Directorate-General for Budget of the European Commission, Mr Siegfried Ruhl. They exchanged views on the experience of Hong Kong and Europe in areas including the economy, finance, trade and fiscal policy, and explored ways to further promote co-operation and build closer, mutually beneficial and win-win relations.

During the above meetings, Mr Chan briefed them on Hong Kong's economic and financial development. He pointed out that, amid the current challenging international political and economic environment, Hong Kong, under "one country, two systems", maintains its status as a free port, with the free flow of capital, information and talent. Hong Kong also adheres to international best practices in business, accounting and professional services, has stable and predictable economic and trade policies, and continues to innovate and develop its financial markets. He welcomed the European business and investment communities to make full use of Hong Kong as a platform to raise funds for developing markets in the Chinese Mainland and Asia.

Mr Chan also said that there is room for Hong Kong and Europe to strengthen co-operation in various fields, and that the two sides should engage in more exchanges of experience, mutual learning and joint development. For example, in the financial sector, the two sides could explore arrangements for dual listing by European enterprises in the two markets, develop fixed-income and currency markets, promote green finance and financial innovation, and better channel private savings to support industries and economic development.

Mr Chan also met with the Chief Executive Officer of Euroclear, a European financial intermediary institution, Ms Valérie Urbain, to exchange views on the global economic situation and financial market developments. In addition, he met with the representative of a renowned local family to learn about the development of its group's business in Hong Kong and Asia, and introduced Hong Kong's advantages in various aspects. He suggested that the group increase its investment in Hong Kong and use Hong Kong as its regional headquarters for managing its business and treasury activities in the region.

He also called on the Head of Mission and Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the European Union, Mr Cai Run, and the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Kingdom of Belgium, Mr Fei Shengchao. They had in-depth exchanges on China-Europe relations and the latest developments in Hong Kong.

Mr Chan will depart today (May 21, Brussels time) for the visit to Zurich, Switzerland.

The Financial Secretary, Mr Paul Chan (first right), met with the Head of Mission and Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the European Union, Mr Cai Run (second right), and the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Kingdom of Belgium, Mr Fei Shengchao (first left) in Brussels, Belgium, on May 20 (Brussels time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan, met with the Head of Mission and Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the European Union, Mr Cai Run, and the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Kingdom of Belgium, Mr Fei Shengchao, in Brussels, Belgium, on May 20 (Brussels time). Photo shows Mr Chan (left) with Mr Cai Run (right). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (third left), met with the Chief Executive Officer of the European financial intermediary Euroclear, Ms Valérie Urbain (third right), in Brussels, Belgium, on May 20 (Brussels time). Also attending the meeting is the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Miss Shirley Yung (second left). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (fourth right), met with the Hors Classe Adviser in the Directorate-General for Budget of the European Commission, Mr Siegfried Ruhl (third right), in Brussels, Belgium, on May 20 (Brussels time). Also attending the meeting is the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Miss Shirley Yung (third left). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (left), met with the Managing Director of the Department for Asia and the Pacific of the European External Action Service, Mr Erik Kurzweil (right), in Brussels, Belgium, on May 20 (Brussels time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (first right), met with the Deputy Director-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, Dr Alexandra Jour-Schroeder (second left), in Brussels, Belgium, on May 20 (Brussels time). Source: HKSAR Government Press Releases

Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes

An incoming female passenger was sentenced to eight weeks' imprisonment and fined $1,000 by the Fanling Magistrates' Courts today (May 20) for possessing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).

Customs officers intercepted an incoming 45-year-old female passenger at the Lo Wu Control Point yesterday (May 19) and seized 861 duty-not-paid cigarettes with an estimated market value of about $3,530 and a duty potential of about $2,846 from her personal baggage. The female passenger was subsequently arrested.

Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences.

Customs reminds members of the public that under the DCO, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

The Fanling Magistrates' Courts, Fanling Law Courts Building