Financial Secretary Promotes Hong Kong Investment Opportunities During Zurich Visit

FS visits Zurich, Switzerland

The Financial Secretary, Mr Paul Chan, arrived in Zurich, Switzerland, yesterday (May 21, Zurich time) and began his visit.

After arrival in Zurich, Mr Chan held a roundtable meeting with representatives of a number of banks, asset management institutions and family offices. He introduced the advantages and new development opportunities of Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area in areas including finance, innovation, trade and advanced manufacturing, and had in-depth exchanges on issues of concern to the participants. In addition, he also met with representatives of a major Swiss bank.

At the roundtable meeting, Mr Chan elaborated on Hong Kong's economic and financial situation and latest developments. He pointed out that Hong Kong's economy had maintained steady growth over the past two years or so, while its financial markets had remained active. Against the backdrop of the country's strong support for Mainland enterprises to go global, more enterprises have raised funds in Hong Kong's stock market to develop their overseas businesses. Hong Kong ranked first globally in terms of funds raised through initial public offerings both last year and so far this year, attracting many investors from the Mainland and overseas. At the same time, amid the current geopolitical landscape, many international investors regard Hong Kong as a safe harbour for capital and a springboard for diversified investment into the Mainland market, contributing to the strong performance of Hong Kong's stock market. The Hong Kong Special Administrative Region (HKSAR) Government is actively promoting continuous reform of the stock market, expanding connectivity with capital markets around the world, enhancing market liquidity and providing investors with more diversified investment choices. In various areas such as fixed-income and currency markets, asset and wealth management, and green finance, Hong Kong continues to promote product innovation and expand market scale. In addition, Hong Kong is actively developing gold and commodities trading markets to enrich the offerings of its international financial centre.

He also said that the substantial demand from high-net-worth individuals in the Guangdong-Hong Kong-Macao Greater Bay Area and Southeast Asia for cross-border asset allocation has prompted many overseas asset and wealth management institutions to expand their businesses in Hong Kong. On financial innovation, Hong Kong adopts a proactive and open attitude, promoting the application and development of digital assets under the principle of placing equal emphasis on prudent regulation and market development.

Mr Chan pointed out that China's 15th Five-Year Plan clearly sets out the promotion of the development of a modernised industrial system, high-level opening up and co-ordinated regional development. The Guangdong-Hong Kong-Macao Greater Bay Area enjoys strong advantages in frontier technology, advanced manufacturing, investment ecosystem and the pooling of high-end talent, and represents an important opportunity that international investors should not miss. The HKSAR Government is making every effort to promote Hong Kong's innovation and technology development, accelerate the development of the Northern Metropolis and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and actively attract enterprises and high-end talent to establish a presence in Hong Kong, injecting stronger impetus into the city's future economic development.

He welcomed Swiss financial institutions and family offices to expand their investment and business scale in Hong Kong, allocate more assets to the Hong Kong and Mainland markets, and seize these vibrant investment opportunities.

Yesterday, Mr Chan also called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun. He introduced Hong Kong's latest economic and social situation, and exchanged views with her on China-Europe relations and the global political and economic landscape.

Mr Chan will hold a roundtable meeting with representatives of local venture capital and private equity funds this morning (May 22, Zurich time). He will depart Zurichin the afternoon and arrive back in Hong Kong tomorrow morning (May 23, Hong Kong time).

The Financial Secretary, Mr Paul Chan (second left), called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun (second right), and the Deputy Consul General, Mr Yu Xiong (first right), in Zurich, Switzerland, on May 21 (Zurich time). The Director of Hong Kong Economic and Trade Office in Berlin, Mr Indiana Wong (first left), also attended. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (fourth left), called on the Chinese Consul General in Zurich and for the Principality of Liechtenstein, Ms Chen Yun (third left), and the Deputy Consul General, Mr Yu Xiong (second left), in Zurich, Switzerland, on May 21 (Zurich time). The Director of Hong Kong Economic and Trade Office in Berlin, Mr Indiana Wong (second right), also attended. Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (first left), attended a roundtable meeting with representatives of various banks, asset and wealth management institutions and family offices in Zurich, Switzerland, on May 21 (Zurich time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (first left), attended a roundtable meeting with representatives of various banks, asset and wealth management institutions and family offices in Zurich, Switzerland, on May 21 (Zurich time). Source: HKSAR Government Press Releases

The Financial Secretary, Mr Paul Chan (third right), attended a roundtable meeting with representatives of various banks, asset and wealth management institutions and family offices in Zurich, Switzerland, on May 21 (Zurich time). Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

FS visits Zurich, Switzerland (with photos/video) Source: HKSAR Government Press Releases

Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million

Hong Kong Customs detected two dangerous drugs cases in Tseung Kwan O and Hong Kong International Airport respectively yesterday (May 21) and today (May 22), and seized a total of about 21.8 kilograms of assorted drugs with a total estimated market value of about $7.95 million. Two men and one woman, aged between 38 and 49, were arrested.

In the first case, Customs officers intercepted a 48-year-old man and a 49-year-old woman in Tseung Kwan O during an anti-narcotics operation yesterday afternoon. About 3.8kg of suspected drugs, including ketamine, methamphetamine, etomidate capsules, psilocybin mushrooms, MDMA and a batch of suspected drug packaging paraphernalia were found in their residence in the same district. They were then arrested.

In the second case, a 38-year-old male passenger arrived in Hong Kong from Amsterdam, the Netherlands, today. During customs clearance, Customs officers found about 18kg of suspected ketamine inside his check-in suitcase and 33 sticks of duty-not-paid cigarette inside his carry-on baggage. The man was subsequently arrested.

The arrested man and woman in the first case have been jointly charged with one count of trafficking in a dangerous drug and one count of possession of apparatus fit and intended for the inhalation of a dangerous drug. The case will be brought up at the Kwun Tong Magistrates' Courts tomorrow (May 23), while an investigation is ongoing for the second case.

Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.

Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Under the Dutiable Commodities Ordinance, 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 drug trafficking 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).

Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases

Hong Kong Customs detects two dangerous drugs cases and seizes suspected drugs worth about $7.95 million Source: HKSAR Government Press Releases