Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (June 9) unveiled the Action Plan to Promote the Development of Corporate Treasury Centres in Hong Kong (Action Plan) at the Corporate Treasury Centre Forum. The Action Plan sets out targeted strategies to strengthen Hong Kong as a premier hub for multinational corporate treasury centres (CTCs), elevating Hong Kong as a major base for CTCs and reinforcing its role as a platform for "bringing in and going global".
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Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong Source: HKSAR Government Press Releases
Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong Source: HKSAR Government Press Releases
Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong Source: HKSAR Government Press Releases
Jointly formulated by the Financial Services and the Treasury Bureau (FSTB), the Inland Revenue Department (IRD), the Hong Kong Monetary Authority (HKMA) and Invest Hong Kong (InvestHK), the Action Plan has two major objectives, namely to attract more multinational corporations to establish CTCs in Hong Kong, and to enable existing CTCs operating in Hong Kong to scale up their operations and fully leverage the city's comprehensive financial ecosystem.
The Action Plan adopts a "4T" framework to encourage multinational corporations from around the world to centralise their fund management, asset allocation and risk management in Hong Kong. Key highlights include:
Tax revamp: The Government will revamp the existing tax concession regime applicable to corporate treasury activities and introduce a more competitive tiered system. Measures include refining the existing concession regime and introducing a pre-approval mechanism. Approved CTCs and their associated companies will enjoy more favourable tax benefits, greater tax certainty and enhanced compliance flexibility. The Government will conduct a public consultation within this year, with a target of submitting legislative amendment proposals to the Legislative Council in the first half of next year.
Tax agreements: The Government has signed Comprehensive Avoidance of Double Taxation Agreementswith 57 economies to date, and will continue to expand the network, with a particular focus on engaging economies along the Belt and Road. This will provide Hong Kong-based enterprises with greater tax certainty and avoidance of double taxation when expanding their businesses overseas.
Targeted promotion: The Government will take a proactive approach in conducting targeted market promotion, with strategic focus on enterprises from the Chinese Mainland and Asia, particularly those innew economy sectors.
Talent and dialogue: The Government will work with the industry to strengthen the training of professional talent, as well asbuild a high-quality talent pool for the long-term development of the sector through continuous market education and professional development. At the same time, the Government will engage with the industry more closely to keep a full grasp of the market pulse and provide more comprehensive support to the industry.
The full text of the Action Plan is set out in the Annex.
In his remarks at the Forum, Mr Hui noted that Hong Kong has risen to become the world's largest cross-boundary wealth management centre, and has been the world's largest offshore Renminbi business hub. Backed by a mature and robust financial market system that is well-aligned with international standards, Hong Kong has long been providing comprehensive financial and professional services to both Mainland and overseas enterprises.
He said, "Amid the prevailing uncertainties in the global landscape, Hong Kong offers multinational corporations a business platform that is as steady as a rock - safe, stable and highly predictable. I urge enterprises to capitalise on these opportunities ahead and utilise Hong Kong's unique edge in 'bringing in and going global' to consolidate the management of their capital and business operations in Hong Kong.
"Against the backdrop of our nation's drive to become a financial powerhouse, our move to boost the development of CTCs in Hong Kong is a vital part of our efforts in supporting the implementation of the 15th Five-Year Plan and active participation in the nation's expansion of high-standard opening up."
He added that the Action Plan charts a clear trajectory for the development of CTC business in Hong Kong. The FSTB will collaborate closely with relevant government departments and the industry to drive a swift implementation of the Action Plan. This will help enterprises tap into Hong Kong's unique financial strengths, positioning the city as a "strategic home port" for Chinese Mainland enterprises venturing overseas and as an ideal gateway for overseas enterprises entering the Chinese Mainland and the wider Asian markets, while further advancing the development of Hong Kong's asset management industry.
The Corporate Treasury Centre Forum was jointly organised by the FSTB, the IRD, the HKMA and InvestHK, co-organised by the Hong Kong Chinese Enterprises Association Treasury Centre Committee, and supported by the International Chamber of Commerce - Hong Kong. The Forum attracted about 150 representatives from enterprises, chambers of commerce and government agencies around the world to explore together the development trends of CTCs and share success stories of multinational corporations establishing CTCs in Hong Kong.
Source: AI-found images
Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong Source: HKSAR Government Press Releases
Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong Source: HKSAR Government Press Releases
Government announces Action Plan to Promote Development of Corporate Treasury Centres in Hong Kong Source: HKSAR Government Press Releases
Source: AI-found images
CHP continues to follow up confirmed Mpox case epidemiologically linked to "Hutong"
The Centre for Health Protection (CHP) of the Department of Health (DH) said today (June 9) that one more confirmed local Mpox (also known as Monkeypox) case has been recorded, which is epidemiologically linked to thecases involving "Hutong"as announced in the past two weeks. Through the CHP's active case finding, five cases with epidemiological links to "Hutong" have been identified so far (including the first two cases notified by the authorities in Chinese Mainland). The individuals do not know each another and all have engaged in high-risk activities with strangers at the premises. The premises remains closed at present. The CHP will continue to closely follow up individuals who visited the premises on or after May 1 and provide them with health education and continue to conduct medical surveillance.The CHP once again urged the high-risk target groups to receive Mpox vaccination as soon as possible. Meanwhile, the public is advised to avoid close physical contact with persons suspected of contracting Mpox.
Case information
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The case involves a 58-year-old man, who learned about confirmed Mpox cases at a premises called "Hutong" on Shanghai Street in Mong Kok last month from the CHP's earlierpress release. He also visited "Hutong" on May 23 and had high-risk contact there. He subsequently developed rash at his lower body on June 3. He sought medical treatment at the Yau Ma Tei Integrated Treatment Centre (YMTITC) on June 5, and reported relevant high-risk contact history to the healthcare workers, who then arranged specimen collection from him for testing. His specimentested positive for monkeypox virus upon laboratory testing by the CHP's Public Health Laboratory Services Branch. The CHP has arranged for him to receive isolation treatment at Princess Margaret Hospital. The patient is currently in stable condition.
The CHP is conducting an epidemiological investigation, and will endeavour to contact individuals who had high-risk contact with him. The CHP will notify World Health Organization of this case.
Follow-up on the "Hutong" cases
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The CHP endeavours to contact individuals who visited "Hutong" on or after May 1 to provide them with health education and conduct medical surveillance. To date, over 300 individuals who have visited the premises on or after May 1 have been successfully contacted. Two confirmed cases, who had high-risk contact at the premises during the incubation period, have been identified previously. The CHP again urges anyone who have visited the premises on or after May 1 to call the CHP's designated Mpox telephone hotline (2125 2373), so that the CHP can provide health assessments and advice. The hotline operates daily from 9am to 6pm. As investigations are still ongoing, the premises has been closed temporarily starting from May 26.
Furthermore, the CHP has collaborated with Hong Kong AIDS Foundation to launch an outreach Mpox vaccination activity at the organisation's service centre in Mong Kok since last Saturday (June 6) until next Wednesday (June 17). Eligible high-risk groups (especially men who have sex with men) can make an appointment on the organisation'swebsite.
Since 2022, Hong Kong has recorded a total of 90 Mpox cases (73 local cases and 17 imported cases), including the above-mentioned case. All patients were males. Epidemiological investigations revealed that most cases had high-risk sexual behaviour, including having sex with strangers or having sex without wearing condoms.
Mpox vaccine
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Mpox vaccine can prevent infection and severe disease. The DH provides Mpox vaccination services for highrisk groups. The following high-risk target groups are eligible for Mpox vaccinations on a voluntary basis:
individuals with high-risk sexual practices, e.g. having multiple sexual partners, sex workers, or having a history of sexually transmitted infection within the past 12 months;
healthcare workersresponsible forcaring forpatients with confirmed Mpox;
laboratory personnel working with zoonotic pox viruses; and
animal care personnel with high risk of exposure in caseof Mpox occurrences in animals in Hong Kong.
High-risk target groups can receive Mpox walk-in vaccinations at any of the DH's SocHS (namely Chai Wan SocHS, Wan Chai Male SocHS, Wan Chai Female SocHS, Yau Ma Tei Male SocHS, Yau Ma Tei Female SocHS, Yung Fung Shee SocHS, Fanling SocHS and Tuen Mun SocHS) and the DH's YMTITC, without prior appointments.
Meanwhile, the DH's Kowloon Bay Integrated Treatment Centre and the Hospital Authority's Special Medical Clinics at Queen Elizabeth Hospital and Princess Margaret Hospital also provide Mpox vaccination services for their clients.
Mpox is not transmitted through respiratory droplets or aerosols in general, and transmission would not occur through social contact. The CHP reminds the public, especially those at higher risks of exposure, to take precautions and avoid close physical contact with persons or animals suspected of being infected. They should seek medical attention as soon as possible if they experience relevant symptoms, including rash, fever, chills, swollen lymph nodes, exhaustion, muscle pain, and severe headaches. They should not engage in activities with others that may involve contact with skin rash or body fluids.
For more details, please visit the CHP's page onMpoxandMpox Vaccination Programme.
Source: AI-found images
