Speech by DFS at US Independence Day reception
Following is the speech by the Deputy Financial Secretary, Mr Michael Wong, at the United States of America (US) Independence Day reception today (June 23):
Consul General Eadeh (Consul General of the US in Hong Kong and Macau, Ms Julie Eadeh), Deputy Commissioner Hua (Deputy Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region Mr Hau You), Assistant Secretary Burke (Assistant Secretary of the US Department of the Treasury Mr Jonathan Burke), former Chief Executive Mr Donald Tsang, distinguished guests, ladies and gentlemen,
It is my great pleasure to join you to celebrate the 250th anniversary of the Independence of the United States of America. This year also marks the 183rd anniversary of the United States' diplomatic presence in Hong Kong. So we indeed have a long history of partnership and friendship that is worth celebrating and nurturing.
I would also like to pay tribute to the longstanding and growing ties between the peoples of the United States and Hong Kong. Apart from our strong bilateral business and trade relations, there have always been deep-rooted cultural and people-to-people connections between us.
Hong Kong is home to around 80 000 US citizens. Last year, the number of American companies in Hong Kong increased from nearly 1 400 to 1 550, reflecting a year-on-year increase of over 11 per cent. Also last year, Invest Hong Kong, which is the business promotion arm of our Government, assisted over 40 US enterprises to establish or expand their operations in Hong Kong. It is noteworthy in the arena of trade that the United State has consistently enjoyed a significant trade surplus with Hong Kong - over US$250 billion in total in the last 10 years. So Consul General, I think that is good news to you. And I understand that this is actually one of the highest among the trading partners of the United States.
Another development in trade that is noteworthy is that Hong Kong's exports of goods to the United States have continued to enjoy very substantial growth despite geopolitics and headwinds. It grew by 80 per cent year on year this March. This April, it grew by another 37 per cent. When I mentioned these figures at a recent gathering hosted by a leading American financial institution in Hong Kong, some members in the audience were surprised. And I said to them that the very healthy growth in our bilateral trade is a testament to the ingenuity and dedication of businesses and enterprises both in Hong Kong and in the United States. Somehow, in an environment of considerable uncertainty, they are able to grasp new business opportunities and forge new partnerships. And what they do bring benefits not only to the business communities of the two places but to the peoples of the two economies. I salute them for their wonderful work and contributions.
On the global stage, Hong Kong's strengths as a vibrant and open economy and an international financial centre are increasingly recognised by all major players. The Global Wealth Report 2026, published this May, ranked Hong Kong as the world's largest cross-boundary wealth management centre. The World Competitiveness Yearbook this year ranked Hong Kong as the second economy in the world in terms of our competitiveness.
These very positive international assessments are echoed by the business community in Hong Kong. The latest Business Sentiment Survey conducted by AmCham (American Chamber of Commerce in Hong Kong) released this February reflected a substantive improvement in sentiment. Eighty-six per cent of respondents viewed Hong Kong as highly competitive or competitive as an international business hub, up from 75 per cent last year. So last year was good but this year was even better. Also, an overwhelming 92 per cent of the respondents planned to maintain their regional headquarters in Hong Kong for the next three years. And they cited efficiency, stability and the very safe business environment in Hong Kong as reasons to continue to base their regional operations in this lovely city.
The Consul General mentioned the visit to China by the President of the United States early in May. It was historic. It was a landmark. The two leaders expressed support for a constructive relationship of strategic stability. And they reached important understanding on keeping economic and trade ties stable, on expanding practical co-operation in different fields, and on properly addressing each other's concerns. We believe that the certainty and stability that follow their meeting are beneficial not just to Hong Kong, but to the entire world.
Ladies and gentlemen, the longstanding ties between the United States and Hong Kong are the result of years of hard work and goodwill by the peoples of the two economies. These ties have been built on a foundation of mutual respect and constructive dialogue. We look forward to their continued growth and positive developments in the years to come.
Thank you very much.
Source: AI-found images
Speech by Acting FS at Greenway 2026 - Closing and Sharing of Business Recommendations
Following is the speech by the Acting Financial Secretary, Mr Michael Wong, at Greenway 2026 - Closing and Sharing of Business Recommendations today (June 23):
Ambassador Rouse (Ambassador and Head of Office of the European Union to Hong Kong and Macao, Mr Harvey Rouse), Mr Hack (Chair of the European Chamber of Commerce in Hong Kong, Mr Johannes Hack), Professor Wong (Chairman of Environment and Sustainability Committee of Hong Kong General Chamber of Commerce, Professor Steve Wong), distinguished guests, ladies and gentlemen,
I would like to start by thanking the European Union Office and the European Chamber of Commerce for co-organising this marvellous event.
We are excited to unveil the Greenway 2026 Industry Recommendations just presented to me. They provide a collaborative roadmap for our partnership on green transition. They also highlight the power of open exchange between Hong Kong and our international business partners, including the vibrant community of over 1 780 European companies in Hong Kong.
It is highly encouraging to see how the Green Way insights closely align with Hong Kong's approach. In the next few minutes, I would like to share with you how we are tackling the challenges involved through policies and new initiatives in four areas.
Firstly, new sources of energy and their efficient use. We are transforming our fuel mix and phasing out coal. Specifically, for electricity generation, we will progressively increase the use of zero-carbon energy to about 60 per cent to 70 per cent by 2035, up from 25 per cent last year. And we aim to achieve the target of "net-zero electricity generation" by 2050.
We are also working on hydrogen, which we see as a promising source of new energy. We believe hydrogen can help particularly to decarbonise heavy-duty vehicles. In this regard, we announced our strategy regarding hydrogen development back in June 2024, and are progressively establishing the relevant comprehensive safety standards and codes of practice. Currently, we are formulating a green and low-carbon hydrogen certification framework, and we aim to get it ready next year or even earlier.
Apart from hydrogen, we are working on sustainable aviation fuel (SAF) and green maritime fuels. We have started building a SAF value chain in the Greater Bay Area, and we aim to achieve a 1 per cent to 2 per cent SAF usage for flights departing from Hong Kong by the year 2030.
In parallel, we are gearing up to develop Hong Kong into a pre-eminent green maritime fuel bunkering and trading centre. In 2025 alone, over 220 000 tonnes of green maritime fuels were bunkered in Hong Kong. This March, we performed our first green methanol bunkering operations at anchorage and at our container terminals. Both were highly successful.
Secondly, our work regarding waste reduction and the promotion of biodiversity. Our first modern waste-to-energy facility for treating municipal solid waste, IPARK 1, commenced its first phase of trial operation in December last year, and we will soon seek funding for the construction of IPARK 2. Furthermore, a recycling facility for EV (electric vehicle) batteries will commence operation in our EcoPark very soon.
As regards biodiversity, we updated the relevant Strategy and Action Plan, the so-called BSAP (Biodiversity Strategy and Action Plan), in December last year. It will help align with the relevant national and global frameworks well into the next decade.
Thirdly - I think that was mentioned by Chairman Hack and Professor Wong - green tech and green finance. We see them as indispensable elements supporting our green transformation. We have established a HK$400 million Green Tech Fund. It has already approved 39 R&D (research and development) projects covering decarbonisation technologies ranging from hydrogen energy to advanced waste upcycling.
As regards green finance, we will continue to leverage our strengths as an international financial centre to connect international capital with green projects. In 2025, the total green and sustainable debt issued in Hong Kong exceeded US$76 billion. Within this amount, the volume of green and sustainable bonds arranged in Hong Kong was about US$38 billion, and this accounted for about 40 per cent of the regional total, and we ranked first in the Asian market for eight consecutive years since 2018.
My fourth and last sharing this afternoon relates to public education. Sustainable development cannot succeed without an environmentally conscious public. We have therefore included in our primary and secondary school curricula relevant content ranging from carbon neutrality to waste reduction. At the community level, we have recently launched a new campaign to let members of the public know how they can help reduce carbon through green living.
Ladies and gentlemen, the European Union business community is a critically important partner for Hong Kong. We deeply value the European Union's pioneering contributions to green technologies and to the development of robust international standards. And I must thank our European partners again for bringing to Hong Kong their vision, their world-leading techs, and their environmentally friendly culture. Hong Kong has much to learn, and Hong Kong will do our part in contributing towards a more resilient, more sustainable world in collaboration with all like-minded partners in the European Union. Thank you all very much.
Source: AI-found images
