HKSAR Government Welcomes New Measures for Further Deepening Cooperation between Hong Kong and Mainland Markets

HKSAR Government welcomes new measures for further deepening co-operation between Hong Kong and Mainland markets

The China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) announced today (August 3) a series of new measures to deepen further the practical co-operation and coordinated development of the two markets, consolidating and enhancing Hong Kong's status as an international financial centre. The Government of the Hong Kong Special Administrative Region (HKSAR) warmly welcomes the measures.

The Chief Executive, Mr John Lee, Photo source: reference image

The Chief Executive, Mr John Lee, said, "The series of measures announced today will support the development and cross boundary financing of enterprises in Hong Kong and the Mainland, and further promote the connectivity between the Hong Kong and Mainland markets through deepening co-operation in indices, futures and exchange traded funds. Under 'One Country, Two Systems', Hong Kong enjoys the unique advantage of having strong support from the motherland while being closely connected to the world. As an important bridge in our country's financial system, Hong Kong will continue to leverage its role in 'bringing in and going global', better integrating into and serving the overall development of our country. Hong Kong is proactively aligning with the National 15th Five Year Plan and is working at full speed to formulate our first five-year plan, fostering high quality market development by promoting Renminbi internationalisation and cross boundary capital flows. I sincerely thank the Central People's Government and relevant authorities for their staunch support for Hong Kong all along. The HKSAR Government will continue to enhance the competitiveness of Hong Kong's financial markets to consolidate and elevate Hong Kong's status as an international financial centre, while serving our country's high-quality financial opening-up and contributing to the long term development of our country's financial markets."

The Financial Secretary, Mr Paul Chan, Photo source: reference image

The Financial Secretary, Mr Paul Chan, said, "The 10 new measures cover a wide range of areas including cross boundary listings, exchange traded funds, index co-operation, Renminbi-denominated futures products, streamlined applications for Mainland professional qualifications, and strengthened financial regulatory co-operation. They will facilitate Mainland and overseas investors to seize the enormous investment opportunities arising from our country's steady and high-quality economic development and the building of a modern industrial system, while at the same time consolidating and enhancing Hong Kong's function as a hub connecting the Mainland market and global capital. These measures will further promote the coordinated development of the two capital markets on a more open, resilient and efficient basis. We sincerely thank the Central People's Government, relevant authorities and the Mainland regulators for their strong support for Hong Kong, and will work closely with relevant Mainland institutions to expedite implementation of the measures."

The CSRC and the SFC announced today a series of new measures for further deepening the practical co-operation and coordinated development of the markets of Hong Kong and the Mainland. The HKSAR Government and regulators will actively facilitate the implementation of the measures.

The Central Government Offices, Photo source: reference image

Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes (2)

An incoming Mainland male passenger was sentenced to six weeks' imprisonment with a fine of $1,000 by the Fanling Magistrates' Courts today (August 3) 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 the incoming 39-year-old Mainland male passenger at the Heung Yuen Wai Boundary Control Point on August 1 and seized 869 duty-not-paid cigarettes from him. The estimated market value of the seized cigarettes was about $3,900, and the duty potential was about $2,800. The passenger was subsequently arrested.

Customs welcomes the sentence, noting that even a first-time offender may still be imprisoned. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences. Members of the public should not defy the law.

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).

Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes (2) Source: HKSAR Government Press Releases

Incoming passenger convicted and jailed for possessing duty-not-paid cigarettes (2) Source: HKSAR Government Press Releases