Advisory Council on the Environment fully supports Hong Kong's First Five Year Plan to continue to drive green transition in Hong Kong
The following is issued on behalf of the Advisory Council on the Environment:
The Advisory Council on the Environment (ACE) discussed at its meeting today (October 5) the major strategies and initiatives on environmental protection and related issues set out in the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030) (Hong Kong’s First Five-Year Plan) and the Chief Executive's 2026 Policy Address (Policy Address). The ACE unanimously supports the strategies and initiatives.
Hong Kong's First Five-Year Plan and 2026 Policy Address, Photo by Bastille Post
The ACE is pleased to note that four of the five binding indicators set out in Hong Kong's First Five-Year Plan are environment-related, covering carbon intensity, the share of zero-carbon energy, the average concentration of fine suspended particulates (PM2.5), and Hong Kong’s surface water quality, demonstrating the Government’s determination to build Hong Kong into a green and liveable city and drive its future green transition. At the meeting, members had in-depth discussions on various environmental protection and ecological issues and offered recommendations to the Government.
The Chairman of the ACE, Professor John Chai, Photo source: reference image
The Chairman of the ACE, Professor John Chai, said, "The ACE believes that the Government will implement various measures in accordance with Hong Kong’s First Five-Year Plan and the Policy Address to push forward Hong Kong’s green transition and foster green innovation continuously, thereby aligning with the National 15th Five-Year Plan. These efforts will contribute to building a Beautiful China and a Beautiful Hong Kong, as well as realising the green transition and high-quality economic development of the nation."
Professor Chai added that the ACE will continue, as always, to provide professional advice to the Government on various environmental issues and drive the implementation of sustainable development and green transition in Hong Kong. The ACE will fully support and align with Hong Kong’s First Five-Year Plan, actively contributing to the future development of both the nation and Hong Kong.
Hong Kong, Photo source: reference image
HKMA hosts CargoX Solution Day to promote regional trade data connectivity
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) today (October 5) successfully organised the CargoX Solution Day. The event served as a platform for key stakeholders in the cargo and trade data ecosystem to exchange insights and showcase the innovative solutions in enhancing trade data connectivity to regional levels under the CargoX Pilot Programme.
Themed "From local to regional trade data connectivity: shaping the future of trade finance through innovative CargoX pilots", the Solution Day attracted over 300 industry professionals from banks, cargo and trade data providers, government agencies and partners of Commercial Data Interchange (CDI). The event featured keynote speeches, panel discussions and solution presentations, focusing on strengthening trade data connectivity with Hong Kong's key trading partners, such as the Chinese Mainland and the Association of Southeast Asian Nations (ASEAN) economies, as well as integrating CDI with key government cargo and trade data platforms.
A highlight of the CargoX Solution Day was the signing of a Memorandum of Understanding (MoU) between the HKMA and the PAA Digital Trade Alliance (PAA) (Note 1)to promote trade finance digitalisation. The two parties will commence joint innovation projects on enhancing cargo and trade data connectivity between Hong Kong and PAA member economies, thereby catalysing data-driven innovation in financial services and enhancing trade finance availability in the region.
During the Solution Day, the HKMA also shared results achieved under the CargoX Pilot Programme, particularly its progress in enhancing connectivity with key trade corridors. In collaboration with the Shanghai Data Bureau (SDB), the HKMA has successfully established a link-up between CDI and a digital trade platform developed by the SDB. Known as "CargoX Connect", this collaboration has enabled five pilot banks (Note 2)to access and utilise trade declaration data from the Yangtze River Delta region, serving as the first pilot cohort. This development facilitates various trade finance processes, such as trade verification and due diligence on trade counterparts, resulting in faster loan drawdowns for Hong Kong businesses engaging in both onshore and offshore trade. To date, this pilot has enabled the approval of ten trade finance loans amounting to HK$180 million. The HKMA intends to extend this successful model to other provinces and cities in the Chinese Mainland as the next phase of development.
Building on these encouraging developments in collaboration with the SDB and the PAA, through CargoX, the HKMA will continue to leverage Hong Kong's role as a super-connector to strengthen trade data connectivity along key corridors, including the Chinese Mainland and ASEAN. The ultimate goal is to enhance the transparency of cross-border trade transactions, thereby unlocking trade finance opportunities and supporting the growth of small and medium-sized enterprises (SMEs) in the region.
Deputy Chief Executive of the HKMAMr Howard Leesaid, "Today's CargoX Solution Day serves as a vital platform to showcase how the CargoX Pilot Programme is translating strategic recommendations into tangible actions. Building on the encouraging progress of the CargoX pilot projects, the signing of the MoU with the PAA marks a significant milestone in our endeavour to enhance regional trade data connectivity, including ASEAN economies, for more streamlined SME trade financing. By leveraging our CDI data infrastructure, CargoX will continue to expand from local to regional levels, building a more efficient and inclusive digital trade ecosystem across borders. This ultimately contributes to SME growth and fosters seamless international trade."
The Chair of the PAA, Tan Sri Syed Zainal Abidin Syed Mohamed Tahir,said, "The signing of this MoU with the HKMA marks a transformative step forward for cross-border trade finance in the region. By seamlessly bridging the PAA's robust regional network with Hong Kong's cutting-edge CDI infrastructure, we are unlocking the true power of data-driven finance. Together, we will eliminate the traditional frictions in international trade, giving SMEs across ASEAN and neighbouring economies unprecedented access to capital. We are excited to co-create a more inclusive, resilient, and fully digitised regional trade ecosystem."
Note 1: The PAA is a global alliance comprising trade single window operators and e-commerce service providers from 15 economies, including ASEAN member states.
Note 2: These pilot banks include Bank of China (Hong Kong), Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia) and Standard Chartered Bank (Hong Kong).
HKMA hosts CargoX Solution Day to promote regional trade data connectivity Source: HKSAR Government Press Releases
HKMA hosts CargoX Solution Day to promote regional trade data connectivity Source: HKSAR Government Press Releases
HKMA hosts CargoX Solution Day to promote regional trade data connectivity Source: HKSAR Government Press Releases
