The Consulate General of Switzerland in Hong Kong - Press review

Seventh Hong Kong-Switzerland Financial Dialogue enhances collaboration in financial services
The seventh Hong Kong-Switzerland Financial Dialogue was co-organized by the Hong Kong Monetary Authority (HKMA) and the State Secretariat for International Finance (SIF) of Switzerland. The event aimed to foster collaboration in financial services and exchange views on global financial system issues. Chaired by HKMA Deputy Chief Executive Darryl Chan and SIF Deputy State Secretary Christoph König, discussions focused on regional and domestic outlooks, policy challenges, and potential collaboration areas in sustainable finance, fintech, and market connectivity. HKGov, Dec 4

Washington slams China’s tit-for-tat visa curbs on US officials over Hong Kong interference
Washington condemned Beijing’s ‘retaliatory’ decision to impose visa restrictions on US officials who were accused of interfering in Hong Kong affairs. Beijing imposed the visa curbs in response to Washington’s threat to implement fresh sanctions on officials after the jailing of 45 opposition figures under the National Security Law for participating in a primary election for the Legislative Council. SCMP, Dec 11

Hong Kong leader John Lee Ka-chiu meets visiting officials from 12 countries
John Lee met with ambassadors to China and senior officials from 12 countries to promote the city’s market-oriented advantages and business-friendly environment. The delegation included representatives from Africa, the Americas, Asia, Europe, the Middle East, and Oceania. They discussed enhancing exchanges and cooperation, and heard briefings on the latest developments in Hong Kong’s financial services industry. SCMP, Dec 9

Iran Ambassador to China says strong Hong Kong-Iran ties show US curbs have ‘lost their potency’
Mohsen Bakhtiar, Ambassador of Iran to China, called for more official visits between the two jurisdictions during a recent trip to Hong Kong, stating Iran could serve as a ‘gateway’ for the city to access markets in Central and Western Asia. SCMP, Dec 8

China`s C919 to start commercial flights from Shanghai to Hong Kong from next year
China's first self-developed narrow-body jet, the C919, will start commercial flights between Shanghai and Hong Kong on January 1, 2025. China Eastern Airlines will operate one round trip per day. The C919 has carried over 1 million passengers since its commercial debut in May 2023. Global Times, Dec 26

Xi Jinping tells Hong Kong’s John Lee country has ‘very high expectations’
Chinese President Xi Jinping met Hong Kong’s leader John Lee, telling him the country has “very high expectations” of the city and urging officials to boost the economy. Xi emphasized the importance of governing firmly, boosting the economy, and fostering development. He also encouraged Hong Kong and Macau to learn from each other and strengthen cooperation. SCMP, Dec 19

Greater Bay Area cities adding charging facilities for HK, Macao EVs
Mainland cities in the GBA are rapidly building charging facilities for Hong Kong and Macao electric vehicles (EVs) due to increased cross-boundary travel. Previously, Hong Kong and Macao EV owners had to use adapters for mainland charging stations. New charging facilities compatible with the European standard have been installed in all nine mainland GBA cities, with 100 charging stations and 169 charging piles. China Daily, Dec 17

John Lee urges Hong Kong firms in Beijing to take lead on integration push
Chief Executive John Lee met with 15 Hong Kong business representatives in Beijing, urging them to spearhead national integration efforts and foster cultural exchanges. He encouraged young Hongkongers in Beijing to embrace growth opportunities and assist Beijing companies in listing in Hong Kong. Business representatives included those from HSBC, Swire Group, and Tencent. SCMP, Dec 12

Hong Kong Government issues extraterritorial arrest warrants and bounties on six activists
The Hong Kong government accused six more activists, who are residing abroad, of breaking the National Security Law and added them to a wanted list of now 19 opposition figures, all with HKD 1 million (USD 128,540) bounties. The six activists included political commentator Chung Kim-wah (now in the UK) and Hong Kong Democracy Council advocate Carmen Lau (in the UK). Simultaneously, invoking the Article 23 Safeguarding National Security Ordinance, the government revoked passports of seven activists abroad, including former lawmakers Ted Hui (in Australia) and Dennis Kwok (in the US). In June, the government had already cancelled the passports of six other activists. The UK, US, EU, and Canada condemned the latest arrest warrants under the National Security Law in Hong Kong. SCMP, HKFP, Dec 24, 27

Police deployed around independent book fair
More than 20 police officers were sent to a neighborhood where a week-long independent book fair started. Some attendees had their IDs and bags inspected by the police. Among those stopped were pro- democracy figure and barrister Margaret Ng, as well as the owner of the now-closed independent Mount Zero bookstore. HKFP, Dec 18

Hong Kong police to put up 6,400 more surveillance cameras over 3 years
Hong Kong police plan to install nearly 6,400 surveillance cameras over the next three years. The first phase, which already installed 612 cameras, has helped solve 97 cases. Senior Superintendent Leung Ming-leung detailed the plan, which includes installing cameras at government facilities, transport hubs, and smart lamp posts. The force aims to reach about 7,000 cameras by 2027, with the potential for more depending on technological advancements. SCMP, Dec 17

Jimmy Lai denies making appeal for hostilities against Beijing
Former media boss Jimmy Lai Chee-ying denied appealing to foreign governments for hostile activities against China and advocating for a greater US military presence in the South China Sea. He maintained that America's return to the Asia-Pacific could reduce conflict risk. Lai, founder of the defunct Apple Daily, is on trial for collusion with foreign forces and distributing seditious publications. In a feature piece, Nikkei Asia argues that the dragged out proceedings of the Jimmy Lai trial spotlight the delicate position of the Hong Kong authorities, who are eager to align themselves with Chinese President Xi Jinping's vision of a “holistic approach to national security” while mending fences with the West to boost the local economy. SCMP, Nikkei Asia, Dec 17, 30

HK47 - No sentence reviews in largest national security case as appeals and bail continue
The Department of Justice confirmed it will not seek sentence reviews for the HK47 case, where 45 pro- democracy politicians and activists received jail terms for conspiracy to subversion under the National Security Law. Activist Wong Ji-yuet, along with 13 others, has filed an appeal against her conviction and sentence. Separately, on 10 December, elderly activist 'Grandpa Chan' was found not guilty of unauthorized display of banners. HKFP1, HKFP2, HKFP3, Dec 10, 11,

Chief Executive replaces tourism and transport chiefs in unexpected Government reshuffle
In an unexpected reshuffle, Chief Executive John Lee dismissed Secretary for Culture, Sports and Tourism Kevin Yeung and Secretary for Transport and Logistics Lam Sai-hung. The State Council approved the move, with Rosanna Law and Mable Chan taking over their roles. Lee praised their leadership, communication skills, and proactive approach, emphasizing these qualities are essential for effective governance.SCMP, RTHK, Dec 5

Democratic Party re-elects chairman Lo Kin-hei
The main opposition party of Hong Kong has re-elected Lo Kin-hei, who has said it is still undecided on whether to run in next year’s Legislative Council election. Lo shared members faced ongoing harassment from unknown people and voiced worries over dwindling funds. Nevertheless, he pledged the party would continue to ‘speak for the best of Hong Kong’ and called for the government to be open to diverse opinions. SCMP, Dec 1

Hong Kong launches tourism blueprint set to boost economy by HKD 120 billion
Hong Kong has unveiled a comprehensive tourism blueprint designed to rejuvenate the sector, significantly impacted by the pandemic. The new strategies focus on promoting cultural, sports, ecological, and mega- event tourism, with themes such as pandas, horse racing, yachting, and nature. Expected to boost the economy by HKD 120 billion (USD 15.5 billion) and create 210,000 jobs over five years, the blueprint outlines four development strategies, 16 implementation directions, 59 action plans, and 133 measures. Secretary for Culture, Sports, and Tourism Rosanna Law emphasized the need to reform the industry to adapt to changing travel patterns post-pandemic. SCMP, Dec 30

Central bank cuts interest rate tracking Fed move, banks follow
Hong Kong Monetary Authority on Thursday cut its base interest rate charged via the overnight discount window by 25 basis points to 4.75%, tracking a move by the US Federal Reserve. Major banks followed with reductions. Reuters, Dec 19

Hong Kong licenses four more crypto exchanges amid bitcoin price surge
Hong Kong’s securities regulator has granted approval to four new cryptocurrency exchanges to operate in the city, giving the industry a boost amid a surge in the price of bitcoin this month. Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI) have obtained virtual asset trading platform (VATP) licences as of Thursday, according to an updated list published by the Securities and Futures Commission (SFC). SCMP, Dec 18

Chinese money fuels hiring spree among private banks in Hong Kong
Wealth managers like UBS, Bank of Singapore, and Julius Baer are ramping up hiring in Hong Kong to cater to the influx of mainland Chinese money. UBS aims to double its regional assets, Bank of Singapore increased staff by 30%, and Julius Baer expanded its office space by 40%. This trend is driven by policies to attract the wealthy and offshore diversification, with private wealth assets expected to double to USD 2.3 trillion by 2030. Bloomberg, SCMP, Dec 15, 16

City records first rise in new listings since 2020 as Beijing’s policy pivot refuels optimism
Hong Kong's stock exchange has seen a resurgence in listing activities this year, driven by Beijing's supportive policies, marking the first increase since 2020. The city’s bourse raised a combined USD 10.65 billion across 63 deals this year, an increase of more than 80% compared to the USD 5.89 billion raised across 67 deals in 2023. Notable examples include Seres Group Co., Huawei's EV partner, considering a second listing in Hong Kong to raise over USD 1 billion. Chinese cosmetics firm Mao Geping made a strong debut with shares surging 70%, with its IPO valued at HKD 2.34 billion (USD 300 million) and the retail tranche oversubscribed 918 times. Battery maker CATL announced plans for a secondary listing, potentially raising at least USD 5 billion. These activities reflect growing investor optimism and the city's strengthening position as a capital-raising hub. CNBC, Bloomberg1, Bloomberg2, SCMP, Dec 10, 12, 17, 18

Hong Kong lagging behind Shanghai, Shenzhen, Singapore in flying green
Hong Kong’s standing as an aviation and maritime hub was dealt a severe blow by the Covid-19 pandemic, China’s economic downturn and intensifying competition. Now, it faces another challenge: green fuel. The city trails regional rival Singapore on policies and supply chain development for sustainable aviation fuel, the most feasible decarbonisation solution for the sector. It also lags behind the city state, Shanghai and Shenzhen, on green fuel marine refuelling services, known as bunkering. SCMP, Dec 7

Budget deficit forecast doubles to HKD 100 billion for 2024-25
Financial Secretary Paul Chan forecast that the city’s deficit will more than double to HKD 100 billion (USD 12.8 billion) in the 2024-25 financial year from the previous estimate of HKD 48 billion. This was due to lower-than-expected property transactions that reduced the government’s stamp duty income. Chan highlighted that achieving a fiscal balance was not a short-term target of one or two years as it would impose too much pressure on the government. SCMP, Dec 2

Credit Agricole CIB bolsters Asia expansion from Hong Kong
CEO of French banking giant Credit Agricole CIB, Xavier Musca, shared the firm is committed to using Hong Kong as a base to expand its business in Asia. ‘Internationalisation of the yuan, green finance and infrastructure development are the three major themes of development in Hong Kong, which can offer huge opportunities for Credit Agricole CIB,’ Musca said. SCMP, Dec 2

Recovery of tourism with notable increase from South East Asia
The Hong Kong Tourism Board revealed 36.67 million visitors arrived in the first ten months of 2024, a 37% increase compared to last year. The amount of travellers from Southeast Asia exceeded 2.3 million (95% of pre-pandemic levels), making it one of the fastest recovering markets. The Standard, Dec 1

Launch of multiple entry visas for Shenzhen residents
More than 10 million Shenzhen residents can now apply for multiple-entry visas to Hong Kong, allowing them unlimited entry within a year with stays not longer than seven days each time. Following the resumption of these visas, Hong Kong has seen a significant increase in weekend arrivals from mainland China. This influx has greatly benefited the local food and beverage sector, with winter solstice revenue totaling HKD 400 million (USD 51.53 million), nearing pre-pandemic levels. Simon Wong, president of the Hong Kong Federation of Restaurants & Related Trades, noted the positive impact on local consumption and the festive atmosphere. Chief Executive John Lee Ka-chiu has encouraged Hongkongers to take advantage of the growing number of mainland Chinese visitors and emphasized the economic benefits, including a rise in retail sector turnover. SCMP1, SCMP2, HKFP, Nov 29, Dec 17, 23

Hong Kong scientists to build robot for China’s Chang’e-8 moon mission
Hong Kong University of Science and Technology (HKUST) will lead the development of a lunar surface robot for China's 2028 Chang'e-8 mission. The robot will aid in scientific exploration and pave the way for a long-term research facility at the moon's south pole. It will feature a mobile charging station to power other lunar devices, enhancing exploration efficiency. SCMP, Dec 19

Hong Kong's expat party hub reshaped by Chinese influx
Lan Kwai Fong’s nightlife is changing, with legacy bars making way for venues catering to mainland Chinese. The shift reflects Hong Kong's changing demographics post-Covid. Businesses like Chaotianmen Hot Pot and Mei KTV have thrived, while local entrepreneurs adjust to new spending habits. The government's Top Talent Pass Scheme has also attracted more mainland Chinese workers.
Bloomberg, Dec 12

Chinese EV startup Nio and HK Polytechnic University collaborate on batteries
Nio and Hong Kong Polytechnic University have entered into a partnership to jointly conduct research and development in areas including battery technologies. The two sides signed a memorandum of understanding for a strategic partnership at Nio's global headquarters in Shanghai, which was witnessed by PolyU's president, Teng Jin-Guang, and Nio's founder, chairman and CEO, William Li, according to an announcement by the university yesterday. CNEVpost, Dec 6

New Macao Basic Law Committee appointed:
Members of the sixth-term Macao Special Administrative Region Basic Law Committee of the National People’s Congress Standing Committee received their appointment. Led by Director Shen Chunyao, the 10-member committee, consisting of five members from the mainland and five from Macao, will serve a five-year term. Xinhua, Dec 25

Macao unveils digital currency prototype
The Macao Special Administrative Region, with support from the People’s Bank of China, has developed a prototype roadmap for the Digital Macau Pataca (e-MOP), laying the foundation for the future development of the virtual sovereign currency. The e-MOP will be legal tender and fully convertible. It includes hard and soft wallets, catering to different user needs. The digital currency will focus on retail in the short term, with plans for expansion to wholesale and cross-border payments. The initiative aims to provide a more convenient and secure transaction tool and promote socio-economic and financial industry development. Yicai, Dec 13

Macao’s per capita gross domestic product will grow this year
Gross Domestic Product per capita in Macao is anticipated to grow by around 7%, from USD 69,000 in 2023 to USD 75,000 this year. Macao News, Dec 9

China's President Xi Jinping visited Macau to commemorate a quarter century of Beijing's rule over the former Portuguese enclave. During his three-day visit, he urged further diversification from its casino industry and encouraged more integration with the Greater Bay Area. Reuters, Dec 18

During his visit, Xi Jinping outlined his expectations for Macau. He urged the city to avoid complacency, attract a broad range of talent, and increase its presence on the global stage. Xi praised Macau for the orderly development of its gaming industry and efforts to diversify its economic base, as well as its cooperation with the nearby Hengqin Island of Zhuhai. He emphasized the importance of "embracing a broader vision" and refining its future outlook. SCMP, ECNS, Dec 19

During his second day in Macau, Xi Jinping toured the laboratories for traditional Chinese medicine and space technology at Macau University of Science and Technology. He spent about an hour at the State Key Laboratory of Quality Research in Chinese Medicine and the State Key Laboratory of Lunar and Planetary Sciences. Xi also had a “friendly exchange” with researchers and students. SCMP, Dec 19

This is a review of the Hong Kong media and does not necessarly represent the opinion of the Consulate General of Switzerland. The Consulate General of Switzerland in Hong Kong does not bear any responsibility for the topicality, correctness, completeness or quality of the information provided. Liability claims regarding damage caused by the use of any information provided, including any kind of information which might be incomplete or incorrect, will therefore be rejected.

31.12.2024