Task Force on Promoting the Development of Asset and Wealth Management holds first meeting
The Task Force on Promoting the Development of Asset and Wealth Management, chaired by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, was established and convened its first meeting today (October 25).
Hong Kong is an international asset and wealth management (WAM) centre. To drive market development, the Financial Secretary has announced in the 2024-25 Budget the establishment of the Task Force to discuss with the industry measures for further developing the WAM industry. The Task Force comprises nine non-official members from the WAM industry, government officials, and representatives of financial regulators and relevant bodies.
The Chief Executive's 2024 Policy Address has set out the need to further enhance Hong Kong's status as an international WAM centre. In this respect, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the Task Force had a focused discussion on the proposed enhancements.
Mr Hui said, "As an international WAM centre, Hong Kong has long been a hub for global capital and family offices. As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times. Funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong's WAM industry. Also, market research estimates that Hong Kong is home to about 2 700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.
"In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms. The Task Force brings together industry leaders and professionals, and I believe their valuable advice will help propel the long-term development of the WAM industry."
The membership of the Task Force is as follows, with the term of non-official members taking effect from October 25, 2024, for two years:
Chairman
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Secretary for Financial Services and the Treasury
Non-official members
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Mr Kent Chen
Mr Jiang Jingjing
Ms Lian Shaodong
Ms Luanne Lim
Ms Amy Lo
Ms Elisa Ng
Mr Murray Steel
Mr Peter Stein
Mr Sun Yu
Official members
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Permanent Secretary for Financial Services and the Treasury (Financial Services)
Commissioner of Inland Revenue
Deputy Chief Executive, Hong Kong Monetary Authority
Executive Director (Investment Products), Securities and Futures Commission
Executive Director (Policy), Mandatory Provident Fund Schemes Authority
Head of Equities Product Development, Hong Kong Exchanges and Clearing Limited
Executive Director, Financial Services Development Council
Task Force on Promoting the Development of Asset and Wealth Management holds first meeting Source: HKSAR Government Press Releases
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide
Illuminated across the River Torrens of Adelaide, Australia, the spectacular 40-metre-long new Hong Kong Dragon Lantern is taking centre stage at the Moon Lantern Trail of the OzAsia Festival from October 24 to 27, showcasing Hong Kong's vibrant role as anEast-meets-West centre for international cultural exchange as well as celebrating the artistic synergy between Hong Kong and Australia.
The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) is again supporting the OzAsia Festival with a view to promoting the unique arts and cultural scene in Hong Kong. This year, in collaboration with the organiser of the Festival, the Adelaide Festival Centre (AFC), Sydney ETO presented the new Hong Kong Dragon Lantern with a concept from a Hong Kong artist to foster arts and cultural exchanges between Hong Kong and Adelaide.
Addressing more than 200 guests at the OzAsia Festival Opening Night, the Director of the Sydney ETO, Mr Ricky Chong, said that 2024 marks the 15th year of partnership between Sydney ETO and theAFC. He is delighted towitnessthis milestone and celebrate the debut of the new Hong Kong Dragon Lantern.
"Sydney ETO treasures the opportunity for cultural exchanges between Hong Kong and Australia.Over the years, wehave supported numerous initiatives to help Hong Kongfulfilits role as anEast-meets-West centre for international cultural exchange undertheNational 14thFive-Year Plan, which includessupporting arts groups and delegations travelling betweenHong Kong and Australiatobring ourartcommunities closer together," Mr Chong said.
He also introduced the keymeasures announced in "The Chief Executive's 2024 Policy Address" for bolstering thecultural andcreativeindustries. "The West Kowloon Cultural District (WKCD), one of the largest arts and cultural projects in the world, provides over 20 professional venues capable of hosting a wide range of events. With a view to branding the WKCD as a must-visit landmark for cultural and creative tourism, the Government will roll out more special-experience activities and step up worldwide promotions in collaboration with the Hong Kong Tourism Board to bring in more tourists," Mr Chong added.
Mr Chong also shared with the participants the latest initiatives in the Policy Address to attract top-notch talent to Hong Kong, including updating the Talent List, expanding the list of universities under the Top Talent Pass Scheme and extending the validity period of the first visa of high-income talent under the scheme to three years.
Held annually over three weeks (October 24 to November 10) in spring in the southern hemisphere, the OzAsia Festival is Australia's leading contemporary arts festival that engages with Asia. This year's festival showcases various forms of arts and culture, including theatre, dance, music, visual arts, literature, cuisine and cultural events from across Asia. The vibrant line-up features over 300 artists from Australia and abroad including Hong Kong, with seven world premieres to be staged.
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases
New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide Source: HKSAR Government Press Releases
