Opening remarks by SCST at World Tourism Cities Federation Hong Kong Fragrant Hills Tourism Summit 2025 - Main Forum II: Hong Kong Tourism Development Forum
Following are the opening remarks by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the World Tourism Cities Federation Hong Kong Fragrant Hills Tourism Summit 2025 - Main Forum II: Hong Kong Tourism Development Forum today (April 16):
王海民董事長(Chairman of the China Tourism Group, Mr Wang Haimin), Dr Peter Lam (Chairman of the Hong Kong Tourism Board), distinguished guests, friends from the international tourism community and fellow stakeholders,
Good morning. First of all, a very warm welcome to all of you to Hong Kong once again for this important forum dedicated to the development of the tourism industry. As the Secretary for Culture, Sports, and Tourism, I am truly delighted to see so many passionate and talented counterparts and stakeholders from tourism related industries, home and away, gathered here today with the common goal of enhancing the vibrancy and sustainability of Hong Kong's tourism development.
For decades, Hong Kong has captivated the world as a premier travel destination. With concerted effort of the Government and our industry partners, Hong Kong's tourism industry put up a strong comeback after the pandemic in 2023 and sustained with rising momentum in 2024, seeing a 31 per cent growth year-on-year in visitor arrivals. Stepping into the first quarter in 2025, we continued with an encouraging performance, welcoming over 12 million visitors, which represents a year-on-year increase of 9 per cent.
A bright future of tourism development does not lie with increased visitor arrival numbers though. With the advancement in digital technology and changing consumer preferences under the global tourism landscape, we must embrace innovation and adapt our offerings to maintain our competitive edge. We must also be clear about Hong Kong's uniqueness and positioning in order to emerge stronger for future challenges.
With this in mind, the Culture, Sports and Tourism Bureau promulgated in December last year the second Development Blueprint for Hong Kong's Tourism Industry - we call it Blueprint 2.0, setting out our vision and mission for the next five-year period from 2025 to 2030.
Blueprint 2.0 proposes four major development strategies and 133 measures that span every facet of the industry including product development, visitor source expansion, smart tourism and service enhancement.
With Blueprint 2.0 and the strong support from the Central People's Government in Beijing, I pledge to lead my team to strengthen ties and collaboration with stakeholders both within and outside the Government to implement Blueprint 2.0. I shall also empower and assist our trade practitioners to unleash Hong Kong's tourism offerings in full.
Tourism is a fast-moving and ever-changing landscape. The spirit of "steering changes" in Blueprint 2.0 is a key to meeting challenges ahead and seizing opportunities for growth. I encourage stakeholders to break out from the boundaries of previous endeavours, even old patterns of success. Let us be bold to come out of our comfort zones and embrace new innovation and technology, and bring out new proposals that can inject fresh impetus into Hong Kong's tourism industry.
Today's forum offers great opportunity for putting our heads together for the future of Hong Kong's tourism industry. Hong Kong's hosting of this year's Fragrant Hills Summit also showcases our strategic advantages in fostering deeper international exchanges and co-operation in the area of tourism development, and in bringing together industry leaders worldwide for fruitful deliberation and swift actions. I look forward to writing the next chapter of Hong Kong's tourism story – one filled with innovation, resilience and boundless opportunities, with all of you.
Thank you.
Acting SFST's speech at Earth Forum 2025
Following is the speech by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, at the Earth Forum 2025 today (April 22):
Plato (Chairperson of Friends of the Earth (HK), Mr Plato Yip), King (Executive Director of the Financial Services Development Council (FSDC), Dr King Au), Dr Leng (Board Member of the International Sustainability Standards Board of the IFRS Foundation, Dr Bing Leng), Dr Guo (Chairman of the China Sustainable Investment Forum (China SIF), Dr Guo Peiyuan), distinguished guests, ladies and gentlemen,
Good afternoon. It is my great honour and pleasure to join you today at the Earth Forum 2025, a gathering of visionaries committed to shaping a sustainable future. First of all, I would like to express my gratitude to Friends of the Earth, FSDC and China SIF for organising this pivotal event and to all of you for your unwavering dedication to advancing green finance.
As Asia's leading international financial centre, Hong Kong has also become Asia's premier hub for green and sustainable finance. To align with the target of achieving carbon neutrality by 2050, Hong Kong has made significant commitments of its own. These targets are not merely aspirational; they are driving systemic reforms across various sectors, including energy, transportation, and finance.
In 2024, the total green and sustainable debts issued in Hong Kong exceeded US$84 billion, among which the volume of green and sustainable bonds arranged in Hong Kong amounted to around US$43 billion, ranking first in the Asian market for seven consecutive years since 2018 and capturing around 45 per cent of the regional total. This accomplishment solidifies our position as the region's premier platform for scaling climate-positive investments and also underscores our dedication to fostering a robust green finance ecosystem.
Hong Kong's status as a strategic nexus for green finance in Asia is central to advancing global sustainability objectives. As of the end of December last year, there are more than 220 ESG (environmental, social and governance) funds in Hong Kong authorised by our regulator, with assets under management (AUM) of around HK$1.2 trillion. This represents a remarkable increase of 136 per cent in the number of funds and a 15 per cent rise in AUM from just three years ago. These elements will solidify Hong Kong's role as the gateway to sustainable finance in Asia.
As an international financial centre, Hong Kong is uniquely positioned to mobilise the necessary capital for climate solutions while ensuring robust integrity within our financial markets. Hong Kong's multifaceted approach encompasses policy frameworks, market infrastructure, innovation ecosystems, and cross-border collaboration. Our Government Sustainable Bond Programme stands as a testament to this transformation. Having raised HK$220 billion since 2019, including the groundbreaking tokenised bond charge, we're not just starting green projects but creating new benchmarks for the market in different currencies and across different tenors. The recent expansion of the programme to include sustainable projects reflects our commitment to financing a broader range of climate solutions.
As we navigate the complexities of climate change and strive for a sustainable future, transparency and robust governance remain fundamental to our approach. In December 2024, we launched a roadmap on sustainability disclosure in Hong Kong. The roadmap sets out Hong Kong's approach to require publicly accountable entities (PAEs) to adopt the ISSB Standards (International Financial Reporting Standards - Sustainability Disclosure Standards). Assuming the role of the sustainability reporting standard setter in Hong Kong, the Hong Kong Institute of Certified Public Accountants (HKICPA) published in December 2024 following a public consultation the Hong Kong Sustainability Disclosure Standards (Hong Kong Standards) fully aligned with the ISSB Standards, with an effective date of August 1, 2025. All these ensure our regulatory framework remains aligned with international best practices while addressing the specific needs of the evolving markets.
Our regulatory framework is fundamental to creating a robust and dynamic sustainable finance ecosystem. By establishing clear guidelines and standards, we can ensure that all stakeholders are aligned in their efforts towards sustainability. The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance in May 2024, aligns with the two mainstream taxonomies of the Mainland and the European Union (EU), and currently encompasses 12 economic activities under four sectors, namely power generation, transportation, construction, and water and waste management. It serves as a pivotal tool to raise awareness about green finance, promote common understanding of green activities, facilitate green finance flows, and provide a foundation for further applications. In its Phase 2 development, the Taxonomy will introduce transition activities and add new green activities to make it more usable and support the transition of the region.
We recognise that developing green finance talent is vital for sustaining our leadership position. Our Pilot Green and Sustainable Finance Capacity Building Support Scheme has successfully approved over 6 400 applications with a total amount of reimbursement of about HK$35.8 million. As mentioned in the 2025-2026 Budget, we will extend the scheme to 2028 to continuously support local green finance talent training.
Our progress reflects the Government's commitment to not only human capital development but also technological innovation. The Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme, launched by the Government in June last year, aims to nurture an advanced green fintech ecosystem by providing vital support for innovative projects. The Scheme facilitates the commercialisation of the solutions and the completion of the proof-of-concept stage, enabling wider adoption of green and sustainable fintech solutions with potential in the business landscape of Hong Kong. A total of 39 applicants involving 60 projects were approved, with a grant of HK$150,000 for each project. These initiatives are building the expertise required to sustain Hong Kong's leadership in sustainable finance.
Ladies and gentlemen, the transition to a sustainable future is both our greatest challenge and our most exciting opportunity. Hong Kong stands ready to play its part - as a financial hub, as an innovator and, most importantly, as your partner in this vital work. Looking ahead, we will leverage Hong Kong's unique position as an international financial centre to connect capital with climate solutions. This strategic role positions Hong Kong to make significant contributions to global climate action through financial innovation.
I look forward to today's constructive dialogue and to our continued collaboration in translating these strategic initiatives into tangible outcomes that advance Hong Kong's sustainable finance leadership. Let us work together to build a sustainable future.
Thank you.
