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Govt to enhance securities trading

It is a pleasure to be here with you today, especially after an accident that has reminded me of the importance of staying vigilant even in relatively peaceful times. Continuously enhancing competitiveness despite good business is also a theme I wish to harp on in today's speech.   Some of you may recall that I last spoke to you in November 2018. That was into the second year of my tenure, witnessing the celebration of the 40th anniversary of our nation's reform and opening up, and the consecutive opening of two major pieces of cross-boundary transport infrastructure - the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge. All seemed bright and well. And then we all have some frightening memories of what Hong Kong had gone through in the following two years. Few would disagree that it has been a very challenging period for Hong Kong, particularly with the riots in the latter half of 2019 during which some banks were

SJ meets Legal Subsector

Secretary for Justice Teresa Cheng today met Election Committee Legal Subsector members.   Ms Cheng listened to their views on how the legal profession should make best use of the opportunities brought about by the Plan for Comprehensive Deepening Reform & Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone.   She also extended her congratulations to the members who were elected in the Election Committee Subsector Ordinary Elections, noting that they are joined by the Hong Kong members from the Committee for the Basic Law of the Hong Kong Special Administrative Region under the Standing Committee of the National People's Congress, as well as the nominees from the China Law Society's Hong Kong Members Association, in representing the Legal Subsector under the Election Committee's new term.   The members are responsible for the nomination and election of the Chief Executive as well as the nomination of candidates for the Legislative Council polls and election of 40 LegCo members.   The justice chief pointed out that, with broad representation, the Election Committee Legal Subsector could fully reflect the needs of different stakeholders.   The members, who are familiar with the situations in Hong Kong and the Mainland as well as international developments, would offer professional and practicable advice on how to capitalise on the growth in Qianhai, she added.   Given that the Qianhai plan clearly sets out a higher level of opening up in legal matters and the establishment of an international legal services centre and an international commercial dispute resolution centre in the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone as well as exploration of different legal systems and the cross-boundary legal regulatory interface, Ms Cheng opined that it would create abundant opportunities for the Hong Kong legal and dispute resolution sector.   She also discussed with the members the measures set out in the Qianhai plan including exploration of ways to improve the mechanism for wholly owned Hong Kong enterprises to adopt Hong Kong law and choose for arbitration to be seated in Hong Kong; establishment of a new mechanism for civil and commercial judicial assistance and exchanges; and deepening reform of the partnership association mechanism.   Having listened to the members' opinions, Ms Cheng was delighted to learn they shared the view that the Qianhai plan would open up more markets for the Hong Kong legal and dispute resolution sector, which would benefit their professional development.   She noted that they also expressed their support for the Department of Justice's policy initiatives and agreed that Hong Kong, being the only common law jurisdiction within China, should leverage the unique advantage under “one country, two systems and three jurisdictions” in the Guangdong-Hong Kong-Macao Greater Bay Area. Ms Cheng anticipated that, following the implementation of the GBA Legal Professional Examination, there would be more lawyers from Hong Kong who could practise both Mainland and Hong Kong law in providing legal services for enterprises in Qianhai and elsewhere in the bay area.   She encouraged the Hong Kong legal sector to jump at the chance.   Before concluding the meeting, the justice chief said she looked forward to the continued and close co-operation with the legal sector in bringing out the best of Hong Kong in order to integrate with the needs of the country.   She emphasised that it is a common goal to establish Hong Kong as a centre for international legal and dispute resolution services in the Asia-Pacific region so as to facilitate the long-term development of Hong Kong, the bay area and the whole country by proactively participating in the national development.
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