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Govt showcases tech solutions

At the second edition of the InnoEX which started today, over 100 technology solutions, including those developed by government departments, are being showcased at the Smart Hong Kong Pavilion set up by the Office of the Government Chief Information Officer (OGCIO).   Through interactive experiences and live demonstrations, the pavilion displays the fruitful achievements in advancing the development of innovation and technology (I&T) and smart city in Hong Kong brought about by the concerted efforts of the Government and various sectors, the OGCIO said.   Financial Secretary Paul Chan and Secretary for Innovation, Technology & Industry Professor Sun Dong visited the pavilion today. They were briefed by Government Chief Information Officer Tony Wong on how the OGCIO promotes the active adoption of I&T among government departments and works in collaboration with the local I&T sector to put forward innovative solutions, with a view to empowering public services wit

RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to gradually enhance its dual-currency stock market to be denominated and traded in both Hong Kong dollars and RMB.”   Furthermore, he pointed out that promoting the issuance and trading of RMB stocks in Hong Kong will take RMB internationalisation to the next level, catering for the escalating demands from global investors for RMB asset allocation and further consolidating the city's status as an offshore RMB business hub.   The Government will continue to assist the issuers in setting up RMB trading counters and actively take forward the implementation work with relevant Mainland institutions, he added.   The Financial Services & the Treasury Bureau briefed the LegCo Panel on Financial Affairs on the legislative proposal to exempt the stamp duty on stock transfers for specified transactions conducted by market makers for dual-counter stocks, so as to promote the liquidity of RMB-denominated stocks and price efficiency, and facilitate trading by investors.   The Government is preparing the legislative amendments with a view to introducing the bill into LegCo within this year.
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