Latest news with #TradeDevelopmentCouncil
HKFP
28-05-2025
- Business
- HKFP
Hong Kong gov't unveils measures to tap into elderly's purchasing power, push ‘silver economy'
Hong Kong authorities have announced a slew of measures to leverage the purchasing power of the city's senior citizens, including spending incentives, insurance products, and re-employment schemes. On Tuesday, the Working Group on Promoting Silver Economy, chaired by Deputy Chief Secretary Warner Cheuk, unveiled 30 measures to boost spending among senior citizens, develop elderly-focused products, enhance financial security, and encourage re-employment. Cheuk said at a press conference on Tuesday that people aged 60 and above spent about HK$342 billion last year, accounting for about 11 per cent of the city's Gross Domestic Product (GDP). 'The elderly account for a large proportion of Hong Kong's population. With favourable financial conditions and purchasing power, they are a huge consumer group that cannot be overlooked, as they create a huge demand for silver economy-related products and services,' he said. Cheuk said the new measures would 'inject vitality into the local economy and promote overall economic development, as well as [spur] the cultivation of high-quality silver products and service modes, so that the elderly can share the fruits of development.' However, the government would not set performance goals for the measures, as they would be outsourced, and their results would be 'rather beyond the control of the administration,' the deputy chief secretary said. He added that it would be 'quite substantial' if the elderly's annual spending could increase by 5 per cent per annum, amounting to a rise of HK$17 billion in the first year. Discounts, insurance, jobs To drive consumption, the retail sector will provide elderly discounts, the catering sector and food manufacturers will offer meals suitable for the elderly, while the Trade Development Council will supply 'silver products' aimed at the needs of senior citizens. The working group also announced measures to promote quality assurance for elderly-focused products through quality standards and accreditation schemes, including elderly-accessible building designs. It also announced financial security arrangements, including cross-boundary elderly care insurance products, strengthened financial planning, and anti-scam education for the elderly. To unleash 'silver productivity,' the government will assist senior citizens to re-enter the workforce through retraining programmes and job fairs. The Labour and Welfare Bureau will also review existing schemes such as the Re-employment Allowance Pilot Scheme and the Employment Programme for the Elderly and Middle-aged 'to further explore measures to encourage the employment of persons aged 60 or above.' The formation of the government working group was listed as one of the policies in Chief Executive John Lee's 2024 Policy Address, in which he cited the 'growing demand for products and services catering to the elderly' due to the rapid expansion of the silver market.
South China Morning Post
12-05-2025
- Business
- South China Morning Post
Hong Kong delegation led by city leader signs 35 MOUs and deals in Qatar
A Hong Kong delegation making an official visit to Qatar has signed 35 memorandums of understanding (MOUs) and agreements to deepen cooperation between the two places, ranging from investment to innovation and technology, with city residents also given 30-day visa-free access to the Gulf nation. Wrapping up his two-day visit to the country in Doha, Chief Executive John Lee Ka-chiu said the number of deals was 'quite a record' and further demonstrated the city's role as a 'superconnector' and 'super value-adder'. 'What a visit led by the chief executive will achieve and can achieve is opening the doors,' Lee said after attending a business lunch hosted by the Trade Development Council. 'In terms of policies, we will further relax immigration arrangements and provide convenience for the exchange of people and business partners.' Lee is leading more than 50 business elites from the city and mainland China to Qatar and Kuwait, with the latter joining for the first time, aiming to foster business and people-to-people ties. The 35 MOUs and agreements spanned trade and investment promotion, finance, transport and logistics, and innovation and technology, among other areas.
South China Morning Post
10-05-2025
- Business
- South China Morning Post
Annual Hong Kong book fair bans 3 exhibitors ‘without explanation'
The organiser of Hong Kong's annual book fair has banned at least three publishers and stores from this summer's edition without explanation, the Post has learned. Advertisement Two of them said they believed their applications were rejected because they previously sold titles which the organiser, the Trade Development Council, later asked them to remove. Bbluesky Publishing and Boundary Bookstore told the Post on Friday that they had received notices in late January that their applications to join the fair in July had been rejected with no explanations offered. They revealed that another publisher, which wished to remain anonymous, had also been banned. Bbluesky and Boundary also said they did not receive any reminders to apply for this year's book fair as had occurred in the past. The 35th edition of the fair will run between July 16 and July 22 at the Hong Kong Convention and Exhibition Centre in Wan Chai. Advertisement The council declined to comment on individual cases.
South China Morning Post
07-05-2025
- Business
- South China Morning Post
How can Hong Kong help connect mainland Chinese firms with Qatar and Kuwait?
Hong Kong should leverage its professional services and international experience to connect mainland Chinese businesses with companies in Qatar and Kuwait, as both Gulf nations are seeking to accelerate the diversification of their economies amid global trade tensions, the city's Trade Development Council has said. Advertisement The council made the remarks ahead of a delegation's departure to the Middle East later this week. The five-day trip will be led by Chief Executive John Lee Ka-chiu and is the first time an official delegation will include representatives from the mainland. Irina Fan Yuen-yee, the council's director of research, said Hong Kong was uniquely positioned to facilitate mainland and Middle Eastern businesses looking to access each other's vast markets. 'The current geopolitical tensions, be it the wars or the highly restrictive trade policies by the US, have prompted all trade partners to reflect upon the risk of being overly reliant on a single market,' she said. 'Middle Eastern countries, which previously focused more on European and American markets, are now more motivated to explore new markets, such as those in Asia, and invest in strategic industries that align with their national development visions.' Advertisement For mainland businesses looking to go global, Hong Kong could offer its 'rich international exposure and expertise in professional services', she said.
South China Morning Post
30-04-2025
- Business
- South China Morning Post
Hong Kong launches search for new Trade Development Council executive director
Hong Kong's Trade Development Council is searching for a replacement for its executive director ahead of her retirement, with the Post learning that the government prefers a candidate with a strong grasp of geopolitical issues and commerce. Advertisement According to an insider who is familiar with the hiring process, a selection committee headed by the financial secretary will be set up to pick the right candidate for the city's trade promotion body, with incoming council chairman Frederick Ma Si-hang also joining the panel. Another source said on Wednesday that candidates were expected to have different qualities from those recruited in the past, adding that ideally they should have a good understanding of mainland China, emerging markets and geopolitics given the escalating US-China tensions. Executive director Margaret Fong Shun-man will retire later this year when she reaches 60. In a reply to the Post, the council confirmed that Fong would retire and that it was carrying out the selection process to find her successor. Advertisement 'Our strong governance ensures that services and support for SMEs remain unaffected by personnel changes,' a spokesman said.
