News
Global Financial Leaders’ Investment Summit 2024: Asia's trade flows expected to grow with China’s investment strategy
- 2024-11-19
- Business
- By: Haoming Zhou、WANG RuoshuiEdited by: Chi On LIU
- 2024-11-19
Top banks anticipate intra-Asian trade to grow triggered by the "China plus one" strategy at Tuesday's global financial leaders' investment summit held in the nation's offshore financial centre. “The China-plus-one strategy has formed a virtuous circle and brought opportunities among Asia, and ASEAN, as China's largest partner, has benefited regionally,” said Georges Elhedery, the chief executive officer of HSBC, in the Hong Kong Global Investment Summit, organised by The Hong Kong Monetary Authority. The “China Plus One” Strategy, where investors avoid investing in China only but also invest in its neighbourhood to hedge against tariffs and geopolitical conflicts, could increase the intra-Asian trade by 65% this year, as estimated by Elhedery. According to China's General Administration of Customs, China's imports and exports to ASEAN grew by 10.5% in the first half of 2024, making it the number-one trading partner for the fourth consecutive year. Meanwhile, China also accounts for around 50% of the Foreign Direct Investment in ASEAN countries, according to Elhedery. “The opportunities in ASEAN are vast and varied, and as a large trade bank, (we view) the Asian market is very important to us, especially the Chinese market,” said Bill Winster, the chief executive officer of Standard Chartered. The expanding trade corridor between China and Southeast Asia meant more opportunities for the bank, said Winster. However, Huang Yiping, the Dean of the National School of Development of Peking University, said that although the Chinese government's policies are “aggressive enough”, it should do more to boost its economy. In September, the Chinese government revealed a series of stimulus policies towards the nation’s sluggish property market, including trimming the lending rates, mortgage rates and down payments with facilities for institutional investors on the stock market. “China will run out of the advantage of low cost and the population ageing in …
Student dormitory shortage worsens as universities take on more non-locals
- 2024-11-19
- Society
- By: Chun Lim LEUNG、Chun Hei LUKEdited by: Yau To LUM、Sze Kei WONG
- 2024-11-19
Harriet Li Xinyi, 21, a year three student at Hong Kong Lingnan University, was chatting with her family in Shenzhen online, while her two roommates worked on their assignments in their Lingnan University student dormitory. Li left home three years ago to study in Hong Kong. However, she was not able to get a dorm room on campus for the first two years. “I will have to go back to my home in Shenzhen if I don't get a dormitory next year,” Harriet said. In the 2024 policy address, chief executive John Lee Ka-Chiu said studying in Hong Kong could nurture future talents, as the government-funded higher education institutions quota rose from 20% to 40% last year. The chief executive also proposed a pilot scheme allowing hotel and factory buildings to be used for change purposes to student dormitories. Secretary for Education, Choi Yuk-lin, told the Legislative Council on Oct.30 that in September last year, there were a total of 37,600 student dormitories. A target of an additional 13500 host places will be provided by 2027 in universities. 64,200 non-local students were studying in higher education programs in Hong Kong in the 2023-24 academic year, according to government statistics. “I initially got a place when I enrolled into the school, but there were two to three roommates in a room whom I am not familiar with, it was too crowded,” Li said. Different universities have different evaluation criteria on whether a student should get a dorm room. At Lingnan University, the goal is to enable students to live on campus once every two years or twice over their fourth-year degree program. At Education University, if students want to live in a dorm for two consecutive years, then they need to contribute to the university's affairs and achieve a certain grade …
Choi Hung Estate tour highlights its community ahead of redevelopment
- 2024-11-19
- Society
- The Young Reporter
- By: CHEN Yik Nam、CHAN Wing YiuEdited by: James Ezekiel Kalaw MODESTO
- 2024-11-19
Zamm Jyun-bok has lived in Choi Hung Estate for 60 years. Nowadays, he takes visitors around the 62-year-old public housing estate with the aim of explaining what life is like there before it disappears. Local culture and lifestyle platform, Kongcept has been running these tours since 2022. The ageing public housing estate is slated for redevelopment, which will start in three years time. “For some, it could feel like travelling back in time. Since I’ve known this place for so long, I want to share the memories of living here and hope it can help people understand how special the estate is,” the 68-year-old said. “There would be two empty flats in every building used as a public space starting from the seventh floor. Children would gather there to play after school and on holidays while the older folks would play Mahjong,” Zaam said. “Residents would share food and joy during festivals, something that I cherish a lot in Choi Hung Estate." Another notable feature of the buildings, he added, is that while the overall layout is quite dense, the arrangement of the high-rise structures introduces a varied elevation, which helps to make the space feel less cramped. Participants of the tours get to visit old shops and stalls, such as the Ka Nam Store, founded in 1961. Owner Lau Kei, 70, has lived at the estate for more than 50 years. When his child grew up, he moved to Tseung Kwan O but continues to return daily to run his store. “I heard from many residents that the walls were peeling off and seeping,” said Lau, adding that he supports the reconstruction of the Choi Hung Estate. He said that he will miss the people he's acquainted with over the years once the redevelopment project begins. Kongcept is an …
Long Valley Nature Park opens after five-year development
- 2024-11-17
- Society
- The Young Reporter
- By: James Ezekiel Kalaw MODESTOEdited by: James Ezekiel Kalaw MODESTO
- 2024-11-17
People are now able to enter the Long Valley Nature Park in Sheung Shui after it opened earlier this November after a five-year development. According to the Agriculture, Fisheries and Conservation Department (AFCD), the 37-hectare nature park combines "wetland conservation, farming operation and nature education in one place." Long Valley Nature Park is divided into Agriculture, Biodiversity and Visitor Zones. The 11-hectare Agriculture Zone comprises farmland, which is leased out to the original farmers of Long Valley. The 21-hectare Biodiversity Zone features a variety of wetland habitats, including paddy fields and reed beds, becoming a trove for wildlife. The Visitor Zone spans 5 hectares, consisting of facilities like a birding hut and an education centre. The nature park is part of the Long Valley freshwater wetlands, the largest freshwater wetland remaining in the city. The freshwater wetland of Long Valley supports rich biodiversity with over 300 bird species observed at the site, according to the Hong Kong Bird Watching Society (HKBWS). “Long Valley hosts about 14 threatened bird species. One of the more concerned species is the critically-endangered Yellow-breasted Bunting,” said HKBWS research officer Jay Kong Pak-yung. Before the 2000s, the bunting species was abundant in agricultural southern China. However, because of overhunting and loss of habitat, the small migratory bird has been categorised as 'critically endangered' on the IUCN Red List since 2004. “Paddy fields provide food sources for these buntings and similar species like munias. Effective habitat management can help these birds to thrive and find Long Valley as a suitable place to feed and rest during the migratory season, ” Kong said. Endangered and rare species, such as the Black-faced Spoonbill and Tundra Bean Goose, have also been observed at the site. Birdwatcher Leo Sit said that the Long Valley was not well-maintained before the government stepped …
Wine and spirits merchants wish for more attention in Hong Kong
- 2024-11-15
- Culture & Leisure
- By: Ka Man Wong、MAO AnqiEdited by: Xiya RUI、Ka Man Wong
- 2024-11-15
The 16th year’s fair invites some new-coming wine and spirits merchants who are proud of their unique flavours and are confident to take a seat in the Hong Kong wine and spirits market.
Hong Kong kindergarten aims to break barriers to support ethnic minority students
- 2024-11-13
- Society
- The Young Reporter
- By: James Ezekiel Kalaw MODESTOEdited by: Jenny Lam
- 2024-11-13
Suna Limbu is an ethnic Nepali who lives in Hong Kong. Her five-year-old son, Abhinvadil Tamang, is enrolled in Integrated Brilliant Education Limited’s IBEL Rusy and Purviz Shroff Charitable Foundation Kindergarten, where they largely teach children from non-Chinese backgrounds. “When my son first started here, he was introverted and struggled to socialise with others. But now, he communicates with his friends and teachers,” she said. Limbu and her family rarely spoke English or Chinese at home. They speak Nepali. “His ability to speak and understand Cantonese has developed a lot. Before, he would only speak a few words. Now, he participates in class discussions and interacts more confidently with his classmates. I’m grateful to see him so happy,” she said. Hong Kong is home to over 600,000 people from ethnic minority backgrounds, including about 30,000 students. Yet, the education landscape is challenging for many of these students because of language barriers and social disparities. Manoj Dhar is an ethnic Indian. He came to Hong Kong in 1999 and saw how ethnic minority children struggled through school. In 2015, he and his wife founded Integrated Brilliant Education Limited (IBEL) to provide subsidised Chinese-language tuition to students from non-Chinese backgrounds. Today, IBEL supports more than 260 individuals across the organisation’s two tutoring centres in Jordan and Sham Shui Po. “We cannot ignore the fact that language is not just a skill but a key that opens doors," said Dhar. “Back then, I saw these kids being left behind because of a lack of resources and support. I wanted to create a space where they could thrive, receive a quality education and feel valued.” After operating two tutoring centres for underprivileged children for over seven years, Dhar realised they needed to start proper schools to influence the education system and introduce mainstream Chinese …
Hong Kong Cricket Sixes is back after 7 years
- 2024-11-07
- The Young Reporter
- By: ALISHIBA MATLOOBEdited by: Jemima Badajos
- 2024-11-07
The Hong Kong Sixes tournament organised by Hong Kong Cricket Club and Kowloon Cricket Club was held from Nov 1 to 3 at the Tin Kwong Road Recreation Ground. The tournament features 12 international teams including the Hong Kong team competing in a six-a-side, the fastest format in the sport.
2024 US Election: American voters’ concerns soar over inflation impact
- 2024-11-06
- Politics
- By: Junzhe JIANGEdited by: Robin Ewing
- 2024-11-06
Washington, DC – The economy is a driving issue in today’s presidential election in the United States, voters at the polls said. This is tracked by a September report that said around 81% of U.S. voters cited the economy and high inflation as their top concern, followed by healthcare and Supreme Court appointments, according to a survey from Pew Research Centre. Ben Frank, 34, a resident of Pennsylvania, said he has to pay more to raise a family of seven: “The food prices went incredibly high after the pandemic,” Frank said. “I used to pay US$150 (HK$1166.2) for one week, and it cost me US$200 (HK$1554.92) now.” James Wright, who works at mega retail outlet Target in Pennsylvania, said, “Food and gas are so much more expensive than before.” In the last month, he spent around US$1,000 (HK$7774.76) on food, gas and other bills, over half his salary. Trump inaccurately blamed Biden’s government in the debate with Kamala Harris: “We have inflation like very few people have ever seen before. Probably the worst in our nation's history.” The inflation rate in the world’s biggest economy reached a three-year-low of 2.4% in September from a peak of 8% in 2022, according to the CoinNews Media Group. The inflation averaged 1.9% from 2017 to 2021 when Donald Trump was president, while the average rate has been on track at 5.6% in the past three years. Frank said that Donald Trump could solve the issue, although no further policies were given by the former president except to levy more tax on Chinese and other imported goods. People love Trump because he can bring something special, Frank said, and he thinks Trump’s policy may work if Americans consume more from nearby countries with lower transportation fees. Harris proposed tackling high prices by fighting against …

Luminous dragon brightens up Tai Kok Tsui Temple Fair
- 2024-11-04
- Culture & Leisure
- By: WANG JingEdited by: Lisheng CHENG
- 2024-11-04
Dancing lions and a grand parade made their way down Fuk Tsun Street as part of the Tai Kok Tsui Temple Fair on Nov 3. People in the neighbourhood were treated to a Poon Choi feast, plus a spectacular 500-foot LED dragon dance, all in honour of the 75th anniversary of the founding of the People's Republic of China. All the street lights in much of the district were turned off, as the dragon made its way down the street , accompanied by colorful fish lamps at 8:45pm. The dragon weaved its way through the crowds to the sound of traditional drums and gongs. Organized by the Mong Kok Kai Fong Association and co-organized by the Yau Tsim Mong District Office, this event aims to enhance residents' sense of belonging, foster community engagement, and boost tourism and the local economy, according to the speech given by Leung Wah Sing, the chairman of this event. In the morning, nearly 1,000 people took part in a traditional folklore parade. “I've been hearing the music of this event performed from morning to night, so I was attracted by it and came to see what happened.” said Zhang Janci, a tourist from mainland China, staying at a hotel near Fuk Tsun street. “I think Hong Kong is doing well in preserving the traditional culture,” said Zhang. “You can see traditional elements like lion dance here and listen to the traditional folk music.” Wendy Chai, 62, participated in this event ten years ago. “The atmosphere is still great and this year’s LED dragon impressed me as its appearance is beautiful when lit up,” said Chai. Noire Chung, 64, who returned to Hong Kong from the United States, was there with her friend. “I am impressed by the dragon dance, but not because of its length, …
Hongkongers celebrate Halloween spirit despite struggles for local vendors
- 2024-11-02
- Society
- The Young Reporter
- By: Chun Lim LEUNGEdited by: James Ezekiel Kalaw MODESTO
- 2024-11-02
Stores and stalls in several shopping hotspots, such as Fuk Wing Street in Sham Shui Po, have been selling costumes and decorations, such as pumpkins and ghosts as Halloween approached. Reiko Leung Hei-nga, 21 has been going to Fuk Wing Street to purchase items for her Halloween costume for almost four years. “I enjoy getting together with my friends and showcasing our costumes,” Leung said. “The hardest part each year is probably finding new ideas and inspiration for a costume.” Many of those costumes showed up at Lan Kwai Fong. “A Hauntingly Good Time in Lan Kwai Fong”, is the theme for the week in the popular nightlife area. Retiree Leung Run-hei, 67, has been visiting Lan Kwai Fong for three consecutive years. “I’ve had a blast coming here with my friends and socialising with others. Although I’m old now, my mind keeps telling me to stay young and enjoy as much as I can,” she said. Ocean Park is hosting a Halloween Fest that started on Sept. 7 until Nov. 3,. Visitors can enjoy six haunted house experiences, namely Dreadful Walled City, Prison Escape, Netherworld Wedding, Hotel Morte, Horror of Homesteak and Forbidden Zone 274. There are also performances, such as Too Hot to K-Oppa, by a group of Korean dancers. “Even though I work here full-time, the unique events and decorations never cease to amaze me, said Park employee, Diamond Chan Sang-shu, 21, who has been working at the theme park for over two years. But the festivities did not benefit some shops, such as a stall owner surnamed Poon, who operates on Fuk Wing Street. She said sales that have gone down by 60% in the past few years. "The only time that my shop has been active is during festivals. For instance, during Halloween, I would …