Latest news with #FinancialCommittee
South China Morning Post
11-04-2025
- Business
- South China Morning Post
Hong Kong seeks to attract US-listed mainland firms amid trade war
Several US-listed mainland Chinese companies have reached out to the Hong Kong government amid the escalating trade war, the city's innovation minister has said, while calling for the financial hub to seize opportunities created by the crisis to showcase its international appeal. Advertisement Secretary for Innovation, Technology and Industry Sun Dong weighed in on the intensifying US-China tensions at the legislature on Friday, the same day Beijing increased tariffs on US imports to 125 per cent in retaliation for Washington's decision to raise duties on Chinese goods to 145 per cent. During a special Financial Committee meeting of the Legislative Council, lawmaker Elizabeth Quat Pei-fan asked the government to try to attract Chinese-American tech talent and US-listed Chinese firms that were seeking to leave the North American country amid the US-trade war. '[The government] could consider building a green lane to facilitate the listing of high-quality Chinese tech firms in Hong Kong. This can boost Hong Kong's stock market while advancing Hong Kong's tech development,' Quat said. US Treasury Secretary Scott Bessent reportedly declined to rule out the possibility that Washington might delist Chinese stocks from US exchanges. He also warned Beijing against trying to devalue its currency as a way to respond to the new tariffs. Advertisement In response to the lawmaker, Sun said: 'In reality, there are quite a few mainland companies listed on the Nasdaq that have recently reached out to us through different means. In this time, Hong Kong must leverage its unique advantages – freedom, openness and internationalism.'
Daily Tribune
12-02-2025
- Business
- Daily Tribune
MPs withdraw state profit bills to weigh merger
Parliament withdrew two financial bills yesterday — one to channel a share of net profits from fully state-owned firms into the national budget and another amending Article 10 of the Budget Law — to merge them into a single measure. MPs agreed to delay debate for two weeks after the Financial Committee's rapporteur made the request, following consultations with the council's legal adviser and Speaker Ahmed Al Musallam. The first proposal would see all income from public authorities, government-run bodies, and stateowned companies funnelled straight into the state's general account. That includes profits from the government's stakes in private businesses — after setting aside required reserves — without exemptions, no matter how big or small the shareholding. Supporters stress this would make government finances easier to track by pulling all state asset earnings into the budget. They argue it would also tighten oversight, ensuring the money is spent as Parliament intends. Backers say the move would help boost government revenue. If approved, it would channel profits from fully state-owned firms.
Daily Tribune
12-02-2025
- Business
- Daily Tribune
MPs push ahead with investment reforms despite committee roadblock
Parliament yesterday forced through an investment reform plan, brushing aside objections from its own Financial Committee, which warned it could throw existing policies off balance. The plan, gathering dust for two years, seeks to ease business rules and offer tax breaks to attract foreign capital. MP Hassan Ibrahim, who led the charge with four others, said red tape was stifling investment and needed to go. Businesses 'We need to make it easier for businesses to set up shop, not bury them under paperwork,' he said, pointing to the proposal's call for a 'faster and more efficient' system for company registration and licensing. MP Jalal Kadhem took aim at the Financial Committee's rejection, calling it groundless. 'This isn't for the committee to throw out — it's for the government to decide,' he said. 'The plan is clear and well thought out. It ties in with the push to bring in more investment, yet here we are, blocking our own progress.' Ibrahim revealed that the proposal had been stuck in limbo for over two years, with meetings cancelled before a proper debate could take place. 'I was called in twice last term, but the talks never happened because the committee pulled the plug,' he said. The proposal also calls for fixing up roads, transport links, and telecoms infrastructure to make Bahrain a more attractive place for businesses to settle. Basic services Kadhem said the lack of basic services in industrial areas was scaring off investors. 'There are places where companies want to build but can't, because the groundwork isn't there. This plan sorts that out,' he said. The MPs are also pushing for targeted tax breaks and government-backed support to encourage businesses to stay long-term. Strength 'Bahrain has to sell itself properly if it wants to bring in investment,' Ibrahim said, arguing that embassies and trade officials should take a more active role in showcasing Bahrain's strengths at international events. He also laid out four main aims of the proposal: cutting the time investors spend waiting for approvals, creating jobs for Bahrainis, strengthening partnerships with the private sector, and linking investment plans to tourism. 'Investors don't want to sit around waiting for the green light. The quicker they get started, the better it is for the economy,' he said. 'At the same time, we need to make sure Bahrainis have the skills to fill the jobs that come with it.'
