Xinhua Confirms Hong Kong Cabinet Reshuffle
"); jQuery("#212 h3").html("

"); });
2020-04-22 HKT 11:24
The mainland’s state-run news agency, Xinhua, on Wednesday confirmed that the Hong Kong administration is undertaking a cabinet reshuffle.
The agency said the State Council has approved various appointments following nominations by the Chief Executive, Carrie Lam.
Reports had emerged locally about this on Tuesday, with the removal of Constitutional and Mainland Affairs Secretary Patrick Nip making the headlines as he was linked to an embarrassing government U-turn on the status and powers of Beijing's liaison office in Hong Kong.
Nip had said on social media on Monday night that he was very sorry for the "mistakes, confusion, and misunderstanding" caused by a series of contradictory press releases on the liaison office controversy that were released at the weekend.
Xinhua confirmed Tuesday’s media reports that Nip will now head the Civil Service Bureau and will be replaced by the current immigration director, Erick Tsang.
The state-run media also said that Under Secretary for Labour, Caspar Tsui, will become Secretary for Home Affairs, replacing Lau Kong-wah. The Director of Electrical and Mechanical Services, Alfred Sit, will head up the Innovation and Technology bureau, replacing Nicholas Yang.
The executive director of the Financial Services Development Council, Christopher Hui, will become Secretary for Financial Services and the Treasury, replacing James Lau.
The Chief Executive was scheduled to speak to the media about the reshuffle at noon.
China To Inject US$44 Billion Into State Banks To Boost Tech And Curb Risks
China said it will inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic r... Read more
Hong Kong Regulators Expand GenAI Sandbox To Insurance, Securities And MPF Sectors
The Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority (IA), and Mandato... Read more
South Korea To Cap Crypto Exchange Ownership At 20%
South Korean regulators and lawmakers have agreed to cap major shareholder stakes in cryptocurrency exchanges at 20%, d... Read more
DBS Hong Kong Partners With Know Your Customer To Automate SME Onboarding
Know Your Customer Limited, a provider of automated business verification solutions, has partnered with DBS Hong Kong t... Read more
Hong Kong Banks Extend Loan Repayment Relief For Tai Po Fire Victims
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have met to discuss additional su... Read more
Hong Kong And Macao Deepen Financial Cooperation With Updated Agreement
The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) held a meeting on March 3 to strengt... Read more
