Hong Kong – Government promulgates Hong Kong Major Transport Infrastructure Development Blueprint
Government promulgates Hong Kong Major Transport Infrastructure Development Blueprint (with photos)
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The Government promulgated the Hong Kong Major Transport Infrastructure Development Blueprint today (December 12) to formulate a planning framework for the city’s future transport infrastructure development and outline a forward-looking vision for strategic railway and major road networks, with a view to meeting Hong Kong’s long-term transport and logistics demand up to 2046 and beyond.
The Secretary for Transport and Logistics, Mr Lam Sai-hung, said, “The Government’s vision is to build a livable, competitive and sustainable Hong Kong through transport infrastructure-driven developments by adopting the planning principles of ‘infrastructure-led’ and ‘capacity-creating’. The Blueprint aims to ‘Drive Development’, ‘Strengthen Connection’ and ‘Improve Efficiency’ in order to cater for the public’s and visitors’ commuting demands as well as the city’s development needs. The Blueprint also promotes cross-boundary integration with the Mainland, particularly with other Guangdong-Hong Kong-Macao Greater Bay Area cities and linking up with the world.”
In 2020, the Government commenced the Strategic Studies on Railways and Major Roads beyond 2030 to conduct a comprehensive and objective analysis of the supply and demand of major transport infrastructure in Hong Kong. The Government has also held public forums and consulted various stakeholders. With new proposals recommended in addition to projects that are currently under planning, design and construction, the Blueprint has been formulated by organising and consolidating the Study’s findings.
“Transport infrastructure projects involve huge public resources and have significant socio-economic impacts. We are grateful for the invaluable opinions provided by different sectors of the community throughout the Study. These insights have allowed us to tap into the collective wisdom and continuously improve the transport infrastructure network of Hong Kong. In progressively taking forward the relevant transport infrastructure projects, we will continue to actively engage various sectors of the community and promote the application and adoption of advanced technology, with a view to enabling the public to enjoy the convenience brought about by a more interconnected railway system and road network as early as possible,” Mr Lam said.
The Blueprint has been uploaded to the website of the Transport and Logistics Bureau (www.tlb.gov.hk/eng/index.html).
President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021
The President promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4th April 2021. The Cabinet had approved on 31st March 2021 the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code), through the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.
The amendments aims to provide an efficient alternative insolvency resolution framework for corporate persons classified as micro, small and medium enterprises (MSMEs) under the Code, for ensuring quicker, cost-effective and value maximising outcomes for all the stakeholders, in a manner which is least disruptive to the continuity of MSMEs businesses and which preserves jobs. The initiative is based on a trust model and the amendments honour the honest MSME owners by trying to ensure that the resolution happens and the company remains with them.
It is expected that the incorporation of Pre-Packaged insolvency resolution process for MSMEs in the Code will alleviate the distress faced by MSMEs due to the impact of the pandemic & the unique nature of their business, duly recognizing their importance in the economy. It provides an efficient alternative insolvency resolution framework for corporate persons classified as MSMEs for timely, efficient & cost-effective resolution of distress thereby ensuring positive signal to debt market, employment preservation, ease of doing business and preservation of enterprise capital. Other expected impact and benefits of the amendment in Code are lesser burden on Adjudicating Authority, assured continuity of business operations for corporate debtor (CD), less process costs & maximum assets realization for financial creditors (FC) and assurance of continued business relation with CD and rights protection for operational Creditors (OC).
The Amendment Ordinance seeks to amend sections such as 4, 5, 11, 33, 34, 61, 65, 77, 208, 239, 240 & insert new sections such as 11A, 67A, 77A and a new chapter as IIIA on Pre-Packaged insolvency resolution process for MSMEs in the Code based on recommendations made by the Insolvency Law Committee (ILC). Details of the amendments are given at Annexure I.
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