Government to commission study on sustainable development
The Government is to commission a consultancy study on whether and how to introduce sustainable development to Hong Kong. Sustainable development refers to development which meets present needs without compromising the ability of future generations to meet their own needs.
Funding for the Study on Sustainable Development for the 21st Century (SUSDEV21), estimated at $40 million, was approved by Finance Committee of the Legislative Council today (Friday).
A government spokesman said: "The study will help us develop a framework for applying the concept of sustainable development to Hong Kong. Public education and awareness strategies for promoting understanding of the concept would be important elements in the framework.
"We need to involve the community in working out a decision-making process which integrates policies, plans and programmes to achieve a balance in meeting the economic, social and environmental needs of society.
"We will consult the public during the course of the study to find out their expectations and their views on how to turn Hong Kong into a more sustainable city."
The spokesman noted that work to select the appropriate consultants will start immediately with a view to commissioning the study early next year.
Sustainable development is attracting growing awareness in the international community. SUSDEV21 was proposed in the third review of the 1989 white paper on the environment published in March. It has the support of the Environmental Affairs Panel of the Legislative Council and the Advisory Council on the Environment.
End
Useful exchange between regulators and market practitioners
Representatives from 10 Asian central banks/regulatory bodies and market participants ended a one-day meeting held in Hong Kong today (Friday) on risk management of derivatives.
Participants agreed that regular exchange of information and views can play an important role in enhancing effective regulation of derivatives trading activities.