The Marine Department has refused to allow shipping vessel Kai Fung No.2 to leave Hong Kong waters, as required by law.

In response to media enquiries, the department said the vessel was issued a Certificate of Survey and its owner was granted an operating licence on October 15. As a Class III vessel, it must be used exclusively for fishing and related purposes.

The Director of Marine had reason to believe the vessel would not be used exclusively for fishing, and a direction was issued the same day to the vessel’s owner under the Merchant Shipping (Local Vessels) Ordinance, refusing permission for it to leave Hong Kong.

At about 11am and 5pm yesterday, the vessel attempted to navigate towards the boundary of Hong Kong waters. The department asked the vessel to stop, and reminded the owner the October 15 direction was still effective.

At about 9.15pm yesterday, the vessel attempted to navigate towards the boundary again, and the department’s officers asked the vessel to stop and requested Police assistance.

Marine Police boarded the vessel but made no arrests.

The author is ANZ senior economist Raymond Yeung Hong Kong's third quarter GDP rose in real terms by 2.9% year-on-year, slightly below the speed in the previous quarter and market expectation. Sequentially, the economy expanded 0.5% quarter-on-quarter. As the economy continues to expand steadily, we do not regard the expectation short fall of third quarter […]

Visit ChinaMoneyNetwork.com for more great China Money Podcast audio and video Internet episodes covering important investment news and financial events in China, as well as daily news updates on important China business news happenings. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.

The author is ANZ senior economist Raymond Yeung Hong Kong's third quarter GDP rose in real terms by 2.9% year-on-year, slightly below the speed in the previous quarter and market expectation. Sequentially, the economy expanded 0.5% quarter-on-quarter. As the economy continues to expand steadily, we do not regard the expectation short fall of third quarter […]

Visit ChinaMoneyNetwork.com for more great China Money Podcast audio and video Internet episodes covering important investment news and financial events in China, as well as daily news updates on important China business news happenings. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.

Emerging market asset manager Mirae Asset Global Investments (Hong Kong) says it has been granted a Renminbi Qualified Foreign Institutional Investor (RQFII) license by the China Securities Regulatory Commission. The RQFII license allows Mirae Asset Hong Kong to carry out investments directly in China's Renminbi-denominated stock and bond markets. Mirae Asset Hong Kong is part […]

Visit ChinaMoneyNetwork.com for more great China Money Podcast audio and video Internet episodes covering important investment news and financial events in China, as well as daily news updates on important China business news happenings. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.

The author is Michael Werner, senior research analyst covering the Chinese and Hong Kong banks at Sanford Bernstein & Co. The Growth of interbank exposures at the Chinese Banks has been Alarming. Interbank exposures more than tripled at joint-stock banks over the past 4.5 years, and now make up 21% of their total assets vs. […]

Visit ChinaMoneyNetwork.com for more great China Money Podcast audio and video Internet episodes covering important investment news and financial events in China, as well as daily news updates on important China business news happenings. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.