2007-08 Budget aims to ‘share fruits of prosperity’
Hong Kong Financial Secretary Henry Tang recently unveiled a package of budget measures designed to “share the fruits of economic prosperity with the community” and support Hong Kong’s ongoing economic development and job creation.

The centerpiece of the Budget is a US$2.56 billion package of tax concessions and other one-off relief measures, including US$628.2 million in salaries tax cuts, US$32.05 million reduction in stamp duties on property transactions, US$1.03 billion in salaries tax rebates, US$666.66 million in rates waivers and US$192.3 million in additional social security payments.

APEC ministers praise Hong Kong’s work on SME support
At the 14th Asia-Pacific Economic Cooperation (APEC) SME Ministerial Meeting held March 8-9 in Hobart, Australia, member economies praised the Hong Kong government’s outreach work to understand and meet the needs of small and medium enterprises (SMEs).

At the meetings, Director-General of Trade and Industry Joseph Lai briefed the representatives of 20 other APEC member economies on Hong Kong’s recent efforts to improve its business environment.

World Customs Organization promotes secure global trade
More than 50 representatives of Asia Pacific Customs administrations and international logistics organizations gathered in Hong Kong in February for a World Customs Organization (WCO) seminar on “SAFE Framework of Standards (FoS) to Secure and Facilitate Global Trade.”

Logistically supported by the Hong Kong Customs and Excise Department, the four-day seminar provided a platform for Customs authorities to exchange views and share their experiences with the implementation of standards under FoS, particularly the Customs-Business Partnership and Authorized Economic Operator (AEO) standards.

Hong Kong responds to U.S. Report on Human Rights
In response to media inquiries, a Constitutional Affairs Bureau spokesman of the Hong Kong Special Administrative Region (HKSAR) Government responded to comments in the U.S. State Department’s “Country Reports on Human Rights Practices 2006,” relating to Hong Kong’s constitutional development, released on March 6.

The spokesman said the Basic Law prescribes universal suffrage as the ultimate aim of Hong Kong’s constitutional development — for the first time in the territory’s history.

Total port cargo throughput increases 4 percent in 2006
Total port cargo throughput rose to 60.8 million metric tons in the fourth quarter of 2006, up 3% compared to the same period the previous year, according to the Census and Statistics Department.

Within this total, inward port cargo recorded virtually no change compared to a year earlier at 35.9 million metric tons, while outward port cargo rose 7% to 25.0 million metric tons.