 First quarter GDP up 7.1%
Hong Kong’s economy continued to expand strongly in the first quarter of 2008, despite the growing adversities in the external environment. With real GDP growing by 7.1%, the economy extended the run of distinctly above-trend growth to 18 quarters, according to the First Quarter Economic Report 2008, released May 16 by the Hong Kong Special Administrative Region Government. 
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 Secretary for Financial Services and the Treasury visits U.S.
Hong Kong Secretary for Financial Services and the Treasury K. C. Chan encouraged U.S. companies to access the immense mainland China market through Hong Kong.
Speaking at a May 12 keynote address at a New York City business seminar jointly organized by the HSBC, USA, Hong Kong Economic and Trade Office in New York and the Hong Kong Association of New York, Professor Chan spoke about Hong Kong’s strengths as an international financial center, saying the territory’s financial services and stock market are growing in tandem with the rapidly expanding Chinese economy.
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Hong Kong official addresses subprime crisis
The subprime crisis was a body blow for the U.S. economy, but it left Hong Kong largely unscathed, said Hong Kong Secretary for Financial Services and the Treasury K. C. Chan during a visit to New York.
Professor Chan said Hong Kong was watching how the deterioration in lending and the drop in housing prices would affect economic growth in the U.S., because this would affect Asian economic growth.
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Hong Kong continues participation in Secure Freight Initiative
Hong Kong has extended its participation in a Secure Freight Initiative (SFI) pilot until April 30, 2009.
The SFI is a U.S. government program to safeguard global maritime cargo through cooperation with the maritime industry and governments of trading partners.
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Chief Executive appoints under secretaries and political assistants
Hong Kong Chief Executive Donald Tsang appointed the first batch of eight Under Secretaries to bolster the strength and capacity of the Hong Kong Special Administrative Region Government's (HKSARG) team under the political appointment system on May 20.
At the rank of Deputy Directors of Bureau, the new under secretaries are drawn from the finance, legal and medical professions, as well as academia and the media. One of them is an Administrative Officer.
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Government seeks public input on competition law proposals
On May 6, Hong Kong Secretary for Commerce and Economic Development Frederick Ma announced the launch of a three-month public consultation on government proposals for a new competition law for Hong Kong.
Presenting the consultation document that details the proposals, Mr. Ma said the government looked forward to receiving the public’s views on the proposed framework before finalizing the Competition Bill for introduction into the Legislative Council (Legco).
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Hong Kong to collaborate on solar energy technologies
On May 5, the Hong Kong Special Administrative Region Government and the Shenzhen Municipal Government announced the launch of the first major technology cooperation project under the “Shenzhen-Hong Kong Innovation Circle” to establish a Solar Energy Research and Industrial Platform in collaboration with DuPont.
According to the letters of intent signed, the Hong Kong Science and Technology Parks Corporation will take the lead in establishing a Solar Energy R&D Support Centre at the Hong Kong Science Park to assist in developing solar energy and related technologies in Hong Kong and the Pearl River Delta region.
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