Financial Secretary unveils tax cuts, concessions in new budget
On February 27, Hong Kong Financial Secretary John C. Tsang unveiled a package of initiatives and concessions to help the disadvantaged, enhance Hong Kong’s competitiveness and ensure the city’s sustainable development.

Delivering his first Budget, Mr. Tsang said that Hong Kong’s economy grew 6.3% in 2007, mainly because the city continues to benefit from the dynamic development of mainland China and the rapid growth of the global economy.

IMF backs maintaining linked exchange rate
In its Staff Report on Hong Kong released on February 5, the International Monetary Fund (IMF) reiterates its support for the Hong Kong’s commitment to the Linked Exchange Rate System (LERS) and recognizes the Hong Kong Special Administrative Region Government’s efforts in furthering Hong Kong’s role as an international financial center.

The IMF projects Hong Kong’s real GDP growth in 2007 to be 6%, which is in line with the latest government forecast. The strong economic growth in recent years reflects the flexibility of Hong Kong’s markets and its successful transformation into a services-based economy.  

Hong Kong will be first Chinese stop for Olympic torch
The spirit of the Olympic Games will radiate in Hong Kong when the Olympic flame arrives in the territory on April 30 and the Olympic Torch Relay is held on May 2.

The Beijing 2008 Olympic Torch Relay in Hong Kong is being organized by the Sports Federation and Olympic Committee of Hong Kong, China (SF & OC) and the Hong Kong Special Administrative Region Government (HKSARG).

200-day countdown begins for Beijing Paralympic Games
A 200-day countdown ceremony to the Beijing 2008 Paralympic Games, jointly organized by the Home Affairs Bureau of the Hong Kong Special Administrative Region Government and the Hong Kong Paralympic Committee & Sports Association for the Physically Disabled, was held February 20 at Penfold Park.

Speaking at the ceremony, Permanent Secretary for Home Affairs Carrie Yau said the spectacular Beijing 2008 Paralympics will begin in 200 days and that Hong Kong has always attached great importance to disabled athletes and to the Paralympic Games.