In Policy Address, Tsang says Hong Kong will emerge stronger
Hong Kong Chief Executive Donald Tsang, delivering his annual Policy Address entitled “Embracing New Challenges” to the Legislative Council on October 15, said that the resilience of Hong Kong’s people would help the city emerge stronger from the current global financial turmoil.

Mr. Tsang said that Hong Kong would turn the current crises into opportunities by vigorously pursuing economic development in areas such as financial services, cross-boundary integration, infrastructure projects, creative industries and scientific research.

New York Celebrates Hong Kong 2008 festival highlighted in Times Square
The “New York Celebrates Hong Kong” festival came to live in the heart of New York October 10 with the debut of a 30-second vignette highlighting the festival and showcasing Hong Kong’s cosmopolitan culture and economic vitality prominently screened on the NBC Universal’s Jumbo Tron in bustling Times Square.

The “New York Celebrates Hong Kong 2008” festival is a month-long celebration of Hong Kong’s creativity and entrepreneurship.

New measures to strengthen confidence in the banking system
On October 14, Hong Kong Financial Secretary John C. Tsang, announced two new precautionary measures to further strengthen confidence in Hong Kong’s banking system:

First, the use of the Exchange Fund to guarantee the repayment of all customer deposits held in Authorized Institutions in Hong Kong, following the principles of the existing Deposit Protection Scheme. The guarantee applies to both Hong Kong-dollar and foreign-currency deposits with Authorized Institutions in Hong Kong, including those held with Hong Kong branches of overseas institutions. It will cover the amount of deposits in excess of that protected under the Deposit Protection Scheme.

Monetary Authority to provide liquidity assistance to banks
On September 30, the Hong Kong Monetary Authority (HKMA) announced five temporary measures for providing liquidity assistance to licensed banks in Hong Kong. 

Effective October 2 through the end of March 2009, HKMA will provide liquidity assistance to licensed banks that request assistance based on the following five measures:

HKSARG shares public’s opinions on competition law
On September 30, the Hong Kong Special Administrative Region Government released a report on views collected from the public on the detailed proposals for a competition law.

According to the report, there is general public support for most of the proposals outlined in the consultation paper. Respondents also suggested additional proposals ranging from detailed and technical legal points to recommendations on how the government might clarify the law and explain its likely effect to the public.

Government supports radio frequency ID technology
Hong Kong Secretary for Commerce and Economic Development Rita Lau said that the Hong Kong Special Administrative Region Government has been working consistently to promote the development of technology in areas where Hong Kong has a competitive edge. The effort is part of Hong Kong’s clear objective to become a regional hub of innovation and technology.

Hong Kong Commissioner speaks on U.S.-Hong Kong relations
Hong Kong is prepared to work with governments around the world in tackling the challenge of the current financial turmoil.

Addressing 90 business and media guests at the “Taste of Hong Kong” event in New York on October 22, Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong said that as a precautionary measure to reinforce confidence in the banking system, Hong Kong has taken two measures: It has guaranteed the repayment of all customer deposits held in Authorized Institutions in Hong Kong and it has established a Contingent Bank Capital Facility (CBCF) to make available additional capital to locally incorporated licensed banks, on request. Both measures will remain in force until the end of 2010.