January 14-20, 2017

Policy Address

2017 Policy Address advances support for Belt and Road Initiative 

Chief Executive CY Leung delivered his fifth Policy Address, outlining plans and initiatives to develop Hong Kong’s economy and improve people’s livelihood. This includes the city's continued support of the Belt and Road Initiative.  Mr. Leung said Hong Kong, leveraging on “one country, two systems” and other advantages, will continue to position itself as a “super-connector” between the mainland and the world. The second Belt and Road Summit in Hong Kong will be held in September 2017. The Policy Address also outlined plans to boost land supply and housing, improve healthcare services and enhance education.

Finance

AFF highlights Asia’s role in driving change, innovation and connectivity 

Over 2,800 financial and business leaders, policy-makers and investors shared their insights on global economic development at the 10th Asian Financial Forum (AFF), themed “Asia: Driving Change, Innovation and Connectivity”, which is the first in a series of highlight events celebrating the 20th anniversary of the establishment of the Hong Kong Special Administrative Region. Delivering the opening keynote address, Chief Executive CY Leung said that the combined advantages of ‘one country’ and ‘two systems’ have made Hong Kong the ‘super-connector’ between the Mainland of China and the rest of the world. The government will continue to support Innovation and technology initiatives, including start-ups, research and development in universities, and developing Hong Kong into a smart city.

 

Start-ups

New York-based fintech firm Darc Matter wins “Best Growth Stage” award

New York-based global financial technology (fintech) platform Darc Matter won the “Best Growth Stage” award at The Next Money FinTech Finals 2017 held at the StartmeupHK Festival 2017 (Jan 16-20), which attracted over 5,000 participants to events on subjects ranging from retail innovation and fashion technology to smart cities, fintech and health technology. Speaking at the Jan 17 centerpiece “Venture Forum” event, the Secretary for Commerce and Economic Development, Gregory So, said entrepreneurs come to Hong Kong as it has been ranked as one of the fastest growing start-up hubs in the world and has become a hotbed of innovation.

Environment

Climate action plan unveiled

The Hong Kong Government released a new climate action report “Hong Kong's Climate Action Plan 2030+”, outlining long-term measures in combatting climate change and setting out the carbon emission reduction target for 2030. The Government’s target is to reduce Hong Kong’s carbon intensity by 65 % - 70 % by 2030 from the 2005 levels. Secretary for the Environment KS Wong said the government will reduce coal-fired electricity generation, use renewable energy on a wider and larger scale, and make the city’s infrastructure and buildings more energy efficient.

Basic Law

Hong Kong and its Basic Law

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems". 

Q: Are Mainland laws applicable to Hong Kong?
A: Article 18(2) of the Basic Law provides for application of national laws in the HKSAR. Such national laws as applied in the HKSAR shall be listed in Annex III to the Basic Law. Currently, a total of 12 national laws are so listed in Annex III, all of which concern matters outside the limits of the HKSAR’s autonomy. They include resolutions and laws on the capital, calendar, national anthem, national flag, national day, national emblem, territorial sea and contiguous zone, exclusive economic zone and continental shelf, nationality, garrisoning, diplomatic and consular privileges and immunities and judicial immunity of assets of foreign central banks. (BL Article 18; Annex III)

Hong Kong Basic Law

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