June 10 - 16, 2017

Finance

Sovereign bonds to be issued in Hong Kong

Hong Kong Financial Secretary Paul Chan welcomed the decision by China’s Ministry of Finance to issue a total of RMB 14 billion (US$2.06 billion) sovereign bonds in Hong Kong this year, split equally in the first and second half of the year.  Mr Chan said the decision shows the Central Government’s support in reinforcing Hong Kong’s status as an international finance center and global offshore RMB business hub. This is the ninth consecutive year for the Ministry to issue RMB sovereign bonds in the city.

Hong Kong becomes AIIB member

Hong Kong was admitted as a new member of the Asian Infrastructure Investment Bank (June 13). Financial Secretary Paul Chan said Hong Kong is well placed to help the bank raise funds to finance infrastructure projects. “Hong Kong's professional services and financial services sectors can certainly contribute to the success of the AIIB," he said. Mr Chan is attending the Second Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Jeju, Korea (June 16-17). This is the first time that Hong Kong has participated in the AIIB’s Board of Governors meeting as an AIIB member. 

Port

Hong Kong reinforces port hub status

Hong Kong has implemented a number of measures to consolidate Hong Kong’s status as a transhipment hub to better connect the Mainland with the rest of the world, said Secretary for Transport & Housing Professor Anthony Cheung. The measures to boost Hong Kong’s maritime services industry include the deepening of the Kwai Tsing Container Basin from 15 to 17 meters to enable ultra-large container vessels to use the terminals at all tides, the provision of more port back-up sites to expand the terminal back-up yard and offering additional barge berths to enhance cargo handling efficiency. Other measures include the provision of additional land for the development of modern logistics.

Duty visit

Director visits Nashville and Atlanta

Director of Hong Kong Economic and Trade Office in New York Steve Barclay highlighted the advantages of doing business in Hong Kong during his visit to Nashville and Atlanta (June 12-13). While in Nashville, Mr. Barclay met with President of Nashville Chamber of Commerce Ralph Schulz and discussed the latest developments in Hong Kong and Nashville and trends of the business developments in both places. In the Peach State, Mr Barclay met with officials from Georgia Department of Economic Development, including Deputy Commissioner for International Trade Mary Waters and Deputy Commissioner for International Relations and Chief of Protocol Abby Turano, where they discussed business opportunities for Georgia businesses and Hong Kong-Georgia trade which has increased by 75% this year.

Films

New generation film directors to attend NYAFF

Derek Hui ["This is Not What I Expected"(2017)], Alan Lo [“Zombiology: Enjoy Yourself Tonight"(2017)] and Wong Chun, along with screen writer Florence Chan for ["Mad World"(2016)] from Hong Kong will attend the New York Asian Film Festival. Acclaimed filmmaker Lawrence Lau [“Dealer/Healer”(2017)], one of the best neorealist directors in Hong Kong, will also join them in Qs and As about another new wave of Hong Kong cinema in New York. Other films by first-time Hong Kong directors in this year’s lineup are Derek Tsang’s "Soul Mate"(2016), Yan Pak-wing and Chiu Sin-hang’s "Vampire Cleanup Department"(2017), and Andrew Wong’s "With Prisoners"(2017). On another front, due to a schedule conflict, Tony Leung Ka-Fai has decided to cancel his planned itinerary in New York on July 7. On the latest film screening schedule, please click here.

20A Celebrations in NYC

“From Hong Kong with Love” at Carnegie Hall

“From Hong Kong with Love”, a concert celebrating the 20th Anniversary of the establishment of the Hong Kong SAR, will be held at Carnegie Hall (July 8), highlighting the rich and diverse “East-meets-West” culture of Hong Kong. The group of Hong Kong musicians will perform a repertoire of works by Schubert, Liszt, Rachmaninoff, Strauss, Gershwin, Zhen Chen, and Piazzolla. Ticketing details here.

Basic Law

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

Q: Are Hong Kong people administering Hong Kong with a high degree of autonomy?

A: The National People’s Congress (NPC) authorizes the Hong Kong Special Administrative Region to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication, in accordance with the Basic Law. Except for defense, foreign affairs and other matters for which the Central Authorities are responsible under the Basic Law, Hong Kong people are administering our affairs within our autonomy under the Basic Law. Hong Kong people are not even required to pay taxes to the Central People’s Government (CPG). (BL Articles 2; 12-17; 19; 22; 106)

Hong Kong Basic Law

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