June 17 - 21, 2017

Editor’s Note: The date of issue of this weekly digest will be changed to every Wednesday instead of Friday with immediate effect.

Politics

New team of cabinet ministers announced

The nomination by Chief Executive-elect Carrie Lam on the appointments of Principal Officials of the 5th term of the Hong Kong Special Administrative Region (HKSAR) Government has been approved by the Central People's Government. They will assume office on July 1, 2017.

Secretaries of Departments

- Chief Secretary for Administration, Matthew Cheung Kin-chung
- Financial Secretary, Paul MP Cha
- Secretary for Justice, Rimsky Yuen Kwok-keung, SC

Directors of Bureaux

- Secretary for Commerce and Economic Development, Edward Yau Tang-wah
- Secretary for the Environment, Wong Kam-sing
- Secretary for Home Affairs, Lau Kong-wah
- Secretary for Innovation and Technology, Nicholas W Yang
- Secretary for Financial Services and the Treasury, James Henry Lau Jr

- Secretary for Labour and Welfare, Law Chi-kwong
- Secretary for the Civil Service, Joshua Law Chi-kong
- Secretary for Security, John Lee Ka-chiu
- Secretary for Transport and Housing, Frank Chan Fan
- Secretary for Food and Health, Professor Sophia Chan Siu-chee
- Secretary for Development, Michael Wong Wai-lun
- Secretary for Education, Kevin Yeung Yun-hung
- Secretary for Constitutional and Mainland Affairs, Patrick Nip Tak-kuen

Finance

Monetary chief confident in banking system to withstand risks

Hong Kong Monetary Authority Chief Executive Norman Chan reiterated the strong state of Hong Kong’s financial sector. In an interview with the South China Morning Post (June 18),  while acknowledging that the property market has been subject to pressure, Mr Chan noted that banks were better equipped to handle any possible trouble than they were in 1997: in that year, the average mortgage in the city was worth 90 percent of a home’s value, while that figure today was down to a much less risky 51 percent.

HKEx proposes new board

Hong Kong Exchanges and Clearing announced a proposal to create a board to entice Mainland and other growing companies, such as those from the technology sector, to list on Hong Kong’s stock exchange. The new board would open up the exchange to a range of firms currently unable to list in the city, such as pre-profit tech startups and Mainland firms listed elsewhere who are seeking a secondary listing.

20A Celebrations in NYC

“From Hong Kong with Love” at Carnegie Hall

The 20A concert “From Hong Kong with Love”, on July 8, will feature the world debut of a promising young pianist as well as performances by notable Hong Kong musicians based in New York. The mix of piano, violin and clarinet with Chinese musical instruments – pipa and erhu will provide an eclectic East-meets-West vibe. The select choice of works by Schubert, Liszt, Rachmaninoff etc will promise an unforgettable night for the celebrations. Ticketing details are 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: Has the Central People’s Government or any Mainland province interfered in the administering of the HKSAR Government?

A: No. Hong Kong has enjoyed a high degree of autonomy since its return to the Motherland on July 1, 1997. In accordance with the Basic Law, the CPG has scrupulously upheld the principle of 'one country, two systems' and the promise of 'Hong Kong people administering Hong Kong'. No department of CPG and no province, autonomous region or municipality directly under the CPG has interfered in the affairs which the HKSAR Government administers on its own in accordance with the Basic Law. (BL Articles 2; 12; 22)

Hong Kong Basic Law

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