May 27 - Jun 2, 2017

Business/Finance

Hong Kong again crowned #1 world competitive economy

For two consecutive years, Hong Kong ranked #1 in overall competitiveness by the International Institute for Management Development in its World Competitive Yearbook 2017 (June 1), based on a survey of 63 economies. Among the four primary group competitiveness categories, Hong Kong’s rankings on government efficiency and business efficiency each remained in first place. 

Exchange Fund investment income soars

The Hong Kong Monetary Authority announced (May 29) that investment income from the Exchange Fund rose to US$7.4 billion in the first quarter of 2017. This represents a 138% increase from investment income of US$3.1 billion reported in the comparable 2016 period. The primary objective of the Exchange Fund is to maintain the exchange value of the currency of Hong Kong. Despite the robust results, HKMA chief executive Norman Chan cautioned, “We are not sure if such strong momentum can continue in the second quarter and the rest of the year. It depends on how stock and bond markets worldwide respond to higher US interest rates”.

Duty Visit

Director visits Swarthmore College

HKETONY director Steve Barclay visited Swarthmore College on June 2 during his visit to the Philadelphia-area. The college’s 425 acre campus, a designated arboretum, was in full bloom to welcome the Director, who met with Provost Thomas A. Stephenson and exchanged views on Hong Kong as a vibrant higher educational center and the college’s plans to set up exchange programs with several universities in Hong Kong. During his visit to Philadelphia, Mr Barclay also met with executives and curators from the various museums, apprising them of the latest developments of the West Kowloon Cultural District in Hong Kong.

Rugby Sevens

Collegiate rugby championship in Philadelphia opens with VIP reception

HKETONY hosted the Hong Kong 20th Anniversary VIP reception at the Down Town Club in Philadelphia (June 1) to celebrate the 20th birthday of the Hong Kong SAR and to welcome 24 rugby teams, coaches and sponsors to the 2017 Penn Mutual Collegiate Rugby Championship, the nation’s premier college rugby sevens tournament. The rugby 7s squads will be competing at Talen Energy Stadium (June 3-4) for top honors.

Arts & Culture

Hong Kong artists honored

Hong Kong's artists, arts organizations, schools and institutions, were recognized for their unstinting support and contribution to the city's arts development at the Hong Kong Arts Development Awards 2016 Presentation Ceremony (May 26). The highest honour, the Life Achievement Awards, was given to renowned ink master Prof. Wucius Wong. The Award for Outstanding Contribution in Arts went to celebrated Cantonese opera artist Yau Sing-Po, theater veteran Frederic Mao Chun-fai and renowned lyricist Cheng Kok-kong.

20A Celebrations in NYC

“Inspirational Liaisons – Encore” at Carnegie Hall

A group of musicians from Hong Kong will perform at “Inspirational Liaisons – Encore” concert at Carnegie Hall (June 11), bringing with them a repertoire of works including “Vaughan Williams Songs of Travel”, “Ravel Sonata in G for violin and piano” and “Gershwin Three Preludes”. Ticketing details can be found 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: Is Hong Kong still a free port and a separate customs territory?

A: Ships of all nations regularly call into Hong Kong which is virtually a duty-free port. The HKSAR, using the name “Hong Kong, China”, is a member in its own right of the World Trade Organization and the World Customs Organization. Hong Kong remains a separate customs territory, and the boundary between the Mainland and the HKSAR is clearly delineated and properly managed. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by Hong Kong. (BL Articles 114; 116; 126)  

Hong Kong Basic Law

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