May 20-26, 2017

Business & Finance

HKSARG responds to Moody’s credit rating

The Hong Kong SAR Government strongly disagreed with the recent announcement (May 24) by Moody's to mechanically downgrade the long-term credit rating of Hong Kong from "Aa1" to "Aa2", following its downgrading of China's credit rating. Financial Secretary Paul Chan reiterated that Hong Kong has been exercising a high degree of autonomy and enjoying executive, legislative and independent judicial power, including that of final adjudication in accordance with the Basic Law. "We are of the view that Moody’s has overlooked the sound economic fundamentals, robust financial regulatory regime, resilient banking sector and strong fiscal position that Hong Kong has. These elements will continue to enable the economy to embrace the challenges ahead arising from the changing external environment,” he said.

Property

Bank mortgage tightening measures

The Hong Kong Monetary Authority has issued new lending guidelines to the banks in Hong Kong, effective May 19, that aim to strengthen their risk management and resilience in face of increasing risks of overheating in the property market. This is the second round of measures taken by the HKMA to strengthen the credit risk management of banks in seven days. HKMA Chief Executive Norman Chan said the Authority will continue to monitor the property market closely, and will introduce appropriate counter-cyclical measures to safeguard the stability of the banking system.

Bilateral Trade

Prime Minister of New Zealand visits Hong Kong

Prime Minister of New Zealand Bill English was in Hong Kong for a two-day visit to promote New Zealand's economic and trade interests, after visiting Japan. Hong Kong Chief Executive C Y Leung welcomed the Prime Minister on May 19, saying that Hong Kong can act as a super-connector between New Zealand enterprises and the Mainland China market. He added that New Zealand can explore more business opportunities by leveraging on the city’s huge Belt & Road development potential.

Investment Promotion

Head of InvestHK appointed

Stephen Phillips has been appointed Director-General of Investment Promotion of Invest Hong Kong. The former Chief Executive of the China-Britain Business Council lived and worked in Hong Kong from 1989 to 2004. Since 2000, InvestHK has been set up to attract foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. There is an office of InvestHK under the HKETONY. It provides free advice and customized services to help businesses succeed in Hong Kong's vibrant economy.

Education & Community

First Hong Kong woman conquers Mount Everest

Former teacher Ada Tsang reached the peak of Mount Everest (May 21), becoming the first Hong Kong woman to conquer the world’s highest peak. She achieved success on her third try, following two near fatal attempts earlier. She hopes that her pursuit of mountaineering would inspire her students to pursue their dreams with a lesson outside the classroom. She reached the summit with fellow Hong Kong climber Elton Ng and Mainland climber Zhang Jianguo. Two Sherpa guides provided them vital assistance.

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

Hong Kong and its 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 HKSAR Government maintained complete control over fiscal and economic policies and safeguarded the free movement of goods, assets and capital?

A: The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practices an independent taxation system; keeps its low and simple tax regime; formulates on its own monetary and financial policies; safeguards the free flow of capital; maintains the status of a free port; pursues a policy of free trade and protects the free movement of goods, intangible assets and capital. (BL Articles 62; 106-119)  

Hong Kong Basic Law

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