October 19 - 26, 2017

FinTech

Collaboration between Hong Kong and Singapore

The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) have signed an agreement in Hong Kong to strengthen FinTech co-operation (Oct 25). It covers a raft of initiatives, including joint innovation projects, referrals of innovative businesses, information sharing and exchange of expertise to facilitate financial innovation.  HKMA Chief Executive Norman Chan said as Hong Kong and Singapore were the two leading international financial centers in the region, the collaboration would create significant synergy for FinTech development and more efficient fund flows between the two markets. 

In an earlier occasion, Chief Executive Carrie Lam said the advent of FinTech had created a new world of possibilities for the financial services sector and the government was working with the industry to promote FinTech. For one, Hong Kong and the U.K. recently signed a FinTech agreement to collaborate in promoting financial innovation. In the Financial Services Development Council Career Day (Oct 21), she urged the young participants to harness the opportunities arising from the Guangdong-HK-Macao Bay Area and the Belt Road initiatives in which HK could play a key role in mobilizing funds for infrastructure projects.

Business & Economy

First summit gauges views on tax policies

The government will adopt forward-looking, strategic financial management principles in wisely using the accumulated fiscal surpluses to benefit the community while ensuring the health of public finance, said Chief Executive Carrie Lam at the first taxation summit (Oct 23) in the current term of government. Financial Secretary Paul Chan elaborated on the tax measures launched in recent years, which he said should be targeted, be able to generate economic and social benefits and allow the city to maintain the existing simple and low tax regime, and be able to meet international tax standards. The other two speakers, Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration of the OECD, and Professor Lawrence Lau of the Chinese University of Hong Kong, shed light on international tax co-operation and the relationship between taxation and Hong Kong’s economic growth.

Arts, Culture and Sports

Filmmaker awarded “Nobel Prize for cinema”

Multiple-award winning filmmaker Wong Kar-wai has been honored with the Lumiere Award in France (Oct 20). He is the first Hong Kong director to win the award, often described as the “Nobel Prize for cinema”, joining such luminaries as Martin Scorsese and Quentin Tarantino. Offering his congratulations, Secretary for Commerce & Economic Development Edward Yau applauded his achievement in successfully demonstrating to the international audience the quality and stylistic work of Hong Kong filmmakers. The Lumière Festival in Lyon said Wong’s films had “reached beyond the circle of movie-goers and critics, attracting a public drawn to his search for the aesthetic and poetic”. The prize was given to Wong for “his unclassifiable films, each with countless flares of beauty; for the trace he is leaving upon cinema history; for all that is glorious and lingering in his work; for the neon lights of Hong Kong and the snows of Manchuria; and because, after all, dark glasses are undeniably classy.” The latter referred to the director’s usual look.

International yacht race

Two “Firsts” in Volvo Ocean Race

For the first time in its 44-year history, the Volvo Ocean Race will be making its debut stopover in Hong Kong in January 2018. The city has fielded an entry in the competitive race, also for the first time. Hong Kong team Sun Hung Kai/Scallywag set sail from Alicante, Spain (Oct 22), and is competing with six other teams over an epic 45,000-mile racing odyssey across four oceans and six continents. During the eight-month race, the ocean race fleet will make stops at different ports, including Hong Kong’s iconic Victoria Harbor in January and scenic Newport, Rhode Island in May 2018.

HKETONY News

Director promotes PA initiatives in Boston

In her first duty visit to Boston, MA (Oct 25-26), Director Joanne Chu has fostered ties with and updated the stakeholders on the  developments of Hong Kong, including the initiatives announced in Chief Executive’s Policy Address, particularly those related to the promotion of R&D and innovation and technology.


She met with a number of senior executives in charge of economic development; State Representatives Donald Wong and Tackey Chan; Director of MIT Hong Kong Innovation Node, Prof Charles Sodini; and a group of Hong Kong students studying in Harvard with government scholarships. 

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: Does the HKSAR enjoy executive, legislative and independent judicial powers?

A: Yes. The NPC authorises the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication. The Chief Executive heads the HKSAR, and the Executive Council, consisting of members appointed by the Chief Executive, assists the Chief Executive in policy making. The legislature, which is constituted by election, enacts legislation, while the judiciary exercises judicial power independently free from interference. (BL Articles 2; 16; 17; 19; 43; 54; 55; 66; 68; 73; 85)

 

Hong Kong Basic Law

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