September 28 - October 4, 2017

Ranking

Hong Kong remains world’s freest economy

Hong Kong Commissioner to the United States Clement Leung welcomed the publication of the 2017 Economic Freedom of the World report which once again ranks Hong Kong as the world’s freest economy. Co-published by the Cato Institute, the Fraser Institute of Canada and more than 70 think tanks around the world, the report measures economic freedom (levels of personal choice, ability to enter markets, security of privately owned property, rule of law, etc.) by analyzing the policies and institutions of 159 countries and territories. “The report affirms Hong Kong’s commitment to upholding free market principles and the rule of law which sustain a healthy business environment,” said Mr. Leung. 

FinTech

FinTech sandbox initiatives announced

The Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority announced their sandbox initiatives to facilitate the development of FinTech in Hong Kong. Secretary for Financial Services and the Treasury James Lau, welcomed the initiatives, pointing out that this will help reinforce Hong Kong’s status as a vibrant FinTech hub. “It is always our policy priority to encourage financial institutions to develop and adopt Fintech. Sandboxes provide a testing environment for Fintech innovation, and help expedite the launch of new Fintech products for better customer experience,” he said.

Awards

Eight honored for social contributions

Six individuals and two corporations were honored at the South China Morning Post’s “Spirit of Hong Kong Awards 2017” for their selfless efforts in helping the disabled and the elderly as well as the sick and homeless and for preserving Hong Kong’s unique culture. Among them is American Robert Bauer, an honorary professor of linguistics at the University of Hong Kong, who was recognized for his effort in preserving the Cantonese language. The other seven remarkable honorees are Comma Chan Hin-wang, Father John David Wotherspoon, Emily Tang, Elli Fu Nga-nei, Chin Pui-chun, David Cheung Wai-sun, and Light of Raphael. Chief Executive Carrie Lam said the awards celebrate the spirit of Hong Kong and illuminate how Hong Kong people can come together as a community inspired by shared values and goals.

HKETONY News

Students welcomed at HKETONY

Director Joanne Chu welcomed over 20 Hong Kong students from universities in New York City at Hong Kong Economic and Trade Office in New York. Among the students currently studying at Columbia University, New York University, Baruch College and Manhattan School of Music are two recipients of the Hong Kong SAR Government’s scholarship for outstanding students to pursue studies overseas. Ms Chu introduced the work of the HKETONY and the Government’s recruitment of Administrative Officers.

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: What does the Basic Law say about democratic development in Hong Kong?A: The Basic Law sets out the blueprint for the democratic development of the HKSAR. The method for selecting the Chief Executive and forming the Legislative Council shall be specified in the light of the actual situation in the HKSAR and in accordance with the principle of gradual and orderly progress. The ultimate aim is the election of the Chief Executive and all the members of the Legislative Council by universal suffrage. In this regard, the NPC Standing Committee made a decision on 29 December 2007, which has made clear the timetable for implementing universal suffrage in Hong Kong: universal suffrage may be implemented for electing the Chief Executive in 2017 and following that, all the members of the Legislative Council may be returned by universal suffrage. On 31 August 2014, the NPC Standing Committee further adopted a decision which formally determined that universal suffrage for the Chief Executive election through “one person, one vote” could be implemented starting from 2017, and sets out a clear framework on the specific method for selecting the Chief Executive by universal suffrage. (BL Articles 45; 68; Annexes I and II)

Hong Kong Basic Law

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