Hong Kong’s financial system remains stable
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Chief Executive of Hong Kong Monetary Authority Eddie Yue pointed out that there have not been significant fund outflows from either the Hong Kong dollar or the banking system, adding that Hong Kong has strong fundamentals and a robust financial system and is able to rise up to challenges. He said the smooth and orderly operation of Hong Kong’s local financial market reflects
strong market confidence
in the Linked Exchange Rate System (LERS), underpinned by sizeable foreign reserves of over US$440 billion. Mr Yue added that Hong Kong can decide on its own appropriate monetary regime including exchange rate policy and the LERS will not be changed because of any shift in foreign policies towards Hong Kong. Separately, Financial Secretary Paul Chan also said in an exclusive interview with Bloomberg that there is no need to do any review on the LERS, adding that Hong Kong will stand firm to
defend the system
.
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Banking talent program to launch
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The Hong Kong Monetary Authority (HKMA) and the banking industry have launched the
Banking Talent Program
, an initiative to nurture young talents in the industry and better prepare them for future careers in the banking sector. Around 300 recent graduates will be offered six-month work opportunities and industry-specific training.
Application
opens on June 15. While offering both short-term relief and valuable learning opportunities to young graduates, the program also helps expand the talent pool to support the future growth of Hong Kong's banking sector, said Chief Executive of the HKMA Eddie Yue.
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HK-ASEAN pact to take effect
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The commitments on
trade and investment agreements
between Hong Kong and Indonesia, a member state of the Association of Southeast Asian Nations (ASEAN), will enter into force on July 4. Under the Free Trade Agreement (FTA), Hong Kong service providers will enjoy tariff reduction and better business opportunities and legal certainty in market access for different services sectors in Indonesia. Upon implementation of the Investment Agreement (IA), Indonesia will provide Hong Kong enterprises investing in its area with fair and equitable treatment of their investments, physical protection and security of their investments, and the assurance on the free transfer of their investments and returns. With the entry of Indonesia, there will be a total of eight ASEAN member states for which both the FTA and IA have entered into force.
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StartmeupHK Festival 2020 goes virtual in July
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StartmeupHK Festival 2020
, organised by Invest Hong Kong, will run virtually online from July 6-10. The festival offers a unique opportunity to connect, exchange ideas, and learn about business opportunities in Hong Kong, China and Asia. It will feature keynotes with renowned speakers, startup village, services marketplaces, job fair and business matching will be open to attendees across the globe.
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FINANCIAL RELIEF MEASURES
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Cash payout registration set
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Registration for the
Cash Payout Scheme
will start on Jun 21 for eligible Hong Kong permanent residents to receive the US$1,282 (HK$10,000) payout. The public can register online through 21 participating banks to have the sum deposited to their personal bank accounts. Those who wish to receive the payment with a cheque can register with Hongkong Post and collect it in person at the post office. Registration ends on Dec 31, 2020. Announcing the
details
, Financial Secretary Paul Chan said he hopes the payout may help relieve people’s financial burden and boost the economy with more consumption.
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Anti-epidemic measures extended
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In view of the recent local
COVID-19
outbreak, the Hong Kong SAR Government, in adopting its "suppress and lift" strategy, is extending relevant
anti-epidemic measures
. Health rules limiting the group size of public gatherings to eight people, along with regulations governing the operation of restaurants and bars would remain in place until June 18. Compulsory quarantine measures for Hong Kong residents arriving from overseas will be extended until September 18. The mandatory quarantine policy for travellers from Mainland China, Macao and Taiwan will remain in effect until July 7. Non-Hong Kong residents from overseas will continue to be denied entry until further notice.
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More Hong Kong people stranded in India return home
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The second batch of Hong Kong residents stranded in India took a
special flight
arranged by the Hong Kong SAR Government and returned to Hong Kong on June 3. This flight assisted about 300 Hong Kong residents in Mumbai with special needs such as people with illness, pregnant women and children, as well as family members travelling with them. The cost of the flight was borne by the passengers. Upon arrival, the returnees underwent compulsory COVID-19 testing and then transferred to a quarantine center for a 14-day mandatory quarantine.
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Hong Kong's experience in combating COVID-19
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What can New York business learn from Hong Kong as New York City begins Phase 1 of the reopening after nearly three-month of coronavirus lockdown? Deputy Director of Hong Kong Economic and Trade Office, New York, Erica Lam, will share Hong Kong's experience in combatting the COVID-19 outbreak without a complete lockdown and the city's "suppress and lift" strategy in striking a balance in public health protection, economic impact and social acceptance during a webinar on Tuesday (Jun 9) at 5:00 PM (EDT). Chairman of Hong Kong Association of New York Donald Moore will also join the webinar, organized by The Rotary Club of Chinatown New York and supported by Hong Kong Association of New York. Registration
here
.
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Conversation with 2020 HKETONY Arts Activator
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What were the experiences of students in Hong Kong and New Haven during the COVID-19 pandemic? Learn more through 6 student films created through the stay-at-home filmmaking initiative Film Stylo during an
online event
on June 11 at 8:30 AM (EDT). Organizer and Hong Kong filmmaker Jeremy Hung will discuss how his initiative promotes intercultural empathy and emotional wellness through filmmaking. Hung is currently on a six-month residency in New Haven, under the Arts Activators Fellowship Program of the Hong Kong Economic and Trade Office, New York, in collaboration with the Yale China Association.
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- Hong Kong’s foreign currency reserve amounted to US$442.3 billion as of May 31, 2020, according to the Hong Kong Monetary Authority. This represents over six times the currency in circulation or about 46% of Hong Kong dollar M3. Details here.
- Hong Kong’s total port cargo throughput decreased by 3.2% year-on-year to 57.2 million tonnes in the first quarter of 2020. Inward port cargo loaded in the US dropped by 26.7% while outward port cargo discharged in the US fell by 24.8%. In the first quarter of 2020, the port of Hong Kong handled 4.10 million TEUs of containers, representing a 7.3% year-on-year decrease.
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Hong Kong and its Basic Law
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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 Government have complete control over fiscal and economic policies and safeguard 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 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
)
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