Reviving Hong Kong’s economy |
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During her visit to Beijing (Nov 4-6), Chief Executive Carrie Lam met with leaders of various Chinese agencies to discuss measures to support and revive Hong Kong’s economy. With many Hong Kong enterprises engaging in external trade under pressure due to the unilateral measures of the US and the epidemic, Mrs Lam hopes that the Ministry of Commerce will support Hong Kong enterprises to realize business opportunities in the Mainland market. And with the nation’s growing strength in science, technology and innovative capability, Mrs Lam said she believes that Hong Kong can further benefit from its co-operation with the Mainland. During her visit to Guangzhou and Shenzhen (Nov 7), Mrs Lam said she is confident of the prospects of Guangdong-Hong Kong cooperation, in particular the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development and the further strengthening of the mutually beneficial relationship between Hong Kong and Shenzhen.
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Hong Kong enterprises participate in international expo |
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About 240 Hong Kong enterprises are participating in the China International Import Expo (CIIE) held Nov 5-10. Speaking at the online opening ceremony (Nov 4), Secretary for Commerce & Economic Development Edward Yau said Hong Kong enterprises that could integrate into the overall development of the country and fully tap the opportunities brought about by the development of the GBA and the Belt & Road Initiative will be able to leverage on this historical opportunity to explore more business.
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Addressing members of the Hong Kong Business Association Midwest at its annual general meeting (Nov 5), Director of Hong Kong Economic and Trade Office in New York, Candy Nip, gave an update on the latest developments in Hong Kong, including how the city handled the COVID-19 outbreak through a “suppress and lift” strategy and the various measures to support local enterprises and protect livelihoods. Ms Nip said Hong Kong remains an international financial hub, underpinned by strong fundamentals, including a strong legal and regulatory system, deep and liquid capital markets, robust financial infrastructure and financial talents. She also highlighted new opportunities for US companies in the GBA. Ralph Chow, Regional Director, Americas of Hong Kong Trade Development Council (HKTDC) spoke on the various services HKTDC offers for US enterprises and upcoming virtual trade fairs, exhibitions and conferences that US companies would be interested in. Other speakers also shared start-up and entrepreneurial success stories, and visions of international trade between the Midwest and Asia via Hong Kong. |
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Hong Kong seizes green finance opportunities |
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With green and sustainable finance playing a key role in accelerating social and economic growth along with widespread recovery in the post-pandemic world, Hong Kong is eager to seize the unprecedented opportunities in this sector, said Financial Secretary Paul Chan at the 2020 Hong Kong Green Finance Association Annual Forum (Nov 5). Addressing some 1,000 professionals in this virtual event, Mr Chan said Hong Kong believes in green finance and the amount of green bonds arranged and issued in Hong Kong tripled between 2017 and 2019. Following last year's inaugural issuance of Government green bonds, there are plans to issue green bonds worth US$8.4 billion over five years beginning in 2020-21. Separately, Hong Kong Exchanges & Clearing’s new Green and Sustainable Exchange - STAGE - will launch later this year, serving as a rich repository of information and data on green, social and sustainability financial products.
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Hong Kong Monetary Authority promotes Regtech
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The Hong Kong Monetary Authority (HKMA) has developed a two-year roadmap to promote Regulatory Technology (Regtech) adoption in the Hong Kong banking sector. The roadmap is developed with reference to the 16 recommendations in the white paper entitled “Transforming Risk Management & Compliance: Harnessing the Power of Regtech”. The HKMA will roll out a series of events and initiatives in the coming two years to implement the recommendations.
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ADMINISTRATION & CIVIC AFFAIRS |
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US report strongly refuted |
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In response to the analysis released by the United States Congressional-Executive Commission on China, the Hong Kong SAR Government reiterated (Nov 6) that it firmly implements the principle of “One Country, Two Systems” and protects the lawful rights and interests of people living and doing businesses in Hong Kong, and will continue to do so resolutely. It pointed out that national security falls under the purview of the central authorities. The Hong Kong Special Administrative Region (HKSAR) Government also has a duty to implement and uphold the Basic Law. The HKSAR Government also attaches great importance to upholding the freedoms and protecting the rights guaranteed by the Basic Law.
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Social distancing measures extended |
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Social distancing measures currently in place in Hong Kong will be extended until Nov 12. While the local epidemic situation has continued to subside since mid-October, the identification of new cases with unknown sources of infection indicates the existence of silent transmission chains in the community. Taking into account the latest public health risk assessment, the HKSAR Government will maintain all other requirements and restrictions applicable to catering businesses and scheduled premises. Unless exempted, the prohibition on group gatherings of more than four people in public places will continue while mandatory mask-wearing on public transport and in all public places will remain in effect.
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All arrivals, except from China, need to quarantine in hotels |
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Starting Nov 13, any travelers arriving in Hong Kong, except from China, must undergo mandatory 14-day quarantine in a hotel to reduce the risk of spreading COVID-19 to household members. They must provide confirmation of a hotel reservation in Hong Kong for not less than 14 days from the day of arrival. Those who are in transit in Hong Kong or exempt from compulsory quarantine will not be affected. Separately, Turkey has been added to the list of “high-risk” nations that included the US, where the pandemic is especially severe. Travelers from the “high-risk” nations will be required to present health certificates before boarding their flights showing that they are free of COVID-19.
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Free streaming of Hong Kong Ballet’s performances |
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In a special collaboration, two performances by Hong Kong Ballet are available online for a limited time through Nov 13 on the dedicated arts and culture webpage “Hong Kong Arts and Cultural Experience”. They are the full performance of The Great Gatsby (2019), a production overflowing with extravagant dancing, and steamy jazz music performed live by Billy Novick’s Blue Sycopators, award-winning blues singer E. Faye Butler, and jazz vocalist Freddy Au Yeung. Local veteran performer Tan-ki Wong showcases bravura tap dancing and Oscar-winning designer Tim Yip (Crouching Tiger, Hidden Dragon) designs original sets and costumes. Highlights video of some of the most popular classical ballets in Hong Kong Ballet’s repertoire is also available online.
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Hong Kong and its Basic Law |
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The Basic Law (BL) is the constitutional document of the HKSAR. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems”.
Q: Can foreign enterprises participate fully in Hong Kong’s economy?
A: Yes. Hong Kong welcomes and encourages the participation of foreign enterprises, and provides a level playing field for all. There are no foreign exchange controls in Hong Kong and no restrictions on the trading of gold, securities, futures and the like. The Basic Law stipulates that Hong Kong shall maintain the status of a free port, pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital. (BL Articles 112; 114; 115)
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