AUG 31 - SEP 7, 2021
“Airport City” development on track
The Three-runway System (3RS) project at Hong Kong International Airport (HKIA) has reached a major milestone, with the completion of the pavement works for the Third Runway. Officiating at the completion ceremony, Chief Executive Carrie Lam said the 3RS is an integral part of Hong Kong’s vision to transform from a “city airport” into an “Airport City”. According to an earlier forecast, the 3RS would generate direct, indirect and induced contributions of about 5% of the GDP of Hong Kong by 2030. The new runway will commence operations next year as planned. Other works at HKIA include expansion of Terminal 2 (T2), construction of T2 Concourse, a new automated people mover system and high-speed baggage handling system. Chairman of the Airport Authority (AA) Jack So said that after its expansion, the airport will be able to handle the targeted annual passenger and cargo volume of around 120 million and 10 million tonnes respectively. The AA is also developing an Airport City, comprising retail, dining and entertainment facilities; as well as office towers, a logistics center and a mega performance venue. These projects will be completed in phases from 2023 to 2027.
RISE returns to Hong Kong
RISE, one of the world's most influential tech event, will return to Hong Kong from March 17-22, 2022 as an in-person event. The Conference is scheduled to be held in Hong Kong for the next five years, highlighting Hong Kong's thriving startup economy, leading position in innovation and technology. Welcoming the news, Secretary for Commerce and Economic Development Edward Yau said, "This is a testimony of Hong Kong's success in containing the pandemic and keeping infection rate among the lowest in the world, thereby giving international event organizers confidence that they can stage their events here safely."
Hong Kong-Shenzhen cooperation
The Hong Kong Special Administrative Region (HKSAR) Government welcomes the central government’s promulgation of new developments plans for Qianhai and Hengqin, which will bring further business opportunities for Hong Kong. Chief Executive Carrie Lam expressed hope that with the policy support of the HKSAR, various sectors of the community will seize the opportunities brought about by the two new plans and join hands in taking forward the development of the Guangdong-Hong Kong-Macao Greater Bay Area. In addition, Hong Kong and Shenzhen plans to boost cooperation on all fronts, including innovation & technology (I&T), financial services, education, youth development as well as environmental protection, culture and retirement services. With modern service industries as an entry point, Hong Kong will further promote Guangdong-Hong Kong co-operation as well as Hong Kong-Shenzhen co-operation, with a view to enhancing the city’s integration into the overall national development.
Belt and Road Summit opens
The sixth Belt & Road Summit opened online (Sep 1) with over 6,000 senior government officials and business leaders from more than 80 countries and regions registered to take part. Addressing the summit’s opening, Chief Executive Carrie Lam highlighted the importance of multilateralism amid the continuing spread of protectionism. She said Hong Kong has much to offer the Regional Comprehensive Economic Partnership (RCEP) and the world at large, in particular in creating connections with the Mainland through the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt & Road Initiative. She added that the city is keen to begin discussions on accession to the RCEP as soon as possible. Taking part in a business plenary session, Financial Secretary Paul Chan said that Hong Kong can serve the Belt & Road and RCEP equally well with its direct access to the Mainland, deep liquidity pool and outstanding financial infrastructure as well as wide-ranging professional services. At the summit, Hong Kong and the Mainland signed a memorandum of understanding to enhance exchanges and co-operation in promoting high-quality development of overseas Economic & Trade Co-operation Zones.
RMB sovereign bonds to be issued
The HKSAR Government welcomes plans by the Ministry of Finance to issue Renminbi (RMB) sovereign bonds totaling RMB20 billion in Hong Kong this year, of which the three batches are RMB8 billion, RMB6 billion and RMB6 billion respectively. This marked the 13th consecutive year RMB sovereign bonds would be issued in Hong Kong. "This demonstrates clearly the Central Government’s staunch support in reinforcing Hong Kong's status as an international financial center and the global offshore RMB business hub, and is conducive to promoting the sustainable development of the bond market in Hong Kong," said a government spokesman.
New I&T measures welcomed
The HKSAR Government welcomed (Sep 7) new measures by the Ministry of Science & Technology that will strengthen the support for Hong Kong’s innovation and technology (I&T) development. These include opening up more national-level science and technology programs to Hong Kong, enhancing the mechanism of the shared use of large-scale instruments and equipment for research and development with Hong Kong, deepening science and technology exchanges between the two places, and supporting the city to participate in the setting up of a national technology innovation hub. Noting that these measures will help the local research sector obtain more resources to conduct R&D work, Secretary for Innovation & Technology Alfred Sit anticipates that the gradual implementation of the new measures will bring more impetus to Hong Kong’s scientific research sector, contributing to the country’s I&T development and the building of the Greater Bay Area into an international I&T hub.
Hong Kong team shines at Paralympics
Hong Kong athletes made a strong finish at the Tokyo 2020 Paralympics by grabbing three more medals on the final two days. Congratulations to mixed pairs Boccia BC4 team of Vivian Lau, Leung Yuk-wing and Wong Kwan-hang on winning silver for their event. Leung had earlier won a bronze medal in the Boccia Mixed individual event. Badminton player Chu Man-kai also claimed a silver medal in the men’s singles SH6 event, and Chan Ho-yuen clinched a bronze medal in the men’s WH2 badminton event. Competing in eight sports in this year’s Paralympic Games, the Hong Kong team made remarkable achievements of claiming two silver and three bronze medals. Photo credit: Hong Kong Paralympic Committee & Sports Association for the Physically Disabled
  • The value of total retail sales in July, provisionally estimated at HK$27.2 billion, rose 2.9% year-on-year. Online sales accounted for 7.5% of July’s total retail sales value.
  • Foreign currency reserve assets amounted to US$497 billion as at the end-August, compared with US$494.8 billion a month earlier. There were no unsettled foreign exchange contracts at end-August and end-July. The total foreign currency reserve assets of US$497 billion represent about seven times the currency in circulation or 48% of Hong Kong dollar M3.

Hong Kong and its Basic Law
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: Have Hong Kong's capitalist system and way of life been preserved?
A: The Basic Law provides that the capitalist system and way of life shall remain unchanged. Hong Kong maintains a free and open market economy with a free flow of capital, goods, intangible assets, and a freely convertible currency. People's lifestyle remains the same as before. (BL Articles 5; 112; 115)

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