SEP 21 - 27, 2021
Business environment report published
Hong Kong remains a place with unique advantages and unlimited opportunities, despite the challenges during the past two years, according to the Report on Hong Kong's Business Environment (Sep 27). With its superb geographical location, along with its institutional strengths under "one country, two systems", the restoration of peace and stability following the implementation of the Hong Kong National Security Law and opportunities through the National 14th Five-Year Plan, Hong Kong remains a place with unique advantages and unlimited opportunities. Financial Secretary Paul Chan urged Hong Kong enterprises, the public and international investors to grasp the new development opportunities and share the fruits of development. 
Hong Kong rises to third in global financial ranking
Hong Kong ranks third among 116 financial hubs in the latest Global Financial Centres Index 30 Report, up by one place from the last index. Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general. In a statement, the Hong Kong Special Administrative Region (HKSAR) Government said Hong Kong’s ranking is an unequivocal affirmation of its status and strengths as a leading global financial center. Hong Kong’s financial markets have been functioning in an orderly manner despite the fact that persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions continued to affect major financial centers’ overall ratings.
Southbound Connect launched
The official launch (Sep 24) of the Southbound Trading under Bond Connect has been well received by the market on its first trading day, with more than 150 transactions amounting to a total of around RMB4 billion. Chief Executive of the Hong Kong Monetary Authority Eddie Yue said the launch provides another diversified and convenient channel for Mainland financial institutions to allocate to offshore bond assets through Hong Kong. It will also give new momentum to the development of Hong Kong’s bond market. Separately, the HKSAR Government welcomed the issuance of offshore RMB municipal government bonds by the Shenzhen Municipal Government in October in Hong Kong.
Business support measures extended
The HKSAR Government is extending support measures under the SME Financing Guarantee Scheme, the 100% Personal Loan Guarantee Scheme (PLGS) and the Pre-approved Principal Payment Holiday Scheme. Financial Secretary Paul Chan said the extension of the various support measures will help to alleviate cash flow burden for enterprises and provide support to those who are unemployed as the operating environment of some enterprises remains challenging. He added that the economic outlook is clouded by the global pandemic even as the Hong Kong economy stabilizes.
APUC showcases new film talents
Chicago’s Asian Pop-Up Cinema will kick off its drive-in screening session with the world premiere of Hong Kong comedy “The Dishwasher Squad” on Sep 27. In addition to this directional debut of filmmaker Shum Shek-yin, more works from a new generation of Hong Kong film talents are in the line-up of the drive-in screenings, including the romantic drama “Just 1 Day”, black comedy “Time”, and neo-noir crime drama “Hand Rolled Cigarette”. Audience at the various Hong Kong cinema drive-in screenings will get a chance to take home a miniature Hong Kong tram. Check out the details here and get your tickets now! 
FriendsWithYou featured in Art Park
Hong Kong’s West Kowloon Cultural District is currently home to 12 gigantic, inflatable sculptures created by international pop art duo FriendsWithYou, the art collaboration of Samuel Borkson and Arturo Sandoval III. These adorable mega-sized art installations, featuring the artists’ signature pop-art characters with a smiley face will greet the public at the Art Park through Oct 14. During this period, the characters will also hop around Hong Kong, sharing their friendship and love and connecting with people from every walk of life. The Hong Kong Space Museum is also displaying the iconic smiley face of the characters on its egg-shaped exterior wall, radiating positive energy and optimism to passers-by.
Kat O Heritage Trail opens
The Kat O Heritage Trail opened on Sep 23 to mark the 10th anniversary of Hong Kong UNESCO Global Geopark. In addition to promoting the history, culture and intangible cultural heritage of Kat O, the trail also offers an in-depth travel experience to visitors. The trail was planned on the existing footpath trail and connects many important historical and cultural relics, guiding visitors in exploring different attractions on the island for a better understanding of Kat O’s long history and village lifestyle. Located in northeastern New Territories waters, Kat O is a harmonious community built by fishermen and Hakkas hand in hand.
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: Is Hong Kong a free port and a separate customs territory?
A: The HKSAR is a separate customs territory. The HKSAR, using the name “Hong Kong, China”, is a member in its own right of the World Trade Organization and the World Customs Organization. Ships of all nations enjoy access to the ports of the HKSAR, which is a free port, in accordance with the laws of the Region. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by Hong Kong. (BL Articles 114; 116; 126)

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