Inbound control measures relaxed |
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Following the relaxation of the entry requirements to allow overseas travelers to enter Hong Kong, the testing and quarantine arrangements for aircrews have also been adjusted as of May 1. Mandatory quarantine for locally based aircrews on cargo flights has been scrapped, and has been reduced by more than half for those on passenger services. In anticipation of the increasing number of inbound travelers, another nine hotels have been added to the list of designated quarantine hotels, providing 4,000 additional rooms. Separately, Hong Kong also lifted the Outbound Travel Alert issued for COVID-19 on all overseas places on May 1. Chief Executive Carrie Lam said the Hong Kong Special Administrative Region (HKSAR) Government will continue to stay vigilant in fighting the virus, while at the same time steering a path towards normalcy. Boosting vaccination rates, especially among children and the elderly, remains an important mean to fight the virus.
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Regtech Knowledge Hub launched; e-HKD paper issued |
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The Hong Kong Monetary Authority (HKMA) launched (April 26) the Regtech Knowledge Hub to encourage greater sharing of Regtech adoption experience and expertise within the Regtech ecosystem in Hong Kong. Separately, the HKMA issued (Apr 27) issued a discussion paper titled “e-HKD: A policy and design perspective”, inviting views from the public and the industry on key policy and design issues for introducing retail central bank digital currency (rCBDC), i.e. e-HKD, in Hong Kong. HKMA Chief Executive Eddie Yue said the policy and design considerations set out in the paper have reflected latest international developments as well as the unique features of the financial market of Hong Kong, adding that comments received would help to formulate the strategy for best positioning Hong Kong’s financial market in the rapidly evolving rCBDC space.
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Training opportunities for overseas graduates |
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Hong Kong residents who graduated overseas in 2021 or 2022 are eligible to apply for the Banking Graduate Trainee Program, which aims to nurture more new entrants and hence enlarge the talent pool for the fast-growing areas of the banking sector. Around 30 banks are taking part in the program, providing more than 120 entry-level positions in fintech, green and sustainable finance, and the Guangdong-Hong Kong-Macao Greater Bay Area business for recent university graduates. Employment will generally start from Sep 1. Applications for the relevant job positions will start May 3.
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New pathway for overseas doctors to practice in Hong Kong |
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Following the passage of the Medical Registration (Amendment) Ordinance 2021, non-locally trained doctors or graduates who possessed recognized medical qualifications from overseas may apply for special registration to practice in public healthcare institutions in Hong Kong. A total of 27 overseas institutions, including 15 from the US, are included in the first batch of recognized medical qualifications. Details here.
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Business Seminar: Hong Kong Still Matters |
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With the global economic center of gravity shifting east, learn how you can take advantage of Hong Kong, one of the most vibrant international business centers, to grow your business in this business seminar “Hong Kong Still Matters” on May 13 at 10:30 AM (EDT). This hybrid event – an in-person seminar to be held in Atlanta, GA and simultaneously streamed online – will feature an exciting lineup of Hong Kong experts and Asian old hands. They include: Amb Kurt Tong, former US Consul General to Hong Kong and Macau and Partner of The Asia Group; Stephen Phillips, Director-General of Investment Promotion of Invest Hong Kong; and Dr Yawei Liu, Director of China Program at The Carter Center. Moderated by Fred Teng, President of America China Public Affairs Institute, the event is organized by the Hong Kong Economic and Trade Office in New York, together with the Hong Kong Association of Atlanta and Metro Atlanta Chamber.
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Webinar: A Closer Look at Global Inflation: Logistics & Supply Chain Disruption
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In conjunction with World Trade Week NYC, the Hong Kong Association of New York is hosting a webinar “A Closer Look at Global Inflation: Logistics & Supply Chain Disruption” on May 11 at 8 PM (EDT). During this public online event, the panelists will cover issues and topics relating to the impact of global inflation, how logistics and supply chain disruptions affect the business world, and the opportunities in the new era. Register now and get fresh insights on this topical issue.
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The value of Hong Kong’s total goods exports decreased to US$47.79 billion in March, down 8.9% year-on-year. The value of imports of goods fell 6% to US$52.56 billion for the same period, resulting in a trade deficit of US$4.78 billion or 9.1% of the value of imports for the month.
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Hong Kong recorded a US$3.76 billion surplus for the year ending Mar 31. Expenditure was at US$88.88 billion and revenue at US$88.92 billion, resulting in a surplus for the period after receipt of net proceeds of US$3.73 billion from the issuance of green bonds under the government’s green bond program. Fiscal reserves stood at US$122.7 billion as of end-March.
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Total assets of the Exchange Fund amounted to US$578 billion as at Mar 31. This is US$11.6 billion lower than at the end of the previous month. Foreign currency assets decreased by US$8.5 billion and Hong Kong dollar assets decreased by US$3.1 billion. Backing assets fell by 0.4% to US$302 billion, mainly attributable to the mark-to-market revaluation on investments.
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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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