APR 5 - 11, 2022
Business opportunities for US firms
Hong Kong’s economic development in its four traditional sectors of finance, transportation, trade and legal/dispute resolution services, along with the four emerging sectors of aviation, innovation and technology, intellectual property trading and cultural exchange, offers a myriad of opportunities for US companies, said Director of Hong Kong Economic and Trade Office in New York (HKETONY), Candy Nip. Speaking at the 2022 Symposium on ASIA-USA Partnership Opportunities in Atlanta (Apr 8), Ms Nip highlighted the development of the Guangdong-Hong Kong-Macao Greater Bay Area, along with ongoing RMB internationalization, the rapid growth of family office businesses, fintech, and green finance, bringing new opportunities for local and overseas businesses. In her first official visit (Apr 7-8) to Atlanta, Ms Nip also met with government officials and business executives to brief them on the latest developments in Hong Kong and to reaffirm the HKETONY’s commitment to strengthen business, economic and cultural ties between Hong Kong and Atlanta, as well as other areas of Georgia.
Hong Kong set to ease social distancing rules
With the COVID-19 situation improving in Hong Kong, most of its social distancing measures are expected to be removed in three stages over three months beginning Apr 21, with detailed arrangements to be announced in the coming week. Measures to be eased include the resumption of dinnertime dine-in services and the reopening of scheduled premises including cinemas, beauty parlors, and fitness centers. Separately, the Apr 1 lifting of flight bans on nine countries has enabled many more Hong Kong residents to return to the city, with an average of 1,000 residents returning daily. The Hong Kong Special Administrative Region (HKSAR) Government will continue to review the situation and make the necessary adjustments to its policies. 
New measure for extension of stay applications
In view of the ongoing COVID-19 pandemic, the Immigration Department has adopted a new facilitation measure to allow eligible non-permanent residents, whose limit of stay will expire within four weeks but are presently outside Hong Kong, to apply for an extension of stay online or through their sponsors or authorized representatives in Hong Kong in accordance with the prevailing application procedures. Under the new measure, applicants will be able to complete the whole process and activate the "e-Visa" for an extension of stay from outside Hong Kong. Tentatively, the validity of the new measure will expire on Dec 31, 2022.
Smart ID replacement exercise resumed
With the reopening and resumption of services of all Smart Identity Card Replacement Centres, the Immigration Department has revised its call-up program for the smart identity card replacement exercise. People born in 1954 or before, from 1983 to 1984, and from 1987 to 2000 may now apply for a new smart ID card online, via mobile application, or by calling the 24-hour hotline (+852-2121-1234). Residents who are absent from Hong Kong during their call-up period can apply within 30 days of their return to the city.
HK Phil’s Inspiration, Sky & Earth
Nature has always been a source of inspiration for art creation. Follow Hong Kong Philharmonic Orchestra's double bass player Philip Powell as he explores the beautiful landscapes of Hong Kong. Inspired by the encounter with a farmer, he plays Mahler's “I Walked Across the Field This Morning”. This online music program will conclude with “The Fairy Garden” from the Mother Goose Suite by Ravel to soothe your soul. Check out the performances!
HK Arts Festival finale program
The Hong Kong Arts Festival continues its 50th anniversary celebration this month with a family concert (Apr 11 - 25) by the Bamberg Symphony Orchestra. The festival will close with an opera double bill finale, with Shanghai Opera House's performance of Mascagni’s Cavalleria Rusticana and Leoncavallo’s Pagliacci, streaming online for free through Apr 23 (8am EST). Tune in and enjoy these dramatic and powerful performances!
Foreign currency reserves at US$481.6 billion
Hong Kong’s official foreign currency reserves amounted to US$481.6 billion as at the end of March 2022, compared with US$491.1 billion at the end-February 2022. The figures represent over six times the currency in circulation or about 46% 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: 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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