HK Digest: Fostering digital asset industry development | One-stop R&D website launched

AUGUST 16 - 22, 2022

ECONOMY & FINANCE

Fostering digital asset industry development

In a closed-door meeting (Aug 15) to exchange viewpoints with industry leaders to foster a more vibrant development of the digital asset industry in Hong Kong, the Financial Services and Treasury Bureau and the Securities and Futures Commission (SFC) gave an update on the key considerations behind the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022, which is currently under the scrutiny of the Legislative Council. The SFC also explained the digital asset regulatory stance and direction. Industry leaders pointed out the advantages of better clarity and investors’ assets protection of Hong Kong’s proposed regulatory regime of virtual asset service providers over other jurisdictions, with some digital asset firms expressing interest in applying for licenses under the upcoming system.

Jobless rate falls to 4.3%

Hong Kong’s seasonally adjusted unemployment rate fell by 0.4 percentage points to 4.3% for the May - Jul period, compared with the previous three-month period. The underemployment rate also decreased to 2.2% during the period. Almost all major economic sectors saw a decrease in the unemployment rate. Looking ahead, the labor market should continue to improve based on the pace of economic revival amid the tightened financial conditions and if the local epidemic situation remains under control. Separately, overall consumer prices rose 1.9% in Jul year-on-year, larger than the 1.8% increase in Jun. Netting out the effects of the government’s one-off relief measures, the underlying inflation rate was also 1.9%, slightly larger than the previous month’s 1.8%. Prices of food, energy-related items as well as clothing and footwear continued to record visible year-on-year increases, while price pressures on other components were broadly in check.

INNOVATION & TECHNOLOGY

One-stop R&D website launched

The Innovation & Technology Commission launched (Aug 18) the Innovation Hub@HK website, showcasing the research and development (R&D) outcomes of Hong Kong’s universities and research institutes. This one-stop platform connects universities, research institutes and the industry to facilitate the technology transfer and commercialization of R&D outcomes, and promote I&T development and reindustrialization in Hong Kong. This in turn will foster the development of a diversified economy and create more quality employment opportunities.

ARTS & CULTURE

Hong Kong Ballet x M+ Live Art: Beyond Carbon

Take a journey to explore, reflect and empower in this Beyond Carbon online festival, presented by Hong Kong Ballet and M+ as they seek to raise awareness of the most urgent issue of global climate change through cultural and artistic means. Set against the monumental architecture of the M+, the eight short, choreographed chapters by Jessica Burrows, Luis Cabrera, Sarita Chan, Jingyi Feng, Lin Li, Chang-yuan Kyle Lin, Chun-long Leung and Jonathan Spigner, address environmental emergencies. The online festival also features a special screening of The Measures, a new piece choreographed by Stephen Shropshire. The performance videos will be available on the M+ and Hong Kong Ballet websites through Sep 4.

(Photo courtesy of Hong Kong Ballet)

BASIC LAW

Hong Kong and its Basic Law

The Basic Law 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: Has there been any interference in the independence of the Judiciary?

A: No. Hong Kong's robust and respected court system exercises judicial power independently, free from any interference. The power of final adjudication is vested in the Court of Final Appeal of the HKSAR, which may as required invite judges from other common law jurisdictions to sit on the Court of Final Appeal. The principle of trial by jury previously practiced in Hong Kong is maintained. (BL Articles 2; 19; 81; 82; 85; 86)