AUGUST 9 - 15, 2022
Economic growth falls in Q2
Hong Kong’s economy improved in overall terms in the second quarter of 2022, but the extent of improvement was weaker than expected. Real GDP decreased at a moderated pace of 1.3% from a year earlier in the second quarter according to revised estimates. On a seasonally adjusted quarter-to-quarter comparison, real GDP reverted to an increase of 1%. Weakened global demand and continued cross-boundary transportation disruptions dragged heavily on export performance. Total exports of goods recorded a widened year-on-year fall of 8.6% in real terms in the second quarter. Meanwhile, domestic activities saw some revival but the momentum softened in the latter part of the quarter. Looking ahead, the markedly deteriorating external environment will weigh heavily on Hong Kong’s export performance, while elevated inflation in the advanced economies and the aggressive tightening of monetary policy by many major central banks will further weaken the global growth momentum, though the expected revival of the Mainland economy should provide some offset. Taking into account the worse-than-expected economic performance in the first half and the sharp deterioration of global economic prospects, the real GDP growth forecast for 2022 is revised down to -0.5% to 0.5%, from 1% to 2% as announced in May. The forecast rate of underlying consumer price inflation for 2022 is maintained at 2%.  
StartmeupHK Festival 2022 to be held Sep 5 - 10
The StartmeupHK Festival 2022, themed “A Future Unlimited”, will be held from Sep 5 - 10 in a hybrid format to explore the latest topics from the metaverse and NFTs to sustainability and the Guangdong-Hong Kong-Macao Greater Bay Area. The week-long event will feature keynotes from global business leaders, thought-provoking panel discussions with entrepreneurs, startup pitches, investor matching, competitions, exhibitions and job fairs. Attendees will have a chance to exchange ideas, make new connections and define a blueprint for the future of startups. Associate Director-General of Investment Promotion at Invest Hong Kong Charles Ng said Hong Kong continues to foster a thriving startup ecosystem which has remained strong despite unprecedented times, adding that the challenges presented by the COVID-19 pandemic helped to fast-track the city’s development into an international center for innovation and technology. To register and find out more information about this year’s StartmeupHK Festival, visit the dedicated website
Central Bank Digital Currency track for Global Fast Track 2022 to launch
InvestHK and the Hong Kong Monetary Authority is partnering to launch the Central Bank Digital Currency (CBDC) track to the Global Fast Track 2022, giving local and global firms valuable opportunities to partner with the central banking institution to boost the growth and adoption of fintech in Asia and beyond. Application for the CBDC track is now open until mid-September. Global Fast Track is a one-stop program with a business matching portal, pitching competition, and mentoring sessions which connect global fintech companies with a diverse range of Asian Corporate, Investor and Service Champions to explore potential business partnerships and investments. The Global Fast Track is organized by InvestHK and co-organized by Finnovasia.
Streamlined arrival quarantine and testing procedures implemented
Hong Kong started the implementation of streamlined procedures for arrival quarantine and testing at its airport on Aug 12. On the first half-day of the new arrangement, along with the requirement to complete the online health declaration before boarding, 95% of inbound travelers were able to complete the procedures for testing, quarantine and immigration clearance within 50 minutes. The majority of arrivals at Hong Kong were able to depart the airport for designated quarantine hotels (DQHs) within one to two hours of disembarking from their planes. Under the streamlined arrangements, inbound travelers are required to complete a one-stop registration and verification upon arrival at the specimen collection stations on the arrival level of Terminal 1 of the airport, then undergo specimen collection for nucleic acid test and RAT on the spot. The new procedures have considerably reduced the time they have to stay at the airport. Recently, Hong Kong has also adjusted the quarantine period for overseas arrivals to 3 nights of compulsory quarantine at DQHs and four nights of medical surveillance at home. Details here.
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: Does the HKSAR enjoy executive, legislative and independent judicial powers?
A: Yes. The National People’s Congress authorizes the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication. The Chief Executive heads the HKSAR and the Government of the HKSAR. The Executive Council, consisting of members appointed by the Chief Executive, assists the Chief Executive in policy making. The legislature, which is constituted by election, enacts legislation, while the judiciary exercises judicial power independently free from interference. (BL Articles 2; 16; 17; 19; 43; 54; 55; 66; 68; 73; 85)

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