JULY 19 - 25, 2022
Enhanced and refined measures for inbound travelers
To allow smoother arrival quarantine procedures for inbound travelers at the Hong Kong airport, starting from Jul 28, passengers boarding flights to Hong Kong are required to complete the Health & Quarantine Information Declaration in advance and present the health declaration QR code, generated after completing the declaration at check-in for verification by the airlines concerned. The health declaration QR code will be valid for 96 hours and inbound travelers can submit the declaration form as early as three days before their scheduled arrival in Hong Kong. In addition, proof of completion of vaccination and designated quarantine hotel (DQH) reservation records should also be provided under the upgraded declaration system. Upon arrival, aside from the free point-to-point coach service, travelers can make use of the self-paid DQH taxi services or self-paid limousine service to go to the quarantine hotel from the airport. 
Market confidence in Linked Exchange Rate System
Hong Kong’s Linked Exchange Rate System (LERS), the cornerstone of the city’s monetary and financial stability, has worked well for nearly 40 years, weathering many economic and interest rate cycles. Backed by Hong Kong’s massive foreign currency reserves (reaching US$440 billion), the Hong Kong Monetary Authority (HKMA) has the capability and resolve to maintain the LERS and Hong Kong’s monetary and financial stability. “Hong Kong has no need and no intention to change the LERS,” said HKMA Chief Executive Eddie Yue (Jul 22). Since its implementation, the HKMA has always kept the Hong Kong Dollar exchange rate stable. As the US continues to raise interest rates, there might be more reports about the HKMA buying Hong Kong dollars going forward and are within the design and expectations of the LERS, Mr Yue added.
June exports value down 6.4%
The value of Hong Kong's total goods exports down 6.4% in June, year-on-year, while the value of imports of goods rose 0.5% for the same period, resulting in a trade deficit of US$8.8 billion, equivalent to 15.3% of the value of imports recorded for the month. The value of merchandise exports fell further year-on-year in June alongside the deteriorated global economic situation. Exports to the Mainland continued to fall while those to the US and the EU turned to declines. But exports to many other major Asian markets showed increases of varying degrees. In June, the underlying consumer price inflation rate edged up further to 1.8%. Prices of energy-related items recorded faster year-on-year increases, while the increases in prices of clothing, footwear, and food remained visible. Overall inflation should remain moderate in the near term as domestic cost pressures stay mild. Separately, Hong Kong’s labor market slightly improved as its unemployment rate dropped by 0.4 percentage points to 4.7% in April – June, compared to the previous three-month period. The underemployment rate also decreased to 3% during the period.
Harvest International Securities unveils family office operation
Harvest International Securities Company officially unveiled (Jul 22) its new family office in Hong Kong, leveraging the city’s role as a “super-connector” between mainland China and the rest of the world, the advantage of “one country, two systems” and the East-meets-West cultural advantage to expand its global family office business. Director of Family Office of Harvest International Securities Terry Lu said Hong Kong is Asia’s leading private wealth management hub and an excellent international asset management center. Associate Director-General of Investment Promotion Charles Ng welcomed Harvest International Securities' expansion of family office business in Hong Kong, adding that Hong Kong is an ideal place for comprehensive wealth management services.
Human trafficking report rebutted
The Hong Kong Special Administrative Region (HKSAR) Government said (Jul 20) the US Department of State’s Trafficking in Persons Report 2022 that puts Hong Kong on the Tier-2 Watch List is unfair and not substantiated by facts. Trafficking in persons is never a prevalent problem in Hong Kong and there has never been any sign that the city is being actively used by syndicates as a destination or transit point for human trafficking. Separately, the HKSAR Government strongly condemned (Jul 21) attempts made by US politicians to seek the imposition of “sanctions” on prosecutors from the Department of Justice, who have been fulfilling their righteous duties of administering justice independently and impartially. It stated that prosecutions are initiated strictly in accordance with a longstanding international practice that it will only take into consideration the admissible evidence to justify instituting proceedings and the applicable law. Hong Kong is governed by the rule of law where laws must be observed and lawbreakers held to account. 
Hong Kong cinema shines at New York Asian Film Festival
A total of 14 Hong Kong films are showcased under the “Hong Kong Panorama” at the New York Asian Film Festival (NYAFF), running from Jul 15 - 31. Hong Kong singer-actor Josie Ho joined the film festival in person and received enthusiastic response for her latest project Finding Bliss: Fire and Ice at the welcome reception and screening on Jul 18. Film director Sunny Chan also met with the audience at the screening of his work Table for Six on Jul 23. Both films had their North American premieres at the NYAFF. Director of Hong Kong Economic and Trade Office, New York, Candy Nip thanked Ho and Chan for being compelling advocates for Hong Kong movies at the festival, and praised them for their creativity and passion in filmmaking. In the latter half of the festival, Kearen Pang’s Mama’s Affair will have its New York premiere on Jul 26, to be followed by a full-day Hong Kong classic marathon, including Kung Fu Hustle, Overheard,  Running on Karma, and The Eye, at The Asia Society on Jul 30. 
(Photo credit: Elena Dagan)
Two bronze medals secured in fencing world championship
Hong Kong fencers Cheung Ka-long and Vivian Kong each won a bronze medal in the Men's Foil Individual event and the Women's Épée Individual event of the 2022 Fencing World Championships respectively. In addition to the two medals won by the Hong Kong team, Cheung has also made history again by achieving the best result ever for a Hong Kong fencer in the Men's event in the Championships.
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: 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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