MAR 8 - 14, 2022
Government determined to curb COVID-19
Hong Kong is now putting in every effort to fight the coronavirus, with the focus on lowering deaths, reducing severe cases and stamping out infections. When this latest COVID-19 wave subsides, Hong Kong will take an overall look at border control, particularly for inbound arrivals, and for Hong Kong people who are now not allowed to come back because of the place-specific flight suspensions. “We will try to map out a pathway for resuming this travel for people who want to come to Hong Kong,” said Chief Executive Carrie Lam. She explained that lifting flight bans at this current critical juncture will add more pressure to the city’s public hospital system. The Government is putting in all the necessary resources and efforts to keep Hong Kong people safe, said Mrs Lam, adding that the city will spend whatever money is required in order to get out of this epidemic as soon as possible.
Global financial center role reaffirmed
The International Monetary Fund (IMF) reaffirms (Mar 8) Hong Kong’s position as a major global financial center with a resilient financial system, sound macroprudential policies, and robust regulatory and supervisory frameworks. Recognizing that Hong Kong’s financial sector has continued expanding robustly, even during the pandemic, the IMF commends Hong Kong for making significant progress in addressing climate change in the past decade and recognizes the ongoing efforts to enhance the green and sustainable finance ecosystem. Welcoming the IMF’s affirmation, Hong Kong Monetary Authority Chief Executive Eddie Yue said the well-functioning Linked Exchange Rate System will continue to be an anchor of economic and financial stability for Hong Kong.
Hong Kong economy to expand further in 2022
During a webinar jointly organized by the Hong Kong Association of New York, the Hong Kong Economic and Trade Office in New York (HKETONY) and HSBC on Mar 9, HKETONY Director Candy Nip provided a quick snapshot of Hong Kong’s economic performance and outlook. While economic activities are expected to be under intense pressure in the short term amid the 5th wave of COVID-19 in Hong Kong, the city will see a better performance in the second half of this year with real GDP growth forecast at 2 – 3.5%. She also highlighted some of the new initiatives announced in the 2022-23 Budget to further boost developments in the innovation & technology, financial services and arts & cultural sectors, which will provide further impetus to future economic growth. Also speaking at the webinar, HSBC’s economist Erin Xin gave an overview of Hong Kong’s economic outlook, and highlighted the opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area.
New online program by HK Sinfonietta
Join French violist Adrien La Marca, clarinetist Johnny Fong and pianist Colleen Lee, as they perform excerpts from Max Bruch’s Eight Pieces, Op 83: No 2 Allegro con moto and No 5 Rumänische Melodie: Andantem, exuding warmth and love in this beautiful and romantic German music. The program is part of the chamber concert series “Tiny Galaxy Concerts @ Wontonmeen” presented by Hong Kong Sinfonietta.
  • Business sentiment among small and medium-sized enterprises weakened further in February alongside the deteriorating local epidemic. The current diffusion index (DI) on business receipts fell noticeably from 37.8 in January 2022 in the contractionary zone to 29.9 in February 2022, the lowest level since early 2020. The March outlook DI on business receipts was 38.5.

  • At the end of Feb, foreign assets increased during the month by US$141 million to US$517.1 billion. The Monetary Base amounted to US$275.5 billion with foreign liabilities at US$307 million.
Hong Kong and its Basic Law
The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (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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