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NOVEMBER 1 - 7, 2022

FINANCE AND ECONOMY

The HKMA has increased (Nov 3) the base rate to 4.25%, following the 75-basis point upward shift in the target range for the US federal funds rate on November 2. HKMA Chief Executive Eddie Yue said the 75-basis-point rate hike is generally in line with market expectation. He emphasized that rate hikes in the US will not affect the financial and monetary stability of Hong Kong, adding that Hong Kong’s monetary and financial markets continue to operate in a smooth and orderly manner. The Linked Exchange Rate System also continues to work well. 

The value of total retail sales in September in Hong Kong, provisionally estimated at US$3.6 billion, edged up by 0.2% year-on-year. The value of retail sales reverted to a modest year-on-year growth in September, due to the notable increase in sales of electrical goods and other consumer durable goods. For the third quarter as a whole, retail sales value increased further by 1.3% year-on-year. Looking ahead, the generally stable local COVID-19 epidemic situation, improving labor market conditions and the Consumption Voucher Scheme will continue to support consumption demand in the near term, but tightened financial conditions will increasingly offset the positive effects.

LEGAL

The five-day Hong Kong Legal Week 2022 opened on Nov 7, with participation of three prominent international legal organizations as well as ASEAN member states, chambers of commerce, legal and other sectors. Addressing the opening of Legal Week, Chief Executive John Lee highlighted that the International Organization for Mediation Preparatory Office will be established in Hong Kong, signifying a vote of confidence in Hong Kong’s strength as an international legal and dispute resolution services center in the Asia Pacific region. Also speaking at the event (Nov 7), Secretary for Justice Paul Lam said he hoped that the close synergy between Hong Kong and prominent law-related international organizations would create more opportunities and better prospects for the Asia-Pacific region and beyond.

ARTS AND CULTURE

Season 15 of Asian Pop-Up Cinema (APUC) in Chicago concluded with the star-studded Hong Kong Cinema showcase, featuring the screenings of Pretty Heart and Septet: The Story of Hong Kong on Nov 6. Bright Star Award recipient Jennifer Yu was joined by the director and the producer of Far Far Away, Amos Why and Teresa Kwong; and the director of The First Girl I Loved, Yeung Chiu-hoi, at the finale. Earlier, actress Summer Chan attended the film festival in person with the director Kelvin Shum, the screenwriter Kyle Shum and the producer Charlie Wong, to present their work Deliverance to the Chicago audience. Summer Chan was also presented with the Bright Star Award for her role in the film. 

Two new measures, namely the HK-Asian Film Collaboration Funding Scheme and the Content Development Scheme for Streaming Platforms, will be implemented under the Film Development Fund to support Hong Kong’s film industry. The new funding scheme will support collaboration between local and Asian production teams for co-production of films, and the development of new content on streaming platforms. The two measures will enhance the influence of Hong Kong films in Asian markets and explore new distribution channels, bringing the city’s film industry to new heights.

SPORTS

Hong Kong Sevens, a flagship sporting event in the city, returned with a bang over the weekend! The tournament saw three-day (Nov 4-6) of rugby action, including 45 exhilarating matches, cheered on by a total of around 65,000 spectators and culminated with Australia winning the championship for the first time in 34 years! Watch the video recap to relive some of the magical moments! Enjoy.

Congratulations to Hong Kong swimming athlete Siobhan Bernadette Haughey on her remarkable performances in the FINA Swimming World Cup 2022, in which she won seven gold medals in the three-leg (Berlin, Toronto and Indianapolis) series. She claimed two “Triple Crown” titles, winning both the 100-meter and 200-meter freestyle at all three stops of the World Cup. Haughey’s win in the 100-meter race in 51 seconds broke the US Open record by 0.37 seconds. 

Photo credit: FINA

Hong Kong athlete Chu Man-kai won a gold medal at the BWF Para Badminton World Championships 2022 in Tokyo. He beat England’s Jack Shephard 20-20, 18-21, 22-20 in the men’s singles SH6 final on Nov 6.

BASIC LAW

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas.

The Basic Law was put into effect on July 1, 1997.

Q: Are Hong Kong people administering Hong Kong with a high degree of autonomy?

A: In accordance with the Constitution of the People’s Republic of China, the National People’s Congress enacted the Basic Law, authorizing the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication, in accordance with the Basic Law. The Central People’s Government (CPG) shall be responsible for the foreign affairs and defense relating to the HKSAR and other matters authorized by the Basic Law. It also authorizes the HKSAR to conduct relevant external affairs on its own in accordance with the Basic Law. The HKSAR shall have independent finances and shall use its financial revenues exclusively for its own purposes. We are not required to pay taxes to the CPG. (BL Preamble and BL Articles 2; 12-17; 19; 22; 106)