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NOVEMBER 22 - 28, 2022

INFRASTRUCTURE AND LOGISTICS

BUSINESS AND FINANCE

Hong Kong Exchanges and Clearing Limited (HKEX) launched (November 24) a new international carbon marketplace, Core Climate, underlying the indelible progress the city is making in its determination to become Asia’s green finance center. Core Climate enables the transparent trading of voluntary carbon credits and instruments in Hong Kong, and Mainland China, throughout Asia and well beyond, connecting capital with climate-related products and opportunities. In 2021, global carbon-credit turnover in voluntary markets reached US$2 billion, with compliance markets soaring to US$851 billion that same year. 

Hong Kong aims to actively promote technological innovation and application, while ensuring the risks are appropriately managed in the virtual assets (VA) sector, said Financial Secretary Paul Chan (November 24). Hong Kong has proposed a number of projects, including the tokenized offering of a new tranche of green bonds for institutional investors. At the same time, the Hong Kong Monetary Authority is also studying e-HKD, which may serve as the backbone linking fiat currencies with VAs and facilitate more innovations in this space. Taking the “same business, same risk, same rules” regulatory approach, Hong Kong will roll out a new licensing regime for VA services providers. Operators will be subject to regulatory requirements similar to those of traditional financial institutions, including compliance with the anti-money laundering and counter-terrorist financing and investor protection requirements. 

The number of businesses in Hong Kong with parent companies located outside the city stands at 8,978 in 2022, according to results of an annual survey (November 24). Of these companies, 1,411 operate as regional headquarters, 2,397 as regional offices and 5,170 as local offices. In terms of where these companies came from, the Mainland ranked first with 2,114 companies, followed by Japan with 1,388, the US with 1,258, the UK with 655 and Singapore with 463. By sector, import and export trade, wholesale and retail topped the list with 4,170 companies, followed by financing and banking with 1,683 and professional, business and education services with 1,308. These companies engaged about 468,000 people.

ECONOMY

In October 2022, the value of Hong Kong’s total exports of goods decreased by 10.4% from a year earlier, and that of imports fell by 11.9%. A trade deficit of US$2.67 billion, equivalent to 5.3% of the value of imports, was recorded for the month. The drop in the value of merchandise exports was attributed to a deteriorating external economic environment and continued disruptions to cross-boundary land transportation. Exports to the Mainland, the US and the EU recorded double-digit declines, and those to most other major Asian markets saw a worsened performance. Looking forward, Hong Kong’s export performance will stay under immense pressure as elevated inflation and further monetary policy tightening in major advanced economies will suppress global demand in the near term.

ARTS AND CULTURE

Hong Kong Ballet (HKB), one of Asia’s premier ballet companies, will kick off its much-anticipated US tour with Romeo + Juliet at New York City Center on January 13 and 14. From intense fights on the streets of 1960s Hong Kong to elegant dancers in sumptuous cheongsams, Septime Webre’s thought-provoking Romeo + Juliet will allow the audiences to explore Hong Kong culture from a different perspective! While the exquisite set and costume designs deserve the undivided attention from the audience, seeing the dancers master both the art of ballet and Chinese kung fu equally beautifully on stage is fascinating to watch in Shakespeare’s timeless tale of star-crossed lovers. Book your tickets now!

ADMINISTRATION AND CIVIC AFFAIRS

Hong Kong’s Smart Identity Card Replacement Centres will not accept applications for the new smart identity card after February 11, 2023, while card collection service is maintained until March 3, 2023. People who have missed their specified call-up periods and have not yet applied for a new smart identity card should make an application as soon as possible. Hong Kong residents born in 1996 through 2000 should apply for a new smart identity card no later than December 10 this year. For Hong Kong residents born in 1954 or before, their specified period for identity card replacement will end on January 14 next year. Bookings can be made online, on the department’s mobile app or by calling the 24-hour hotline at +852-2121-1234. Residents who are absent from Hong Kong during their call-up period can apply within 30 days of their return to the city.



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: Have the laws previously in force in Hong Kong been maintained?

A: The Basic Law provides that laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law, shall be maintained and adopted as laws of the HKSAR, except for any that contravenes the Basic Law, and subject to any amendment by the HKSAR legislature. (BL Articles 8; 18; 160)