Opportunities in Hong Kong's financial services sector

Financial executives in New York gathered at the Hong Kong Economic and Trade Office, New York (HKETONY) on Sep 28, to learn about the new opportunities in Hong Kong on asset and wealth management, ESG and fintech at the “Hong Kong as International Financial Center, Trends and Opportunities” seminar. The seminar was jointly organized by the HKETONY, Financial Services Development Council (FSDC), Invest Hong Kong and Hong Kong Association of New York (HKANY). In her opening remarks, HKETONY Director Candy Nip highlighted how Hong Kong still stands as a major international financial center. Addressing the audience in a video, Secretary for Financial Services and the Treasury Christopher Hui highlighted the significant role of Hong Kong thriving as the gateway between mainland China and the rest of the world, thus offering abundant business opportunities. Attending the seminar in person, FSDC Executive Director Dr King Au gave an update on the latest development in Hong Kong and the opportunities posed by the Greater Bay Area development. He also gave insights on how the US financial services sector could leverage the city’s unique advantages to tap into this vast market.  

Hong Kong set for tax reform measures

The Inland Revenue (Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting) Order was gazetted on Sep 30, enabling Hong Kong to implement the Base Erosion and Profit Shifting (BEPS) package promulgated by the Organisation for Economic Co-operation and Development (OECD). BEPS refers to tax avoidance strategies of multinational enterprises in exploiting the gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity. The relevant tax treaty-related measures include preventing the abuse of comprehensive avoidance of double taxation agreements/arrangements and improving the relevant dispute resolution mechanism. As of Sep 16, 99 jurisdictions, including Hong Kong, have joined the multilateral instrument. The multilateral instrument’s provisions will take effect in Hong Kong after completion of the domestic legislative procedures.


Investment Promotion Week to be held Oct 17 – 21

Learn more about the latest investment and business opportunities in Hong Kong at the upcoming Investment Promotion Week (Oct 17 – 21). In this week-long hybrid event, government officials and distinguished speakers from various sectors, including financial and professional services, innovation and technology industries, lifestyle and creative industries, startups and businesses in the Greater Bay Area, will share their insights and experience. Participants can explore the key trends in shaping the future of global investment and how Hong Kong captures the opportunities in these sectors, and the latest trends in fashiontech, proptech and greentech and their contributions to a sustainable future, and the investment opportunities in the Greater Bay Area. Register here.

Coupling of Hong Kong/Greater Bay Area and ASEAN

What are the business opportunities in Hong Kong and Southeast Asia? How do Hong Kong and the Greater Bay Area serve as your bridge to doing business in ASEAN-e-commerce, trade and supply chain, manufacturing and FinTech? Take part in the hybrid event “Coupling of Hong Kong/Greater Bay Area and ASEAN” in Atlanta on Oct 26 to find out more about the opportunities available. 

Webinar on resolving cross-border disputes

Learn more on how LawTech is supporting the growth of cross-border transactions and helping business resolve disputes at the “From Alternative Dispute Resolution to Online Dispute Resolution” online webinar on Oct 27 morning (9:00am -10:00am EDT). Join the Chief Executive Officer of eBRAM International Online Dispute Resolution Centre Emmanuelle Ta and Partner of Duane Morris Christopher Healy as they share their insights. The webinar is jointly organized by eBRAM, HKANY and HKETONY.


August retail sales dip 0.1%

The value of total retail sales in August, provisionally estimated at US$3.6 billion, edged down by 0.1% year-on-year. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month fell 2.9% year-on-year. Looking ahead, the moderating local COVID-19 epidemic situation, improving labor market conditions and phase two of the Consumption Voucher Scheme will continue to support consumption sentiment and demand in the near term, but the increasingly tight financial conditions will pose constraints.

Financial results for the five months ended Aug 31

Hong Kong recorded a US$23.4 billion deficit for the first five months of the current financial year. Expenditure for the period was US$40.9 billion and revenue was US$14.8 billion. The deficit was recorded after taking into account the proceeds of US$2.56 billion received from the issuance of green bonds. The deficit was mainly due to some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year. Fiscal reserves stood at US$99.2 billion at the end of August.


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: Hong Kong conclude and implement agreements with foreign states and regions or international organizations, and participate in international conferences?

A: Hong Kong plays an active role in the international arena and maintains close contact with its international partners. The HKSAR may under the authorization of the Central People’s Government (CPG) conclude certain agreements with foreign states or regions, or may on its own, using the name “Hong Kong, China”, maintain and develop relations and conclude and implement agreements with foreign states and regions and relevant international organizations in the appropriate fields. Since Hong Kong’s return to the Motherland, the HKSAR Government, authorized by the CPG or on its own, has concluded about 600 bilateral agreements in accordance with the Basic Law, including air services agreements, visa abolition agreements, free trade agreements, and cultural co-operation agreements etc. In addition, the HKSAR may, as members of delegations of the People’s Republic of China, or in such other capacity as may be permitted by the CPG and the international organization or conference concerned, or using the name “Hong Kong, China”, participate in relevant international organizations and conferences. (BL Articles 96; 133; 151; 152; 155)

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