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APRIL 11 - 17, 2023

BUSINESS AND FINANCE

The Chief Executive of the Hong Kong Monetary Authority Eddie Yue met with top bankers and financiers in New York (Apr 12), on his way to the Spring Meetings of the World Bank Group and the International Monetary Fund in Washington DC. Speaking at the luncheon co-hosted by the Hong Kong Economic and Trade Office in New York and the National Committee on United States-China Relations, Mr Yue said the banking and financial system in Hong Kong is robust and resilient and is well equipped for challenges. Hong Kong’s currency peg against US dollars has provided the much needed stability for an open and external-oriented economy.

A record-breaking attendance of more than 4,800 people from around 40 countries/regions attended the two-day Digital Economy Summit 2023 (Apr 13 – 14), themed “Emerging with Resilience: Fostering a Smarter Future”. Chief Executive John Lee said Hong Kong is committed to promoting I&T development to foster a more vibrant and diversified economy, budgeting over US$89 million to expedite the development of digital economy. Highlighting Hong Kong’s vibrant fintech ecosystem, with more than 800 fintech enterprises calling Hong Kong home, Financial Secretary Paul Chan said the government will continue to strike the appropriate balance between regulation and facilitation in taking forward Web3, virtual assets and other financial innovations.

ARTS AND CULTURE

“Ink Play: Paintings by Lui Shou-kwan”, the first major solo show of the legendary ink painter in North America, opened (Apr 15) to the public at the Art Institute of Chicago, featuring approximately three dozen of Lui’s works, including his signature Zen collection. Director of HKETONY Candy Nip, said that leading the New Ink Painting movement in Hong Kong, Lui had profoundly influenced the development of Chinese art in the mid-to-late 20th century. A passionate educator, who made huge impact on the generation of artists who followed, Lui’s legacy was second to none. “Hong Kong is a city that inspires. Our diverse and exuberant art and cultural scene is the perfect place for artists from all around the world to pursue their dreams,” said Ms Nip.

TRANSPORT AND LOGISTICS

Despite ongoing geopolitical tensions and disruptions to global trade and supply chains, Hong Kong International Airport (HKIA) retained its title as the world’s busiest cargo airport in 2022, handling a total of 4.2 million tonnes of cargo during the year. An array of projects are currently underway to enhance air cargo services at HKIA, in parallel with the expansion into a three-runway system. They include the expansion of DHL’s Central Asia Hub; the development of a premium logistics center; and the introduction of new sea-air intermodal cargo transshipment model and a new airside intermodal cargo pier at HKIA.

ECONOMY

Hong Kong’s foreign currency reserves amounted to US$430.7 billion as at the end of March 2023, compared to US$429.1 billion in the previous month. This represents over five times the currency in circulation or about 41% of Hong Kong dollar M3.

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: Is Hong Kong an easy place to visit for tourists or international business people?

A: Yes, very much so. Hong Kong has autonomy in immigration control. It maintains its own immigration laws and procedures and has a very liberal visa policy. As of May 2021, 168 countries or territories have granted visa-free access or visa-on-arrival to HKSAR passport holders. (BL Articles 154; 155)