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APRIL 18 - 24, 2023

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New York ETO promotes Hong Kong in Philadelphia

The Director of the Hong Kong Economic and Trade Office, New York, Candy Nip, promoted Hong Kong and strengthened government and business ties during a visit to Philadelphia (Apr 19). Speaking at a dinner attended by government, business, as well as innovation and technology leaders of the city, Ms Nip gave an update on the latest developments in Hong Kong, including the broad strategic directions to enhance and promote its innovation and technology sector, the development of the digital economy, as well as initiatives to attract global businesses and talents. Highlighting that Hong Kong is fully open to business and tourism, she said Hong Kong, as a leading and dynamic business and financial hub, remains resilient in the face of challenges over the last few years. 


Business expectations for the second quarter of 2023

Business sentiment among large enterprises in Hong Kong improved notably across a majority of sectors as compared to three months ago thanks to the revival of local economic activities and a visible rebound in visitor arrivals. Large enterprises’ appetite for hiring also increased. Business should continue to benefit from the improved economic situation, with the disbursement of a new batch of consumption vouchers providing additional support, amid uncertainties with the continued tight financial conditions.

Unemployment rate falls to 3.1%

The seasonally adjusted unemployment rate fell to 3.1% for the period between January and March 2023 compared with the previous three-month period. The underemployment rate dropped to 1.2%. The labor market is expected to improve further alongside the continued revival of domestic economic activities and inbound tourism, and the disbursement of the new batch of consumption vouchers.

Greater collaboration in green finance

Enhanced exchange and cooperation between Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area will be beneficial to accelerating the development of Hong Kong into an international center for green technology and finance, said Secretary for Financial Services and the Treasury Christopher Hui (Apr 24), adding that the Hong Kong Special Administrative Region Government and financial regulators attach great importance to synergized collaboration with other cities in the bay area, jointly promoting green and sustainable finance and proactively contributing to the nation's “3060 Dual Carbon Targets”.

Strengthened development of standards

The governments of Guangdong, Hong Kong and Macao signed (Apr 24) a memorandum of understanding to jointly promote and strengthen the development of standards in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA Standards). Establishing standards can improve product and service quality, promote technological progress, and ensure safety and health. The list of GBA Standards announced covers a total of 110 items in the fields of food quality and safety, Cantonese cuisine, transportation, mechanical and electrical products, as well as medical care, nursing care, education, e-sports, etc.


Inaugural Pop Culture Festival opens

Hong Kong’s influential pop culture is front and center at the inaugural Hong Kong Pop Culture Festival, which kicked off with a wide array of scheduled events. Addressing the opening ceremony (Apr 24), Secretary for Culture, Sports & Tourism Kevin Yeung said Hong Kong’s pop music, films and TV dramas developed rapidly since the 1970s, and were well-received in Asia and even Europe and the US in the 1980s and 1990s. It drove the city’s economy and reflected the lives and stories of Hong Kong people at different times. The festival revisits the masterpieces of Hong Kong pop culture’s golden era in the 1980s and 1990s, which witnessed the city’s development and its spirit.


Hong Kong and its 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 Chinese the only official language allowed under the Basic Law?

A: No, in addition to Chinese, English is also an official language used by the executive authorities, the legislature and the judiciary of the HKSAR. (BL Article 9)

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