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AUGUST 1 - 7, 2023

AVIATION

Hong Kong International Airport is transforming into an Airport City, which will blend the airport’s core functions with cross-boundary businesses to propel economic growth. Speaking at The Aviation Day 2023 (Aug 2), Financial Secretary Paul Chan said the government was also looking into restoring and enhancing international connectivity, including negotiating new Air Services Agreements and expanding existing ones to power up the Greater Bay Area’s (GBA) economic recovery and reconnection with the world. “The future is bright for Hong Kong as an aviation hub, and this is manifested not just in the sunny economic outlook of the GBA, but also a flurry of our far-sighted infrastructural developments,” he said, adding the government was striving to establish Hong Kong as an aircraft leasing and services hub by providing tax deduction so as to attract more aircraft leasing companies to come to the city.

SPORTS

Hong Kong’s men foil fencing team, comprising Olympic gold medalist Cheung Ka-long, Ryan Choi, Aaron Lee and Lawrence Ng, beat France to win gold (Aug 7) at the World University Games in Chengdu, China, bringing the total gold medal tally for Hong Kong to 4. Cheung has also won a gold in the men’s individual foil (Aug 4) while Kaylin Hsieh clinched gold in the women’s individual epee (Aug 2). Wushu athlete Samuel Hui took the first gold for Hong Kong at the Games, in the men’s Taijijian (Jul 29). Hong Kong is represented by its largest-ever delegation at the Games (Jul 28 – Aug 8), with over 140 athletes competing in 11 events.

Photo credit 

Top: USFHK; Bottom left: FIE; Bottom right: USFHK

EVENTS

The oldest and largest traditional boat festival in the United States – the Hong Kong Dragon Boat Festival in New York – returns to Flushing Meadows Corona Park on Aug 12 – 13, with 180 teams and more than 1,500 paddlers competing. Among the closely watched races are the US Dragon Boat Open Championship Race, the Municipal Invitation and the Charity Race. There will also be the new Hello Hong Kong Invitational, sponsored by Hong Kong Tourism Board. The multicultural festival will feature arts and crafts stalls, music and dance performances and international food trucks.

ECONOMY

Hong Kong’s overall credit conditions of small and medium-sized enterprises (SMEs) remained largely stable with little signs of prevalent stress. Of those surveyed, 78% perceived a “similar” or “easier” credit approval stance in the second quarter of 2023, down from 85% in the previous quarter, while 22% perceived a “more difficult” credit approval stance, up from 15% in the previous quarter. The perception of a more difficult credit approval stance may not necessarily reflect actual difficulties faced by SMEs in obtaining bank credit as the perception could be affected by media/news reports, business conditions and opinions of relatives and friends.

Hong Kong’s value of total retail sales in June, provisionally estimated at US$4.2 billion, increased by 19.6% year-on-year. Online sales accounted for 6.7% of the total retail sales value. The outlook for retail sales remained favorable as further increase in visitor arrivals, improved labor market conditions and the government’s various measures to boost the momentum of the economic recovery should render support to local consumption demand.

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)