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FEBRUARY 7 - 13, 2023

EVENTS

World-renowned Hong Kong designer Vivienne Tam, with the support of Cyberport and the Hong Kong Economic and Trade Office in New York (HKETONY), collaborated with tech companies Animoca Brands and Hepha, to bring the streets of Hong Kong to her New York Fashion Week runway show (Feb 12). The audience was riveted watching models stride down the runway in Vivienne’s latest collection while surrounded by the iconic Hong Kong street scenes. HKETONY Director Candy Nip said, “Vivienne and the Cyberport community seamlessly married fashion and innovation on the glamourous global platform. We are proud to be a part of this incredible project, exuding the originality, inspiration, and beauty of Hong Kong.”

BUSINESS AND ECONOMY

The easing of COVID control measures along with the lifting of travel restrictions will see restoration of business operations, including the return of some of the world’s largest trade shows, conventions and exhibitions in Hong Kong. It’s time to pay a visit to the city and rediscover a world of business opportunities!

Overall business sentiment among Hong Kong’s small and medium-sized enterprises (SMEs) continued to improve in January with the lifting of most social distancing measures and resumption of quarantine-free travel between Hong Kong and the Mainland. The diffusion index on business receipts amongst SMEs rose to 48.3 in January from 46.1 in the contractionary zone in the previous month. 

In December, the volume of Hong Kong’s total exports and imports of goods decreased by 32.3% and 26.7%, respectively, year-on-year. The prices of total exports and imports of goods increased by 5.5% and 5.0%. Comparing 2022 with 2021, the volume of Hong Kong's total exports and imports of goods fell by 14.8% and 13.9% respectively, while the prices of total exports and imports of goods increased by 7.8% and 8.1%.

Hong Kong’s foreign currency reserve assets amounted to US$436.9 billion as at the end of January 2023, compared to US$424.0 billion in the previous month. The current level of foreign currency reserve assets represent over five times the currency in circulation or about 42 per cent of Hong Kong dollar M3. 

SPORTS

Nearly 35,000 runners took part in the Hong Kong Marathon on Feb 12, marking the first city-wide sporting event since the resumption of quarantine-free travel and the highest attendance rate in its 25 years of history. Among those participating were some 500 overseas runners, including 13 elite runners. Kenya’s Philimon Kiptoo Kipchumba won the Men’s Marathon in a winning time of 2:10:47, with Ethiopia’s Fantu Eticha Jimma securing the top spot in the Women’s Marathon, crossing the finish-line in a time of 2:27:50. 

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: Has there been any interference in the independence of the Judiciary?

A: No. Hong Kong's robust and respected court system exercises judicial power independently, free from any interference. The power of final adjudication is vested in the Court of Final Appeal of the HKSAR, which may as required, invite judges from other common law jurisdictions to sit on the Court of Final Appeal. The principle of trial by jury previously practiced in Hong Kong is maintained. (BL Articles 2; 19; 81; 82; 85; 86)