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JUNE 21 - 26, 2023

BUSINESS AND FINANCE

The Director of the Hong Kong Economic and Trade Office in New York (HKETONY) Candy Nip congratulated the Hong Kong Exchanges and Clearing Limited (HKEX) on the official opening (Jun 21) of its New York office. Ms Nip said she was delighted to see HKEX expanding its footprint to the largest financial hub in North America, pointing out that Hong Kong plays an important role in the global financial market and strengthening connections with North American enterprises is a welcoming move. In the Asia Society luncheon supported by the HKETONY, the Executive Director and Chief Executive Officer of HKEX Nicolas Aguzin shared with the audience his insights on Hong Kong's long-term future as an international financial center, and its super-connector role between the East and the West.

The Hong Kong Special Administrative Region Government welcomed the passage (Jun 21) of the Stamp Duty (Amendment) (No. 2) Bill 2023 by the Legislative Council, which introduces a refund mechanism to attract talent from around the world to stay in Hong Kong for long-term development. The refund mechanism will bring the overall stamp duty charged on eligible incoming talent on par with that levied on first-time home buyers who are Hong Kong permanent residents, thereby reducing the cost of home purchase for incoming talent who can and wish to buy residential properties in the city.

The Hong Kong Monetary Authority (HKMA) issued (Jun 26) a public consultation paper on the review of the three-tier banking system, which has aimed to strike a balance between flexibility of market entry and protection of small depositors. The review proposes to simplify the system into two tiers, with an aim of enhancing the HKMA’s vital role in strengthening the city’s status as an international financial center, and revitalizing institutions and enhancing their flexibility and efficiency in conducting business and meeting customers’ needs.

The Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and Mauritius came into force on June 23. Residents of Hong Kong and Mauritius will not have to pay tax twice on a single source of income. The agreement will help promote bilateral trade and investment activities between the two places.  

SPORTS

Secretary for Culture, Sports & Tourism Kevin Yeung praised (Jun 26) Hong Kong athletes for their remarkable achievements in the Special Olympics World Summer Games 2023 (Special Olympics), winning a total of 75 medals, including 39 gold medals, 25 silver medals and 11 bronze medals. A total of 81 Hong Kong athletes participated in 13 sports events at this year’s Special Olympics in Berlin, Germany (Jun 17 to 25).

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: Can foreign enterprises participate fully in Hong Kong’s economy?

A: Yes. Hong Kong welcomes and encourages the participation of foreign enterprises, and provides a level playing field for all. There are no foreign exchange controls in Hong Kong and no restrictions on the trading of gold, securities, futures and the like. The Basic Law stipulates that Hong Kong shall maintain the status of a free port, pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital. (BL Articles 112; 114; 115)