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MARCH 7 - 13, 2023

HKETONY EVENTS

To celebrate International Women's Day, the Hong Kong Economic and Trade Office in New York (HKETONY) co-organized a lunch reception themed “Empowered Women, Empowering Women” (Mar 8) with the China General Chamber of Commerce – USA. More than 40 women leaders from New York attended the event. The Chairwoman of the Women’s Commission in Hong Kong Chan Yuen-han and the Deputy Secretary for Home and Youth Affairs Nick Au Yeung, who were in the city for the 67th session of the United Nations Commission on the Status of Women, joined the reception as special guests. Welcoming guests, Director of HKETONY Candy Nip said that Hong Kong is proud to participate in this important women’s forum of the United Nations, adding that Hong Kong has a compelling commitment to promoting gender equality and women empowerment in society. 

Chicago’s Asian Pop-Up Cinema (APUC) will present the “Award for Excellent Achievement in Film” to Hong Kong superstar Aaron Kwok on March 14. The legendary singer, dancer, and actor will attend the North American premiere of his latest feature “Where the Wind Blows”. APUC Season 16 will also screen five other Hong Kong films: Centerpiece Film “A Guilty Conscience” (Mar 31), “The Sparring Partner” (Apr 1), the North American premiere of “Lost Love” (Apr 1), the US premiere of “Remember What I Forgot” (Apr 1) and “Port of Call” (Apr 1). Reserve your tickets now!

ARTS AND CULTURE

Hong Kong’s Secretary for Culture, Sports and Tourism Kevin Yeung congratulated (Mar 13) Michelle Yeoh on winning Best Actress in a Leading Role at the 95th Academy Awards, saying her award is “well-deserved.” Mr Yeung said Hong Kong’s film sector has nurtured many outstanding actors and filmmakers, including Michelle Yeoh. She rose to prominence in the Hong Kong film industry for years, before moving on to the international stage and becoming a shining star with impressive achievements. “This is a testimony to the strong potential of Hong Kong’s talents and film industry,” he said.

Photo credit: Michelle Yeoh's Official Instagram

ECONOMY

Overall business sentiment among Hong Kong’s small and medium-sized enterprises (SMEs) further improved in February with the revival of local economic activities and the resumption of normal travel between Hong Kong and the Mainland. The current diffusion index (DI) on business receipts amongst SMEs increased from 48.2 in January 2023 in the contractionary zone to 49.0 in February 2023. The current DI on new orders for the import and export trades increased from 48.8 in January 2023 to 49.7 in February 2023.

Hong Kong’s official foreign currency reserves amounted to US$429.1 billion as at the end of February 2023. Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of February 2023 amounted to US$428.9 billion, compared with US$436.5 billion at the end-January 2023. The total foreign currency reserve assets of US$429.1 billion represent 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 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: Do Hong Kong residents have the right to vote and to stand for election?

A: Persuant to Article 26 of the BL, permanent residents of Hong Kong have the right to vote and stand for elections in accordance with law. The National People’s Congress (NPC) made the Decision on Improving the Electoral System of the HKSAR (the Decision) on 11 March 2021 and laid down the fundamental principles for amending Annexes I and II to the Basic Law, including “upholding HKSAR permanent residents’ right to vote and the right to stand for election in accordance with law”. The Standing Committee of the NPC had made careful consideration and balance of these rights in amending Annexes I and II to the Basic Law, in order to establish a political structure that upholds the “one country, two systems” principle, reflects the actual situation of Hong Kong and ensures “patriots administering Hong Kong”. It should be noted that the right to vote as safeguarded by Article 26 of the Basic Law should be construed with other relevant provisions in the Basic Law in their entirety, in particular Articles 45, 68 as well as Annexes I and II of the Basic Law. Articles 45 and 68 provide that the methods for selecting the Chief Executive and forming the Legislative Council shall be specified in the light of the “actual situation in the HKSAR” and in accordance with the “principle of gradual and orderly progress”. The design of electoral system and the right to vote should be implemented in the light of the actual situation in the HKSAR. (BL Articles 26; 45; 68; Annexes I and II)