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First quarter economy grows 3.1%

Hong Kong’s first quarter economy expanded solidly, rising 3.1% year-on-year, up from 2.5% in the previous quarter. The growth was driven by strong external demand that boosted the total exports of goods, continued growth in exports of services supported by the increase in visitor arrivals and increased investment spending. However, escalating global trade tensions due to the US tariff hikes have increased downside risks and created high levels of trade policy uncertainty, which will dampen international trade flows and investment sentiment. Despite these challenges, the sustained steady growth of the Mainland economy, together with the various measures to promote economic growth and expand into more diversified markets, will lend support to various economic activities in Hong Kong.

Tourists surge during Labour Day Golden Week

Noting the significant increase in the number of visitors coming to Hong Kong during the Labour Day Golden Week (May 1 to 5) of the Mainland, Chief Executive John Lee said this has created a very good atmosphere in Hong Kong, bringing huge economic benefits. The overall number of visitors to Hong Kong reached around 1.1 million, representing a 22% year-on-year increase. Among them, Mainland visitors accounted for about 920,000, representing a 20% year-on-year increase and around 84% of the total arrivals. The number of non-Mainland visitors was around 180,000, representing a 31% year-on-year increase. The city’s overall hotel occupany rate reach 90% in general with high visitor flow observed at major tourist attractions. During the Golden Week, tourists were treated with a spectacular drone show over Victoria Harbour, as well as the colourful “piu sick” float parade and the exciting Bun Scrambling Compeition on Cheung Chau Island.

HKMA keeps base rate unchanged

In tandem with the US Federal Reserve, the Hong Kong Monetary Authority (HKMA) kept its base rate unchanged. However, the HKMA cautioned that recent US tariff measures have further increased uncertainty about US inflation and economic growth. Despite these global concerns, Hong Kong’s monetary and financial markets have continued to operate in an orderly manner. The recent strengthening of the Hong Kong dollar, mainly driven by equity-related demands and regional currencies appreciation, has triggered the strong-side Convertibility Undertaking of HK$7.75 to US$1 under the Linked Exchange Rate System (LERS). In response, the HKMA sold Hong Kong dollars in exchange for US dollars in accordance with the LERS, increasing the Aggregate Balance and leading to more Hong Kong dollar liquidity and lower interbank interest rates. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.

Technology Enterprises Channel helps new listings applications

With the support from the Securities and Futures Commission, Hong Kong Exchanges and Clearing launched (May 6) a dedicated Technology Enterprises Channel (TECH) to facilitate new listings applications, as well as a new confidential filing option, for prospective specialist technology companies and biotech companies. TECH offers early and tailored guidance to help these companies address key matters at a preparatory stage and navigate regulatory requirements with greater clarity and confidence, thereby facilitating a more efficient pathway to successful listing in Hong Kong. The launch underscores Hong Kong’s efforts in driving technological advancements and elevate the market’s competitiveness, resilience, and vibrancy, further strengthening the city’s position as a premier listing platform for emerging and innovative companies.

Chief Executive promotes Hong Kong in Middle East

Chief Executive John Lee is leading a business delegation to visit Qatar and Kuwait (May 10-12) to further strengthening exchanges and connections with the Middle East region and to promote the latest advantages and opportunities in Hong Kong. This marks his first time leading Mainland enterprises in addition to leaders from industry and commerce and professional sectors of Hong Kong in an outbound mission. While in Qatar, Mr Lee met some of the country's top business leaders and government officials, including the Amir of Qatar, Tamim bin Hamad Al Thani, to exchange views on strengthening bilateral relations and economic co-operation. Speaking at the "Partnering for Success - Hong Kong as a 'Super Connector' and 'Super Value-adder'" High-level Business Luncheon in Qatar (May 12), Mr Lee highlighted that under the principle of "one country, two systems", Hong Kong and Mainland enterprises complement each other's strengths, and that Hong Kong would give full play to its bridging role in attracting international investments to China and "going global" with Mainland enterprises.

HKSI offers licensing exams in US

Candidates outside Hong Kong who wish to take licensing examination offered by the Hong Kong Securities and Investment Institute (HKSI) can now choose to take their examinations in-person at over 300 global centres across seven countries, including the United States (US) or opt for remote live-proctored examinations. In-person examinations in the US are available on workdays during the first seven days of each month while remote live-proctored examination, starting May 9, are held every Monday and Friday during Hong Kong office hours. The new options enhance accessibility and reduce costs for overseas candidates. The options initially apply to the Licensing Examination for Securities and Futures Intermediaries, with additional examinations and sessions to be added in the future.

Carlson Tong reappointed HKEX chairman

The Chief Executive has approved the reappointment of Carlson Tong as Chairman of the Hong Kong Exchanges & Clearing Limited (HKEX) effective immediately, under the Securities and Futures Ordinance. This follows Mr Tong’s re-election by the board on Apr 30.  His term will run until the conclusion of the 2027 HKEX annual general meeting. Financial Secretary Paul Chan said under Mr Tong’s leadership, HKEX took forward various reforms, including enhancing the listing vetting process, implementing the specialist technology listing channel, establishing the Technology Enterprises Channel, and launching the trading arrangement under severe weather. He expressed confidence that under Mr Tong’s continued leadership, HKEX will further enhance Hong Kong’s capital market competitiveness and consolidate its status as a global financial centre.

Hong Kong hosts 6G summit

The 6G Global Summit opened in Hong Kong on May 8, marking the first time the summit is held in the Asia-Pacific region. The two-day event drew hundreds of representatives of regulatory bodies, telecommunications operators and corporations from more than 80 countries to explore the future of sixth-generation (6G) mobile communications technology. In his keynote speech, Secretary for Commerce & Economic Development Algernon Yau said that Hong Kong is uniquely positioned to play a leading role in 6G development, with the Hong Kong Special Administrative Region (HKSAR) Government committed to fostering a conducive environment for technological advancement and preparing for the 6G era. Director-General of Communications Chaucer Leung noted that Hong Kong is the first economy in the world to have auctioned a radio spectrum in the upper six gigahertz band, with the first set of technical standards for 6G expected to be finalised in 2029.

First industry-focused AI research institute established

The Von Neumann Institute of the Hong Kong University of Science and Technology has formally established. The first industry-focused artificial intelligence (AI) research institute in Guangdong–Hong Kong–Macao Greater Bay Area, the Institute is dedicated to building a complete AI ecosystem, strengthening collaboration between industry, academia and research, as well as nurturing a new generation of AI talent through school outreach programmes. Speaking at the inauguration ceremony, Financial Secretary Paul Chan said the HKSAR Government believes in the immense potential of AI and has set out a clear vision to develop AI as a core industry. The establishment of the institute is another important step in advancing Hong Kong’s position as a global leader in AI innovation.

Green Fintech Competition opens

The 2025 Green Fintech Competition has been launched! Co-hosted by the Hong Kong Monetary Authority and the Hong Kong Institute of Bankers, the Competition focuses on five themes that highlight the opportunities for the banking sector and wider financial industry to leverage the power of green fintech. They include sustainable supply chain and small and medium-sized enterprises; accelerating climate risk modelling and analytics; carbon market analytics and technology; sustainable investing; and sustainable banking and financing products. Firms from around the world are invited to submit innovative green fintech solutions that tackle at least one of the above themes. The solutions should be submitted via the Competition website by Jun 6. Solutions will be evaluated by a judging panel comprising industry leaders from diverse fields. Winners of the Competition will be invited to present and showcase their winning solutions at the 2025 Green Fintech Symposium, a key event of 2025 Hong Kong Green Week, scheduled to take place on Sep 12 this year. 

Global Maritime Trade Summit returns to HK in Nov

Secretary for Transport & Logistics Mable Chan met (May 12) International Chamber of Shipping (ICS) Secretary General Guy Platten and his soon-to-be successor Thomas Kazakos to go over plans for the second Global Maritime Trade Summit, which will be co-hosted by the HKSAR Government and the ICS during Hong Kong Maritime Week in November. Ms Chan said Hong Kong is a staunch advocate of free trade with zero tariffs and a level-playing field for businesses. She hopes that the upcoming Summit will reinforce Hong Kong and ICS’s shared vision of a connected, efficient, and resilient maritime ecosystem for the common interest of the global maritime community. The inaugural Summit held in the 2024 Hong Kong Maritime Week was attended by ministers of foreign governments, leaders of international organisations and industry luminaries from around the world.

New York ETO joins Society of Foreign Consuls centennial celebration

The Hong Kong Economic and Trade Office in New York (New York ETO) attended the Centennial Anniversary Gala Reception of the Society of Foreign Consuls in New York (SOFC) (May 5) at the historic Surrogate’s Courthouse. As a new partnership member of this dynamic consular community, the New York ETO supports the efforts to promote cultural and economic relations worldwide, echoing the event’s theme of “A Legacy of Diplomacy, A Future of Possibilities.” Special guests at the celebration included the Acting Director of the Office of Foreign Missions of the U.S. Department of State, Cliff Seagroves; the Commissioner for International Affairs of the New York City Mayor’s Office, Edward Mermelstein, and the First Deputy Mayor of New York City, Randy Mastro.

Non-permanent Court of Final Appeal judge named

Chief Executive John Lee has accepted the recommendation of the Judicial Officers Recommendation Commission to appoint William Gillow Gibbes Austen Young as a non-permanent Court of Final Appeal judge, subject to endorsement by the Legislative Council. Mr Young, who retired as a Permanent Judge of New Zealand’s Supreme Court, will join a panel of six eminent non-permanent judges from common law jurisdictions including the UK, Australia and New Zealand. Mr Lee expressed confidence that distinguished jurists bringing profound judicial experience from overseas will remain a unique strength of Hong Kong’s judicial system. Their presence is a manifestation of the independence of Hong Kong’s judiciary as protected by the Basic Law and demonstrates a high degree of confidence in the city’s judicial system, and enables Hong Kong to maintain strong links with other common law jurisdictions.

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: Who appoint the judges of the courts in the HKSAR?

A: According to Article 48 of the Basic Law, the Chief Executive of the HKSAR shall exercise the power and function to appoint or remove judges of the courts at all levels in accordance with legal procedures. And according to Article 88 of the Basic Law, judges of the courts of the HKSAR shall be appointed by the Chief Executive on the recommendation of an independent commission composed of local judges, persons from the legal profession and eminent persons from other sectors.