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New priorities set as HKSAR celebrates 28th year of establishment 

In a speech marking the 28th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) on Jul 1, Chief Executive John Lee outlined three priorities: safeguarding development with high-level security; speeding up the development of the Northern Metropolis; and improving people’s livelihood. He said that under “one country, two systems,” Hong Kong will uphold national security, integrate into national development, and foster economic growth. The city will support enterprise upgrades, expand local and overseas markets, and strengthen regional trade, through promotion of innovation, digital trade, and talent attraction, reinforcing Hong Kong’s role as a global financial, shipping, and trade hub. The Government aims to accelerate the development of the Northern Metropolis including the Northern Metropolis, the San Tin Technopole, and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, by introducing new concepts and methods, removing potential barriers and leveraging market forces to enhance the speed and efficiency of developing key projects. The HKSAR Government will continue to improve livelihoods through enhanced housing, healthcare, education and welfare. Major transport projects will continue under the Transport Infrastructure Development Blueprint. Earlier in the day, Mr Lee and senior government officials attended a flag-raising ceremony to celebrate the 28th anniversary of the HKSAR's establishment.

Hong Kong films and talents to light up New York

Supported by the Hong Kong Economic and Trade Office in New York, the 2025 New York Asian Film Festival will feature 10 Hong Kong films under the “Hong Kong Panorama” banner. The festival will also honour Ekin Cheng with the prestigious “Star Asia Award”, celebrating his iconic roles and remarkable career across film, music and television. Rising talent Natalie Hsu will receive the “Screen International Rising Star Award”. Both actors star in the North American premiere of Last Song for You at the festival. Veteran American-Chinese actress Lisa Lu, who has an extensive career in the US and the Greater China, including Hong Kong, will be honoured with the Trailblazer Award and the Star Asia Lifetime Achievement Award.

Hong Kong Ballet to present The Butterfly Lovers at Lincoln Center

Hong Kong Ballet’s award-winning production The Butterfly Lovers will have its US premiere at David H. Koch Theater at Lincoln Center in New York City, Aug 22-24. Reimagined by an international team of creative minds together with Hong Kong Ballet’s Choreographer-in-Residence Hu Song Wei Ricky and Mai Jingwen, The Butterfly Lovers is a legendary and poignant Chinese folktale about humble scholar Liang Shanbo and aristocratic heiress Zhu Yingtai, who disguises herself as a boy in order to study at a prestigious academy. The Butterfly Lovers won 6 major awards at the 2025 Hong Kong Dance Awards. Don’t miss this enchanting reimagining of a timeless tale, brought to life by one of Asia’s leading dance companies. Tickets start at $39 and are available online or in person at the theater’s box office.

New York ETO forges closer ties in Atlanta

Director of Hong Kong Economic and Trade Office in New York (New York ETO) Maisie Ho visited Atlanta (Jun 24 – 25) to foster stronger partnerships and to promote Hong Kong’s business advantages. During a meeting with the representatives of international business chambers and consular offices, she highlighted Hong Kong’s unique position as an international financial and business centre, and gave an update on the latest developments in Hong Kong. At the “Navigating a Dynamic Asian Market” business forum, she underscored Hong Kong’s strong global competitiveness, noting its ranking as the world’s seventh-largest trading economy and as a founding member of the WTO, and a free port with solid credit ratings, factors that reinforce Hong Kong’s pivotal role as a key gateway between East and West. She also met with Senior Vice President of Partnership Gwinnett Kevin Carmichael, Director of Economic Development of Partnership Gwinnett Andrew Hickey and Senior Director of Cobb Chamber of Commerce Amanda Blanton to explore areas of mutual interests and potential collaborations.

InvestHK attracts over US$20 billion in investments

Invest Hong Kong (InvestHK) assisted over 1,300 overseas and Mainland companies to set up or expand their business in Hong Kong from Jan 2023 to first half of 2025, attracting more than US$20.5 billion (HK$160 billion) in foreign direct investment and creating over 19,000 jobs within the first year of operation or expansion. Mainland China accounted for 630 of these companies, followed by 113 from the US and 89 from the UK. Key sectors included financial services and fintech, innovation and technology, family offices, tourism and hospitality, and business and professional services. Looking ahead, Director-General of Investment Promotion Alpha Lau said InvestHK will focus on four strategic sectors: financial services and fintech, innovation and technology, supply chain management and logistics, and sustainable development and the green economy. Noting that 2025 marks InvestHK’s 25th anniversary, she said the agency has helped more than 7,700 overseas and Mainland companies establish or expand their businesses in Hong Kong over the past 25 years, creating over 95,000 jobs and attracting over US$56.4 billion (HK$440 billion) in direct investment.

Second digital asset statement issued

In its “Policy Statement 2.0 on the Development of Digital Assets in Hong Kong”, issued on Jun 26, the HKSAR Government outlines a vision for a trusted and innovative digital asset ecosystem that prioritises risk management and investor protection, while delivering concrete benefits to the real economy and financial markets. This reaffirms Hong Kong’s commitment to become a global hub for digital asset innovation. It also introduces the “LEAP” framework, focusing on legal and regulatory streamlining, tokenised product expansion, use case development, and talent cultivation. Key initiatives include a unified regulatory framework, new licensing regimes for digital asset services, and the regularisation of tokenised government bonds. A stablecoin issuer licensing regime will launch on Aug 1. The Government also aims to enhance collaboration across sectors and build a talent pipeline. Financial Secretary Paul Chan said the policy statement 2.0 sets out the Government’s vision for digital asset development and showcases the practical uses of tokenisation, with a view to boosting the diversification of use cases.

Financial Secretary joins Summer Davos opening

Financial Secretary Paul Chan attended the opening ceremony of the World Economic Forum Annual Meeting of the New Champions 2025 (Jun 25), also known as the Summer Davos, in Tianjin. At a panel discussion titled “Is the Asian Century at Risk?” which focused on Asia’s development amid current geopolitical tensions, and economic challenges, he emphasised improved business stability following the implementation of the Hong Kong National Security Law, and growing investor confidence. He further noted that Hong Kong’s openness, diversity and international outlook, along with its common law system, remain key advantages in attracting international businesses and talent. He also briefed World Economic Forum Chairman ad interim Peter Brabeck-Letmathe on Hong Kong’s latest economic developments, and explored opportunities to strengthen co-operation in technological innovation and personnel exchanges.

Hong Kong fosters collaboration with AIIB

Financial Secretary Paul Chan attended the opening ceremony of the 10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing (Jun 26) and held separate meetings with Minister of Finance Lan Fo’an and AIIB President Jin Liqun. Mr Chan witnessed the signing of a strategic partnership agreement between the Hong Kong Monetary Authority and the AIIB, aimed at boosting venture capital investment across emerging economies in Asia and accelerate the region’s green transformation through innovation and technology. In discussions with Mr Jin, the Financial Secretary expressed Hong Kong’s willingness to further enhance collaboration with the AIIB and affirmed Hong Kong’s support for the establishment of the AIIB office in Hong Kong. In his meeting with Mr Lan, Mr Chan reaffirmed the HKSAR Government’s support for the issuance of renminbi (RMB) sovereign bonds in Hong Kong and efforts to enhance the offshore RMB business ecosystem.

Offshore gold delivery vault launched in HK

The Financial Services & the Treasury Bureau welcomed (Jun 26) the launch of the Shanghai Gold Exchange’s (SGE) first offshore gold delivery vault in Hong Kong, and the listing of relevant gold contracts for delivery in Hong Kong on its International Board. Secretary for Financial Services & the Treasury Christopher Hui said the vault offers international investors an option for delivering gold offshore, marking a key stride in the internationalisation of the country’s gold market, extending the global footprint of renminbi-denominated gold trading, and further strengthening Hong Kong’s role in the regional market. The HKSAR Government is pushing ahead to develop the city into an international gold trading centre to tap into new growth areas for financial services and to consolidate and enhance the city’s status as an international financial centre.

US Consul-General’s remarks untrue and misleading

The HKSAR Region Government strongly condemned (Jun 26) remarks by Consul General of the US to Hong Kong Gregory May, calling them untrue, biased and deliberately intended to mislead the public and smear the Hong Kong National Security Law and the HKSAR’s work to safeguard national security. It stressed that it is inappropriate for any person to comment on the details of the ongoing legal proceedings involving Lai Chee-ying and urged US politicians to immediately stop interfering in Hong Kong’s internal affairs and the independent exercise of judicial power by its courts. The HKSAR Government emphasised that Hong Kong’s law enforcement agencies take actions based on evidence and strictly in accordance with the law, and that such actions have nothing to do the political views, backgrounds or occupations of persons or entities concerned.

Judge’s claims on security law refuted

The HKSAR Government responded (Jul 4) to comments by former non-permanent judge of the Court of Final Appeal (CFA) Brenda Hale, stating her claims about the Hong Kong National Security Law (HKNSL) and the rule of law and independent judicial power in Hong Kong are inaccurate. In particular, the government refuted her assertion that the HKNSL “has taken over the Basic Law”, calling it absolutely incorrect. In a statement, the HKSAR Government pointed out that Article 1 of the HKNSL clearly states that the Standing Committee of the National People’s Congress (NPCSC) enacts the security law in accordance with the Constitution, the Basic Law, and the NPC’s decision. The HKNSL and other laws safeguarding national security in Hong Kong firmly adhere to the principle of the rule of law while protecting the rights and freedoms enjoyed under the Basic Law in accordance with the law. The HKSAR Government said that the continued presence of esteemed overseas judges on the CFA, is conducive to the international legal environment and development of the jurisprudence of common law in Hong Kong. There are currently six non-permanent judges from the UK, Australia and New Zealand on the CFA.

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:How is the independence of the Judiciary being protected?

A: 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)