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Hong Kong pianist wins prestigious Van Cliburn International

Piano Competition

Hong Kong’s own Aristo Sham has made history by winning the 2025 Van Cliburn International Piano Competition, one of the world’s most prestigious contests for young pianists. Sham, 29, captivated audiences and judges alike with his technical brilliance and expressive performances, which also won him the Audience Award. He triumphed over 27 other top competitors from around the globe and is the first Hong Kong pianist ever to win this coveted title. A familiar name in classical circles, Sham began his musical journey at age three and has since studied at Harvard University, the New England Conservatory, and Juilliard School. His impressive résumé includes performances with renowned orchestras such as the London Symphony and Hong Kong Philharmonic, as well as top prizes at international competitions.

New York ETO kicks off dragon boat season in Boston

Some 60,000 revelers from the Greater Boston area cheered on more than 2,000 paddlers from 72 teams racing on the Charles River at the 46th Boston Hong Kong Dragon Boat Festival (Jun 8). Officiating at the opening ceremony, Director of the Hong Kong Economic and Trade Office, New York (New York ETO) Maisie Ho said the event holds a unique place in sharing Hong Kong’s cultural heritage being the first North American dragon boat festival established in 1979. “As we forge ahead in enhancing our economy and global competitiveness, Hong Kong – anchored on the core principles of openness, global connectivity and value creation – welcomes business and talents from Boston and around the world,” she added. New York ETO has been the title sponsor of the event, as well as of the upcoming ones in New York (Aug 9-10) and Atlanta (Sep 6).

Dragon Boat Festival celebrated in Hong Kong

Dragon boat racers took to the water at venues across Hong Kong on the day of Tuen Ng Festival, aka Dragon Boat Festival (May 31). Among the highlights were the 2025 Tuen Mun Dragon Boat Race Golden Jubilee and Tai Po District Dragon Boat Race cum Carnival, as people celebrated the ancient Chinese tradition with thunderous drum beats and festive sticky rice dumplings. The buzz continues with a 9-day Dragon Boat Carnival (May 31 - Jun 8) at Tsim Sha Tsui East Promenade, featuring festive delicacies, a panda-themed pop-up, and photo spots, as well as the Sun Life Hong Kong International Dragon Boat Races (Jun 7-8).

New York ETO supports HK-US arts exchanges

Supported by New York ETO and the Asian Cultural Council in Hong Kong (ACCHK), film programmer and arts curator Jacqueline Tong recently completed a three-month journey across 13 American cities. As part of her sponsored research and exchange programme, she met with curators, filmmakers, artists, and scholars, and visited top institutions. She also took part in mentorship and speaking opportunities, sharing her knowledge of Hong Kong and Asian programming with emerging creatives, and looking for opportunities for collaborations between Hong Kong and America. Check out some photos of her US journey.

International Organization for Mediation calls Hong Kong home

Thirty-three countries, including China and others from Asia, Africa, Latin America and Europe, signed the Convention on the Establishment of the International Organization for Mediation (IOMed) in Hong Kong on May 30. Senior representatives from over 50 countries and nearly 20 international organisations, including the United Nations, witnessed the signing. Member of the Political Bureau of the Communist Party of China Central Committee and Minister of Foreign Affairs Wang Yi was among them.

Addressing the ceremony, Chief Executive of Hong Kong Special Administrative Region (HKSAR) Government John Lee highlighted that Hong Kong is China’s only common law jurisdiction and Asia Pacific’s most preferred seat of arbitration. He added that Hong Kong, with its robust, efficient and well-respected legal system, as well as world-class legal and dispute resolution services professionals, is committed to supporting and facilitating the work of the IOMed.

The IOMed will be the first international intergovernmental legal organisation devoted to the use of mediation in resolving international disputes. It is expected to be operational by the end of this year or early next year, further strengthening Hong Kong's role as an international dispute resolution services centre and a capital for international mediation.

Hong Kong: where investors want to be

Amid the profound transformation of the global economic and geopolitical landscapes, Hong Kong is where international investors want to be, said Financial Secretary Paul Chan at the S&P Global Market Intelligence Hong Kong Roadshow (Jun 5). He highlighted that under the "one country, two systems" framework, Hong Kong remains an open, international city; a free port with an unfettered flow of capital, information, goods and talent. He pointed out that Hong Kong has experienced repeated doubts and dire predictions over the years. And yet, time and again, the city has proven the pessimists wrong, and emerged stronger. In addition to enhancing its traditional strengths in capital markets, Hong Kong is also actively embracing financial innovation, including virtual assets, he added.

Hong Kong: Asia's gateway for financial innovation

Speaking at the Web Summit in Vancouver, Canada (May 30), Secretary for Financial Services and the Treasury Christopher Hui said Hong Kong, as one of the top three international financial centres and a leading international green finance hub, is pioneering the integration of traditional and digital finance with a view to strengthening its position as Asia's gateway for financial innovation. He added that the city is striving to accelerate green and sustainable finance and virtual asset development, with a view to making them key components of the diversified financial value chain. A mega event for the tech sector, the Web Summit attracted over 10 000 tech investors, entrepreneurs and industry leaders across the world.

US$3.5b green and infrastructure bonds issued

The HKSAR Government announced (Jun 4) the successful pricing of approximately US$3.5 billion (HK$27 billion) worth of green bonds and infrastructure bonds denominated in Hong Kong dollars (HKD), renminbi, US dollars and euro under the Government Sustainable Bond Programme and the Infrastructure Bond Programme. The offering attracted participation from over 30 markets across Asia, Europe, the Middle East and the Americas, with the total order amounting around US$30.4 billion (HK$237 billion) equivalent, representing a subscription ratio of around 3.3 to 12.5 times. Financial Secretary Paul Chan said global institutional investors’ enthusiastic response to the subscription fully reflects their confidence in Hong Kong’s sound public finance and long-term development. The bonds, which have been assigned credit ratings of AA+ by S&P Global Ratings and AA- by Fitch, are expected to be settled on Jun 10, and listed on the Hong Kong Stock Exchange as well as the London Stock Exchange.

Anti-tax evasion bill passed

The HKSAR Government welcomed the passage (May 28) of The Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024, which seeks to tackle tax evasion risks arising from the digitalisation of the economy. The bill, formulated in accordance with the Base Erosion & Profit Shifting 2.0 (BEPS 2.0) package promulgated by the Organisation for Economic Co-operation & Development, introduces the global minimum tax (GMT) and the Hong Kong minimum top-up tax (HKMTT) starting Jan 1, 2025. Secretary for Financial Services & the Treasury Christopher Hui said the implementation of the GMT and the HKMTT highlights Hong Kong’s staunch support to international co-operation in tackling cross-border tax evasion. With a fairer global taxation environment, he added, Hong Kong’s unique advantages such as ‘one country, two systems’, excellent connectivity, first-class infrastructure, mature financial markets, quality talent pools will become even more accentuated to showcase Hong Kong as a premier destination for doing business.

Stablecoins laws effective Aug 1

The HKSAR Government has published in the Gazette to appoint Aug 1, 2025 as the commencement date for the Stablecoins Ordinance to come into operation. Secretary for Financial Services & the Treasury Christopher Hui said after the ordinance comes into force, the licensing regime will provide suitable guardrails for relevant stablecoin activities. It will be a milestone in facilitating the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong, he added. The Financial Secretary Paul Chan has also made a notice to allow the offering of specified stablecoins issued by a person who is not granted a licence under the ordinance to professional investors.

Hong Kong to join BIO 2025

Hong Kong Science and Technology Parks Corporation, in collaboration with InvestHK, will lead a delegation of 16 prominent life and health technology companies to BIO 2025, the world's largest biotechnology event, held in Boston from Jun 16 to 19. For the first time, Hong Kong’s two leading medical faculties at The University of Hong Kong and The Chinese University of Hong Kong will join the delegation. Together, they will showcase the city’s exceptional strengths and innovative potential in life and health sciences at the Hong Kong Pavilion, with the goal of attracting enterprises, talent, and investors, further solidifying Hong Kong’s position as a global biotech hub.

HK held its first Boao innovation conference

The Boao Forum for Asia's International Science, Technology & Innovation Forum has been successfully held in Hong Kong for the first time (Jun 6-7). Co-organised with the HKSAR Government, the conference attracted some 800 leading experts, academics and political and economic leaders from the Mainland and overseas. Speaking at the Opening Plenary (Jun 7), Chief Executive John Lee said that the city will take full advantage of its established tradition of the rule of law, its world-class universities and its robust intellectual property protection regime as it moves to become an international innovation and technology centre. Also speaking at the event, Secretary for Innovation, Technology & Industry Prof Sun Dong said that the Government has launched a series of robust policies to solidify the city’s research capabilities, accelerate the transformation of research and development outcomes, and promote the development of the technology industry.

Departure tax bill passed

The Legislative Council passed (May 28) a bill to increase the air passenger departure tax from US$15.4 (HK$120) to US$25.6 (HK$200) per passenger, applicable to air tickets purchased from Oct 1 onwards. The HKSAR Government said the new tax rate has struck a balance between raising revenue and minimising the impact on passengers, adding that the increase will have a minimal effect on the overall cost of air travel.  

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: Does the HKSAR Government have complete control over fiscal and economic policies and safeguard the free movement of goods, assets and capital?

A: Yes. The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practices an independent taxation system; keeps its low and simple tax regime; formulates its own monetary and financial policies; safeguards the free flow of capital; maintains the status of a free port; pursues a policy of free trade and protects the free movement of goods, intangible assets and capital. (BL Articles 62; 106-119)