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Hong Kong sets priorities on HKSAR’s 29th Anniversary

On the occasion of the 29th Anniversary of establishment of the Hong Kong Special Administrative Region (HKSAR), Hong Kong Chief Executive John Lee unveiled (Jul 1) a three-pronged agenda for the city’s next phase of development, pledging to press ahead with drafting Hong Kong’s first Five-Year Plan, accelerate the Northern Metropolis project, and sharpen the focus on residents’ livelihoods. Delivering remarks at a celebratory reception, Mr Lee said the Five-Year Plan, now under public consultation, is intended to steer economic and social policy across finance, shipping, trade, innovation, aviation and talent development, The focus on the Northern Metropolis will centre on integrating industry, technology and a new University Town, building on the already-opened Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, where several buildings are complete and more are underway. The HKSAR Government will prioritise housing, transport, healthcare, education, welfare and youth development. Earlier in the day, Mr Lee and senior government officials attended a flag-raising ceremony to celebrate the 29th anniversary of the establishment of the HKSAR.

Robust Hong Kong-US ties upheld at Independence Day Reception

Hong Kong’s Deputy Financial Secretary Michael Wong reaffirmed the long-standing economic and people-to-people ties between Hong Kong and the United States at its 250th Independence Day reception hosted by Consul General of the US in Hong Kong and Macau Julie Eadeh on June 23, noting that Hong Kong hosts around 80,000 US citizens and 1,550 American companies, up over 11% year-on-year, with Invest Hong Kong assisting more than 40 US firms to establish or expand operations last year. He also highlighted that the US has maintained a trade surplus with Hong Kong exceeding US$250 billion in the past decade, alongside strong growth in Hong Kong’s exports to the US despite geopolitical headwinds. Mr Wong said Hong Kong's international competitiveness continues to gain recognition, citing its ranking as the world’s largest cross-boundary wealth management centre and second-most competitive economy globally, alongside improved business sentiment survey results by the latest American Chamber of Commerce in Hong Kong.

Hong Kong films to take centre stage at New York Asian Film Festival

Supported by the Hong Kong Economic and Trade Office in New York, the Hong Kong Panorama at the 25th New York Asian Film Festival (NYAFF) will showcase 17 Hong Kong films from July 11 to 25, including “Afterpiece”, “Bird of Paradise”, “Cold War 1994”, “Cyclone”, “The Dating Menu”, “Dog Day Evening”, “The Dumpling Queen”, “Fat Choi Spirit”, “Gamer Girls”, “Girlfriends”, “Initial D”, “Night King”, “Shaolin Soccer”, “The Storm Riders”, “Unidentified Murder”, “We’re Nothing at All”, and “You Shoot, I Shoot”. The programme spans drama, comedy, action and thriller titles, showcasing the diversity of Hong Kong cinema. Hong Kong actor Daniel Wu will receive the Best from the East Award while actress Angela Yuen will receive the Screen International Rising Star Asia Award at NYAFF. Film directors Andrew Lau, Philip Yung, and Pang Ho-cheung, together with other Hong Kong filmmakers and cast members, will attend the festival, underscoring Hong Kong’s strong presence at one of North America’s leading Asian film festivals. Tickets are available online.

Hong Kong attracts US$6.8 billion in investment in first half of 2026

Invest Hong Kong (InvestHK) said it had assisted 413 overseas and Mainland enterprises in setting up or expanding operations in Hong Kong in the first half of 2026, and expects these to bring in more than US$6.8 billion (HK$53 billion) in foreign direct investment, up 36% year on year, and create over 8,600 jobs. Mainland firms accounted for 60% of the total and was the largest source of investment, followed by Singapore and the US, with businesses spanning innovation and technology, financial services, tourism, logistics and professional services. Speaking at InvestHK’s annual International and Mainland Businesses Welcome Reception, Chief Executive John Lee highlighted Hong Kong’s strengths under “one country, two systems” and its rising international competitiveness.

Chief Executive highlights progress in attracting global talent, expanding GoGlobal

In an interview marking his fourth year in office, Chief Executive John Lee said Hong Kong had attracted more than 290,000 professionals through its various talent admission schemes, surpassing the HKSAR Government’s targets, while the city ranked fourth globally and first in Asia in the International Institute for Management Development’s World Talent Ranking 2025. He said talent is expected to contribute around 1.2% to Hong Kong’s GDP, with the actual impact likely to be higher. Mr Lee said the Top Talent Pass Scheme had strengthened key sectors including innovation and technology, finance, trading and shipping, adding that retaining talent was as important as attracting it. He noted the scheme's extension rate had reached at least 50%, with the Government aiming to raise it to around 60% while continuing to attract more global talent. Separately, Mr Lee said the Government would continue expanding the GoGlobal Task Force to help Hong Kong and Chinese Mainland enterprises enter overseas markets by providing business networks, professional services and market expertise. He highlighted growing opportunities in the Middle East and Central Asia, and said the Government is studying the establishment of an economic and trade office in Central Asia to strengthen two-way economic links.

Hong Kong advances DLT adoption in fixed income market

The Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority completed the first phase of a review on expanding the use of distributed ledger technology (DLT) in Hong Kong’s fixed income market, concluding that the city’s legal and regulatory framework is sufficiently flexible to support tokenised bond issuances. The Companies Registry also issued new guidance confirming that DLT-based registers of debenture holders comply with record-keeping requirements. The authorities would launch the second phase of the review later this year to explore legislative changes supporting wider DLT adoption, including electronic execution of issuance documents and digital asset transfers. The move built on Hong Kong’s three government tokenised bond issuances and aims to strengthen the city’s position as a leading hub for digital assets and financial innovation.

Cross-border e-commerce for SMEs promoted

The Hong Kong Productivity Council's SME ReachOut and the Trade and Industry Department launched the two-day E-commerce Innovation Expo 2026 on June 25 to help small and medium-sized enterprises expand their cross-border e-commerce business and tap overseas markets. Speaking at the opening, Secretary for Commerce and Economic Development Algernon Yau highlighted government initiatives to support digital trade, including the Creativity • E-commerce – Beyond Limits programme and enhanced funding under the Dedicated Fund on Branding, Upgrading and Domestic Sales. The expo featured five thematic zones and more than 10 seminars covering cross-border e-commerce, retail technology, brand development and smart business solutions.

HKEX to streamline board lot framework

Hong Kong Exchanges and Clearing Limited (HKEX) would introduce a streamlined board lot framework after receiving broad market support during its public consultation. The enhancements include lowering the board lot value floor from US$255 (HK$2,000) to US$128 (HK$1,000), introducing a US$6,410 (HK$50,000) ceiling for issuers with board lots above 100 shares, and standardising board lot units into eight options. The changes will be implemented in two phases from July and November 2026, with HKEX also planning to enhance odd lot trading through a new automatic matching mechanism, potentially launching as early as the third quarter of 2027, subject to regulatory approval.

AI+ strategy committee holds inaugural meeting

The Committee on AI+ and Industry Development Strategy, chaired by Financial Secretary Paul Chan, held its inaugural meeting on June 29 to discuss advancing artificial intelligence development and its integration across industries. Members exchanged views on research and innovation, data flow and security, computing infrastructure, application scenarios, talent development, investment and governance. Mr Chan said the committee would align Hong Kong’s AI development with the National 15th Five-Year Plan by leveraging the city’s strengths in research, talent, capital and international connectivity to accelerate AI adoption, enhance industry competitiveness and promote sustainable economic growth.

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 manage its own public finances independently?

A: Yes. The HKSAR shall have independent finances. It shall use its financial revenues exclusively for its own purposes, and they shall not be handed over to the Central People’s Government. (BL Article 106)