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IMF reaffirms Hong Kong’s role as international financial centre

The International Monetary Fund (IMF) reaffirmed Hong Kong’s position as an international financial centre and “super connector” in its 2026 Article IV Consultation, noting stronger-than-expected economic recovery supported by robust technology-related exports, improving private demand and a rebound in financial market activity. The IMF highlighted Hong Kong’s role as a leading fundraising hub and premier offshore Renminbi centre, while noting that initiatives such as the Northern Metropolis would support innovation, high-value services and economic transformation. It also commended Hong Kong’s advances in digital and sustainable finance, including the “Fintech 2030” strategy promoting AI innovation and asset tokenisation within a robust regulatory framework. The IMF said the Linked Exchange Rate System remains an appropriate and credible anchor for macroeconomic and financial stability, while Hong Kong’s financial system remains resilient with banks well-capitalised, liquid and profitable. It also supported the Hong Kong Special Administrative Region (HKSAR) Government’s fiscal stance and medium-term fiscal consolidation plans.

Hong Kong calls for deeper regional economic integration at APEC

Speaking at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Suzhou, China (May 22), Secretary for Commerce and Economic Development Algernon Yau called on member economies to continue supporting the multilateral trading system and deepen regional economic integration amid rising protectionism and global uncertainty. Mr Yau urged progress on key World Trade Organization issues, including WTO reform and electronic commerce initiatives, and reaffirmed Hong Kong’s support for advancing the Free Trade Area of the Asia-Pacific agenda. He highlighted Hong Kong’s efforts to promote digital and green trade, including the rollout of the final phase of the Trade Single Window system, the launch of the Port Community System in January, and the use of AI to enhance customs procedures and cargo clearance.

Global Prosperity Summit spotlights Hong Kong’s role as “super connector”

Hong Kong remains a stable and trusted international financial centre and “super connector”, said Chief Executive John Lee at the third Global Prosperity Summit (May 18). He cited IMF’s recognition of Hong Kong’s economic recovery and financial strengths, and highlighted the city’s growing role in innovation, medical research and education driven by the Northern Metropolis development and closer regional integration. He added that upcoming major international events in Hong Kong, including the APEC Finance Ministers’ Meeting, the World Cancer Congress and INTERPOL General Assembly, would further reinforce the city’s role as an open, connected and globally influential city.

Hong Kong’s first astronaut joins space mission

The Shenzhou-23 manned spaceship was successfully launched (May 24) from the Jiuquan Satellite Launch Center, with Hong Kong payload expert Dr Lai Ka-ying among the crew members. Chief Executive John Lee congratulated the crew and said Hong Kong citizens were “thrilled and proud” to see a Hong Kong specialist participate in a national manned spaceflight mission for the first time, especially as it was the first such mission during the National 15th Five-Year Plan period, reflecting Hong Kong’s growing role in the country’s aerospace development. Born and raised in Hong Kong, Dr Lai holds a doctoral degree in computer forensics. The Shenzhou-23 crew would conduct on-orbit rotation with the Shenzhou-21 crew and carry out scientific experiments and applications aboard the space station.

Government to implement crypto-asset tax reporting framework

The HKSAR Government gazetted (May 22) the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 to implement the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework and updated Common Reporting Standard in Hong Kong. Under the proposal, crypto-asset service providers with a reporting nexus in Hong Kong will be required to register with the Inland Revenue Department and comply with due diligence, reporting and record-keeping requirements from next year. Secretary for Financial Services and the Treasury Christopher Hui said the measures would support international efforts to enhance tax transparency and combat cross-border tax evasion, while maintaining Hong Kong’s reputation as an international financial and commercial centre.

New regulatory framework for virtual asset service providers unveiled

Hong Kong’s Financial Services and the Treasury Bureau and the Securities and Futures Commission have published (May 26) consultation conclusions on proposed licensing regimes for virtual asset advisory and management service providers. The proposals, which received broad support during a one-month public consultation involving 51 submissions, aim to align regulation of digital asset services with existing rules governing traditional securities and asset management activities. The framework follows the principle of “same activity, same risks, same regulation” to strengthen investor protection while supporting innovation. The new regulator regimes would complement existing oversight of virtual asset trading platforms and stablecoin issuers, with legislation covering advisory, management, dealing and custody services expected to be introduced to Hong Kong’s legislature later this year.

Hong Kong International Airport opens new Terminal 2

Hong Kong International Airport held (May 22) an opening ceremony for its new Terminal 2. Fifteen airlines would begin relocating their check-in services to T2 from May 27, when the terminal’s departure facilities officially commence operations. Spanning 300,000 square metres, T2 features extensive smart technology, including facial recognition-enabled e-Security Gates, smart security screening channels and self-service check-in and bag-drop facilities. Airport Authority Hong Kong Chairman Fred Lam said the terminal was designed as a leisure travel hub prioritising efficiency and passenger comfort, while Acting Financial Secretary Michael Wong said the HKSAR Government would continue strengthening Hong Kong’s position as an international aviation hub.

Hong Kong positions itself as regional hydrogen hub at global symposium

The International Hydrogen Development Symposium 2026 opened in Hong Kong (May 18), launching a week-long programme focused on hydrogen development and clean energy transition. Organised by the Electrical and Mechanical Services Department and co-organised by the China Hydrogen Alliance, the event brought together more than 120 speakers from 16 countries. Acting Secretary for Environment and Ecology Diane Wong said hydrogen development would support Hong Kong’s carbon neutrality goals and strengthen its role as a demonstration base for hydrogen technologies and green finance. During the symposium, the Hong Kong and South Korean authorities signed cooperation agreements on hydrogen ecosystem development and gas safety, while enterprises from the Mainland, Hong Kong and South Korea signed agreements on hydrogen business collaboration.

RTHK wins 11 awards at New York Festivals

Radio Television Hong Kong (RTHK) won a total of 11 awards at the prestigious New York Festivals Radio Awards and TV & Film Awards (May 21), including one Silver Tower, two Bronze Towers and eight Finalist Diplomas. The awards recognised productions spanning music, drama, technology and current affairs programming. The Silver Tower went to Radio 4’s “Concert in the Park – A Salute to Love”, while the radio drama “Dragon’s Return to the Homeland”, co-produced with the Guangzhou Broadcasting Network, received a Bronze Tower. RTHK’s Production Services Division also won a Bronze Tower for its use of extended reality and augmented reality technologies in programmes related to the National Games.

History-making Hong Kong-born conductor headlines the New York Philharmonic this week

Hong Kong-born conductor Elim Chan takes the podium at the New York Philharmonic May 27–30, leading selections from Prokofiev’s “Cinderella” alongside the New York Premiere of Noriko Koide’s “Swaddling Silk” and “Gossamer Rain”. Tickets are available now — use code “CHAN20” for an exclusive 20% discount. The performances come on the heels of a landmark announcement with the San Francisco Symphony naming Chan its next Music Director — the first woman and 13th music director in the orchestra’s 115-year history. Chan will assume the role in September 2027, following acclaimed appearances with the BBC Proms, New York Philharmonic, Boston Symphony Orchestra, Los Angeles Philharmonic, and Hong Kong Philharmonic.

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: Are Hong Kong residents protected against arbitrary or unlawful arrest, detention, or imprisonment?

A: Yes. Hong Kong residents shall be free from arbitrary or unlawful arrest, detention or imprisonment. Arbitrary or unlawful search of the body and deprivation or restriction of personal freedom are prohibited by law. (BL Article 28)