December 15-21, 2017

Business / Finance / Economy

Forbes ranks Hong Kong 6th for best place to do business

Forbes has ranked Hong Kong 6th on their 2018 list of Best Countries for Business- the highest ranking country or territory in Asia. Overall rankings were determined through equally weighing scores in 15 different categories, including property rights, red tape, investor protection, technology and corruption. Hong Kong tied with Singapore and Switzerland as number 1 in the category of trade freedom, and led in the category of infrastructure metric.

Transport

HK getting closer to the US, by more direct flights

A new non-stop direct flight will connect Washington DC to Hong Kong with the launch of Cathay Pacific's new route at Dulles International Airport. Part of the airline's long haul expansion efforts, the 4-time-a-week service will be Cathay Pacific’s longest non-stop route at over 7000 nautical miles. Washington DC will be the 7th US city with direct flights to Hong Kong, after Boston, LA, New York, Chicago, Dallas and San Francisco.

Bilateral Ties

Wine trade MOU with Argentina

After signing similar co-operative agreements with countries such as Australia, France, Italy, Spain and the US, Hong Kong has signed a Memorandum of Understanding (MOU) on Co-operation in Wine related Businesses with Argentina (Dec 14) which will serve to facilitate wine related trade, investment, education and counterfeit prevention between the two regions. Secretary for Commerce and Economic Development Edward Yau applauded the move, calling Hong Kong “Asia’s wine hub and a wine free-port”, and looks forward to promoting the appreciation of wine and culinary arts from Argentina.

Innovation & Technology

Smart City Blueprint for future development

Hong Kong strives to develop into an even more advanced and livable smart city, benefiting all walks of life, says Secretary for Innovation and Technology Nicholas Yang when unveiling the first comprehensive Smart City Blueprint for Hong Kong (Dec 15). It’s a set of government guidelines to help the city better embrace technology and innovation, leading to a stronger economy and a higher standard of living. Goals of its various measures include making the city more environmentally friendly, providing better care for the elderly and children, and making citizens as well as businesses more technologically savvy.

How HK-based mobile company gains foothold in the US

Nuu, a mobile phone company in Hong Kong, has distinguished itself in the hypercompetitive American smartphone market, according to a Forbes report (Dec 19). Founded in 2010 and quick to seize the moment when unlocked phones first gained popularity in the US in 2012, Nuu Mobile partnered with carriers such as T-Mobile to provide low priced models that are also officially certified by Google to run Android software. Today Nuu is sold at retail giants like Wal-Mart and Best Buy and is one of the bestselling brands of unlocked phones with 5 million units sold. Nuu has global expansion in mind for the future, as well as plans to adapt to newer technology.

Basic Law

Hong Kong and its Basic Law

The Basic Law is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems.”

Q: Can Hong Kong still conclude and implement agreements with foreign states and regions or international organizations, and participate in international conferences?

A: Hong Kong continues to play an active role in the international arena and maintains close contact with its international partners. The HKSAR may on its own, using the name "Hong Kong, China", maintain and develop relations and conclude and implement agreements with foreign states and regions and relevant international organizations in the appropriate fields.

Since Hong Kong’s return to the Motherland, the HKSAR Government, authorized by the Central Authorities, has concluded over 160 bilateral agreements with foreign states in accordance with the Basic Law, including air services agreements, visa abolition agreements and mutual legal assistance agreements.

In 2013, representatives of the HKSAR Government, using the name of “Hong Kong, China”, participated in over 1500 international conferences not limited to states. (BL Articles 96; 133; 151; 152; 155)