January 12-18, 2018

Business

'Innovation' and 'growth' buzz words of 2018 AFF

Chief Executive Carrie Lam highlighted the tremendous growth and untapped potential in the Asia region for business opportunities and investments at the opening of the 11th annual Asian Financial Forum (Jan 15-16) in Hong Kong. She noted the growing Chinese economy in particular and the city’s position as the world’s largest offshore RMB business hub, the mainland’s preferred city to list IPOs, and as a center for asset and risk management, and concluded by praising innovation and advancements in technology as paramount for generating new business opportunities and raising operational efficiency.

Financial Secretary reaffirms city's ambitions

More than 80 speakers and 700 business leaders and investors gathered at the annual Asia Private Equity Forum (Jan 17) in Hong Kong in which Financial Secretary Paul Chan gave a rousing keynote praising HK’s 3.7% growth rate in 2017 -the fastest in six years- and predicting great things for 2018. He reiterated the government's support of the fund and asset management industry, and its goals to enhance competitiveness and economic growth. "Our ambition is outsized, as is our ability and resolve." 

Trade

Asia's premier logistics hub

Secretary for Transport and Housing Frank Chan underscored the strength of Hong Kong as a regional logistics hub in facilitating bilateral trade at a seminar in Dusseldorf Germany (Jan 11). These included its unique position as the gateway city to China, as well as its proximity to the major economies of Asia - half of the world's population is reachable within a 5-hour flight. Coupled with the city's state-of-the-art airport, sea port, and road networks including the new Hong Kong-Zhuhai-Macau Bridge, these unparalleled advantages have made HK the ideal "super-connector" to China and the rest of the Asia.    

Sports

Warm welcome for Volvo Ocean Racers

Volvo Ocean Race teams are expected to arrive in Hong Kong around January 20 after sailing 5800 miles from Melbourne. Chief Secretary Matthew Cheung welcomed teams, fans, and the global sailing community at a reception (Jan 17) marking the first time Hong Kong has served as a stopover in the race around the world. The city has organized a two-week “Race Festival” with exhibitions, games, virtual reality experiences, and opportunities for the public to learn more on how to participate in sailing and water sports.

More scared than hurt

It’s more scared than hurt for Scallywag team when one of the crew members fell overboard during the 4th leg of the race between Melbourne and Hong Kong (Jan 14). Alex Gough had spent seven minutes in the water before his desperate teammates finally located him (waving his arms in the air). Skipper David Witt said the situation might have ended tragically had it happened at night. The team immediately picked up their pace and charged forward to maintain their lead over competitors. Scallywag is the first team from Hong Kong to ever participate in the Volvo Ocean Race and so far is doing well as the current leader of the pack.

Film

Female directors dominate HK film awards

Gender equality is a hot button topic in Hollywood these days, with Natalie Portman memorably calling out the all-male directing nominees at the Golden Globes. So it's refreshing to note that female filmmakers and stories about women took the top prizes at the recent Hong Kong Film Critics Society Awards (Jan 14). Ann Hui's WWII drama "Our Time Will Come," about a female resistance fighter, won Best Film, while Sylvia Chang won Best Director for "Love Education," a multi-generational family drama that addresses the consequences of polygamy on women.

Basic Law

Hong Kong and its Basic Law

The Basic Law (BL) 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.  Has there been an influx of Mainland residents coming to live in Hong Kong?

A.  No. Entry into the HKSAR from other parts of China is subject to strict immigration controls in the same way it was before the reunification. Mainland residents wishing to settle in Hong Kong do so under the One-Way Permit Scheme, which has a daily quota for arrivals. (BL Article 22)

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