January 26 - February 1, 2018

Business

InvestHK posts record numbers in 2017

Invest Hong Kong ​has assisted a record 402 overseas and Mainland companies to set up or expand in Hong Kong in 2017, an increase of 2.8% from the previous year.  Companies came from 47 different economies including the US, UK, Australia and Japan, and represented a broad range of sectors such as transport, tourism, and IT. The government agency goals for the year ahead will be targeting potential clients in the ASEAN countries and promoting Hong Kong's role in the Belt and Road Initiative and Bay Area developments.

World's third top recipient of FDI

​Foreign direct investment of about US$85b has poured into the Hong Kong economy, making it ​the second highest recipient in Asia only after mainland China (US$144b) in 2017, according to the United Nations Conference on Trade and Development (UNCTAD). Overall, mainland China ranked second around the world for FDI, and Hong Kong third, outranked only by the US.  FDI flows in Asia increased last year​, although overall global flows dropped 16% from the year before to US$1.52 trillion.

Freedom Index

Hong Kong second freest in the world

Hong Kong has been ranked the second freest territory in the world, after Switzerland and before New Zealand according to the newly released 2017 Human Freedom Index, which analyzed data from 159 countries and regions. Released by Canadian Fraser Institute, the overall index takes into account measurements of both personal and economic freedom using 79 distinct indicators, including the ​rule of law, religion, size of government, identity and relationships and regulation of credit, labor and business.  Hong Kong remains 1st this year in the economic freedom sub-index.

Science

Teen scientist finalist at "Junior Nobel Prizes"

Chiu-Fan Bowen Lo, 18, has been ​one of the 40 finalists named in the annual Regeneron Science Talent Search (formerly Intel STS), the oldest high school science and math competition known as the "Junior Nobel Prize” in the US  Born in Hong Kong, ​Lo is a student at Jericho Senior High School in Long Island, and won for his physics project in which he developed a simulation method that enhances the design of optical microscopes. He will compete in DC in March for the top $250,000 prize.​

Art

InvestHK aides David Zwirner Gallery expansion

Internationally renowned contemporary art dealer David Zwirner unveiled his 10,000 sq ft gallery in Central, ​Hong Kong (Jan 27), joining his already successful ventures in NYC and London.  Co-directed by Shanghainese dealer Leo Xu, the space will serve as Zwirner's regional base in Asia. The opening was supported in part by InvestHK's NY office, which has worked closely with David Zwirner since they began their expansion plans in 2017.  

Photo: Anna Bauer, courtesy David Zwirner

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 the HKSAR Government maintained complete control over fiscal and economic policies and safeguarded the free movement of goods, assets and capital?

A: The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practises 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)

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