August 10 - 17, 2018

Economy

Continuous robust growth in Q2

Hong Kong’s economy grew 3.5% in the second quarter, amid strong exports and consumer spending as well as robust stock and property markets. The jobless rate of 2.8% up to June is the lowest level in more than 20 years. The GDP growth forecast for the year is maintained at 3-4%. However, the government economist cautioned that the city’s economy ahead could be affected by the escalating US-China trade conflict.

Legal & Arbitration

Freedom of speech must be within legal bounds

The Government attaches great importance to freedom of the press and of speech, but they must be within the confines of the law. Speaking to the media on the hosting of a talk by the Foreign Correspondents' Club for a speaker to advocate the independence of Hong Kong, (Aug 14), Acting Chief Executive Matthew Cheung said providing a public platform to openly advocate independence completely disregarded the city’s constitutional duty to uphold national sovereignty. “It is totally unacceptable and deeply regrettable,” he said. The Basic Law stipulates that the Hong Kong SAR is an inalienable part of the People's Republic of China, a Government spokesman said in a strongly-worded statement.

Arbitration conference

Now in its 7th year running, Hong Kong Arbitration Week (Oct 29 - Nov 2), through its multitude of forums, offers arbitration practitioners in Asia and around the world the platform to exchange ideas on the latest issues, trends and demands for international arbitration. Conference attendees can also learn more about Hong Kong’s role as a global arbitration hub and the leading role the city will play in resolving disputes arising out of the Belt and Road Initiative.

Innovation & Technology

Annual global biotech summit

Keep abreast of the biotechnology developments in Hong Kong and beyond at an annual conference held by the Hong Kong Biotechnology Organisation in Hong Kong, Shenzhen and Zhongshan next month (Sep 20 – 24). The focus will be on opportunities in the "biotech superhub” within the Guangdong-Hong Kong-Macao Greater Bay Area. Medical professionals, scientists, technologists and global leaders will share their insights with participants in over 10 events.

Fostering I&T collaboration

The Chinese Academy of Sciences will set up two research centers in Hong Kong Science Park, the first such research facilities in Hong Kong. The city’s Innovation & Technology Bureau and the national Ministry of Science & Technology will sign a cooperation agreement to promote science and technology and a Bay Area academician alliance will be set up to encourage more cooperation. These were among the new measures unveiled at the first plenary meeting for the development of Guangdong-Hong Kong-Macao Greater Bay Area to foster the development of an I&T hub.

Rankings

Hong Kong leaps 10 spots in liveability

Hong Kong climbed 10 spots to 35th place in the latest global liveability rankings, and is one of the top 3 Asian liveable cities, after Osaka and Tokyo. According to the index compiled by The Economist Intelligence Unit, the improved ranking is attributed to a drop in social unrest, as well as better performance in cultural and environmental issues. The survey of 140 cities worldwide takes into account factors such as stability, culture and environment, education, health care and infrastructure.

HKETONY Events

Two Hong Kong films to have Chicago premieres

Two Hong Kong movies will have their Chicago premieres at the 7th Asian Pop-Up Cinema in October. "The Concerto of the Bully" and "When Sun Meets Moon" will be presented in a double-feature Centerpiece, sponsored by HKETONY, on Oct 2 and 3 respectively. Director Fung Chih-chiang, and art director Chet Chan of "The Concerto of the Bully" will meet the Chicago audience at the Oct 2 screening. “Ritoma”, the latest documentary by Oscar-winning Hong Kong filmmaker Ruby Yang, will also have its Midwest premiere at the festival.

Dragons roar despite rain

More than 2,500 athletes from 200 teams braved the inclement weather and took to the waters in Flushing Meadow Corona Park, vying for top prizes at the Hong Kong Dragon Boat Festival in New York (Aug 11-12). Director of HKETONY Joanne Chu, joined by other distinguished guests, officiated at the eye-dotting ceremony. Spectators enjoyed the freshly curated arts and cultural performances that added a strong traditional Chinese flavor as well as diversity. For 14 years in a row, DCH Dragon Boat teams have clinched most of the major prizes in the races.

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: Is Hong Kong still a free port and a separate customs territory?

A: Ships of all nations regularly call into Hong Kong which is virtually a duty-free port. The HKSAR, using the name “Hong Kong, China”, is a member in its own right of the World Trade Organisation and the World Customs Organisation. Hong Kong remains a separate customs territory, and the boundary between the Mainland and the HKSAR is clearly delineated and properly managed. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by Hong Kong. (BL Articles 114; 116; 126)

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