August 3 - 9, 2018

Trade

Multi-pronged strategy to reduce trade war impact

Chief Executive Carrie Lam said at the 150th anniversary of Nam Pak Hong Association (Aug 8) that in response to the increasingly heated China-US trade friction, the Government has taken multi-faceted measures to alleviate the pressure faced by businesses and to explore markets by various funding schemes. They include a special fund to help them tap into the ASEAN markets and support measures for tariff vulnerable exporters. In the longer term, the government will continue to champion free trade and negotiate FTAs with more countries;  and diversify its economy by riding on opportunities in the Belt and Road Initiative as well as in the Guangdong-Hong Kong-Macao Bay Area Development.

Transport

CE vows safety and accountability over MTR troubled project

The Government has taken resolute action to restore public faith in the quality and safety of MTR projects, after revelation of construction problems in the Shatin to Central Link and inconsistent reports filed by the city’s sole rail operator in June and July. Chief Executive Carrie Lam said in a media session (Aug 8) that there would be a full-scale investigation, including that by the Police, into the construction scandal, and relevant parties such as the main contractor and MTR staff, be they incumbent or outgoing, would be held accountable. There would also be a thorough overhaul on the governance structure, projects monitoring system and mechanism of disclosing information transparently. The CEO of the railway corp will leave early before his contract ends while four managers of the troubled project have left immediately.

NYETO Events

First commissioner to ring morning bell

Hong Kong Commissioner to the US Eddie Mak, newly appointed in July, has become the first commissioner to ring the opening bell on Wall Street. In the ceremony to usher in the annual HK Dragon Boat Festival in New York on Aug 6, he was joined by Head of Exchange Traded Products of NYSE Douglas M. Yones, Chairman of the HKDBF-NY Henry Wan, Acting Director of HKETONY Michael Kwan and other festival sponsors.

Dragon boat fad in Meadows Park this weekend

About 200-plus teams will battle it out at  Meadow Lake in Queens at the annual Hong Kong Dragon Boat Festival in New York this weekend (Aug 11 and 12). Sponsored by HKETONY for the 28th year, the festival will also feature an array of music and dance performances showing the multi-cultural diversity and inclusiveness of the city. Some classic Chinese pop songs will be played in the “Hong Kong hour” after the opening ceremony on Aug 11.

Arts & Culture

Music talents bound for US

Violinist Hannah Tam, aged 13, has chosen the renowned Curtis Institute of Music in Philadelphia this fall for a five-year diploma course on a scholarship awarded by The Hong Kong Jockey Club. Another scholarship recipient, 18-year-old James Koo will head to Boston Conservatory to pursue a bachelor’s degree in percussion performance.

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; practices 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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