July 13 - 19, 2018

Legal

Secretary for Justice promotes Hong Kong as a dispute resolution hub

Hong Kong’s common law system, judicial independence and legal profession are key elements of the city’s robust legal system, providing the bedrock for its development as a commercial and financial hub, said Secretary for Justice Teresa Cheng at a business luncheon co-hosted by the HKETONY and the National Committee on US-China Relations (Jul 16). On her first duty visit to New York since assuming her post, Ms Cheng also spoke on the latest trends in international dispute resolution at a talk hosted by the International Chamber of Commerce and highlighted Hong Kong’s role as a global business and financial center and the importance of the rule of law at a roundtable session at the Asia Society in New York. She also met President of New York City Bar Association Roger Juan Maldonado.

Trade

Concerns over trade dispute

Hong Kong is keeping a very close watch on the trade dispute between China and the US, said Secretary for Commerce and Economic Development Edward Yau. Approximately US$16.6 billion worth of goods could be affected if the US imposes extra tariffs on imports from China. The initial tariff list had affected around 30% of Hong Kong’s re-exports from China to the US, totaling US$10.7 billion. Speaking after a meeting with major chambers of commerce and trade associations (Jul 16), Mr Yau said the Export Credit Insurance Corporation would help provide extra coverage for exporters while some government funds would be made available for smaller firms to ease their financing needs if banks tightened lending requirements.

Finance

New blockchain-based trade finance platform to launch

The Hong Kong Monetary Authority will join forces with seven local banks to launch the city’s first blockchain-based trade finance platform in September. This government-backed platform will increase efficiency and lower costs through the digitization of trade documents, automation of trade finance processes to reduce risks and increasing the financing capability of the banking industry. The technology will be provided by Ping An OneConnect Financial Technology.

Plans for Academy of Finance

An Academy of Finance will be established to reinforce Hong Kong’s competitiveness as an international financial center. The Academy will serve as a center of excellence in financial leadership development and as a center for monetary and financial research. The Academy, which would be launched in mid-2019, would work closely with the government, the financial regulators, the Financial Services Development Council, the financial industry, tertiary institutions and other professional training bodies.

Arts & Culture 

Rare works donated to Hong Kong Museum of Art

Chinese painting and calligraphy artworks from the late Ming and early Qing dynasties, rare treasures well known among the international art and museum community, were among the 355 Chinese painting and calligraphy artworks donated by Chih Lo Lou Art Promotion to the Museum of Art. The collection will be on permanent display in a dedicated “Chih Lo Lou Gallery of Chinese Painting and Calligraphy” when the museum reopens at the end of 2019. The private collection, set up by the late Ho Iu-kwong (1907-2006), is one of the three major private collections of ancient Chinese painting and calligraphy in the city. The donation recognizes the museum's efforts to conserve art treasures and promote historic arts. It also affirms Hong Kong’s leading role as a hub for cultural exchange between the East and the West.

HKETONY Events

Full house for “Men on the Dragon” world premiere

The world premiere of “Men on the Dragon” opened to a full house at New York City’s Lincoln Center as the Centerpiece screening at the New York Asian Film Festival (Jul 13). Screenwriter-director Sunny Chan and actress Jennifer Yu shared with the audience their experience in shooting this first Hong Kong movie revolving around dragon boat racing. Chan said he had applied the concept of car racing in one of the scenes where the dragon boats had to compete, adding that Hong Kong film makers have never stopped being creative and trying out new approaches. “Men on the Dragon” is supported by the Film Development Fund.

Awakening ceremony in Central Park

Director of HKETONY Joanne Chu, joined by New York City Parks Commissioner Mitchell Silver, officiated at the colorful dragon boat awakening ceremony in New York’s Central Park, kicking off festivities for this year’s Hong Kong Dragon Boat Festival in New York. About 200 teams will compete in the largest dragon boat festival in the US on Meadow Lake in Flushing Meadows Corona Park (Aug 11-12). The action-packed weekend will also feature multicultural performances, traditional arts & crafts, and other carnival activities.

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: Are Mainland laws applicable to Hong Kong?

A: Generally speaking, national laws of mainland China are not applied in the HKSAR. Article 18(2), (3) and (4) of the Basic Law provide for application of national laws in the HKSAR. Such national laws as applied in the HKSAR shall be listed in Annex III to the Basic Law. Currently, a total of 12 national laws are so listed in Annex III, all of which concern matters outside the limits of the HKSAR's autonomy. They include national laws on the capital, calendar, national anthem, national flag, national day, national emblem, territorial sea and contiguous zone, exclusive economic zone and continental shelf, nationality, garrisoning, diplomatic and consular privileges and immunities as well as judicial immunity of assets of foreign central banks. (BL Article 18; Annex III)

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