June 9 - 14, 2018

Belt and Road Initiative

First BRI Joint Conference

The first Belt and Road Joint Conference of high level officials of Hong Kong and mainland China has been held in Beijing (Jun 12), with the aim of mapping out a strategy to promote HK’s full participation in the initiative and the work priorities for the year ahead. The central ministries endeavored to deepen cooperation in the areas of finance and investment, legal and dispute resolution services, construction, project interfacing, and investment promotion. Green finance and insurance services, ways to encourage Mainland enterprises to use Hong Kong as a global base, as well as strengthening collaboration in project interfacing were also discussed.  The joint conference will be held annually.

Rule of Law

Court sentencing based on law, not politics

Politicizing the jail sentence handed to Edward Leung will only harm the rule of law and taint the reputation of the judiciary, said Chief Executive Carrie Lam before attending regular cabinet meeting (Jun 12). Lam reiterated that court decisions are based on law and evidence, not politics.  She welcomed the expression of opposing viewpoints, but warned against critics branding unfavorable rulings as political, calling the accusations unfounded and harmful to the reputation of the judiciary. Convicted of rioting and assaulting police officers during the 2016 Mong Kok unrest, Leung was sentenced to six years in prison (Jun 11).

Finance

Fostering green finance growth

Hong Kong is fully committed to developing the green bond market, said Financial Secretary Paul Chan (Jun 14). Government green bonds will soon be issued with a borrowing ceiling of US$13 billion. The first local Green Finance Certification Scheme launched since Jan 2018 has already met with a favorable market response. Government backed programs such as the Green Bond Grand Scheme, and the Pilot Bond Grand Scheme, provide financial incentives and subsidies to bond issuers.   

Innovation & Technology

RIT grad named new Science Park head

Dr Sunny Chai has been appointed the Chairman of the Board of Directors of the Hong Kong Science and Technology Parks Corporation (Jun 14). Chai, a seasoned industrialist, is a pioneer in applying innovative technology such as artificial intelligence to sales and manufacturing. He graduated from the US Rochester Institute of Technology, and earned his doctorate in engineering from City University of Hong Kong, specializing in system engineering and management.  He will assume office on July 1. 

Arts & Culture

Support for creative industries

The Hong Kong Government is committed to supporting startups, entrepreneurs and the creative industries, said Financial Secretary Paul Chan on a visit to Sham Shui Po District (Jun 13). Government backed projects such as the D2 Place in Lai Chi Kok transforms industrial buildings to commercial use, while organizations such as the Jockey Club Creative Arts Centre provide studios and performance venues for artists. Programs such as the CreateSmart Initiative nurture young talent and promote diversified career opportunities in the creative field.

HKETONY News

Hong Kong films debut at NYAFF

Nine Hong Kong films, including two world premieres, one North American premiere, and three New York premieres, will be featured at the 2018 New York Asian Film Festival in Walter Reade Theater at Lincoln Center from June 30 to July 12. The two world premieres are Sunny Chan’s directorial debut “Men on the Dragon” (pictured) and Antony Chan’s comeback “House of the Rising Sons.” HKETONY Director Joanne Chu said the slate of movies highlighted the depth of film talent in the territory and underscored the government’s efforts to nurture film talent and promote film development.

Boston Dragon Boat Festival a roaring success

Attending her first Hong Kong Dragon Boat Festival in Boston since assuming the post last August, HKETONY Director Joanne Chu thanked the organizers for their dedicated efforts and congratulated them for a successful event. A record 74 teams battled head-to-head in a two-day racing fixture (Jun 9-10). Next up is the Chicago Dragon Boat Festival on June 23.

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 Hong Kong people administering Hong Kong with a high degree of autonomy?

A: The National People’s Congress (NPC) authorizes the Hong Kong Special Administrative Region to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication, in accordance with the Basic Law. Except for defense, foreign affairs and other matters for which the Central Authorities are responsible under the Basic Law, Hong Kong people are administering our affairs within our autonomy under the Basic Law. We are not even required to pay taxes to the Central People’s Government (CPG). (Basic Law (BL) Articles 2; 12-17; 19; 22; 106)

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