March 16 - 22, 2018

Business & Economy

Bright future ahead

Hong Kong is poised to play an active role in the developments of the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area, said Chief Secretary for Administration, Matthew Cheung, at an investment conference (Mar 19). He added that the bountiful new opportunities in such areas as financial services, innovation and technology as well as infrastructure projects, would also provide new impetus for the city’s economic growth and further reinforce Hong Kong’s position as an international financial, transport and trade center.

Innovation & Technology

Commitment to innovation

Hong Kong is committed to building a new model of development, one that is focused on the creation of an enabling environment for business and business innovation, and on the application of innovation and technology to retool pillar industries and spark entirely new ones, said Chief Executive Carrie Lam (Mar 21). The government has allocated more than US$6.4 billion to promote innovation and technology development and unveiled various initiatives to diversity the city’s economy. They included the Hong Kong Smart City Blueprint, the introduction of tax incentives for corporations to increase spending on research and redevelopment, and expanding the use of innovation and technology within the government. 

Ideal biotech hub

Hong Kong is firmly embracing innovation and technology as the engine for future growth, and is committed to investing resources to bolster the areas of biotech, artificial intelligence, smart city and Fintech, where it has the most strength and potential. Speaking at the inaugural HKEX Biotech Summit (Mar 22), Financial Secretary Paul Chan noted that Hong Kong's plethora of financing opportunities, coupled with the talent of its people, and its supportive, business-friendly and innovative culture, all serve to make the city the ideal biotechnology hub. He also highlighted the government led initiatives including the injection of over US$6.4 billion for the city's biotech industry as well as the upcoming launch of the Technology Talent Scheme to recruit the post-doctoral talent.

Environment

WEEE-Park recycling facility opens

Hong Kong’s Waste Electrical and Electronic Equipment Treatment and Recycling Facility (WEEE-Park), which uses advanced technology and equipment to turn electrical and electronic waste into reusable materials, opened at EcoPark in Tuen Mun (Mar 19). Chief Executive Carrie Lam hailed the commissioning of WEEE-Park as a key milestone underlining the government’s commitment to achieving resources recovery and promoting sustainable developments. Hong Kong has made major strides in the construction of waste-to-energy facilities, including the 2016 opening of the first sludge treatment facility T·PARK. The first organic resources recovery center, O∙PARK, will be commissioned later this year while the first food waste pre-treatment facilities is scheduled to open next year.

NYETO Events

HKETONY-ACC fellow starts exchange program

HKETONY-ACC Fellow Otto Li has embarked on his six-month immersive arts and cultural exchange program in New York, sponsored by Hong Kong Economic and Trade Office, New York (HKETONY), in collaboration with the Asian Cultural Council. The fellowship would enable him to undertake research and observation on recent developments in the visual arts in New York and the US as well as connect with other international artists.

Arts

First Phillips gallery in Asia

Catering to the growing demand and appreciation of art and culture in Hong Kong and across Asia, auction house Phillips will open its first Asian gallery space in Hong Kong's art district in Central (Mar 26), with the inaugural selling exhibition "Hong Kong. Spotlight. Now." in the 6,200-square-foot space. The exhibition, held through April 13, features artists such as Yayoi Kusama, Marc Chagall, Keith Haring, and Peter Doig. The new space plays a key role in Phillip's expansion strategy in the region, which has seen an uptick in sales and client activity in the region.

Sports

Three-time world snooker champ

Hong Kong snooker player Ng On-yee is on a roll, scooping up her third championship title in 5 years at the World Women’s Snooker Championship in Malta (Mar 17). Successfully defending her title without dropping a frame, she is the first Asian woman to top the World Ladies Billiards and Snooker (WLBS) rankings, replacing long-time number one Reanne Evans of England in February. Her world title will likely allow her to become a wild card entrant into the qualifying competition for the men's world championship next month.

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. Does the HKSAR enjoy executive, legislative and independent judicial powers?

A: Yes. The NPC authorizes the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication. The Chief Executive heads the HKSAR, and the Executive Council, consisting of members appointed by the Chief Executive, assists the Chief Executive in policy making. The legislature, which is constituted by election, enacts legislation, while the judiciary exercises judicial power independently free from interference. (BL Articles 2; 16; 17; 19; 43; 54; 55; 66; 68; 73; 85)

 

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