May 19 - 24, 2018

Rankings

Hong Kong is Asia’s most competitive economy

According to the  International Institute for Management Development’s World Competitive Yearbook 2018, Hong Kong is Asia’s most competitive economy, followed by Singapore and mainland China. On a global scale, Hong Kong came in a close second behind the US. For the fourth consecutive year, Hong Kong maintained the top position in “Government efficiency” and “Business efficiency." In response, Financial Secretary Paul Chan has vowed to  devote substantial resources to innovation and technology, with a view towards improving the city’s infrastructure and ecosystem.

Business

US law firm opens regional office

Seyfarth Shaw has opened its regional office in Hong Kong as part of its expansion plan in the Asia-Pacific region, tapping into the growing demand for cross-border legal services for multinational companies. Invest Hong Kong’s Associate Director-General of Investment Promotion, Dr Jimmy Chiang said Hong Kong, with its strategic location as an international business hub, and independent judiciary and solid and transparent regulatory framework, is the ideal place for Seyfarth Shaw to set up and serve its clients both locally and regionally.

Sports

Volvo Ocean Race Newport a smash success

The only US stopover in the Volvo Ocean Race was a smash success, with over 100,000 visitors joining in on the festivities at the Race Village in Newport, Rhode Island May 8-20. The Hong Kong reception (May 13) extended a warm welcome to the intrepid Hong Kong Scallywag team while the Hong Kong Pavilion introduced over 4,000 sailing fans to the vibrant culture of Asia’s world city.

HKETONY Events

The best of US collegiate rugby

For the third year in a row, HKETONY will sponsor the Penn Mutual Collegiate Rugby Championship (Jun 1-3), at Talen Energy Stadium in Philadelphia. To welcome the 24 men’s teams and 16 women’s teams taking part in the largest college rugby tournament in the world, HKETONY will host a reception on May 31. A Hong Kong festival booth, complete with interactive games and an Instagram competition will be set up on festival grounds on June 2-3.

Asia’s arbitration hub

Learn more about Hong Kong’s critical role in dispute resolution between Chinese and foreign parties at the “Doing Business With China: Why Arbitration Matters” talk on June 5 in NYC. Sarah Grimmer, Secretary General of Hong Kong International Arbitration Centre, will give an update on the latest developments in arbitration. Joining in the breakfast discussion are Jinlin Nan, Partner of Zhong Lun and Timothy Nelson, Partner of Skadden, Arps, Slate, Meagher & Flom. Registration is complimentary and open to all.

Hong Kong at 2018 BIO International Convention

The HKETONY and US BIO will for the first time co-host a luncheon talk targeting US biotech companies and startups looking to expand into Asia. In the luncheon at the 2018 Bio International Convention in Boston (June 5), Michael Chan, Senior Vice President of Hong Kong Exchanges and Clearing, will speak on the new listing regime which enables pre-revenue biotech companies to seek funding through the bourse.

Tourism

World’s first Moana stage show in Hong Kong Disneyland

A Moana-themed stage show, based on the Academy Award nominee, has opened at Hong Kong Disneyland as part of a series of new attractions under an expansion plan. This is the first “Moana” stage production featured at a Disney theme park. Next in line will be an all-new attraction featuring Marvel’s action heroes Ant-Man and The Wasp as well as an immersive “Frozen”-themed area.

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 Chinese the only official language allowed under the Basic Law?

A: No, in addition to Chinese, English is also an official language used by the executive authorities, the legislature and the judiciary of the HKSAR. (BL Article 9)

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