May 25 - 31, 2018

Trade

Support for multilateral trade

Secretary for Commerce and Economic Development Edward Yau has urged members of the Asia-Pacific Economic Cooperation to support multilateral trade, which is key to sustaining a dynamic and stable international market environment. Speaking at the APEC meeting in Papua New Guinea (May 25-26), he said APEC economies should redouble support for the rule-based multilateral trading system, with the WTO as the nucleus.  

Innovation & Technology

Growing data hub

Hong Kong’s innovation & technology ecosystem will be enhanced with new infrastructure, further cementing the city’s role as the regional data hub, said Secretary for Innovation and Technology Nicholas Yang. Projects in the pipeline include three submarine cables providing direct links to the US and backed by major tech giants such as Google, Facebook and Telstra. Google will open a Google Cloud Platform region in the city this year while Amazon will launch its Amazon Web Service. Tax incentives will also be rolled out to encourage enterprises to conduct more R&D.

Business & Finance

Top investment promotion agency

Invest Hong Kong has been chosen by Site Select Magazine as a  top investment promotion agency in their Best to Invest Top IPA Awards (May 2018), based on a survey of over 1,000 global experts.  IPAs are cited as unsung heroes in economic development, whose work creates jobs and opens new markets. Hong Kong remains one of the top 5 destinations in the world for foreign direct investment inflows. 

Arts & Culture

New heritage and cultural center opens

Hong Kong’s vibrant arts and culture scene is further energized with the opening (May 25) of the Tai Kwun Centre for Heritage and the Arts, after an 8-year, US$500 million revitalization project. Located on the site of a former police station and courthouse in Central, this cultural complex features unique venues for arts programmes and contemporary art exhibitions. Delving into the city’s rich heritage, the inaugural exhibition “100 Faces of Tai Kwun” showcases the storied history of the building, with colorful anecdotes gleamed from interviews with former police officers.  Photo: SCMP

HKETONY Events

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 in US BIO

The HKETONY luncheon talk co-hosted with US BIO (June 5) for US biotech companies and startups has been oversubscribed. Interested companies will have a second chance to find out more about biotech and listing opportunities in Hong Kong, at the HKSTP-HKEX Boston Roadshow (June 6) at Loeb House at Harvard Faculty Club. Free admission and prior registration preferred. Limited seats. 

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: What is the role of the People's Liberation Army in Hong Kong under the Basic Law?

A: The maintenance of public order in the HKSAR is the responsibility of the HKSAR Government. The People's Liberation Army stationed in the HKSAR is responsible for the defence of the HKSAR and does not interfere in the local affairs of the HKSAR. In addition to abiding by national laws, members of the garrison shall abide by the laws of the HKSAR. Expenditure for maintaining these military forces is borne by the CPG. (BL Article 14)

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