May 5 - 11, 2018

Economy

Highest growth rate in 7 years

Hong Kong’s economy continued to defy gravity, surging by 4.7% in the first quarter of 2018, its best quarterly growth rate since 2011. Strong demand for exports, and high levels of local consumption, coupled with favorable labor market conditions buoyed overall economic health. Quarterly total exports also increased by 5.2% compared to 2017. Private consumption expenditure grew by 8.6%, while overall investment expenditure rose 3.8% for the period. The Hong Kong Government is forecasting GDP growth of 3%-4% in 2018.

Innovation & Technology

Worldwide hunt for IT talent

Overseas holders of STEM degrees from well-recognized universities seeking to work in Hong Kong will soon be able to fast-track their immigration paperwork. Hong Kong will launch the Technology Talent Admission Scheme in June to attract non-local talents to meet the great demand in the innovation and technology sector. The three-year pilot program will initially be open to the over 700 companies at Hong Kong Science and Technology Parks Corporation and Cyberport, with the number of people admitted in the first year capped at 1,000.

Business

Financial Secretary meets ADB President

Financial Secretary Paul Chan has met with President Takehiko Nakao of Asian Development Bank (ADB) in Manila (May 5) and said that Hong Kong is well positioned to become the region’s key services and capital hub. Created in 1966 to foster economic growth and cooperation in the Asia-Pacific region, ADB now encompasses 67 economies from around the world. A member since 1969, Hong Kong has contributed over US$800 million dollars in capital subscription, and has been awarded over US$960 million dollars in procurement contracts from ADB-financed projects.

Volvo Ocean Race

Warm welcome for Scallywag in Newport

Hong Kong Team Sun Hung Kai/Scallywag has arrived to a warm welcome in Newport, Rhode Island (May 8). Since starting Leg 8 of the Volvo Ocean Race in Itajai, Brazil on April 22, the team had shown their commitment and passion as they battled fog, slow winds and an overabundance of seaweed in their 5,700 nautical mile journey from the Southern Hemisphere. They will stay in the only North American stopover for two weeks before setting sail for Cardiff, UK on May 20. 

HKETONY Events

Hong Kong Pavilion opens at VOR Village

HKETONY Director Joanne Chu celebrated the opening of the Volvo Ocean Race Village in Newport, RI with dignitaries such as Governor of Rhode Island, Gina Raimondo, and Mayor of Newport, Henry F. Winthrop on May 8. The festival booth run by HKETONY has also opened with a variety of games and giveaways. There will be lion dances and arts and crafts sessions during the two weekends through May 20. All are welcome and admission to the Village is free.  

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: Can foreign enterprises still participate fully in Hong Kong’s economy?

A: Yes. Hong Kong welcomes and encourages the participation of foreign enterprises, and provides a level playing field for all. There are no foreign exchange controls in Hong Kong and no restrictions on the trading of gold, securities, futures and the like. The Basic Law stipulates that Hong Kong shall maintain the status of a free port, pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital. (BL Articles 112; 114; 115)

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