November 30 - December 6, 2018

INNOVATION & TECHNOLOGY

Robust IP protection as a growing regional hub

Hong Kong will establish an original grant patent system in the coming year to help develop the city into a regional intellectual property and innovation & technology hub, said Chief Executive Carrie Lam at the Business of IP Asia Forum (Dec 6).  She pointed out that in 2017, the number of patent applications in the Guangdong-Hong Kong-Macao Greater Bay Area outpaced the total from the world’s three other renowned bay areas (Tokyo, New York and San Francisco). Hong Kong currently ranks 9 out of 140 economies in IP protection.

Teaming up with Harvard

The University of Hong Kong and Harvard University will set up a joint laboratory on precision medicine, with a focus on medical instrumentation for diagnostics and drug delivery. An MOU was signed on Dec 2. Chief Executive Carrie Lam and US Consul General Kurt W. Tong welcomed the collaboration.

Hong Kong poised to become AI hub

Hong Kong, with its world-class infrastructure, open and efficient market, agile and creative talents, free flow of information, along with its excellent global connectivity,  is well positioned to develop artificial intelligence (AI) and transform itself into a regional AI hub, said Secretary for Innovation & Technology Nicholas Yang at the Hong Kong International Artificial Intelligence Summit (Nov 30). Universities in Hong Kong, as a whole, ranked number three globally in terms of producing the most highly cited and impactful research on AI.

BUSINESS & FINANCE

Strong fiscal position adds to resilience

Hong Kong’s strong fiscal position will help the city withstand economic headwinds while investing in the future, said Financial Secretary Paul Chan at a luncheon for world business executives (Dec 5). Hong Kong has an accumulated surplus of over US$141 billion and about US$76.9 billion in its Exchange Fund.

EDUCATION

University of Chicago unveils Hong Kong campus

Newly opened, the University of Chicago Francis and Rose Yuen Campus will offer the Chicago Booth Executive MBA program and Executive Education non-degree courses for local professionals. The campus in the Mount Davis site will also feature a social innovation program that provides training for NGO practitioners. In the pipeline is a brand new undergraduate “Economics in Hong Kong” program in winter 2020.

ARTS & CULTURE

M+ Museum topped out

The M+ museum building in the West Kowloon Cultural District has topped out, marking the start of a countdown to the museum’s planned opening in 2020. As one of the largest museums of contemporary visual culture in the world, M+ will collect, exhibit, and interpret visual art, design and architecture, moving image, and Hong Kong visual culture of the 20th and 21st centuries.

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 Hong Kong still a free port and a separate customs territory?

A: Ships of all nations regularly call into Hong Kong which is virtually a duty-free port. The HKSAR, using the name "Hong Kong, China", is a member in its own right of the World Trade Organisation and the World Customs Organisation. Hong Kong remains a separate customs territory, and the boundary between the Mainland and the HKSAR is clearly delineated and properly managed. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by Hong Kong. (BL Articles 114; 116; 126)

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Hong Kong Economic and Trade Office, New York

115 East 54 Street 10022 New York US