April 22 - 28, 2019

BELT & ROAD INITIATIVE

Major role in Belt and Road Initiative

Hong Kong, as a global financial center, with its market-based financial system, underpinned by the rule of law and internationally aligned regulatory regimes, can play an active role in the Belt and Road Initiative (BRI), said Chief Executive Carrie Lam at the Second Belt and Road Forum for International Cooperation in Beijing (Apr 25). Leading a high-level delegation, Mrs Lam said the city’s free and open economy and strategic geographic location, along with its high degree of autonomy under the “One Country, Two Systems” principle, enable Hong Kong to play a pivotal role in enhancing international and regional cooperation under the BRI.

Secretary for Commerce and Economic Development Edward Yau emphasized that Hong Kong is prepared to work with other economies and can play critical roles in financing, professional services and innovation & technology (I&T). He said Hong Kong can leverage on the city’s diversified network, and make good use of the strength of professional services and embarking further onto I&T development.

Secretary for Justice Teresa Cheng said Hong Kong, with its sound and robust system, coupled with up-to-date and internationally recognized fair arbitration and mediation laws and practice, can make significant contribution to the implementation of the BRI. These include enhancing the system of dispute resolution that straddles across the growing number of cooperation agreements and memorandums of understanding that have been signed.

In tandem with the city’s vision to develop into an international I&T hub and to diversify its economy through I&T, Hong Kong is keen to explore cooperation opportunities which will benefit BRI economies, said Secretary for Innovation and Technology Nicholas Yang.

INNOVATION & TECHNOLOGY

Inaugural Hong Kong Laureate Forum to be held in 2021

The inaugural Hong Kong Laureate Forum will be held in November 2021, bringing together leading distinguished and young scientific leaders from around the world. Chief Executive Carrie Lam said the Forum, leveraging on the homegrown international award, the Shaw Prize, will foster international dialogue and cooperation in scientific research. The Forum has received firm support from esteemed members of the scientific community, including Nobel Laureates and Shaw Prize winners. It is supported by the Shaw Prize Foundation and sponsored by the Lee Shau Kee Foundation.

LAW & ORDER

All views will be heard on the proposed extradition law

The Government would continue to listen to different views in the community and explain in detail to the public and the Legislative Council (LegCo) on the proposed legislative amendments to the Fugitive Offenders & Mutual Legal Assistance in Criminal Matters Legislation (Amendment) Bill 2019, which seek to plug the loopholes in Hong Kong’s overall co-operation mechanism in criminal and juridical assistance matters and at the same time deal with a 2018 Taiwan murder case involving Hong Kong residents. The proposed amendments do not pinpoint any particular jurisdiction. Urging the LegCo Bills Committee to commence scrutinising the Bill as soon as possible, Chief Secretary Matthew Cheung reiterated that all existing human rights and procedural safeguards are in place under the proposal, including the double criminality principle. The executive authority and the court will perform their respective gate-keeping roles in handling surrender requests.

 

Abiding by the law

As a society where the rule of law is upheld, both the Government and the public must respect and strictly abide by the law, said Hong Kong Chief Executive Carrie Lam (Apr 24). She reiterated that the Government fully respects freedom of speech, assembly and the right to take part in public processions, and the Occupy Central case has not affected such rights.

NYETO EVENTS

Award-winning Hong Kong film featured in Chicago

Hong Kong award-winning film “Tracey” had its Chicago premiere as the Closing Night film of the 8th Asian Pop-Up Cinema (Apr 26), with director Jun Li in attendance. Taking part in the question and answer session, Li spoke about his involvement in the movie as a scriptwriter and director and his experience helming his first feature-length film. Nominated for nine awards, “Tracey” won the Best Supporting Actress and Best Supporting Actor prizes at the recent Hong Kong Film Awards. The film was screened in partnership with the Hong Kong Economic and Trade Office in New York.

SPORTS

Sports park construction starts

Hong Kong is one step closer to supporting its elite athletes, promoting community sports, and in attracting major international sports events, with the start of the construction of the Kai Tak Sports Park. Presiding at the groundbreaking ceremony, Chief Executive Carrie Lam said this marked an important milestone in the delivery of the largest multi-purpose sports venue in Hong Kong and represented the Government’s most significant investment in sports infrastructure in recent years.

ECONOMY

Key economic indicators

  • March inflation rose 2.1% year-on-year, with inflation likely to remain moderate in the near term due to easing external price pressures and consolidation in fresh residential rentals.

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 Government have complete control over fiscal and economic policies and safeguard the free movement of goods, assets and capital?

A: The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practices an independent taxation system; keeps its low and simple tax regime; formulates its own monetary and financial policies; safeguards the free flow of capital; maintains the status of a free port; pursues a policy of free trade and protects the free movement of goods, intangible assets and capital. (BL Articles 62; 106-119)

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