April 29 - May 5, 2019

NYETO EVENTS

First visit to Tar Heel State

In her first duty visit to North Carolina (Apr 30), Director of Hong Kong Economic and Trade Office, New York, Joanne Chu, met key officials and executives, highlighting Hong Kong’s latest economic and innovation & technology developments and opportunities in the Greater Bay Area. During her meeting with Secretary of Commerce Anthony M Copeland, Ms Chu discussed strengthening partnerships between the two places. Speaking to business executives at a luncheon, she highlighted how US businesses can leverage on Hong Kong’s advantages to seize on the opportunities in the Greater Bay Area.

FINANCE

Hong Kong to support Asian infrastructure development

As a leading international financial center, Hong Kong strives to play an active role in supporting infrastructure development in Asia, said Secretary for Financial Services and the Treasury James Lau at Asian Development Bank’s (ADB) annual meeting (May 3) in Fiji. Highlighting Hong Kong’s efforts in promoting green bond development, Mr Lau urged ADB members to make use of Hong Kong’s deep financial markets to raise green funding. In his meeting with President of the ADB Takehiko Nakao, Mr Lau thanked the ADB for supporting Hong Kong’s capital markets through the issuance of US$472 million of bonds, including green bonds.

At earlier meetings, Mr Lau introduced major initiatives of the Outline Development Plan of the Guangdong-Hong Kong-Macao Greater Bay Area, adding that he expects to see deeper and broader connections in the capital markets in the area, which will bring more opportunities for financial co-operation. He also briefed attending officials on the city’s strengths in green finance and the adoption of Fintech.

LAW & ORDER

Extradition law scrutiny urged

Chief Executive Carrie Lam said (Apr 30) the Government will listen attentively to lawmakers’ opinions on the proposed amendments to the extradition law and would follow up accordingly if there are good suggestions and practical proposals which would allay public concerns and achieve the two objectives of this legislative exercise. Secretary for Security John Lee urged the Legislative Council to start the process of scrutinizing the bill, and discussing and exchanging opinions with the Government.

ECONOMY

Key economic indicators

  • Hong Kong’s first quarter economy grew 0.5% year-on-year, according to advance estimates (May 2). The moderation in growth was due to weaker global economic performance, along with a slowdown in exports and investments. It also reflected the high base of comparison in the same quarter of last year, when the economy grew strongly by 4.6%.
  • March’s retail sales (May 3) dipped 0.2% year-on-year, to a provisional US$5 billion, due to cautious consumption sentiment and external uncertainties.

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 a free port and a separate customs territory?

A: The HKSAR is a separate customs territory. The HKSAR, using the name “Hong Kong, China”, is a member in its own right of the World Trade Organization and the World Customs Organization. Ships of all nations enjoy access to the ports of the HKSAR, which is a free port, in accordance with the laws of the Region. 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)

For daily updates

This e-mail has been sent to , click here to unsubscribe.

Hong Kong Economic and Trade Office, New York

115 East 54 Street 10022 New York US