February 16 - 24, 2019

GREATER BAY AREA

Hong Kong to play key role in Greater Bay Area development

Hong Kong, with its unique strengths under the “one country, two systems” principle, will play a pivotal role as an active participant in the development of the Greater Bay Area. The Government’s new roles of “facilitator” and “promoter” would allow everyone in Hong Kong to become “beneficiaries” of the regional development, said Chief Executive Carrie Lam at a symposium  on the Greater Bay Area Outline Development Plan (Feb 22). The Government had actively participated in the drafting process of the comprehensive plan, which would further consolidate Hong Kong’s position as an international finance, transport, maritime, trade, aviation and arbitration center. This would be in tandem with the development of high-end and high-value-added financial, commercial, trading, logistics and professional services along with I&T and emerging industries.

FINANCE

HKMA Chief Executive Norman Chan to retire

The Chief Executive of the Hong Kong Monetary Authority Norman Chan will retire from his post on Oct 1, ending a decade-long tenure helming the institution. Financial Secretary Paul Chan thanked him for his outstanding contributions and dedicated service, noting that he has worked tirelessly to strengthen the city’s monetary and banking systems and promote Hong Kong’s position as an international financial center in Asia. The Financial Secretary will chair a Selection Panel to identify the next Chief Executive of the HKMA. 

NYETO EVENTS

Miami businesses learn to tap Hong Kong’s strategic advantages

A business seminar (Feb 19) featuring senior government officials and business and legal executives on the business opportunities that Hong Kong offers has highlighted the city’s strategic roles and advantages in the Guangdong-Hong Kong-Macao Greater Bay Area. Hong Kong Commissioner for Economic and Trade Affairs, USA, Eddie Mak, said that with Hong Kong’s deepening economic integration with the Mainland, the Bay Area and the Belt and Road Initiative offer enormous potential in trade, investment and commerce for US businesses. The seminar was jointly held by the Hong Kong Economic and Trade Office in New York and Invest Hong Kong, in partnership with the Hong Kong Trade Development Council, the Hong Kong Association of Florida, Swire Properties, Miami-Dade Beacon Council, and Enterprise Florida in Miami for the first time. It was followed by a Chinese New Year reception hosted by HKETONY.

While in Miami, Mr Mak called on Miami-Dade County Mayor Carlos Gimenez, updating him on the latest developments in Hong Kong and exploring future collaborations. He has also met the President of World Trade Center Miami Charlotte Gallogly.

Photo credit: Office of Mayor Carlos Gimenez.

Celebrating Chinese New Year in the Windy City

Hong Kong’s elite squash players, currently in Chicago to compete in the 2018/19 PSA Squash World Championships (Feb 23 - Mar 2), joined some 100 guests in a Chinese New Year reception, hosted by HKETONY, in the Windy City (Feb 21). Welcoming guests, Director of HKETONY Joanne Chu highlighted the work of the office in fostering stronger business and cultural ties with Chicago. One of the focal promotional activities this year is the debut concert of Hong Kong Chinese Orchestra in Chicago’s Millennium Park on August 18.

Opportunities abound in Hong Kong

Earlier in the day (Feb 21), Ms Chu spoke to over 50 students at the University of Chicago on the unlimited career and education opportunities in Hong Kong, amid stronger connectivity and economic integration in the Greater Bay Area. The city also offers great prospects in its vibrant start-up scene and new growth sectors, such as biotechnology, artificial intelligence & robotics technologies, and fintech.

SUMMER INTERNSHIP

Corporate summer internship program launched

Current undergraduate or postgraduate students, with valid Hong Kong Permanent Identity Cards, are invited to apply for summer internship positions with major Hong Kong companies under the Corporate Summer Internship Scheme. Successful applicants will be placed with Mainland and overseas affiliates of these companies in such sectors as financial services, energy, property development and public utilities services. Speaking at the launch ceremony, Chief Secretary Matthew Cheung said the program aims to provide more opportunities for young people to experience the work culture of different places, thereby broadening their horizons. The application deadline is Mar 22.  

PROPERTY

Alert system to protect homeowners

Hong Kong’s Land Registry offers a “Property Alert” service that can help the city’s property owners residing overseas to stay on top of potential issues, such as any repair notices or orders issued by the Building Authority, and identify possible fraudulent activities against the property’s title.

ECONOMY

Key indicators

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: Are Hong Kong people administering Hong Kong with a high degree of autonomy?

A: In accordance with the Constitution of the People’s Republic of China, the National People’s Congress (NPC) enacted the Basic Law, authorizing the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication, in accordance with the Basic Law. The Central People’s Government (CPG) shall be responsible for for the foreign affairs and defense relating to the HKSAR and other matters authorized by the Basic Law. It also authorizes the HKSAR to conduct relevant external affairs on its own in accordance with the Basic Law. We are not required to pay taxes to the CPG. (BL Articles 2; 12-17; 19; 22; 106)

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Hong Kong Economic and Trade Office, New York

115 East 54 Street 10022 New York US