July 8 - 14, 2019


Forging closer financial cooperation

Financial Secretary Paul Chan met with the Minister of Finance of Luxembourg Pierre Gramegna, to forge closer bilateral co-operation (Jul 11). Mr Chan pointed out that as one of the leading international wealth and asset management centers in Asia, Hong Kong welcomes more offshore funds to expand business in the city. The agreement with Luxembourg on mutual recognition of funds arrangements has boosted the development of the fund industry in both places. The Financial Secretary also called on the Prime Minister of Luxembourg Xavier Bettel (Jul 12).

During a visit to the Luxembourg House of Financial Technology (LHoFt), Mr Chan introduced the latest development of fintech in Hong Kong to over 100 fintech entrepreneurs, angel investors and executives. Pointing out that fintech companies in Hong Kong have raised over US$1.1 billion over the past five years, Mr Chan encouraged LHoFt to go to Hong Kong to help promote the city's fintech development.

Attending the annual meeting of the Asian Infrastructure Investment Bank in Luxembourg (Jul 12-13), Mr Chan said the Hong Kong SAR Government will continue to encourage the Mainland and other Belt and Road economies to leverage Hong Kong’s strengths. The Infrastructure Financing Facilitation Office under the Hong Kong Monetary Authority will remain committed in promoting financing and investments of infrastructure projects.

Hong Kong – Chile pact in effect

The Investment Agreement between Hong Kong and Chile entered into force (Jul 14), bringing the total number of investment agreements in force between Hong Kong and foreign economies to 20. Under the Agreement, both sides would undertake to provide investors of the other side with protections, facilitate investment flows between Hong Kong and Chile, and complement the existing Free Trade Agreement in strengthening the economic and trade ties between the two places. Hong Kong has so far signed 21 investment agreements with 30 foreign economies. All these investment agreements, except for the one with the United Arab Emirates, have entered into force.


New film talents shine in New York

The winners of Hong Kong’s 3rd First Feature Film Initiative – “G Affairs” and “Still Human” had their respective North American and New York premieres at the New York Asian Film Festival (NYAFF). “G Affairs” is an impressive debut by new director Lee Cheuk Pan, who along with his cast members Hanna Chan and Kyle Li, attended the NYAFF (Jul 9) and shared how they had prepared to make this experimental crime drama.

Representing “Still Human” at the festival, actress Crisel Consunji met with New York audience (Jul 14) and spoke on her film debut, preparing for her role in this heart-warming drama, and how the film was received in Hong Kong and other places. Consunji won the “Best New Performer” award at the recent Hong Kong Film Awards for her role in “Still Human”.

(Photo credits: Brent Clarke/NYAFF)

Dragon awakens for 29th edition of dragon boat festival

An “Awakening the Dragon” ceremony was held (Jul 11) in New York City’s Bryant Park to launch the much anticipated 29th Hong Kong Dragon Boat Festival in New York – the largest festival of its kind in the US. Officiating at the ceremony, Director of HKETONY Joanne Chu said the festival, a highlighted event on New York City’s summer calendar, continues to foster sporting ties between Hong Kong and New York City. This year’s Festival will see more than 200 teams vying for championship titles on Aug 3-4 at Flushing Meadows Corona Park.


Stunning set design by Oscar winner Tim Yip for US premiere

American audience will have a visual feast at the US premiere of dance-theater “Under Siege”, featuring stunning visual set design of Oscar-winning Hong Kong costumer and set director Tim Yip (“Crouching Tiger, Hidden Dragon”). “Under Siege”, which explores war and power, betrayal and passion during the historic battle between the Chu and Han kingdoms, by choreographer Yang Liping will be the closing program of Lincoln Center’s Mostly Mozart Festival this year(Aug 8-10).

Museum Summit to be held in November

The second Museum Summit, organized in partnership with the British Museum, will be held Nov 28-29 at the Hong Kong Convention & Exhibition Center. The Summit coincides with the reopening of the Hong Kong Museum of Art, following its extensive renovation. Themed “Formation and Transformation”, the Summit will feature over 30 speakers from prestigious players in the field, who are set to share their expert experience and innovative ideas on nowadays museum development and transformation across the world. They include Jay A. Levenson, director of international programs at New York’s Museum of Modern Art and Ruth Berson, deputy director of curatorial affairs at San Francisco Museum of Modern Art.


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 Mainland laws applicable to Hong Kong?

A: Generally speaking, national laws of the Mainland China are not applied in the HKSAR. Article 18(2), (3) and (4) of the Basic Law provide for application of national laws in the HKSAR. Such national laws as applied in the HKSAR shall be listed in Annex III to the Basic Law. Currently, a total of 13 national laws are so listed in Annex III, all of which concern matters outside the limits of the HKSAR's autonomy. They include national laws on the capital, calendar, national anthem, national flag, national day, national emblem, territorial sea and contiguous zone, exclusive economic zone and continental shelf, nationality, garrisoning, diplomatic and consular privileges and immunities as well as judicial immunity of assets of foreign central banks. (BL Article 18; Annex III)

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