June 17 - 23, 2019

LAW & ORDER

Appeals for peaceful and rational actions

The Hong Kong Government appealed (Jun 21) to protesters to act peacefully and rationally, and to take into account the needs of other members of the public when expressing their opinions. A spokesman reiterated that the Government had put a stop to the legislative exercise relating to the Fugitive Offenders Ordinance. The current term of the Legislative Council will end in July next year, after which the Bill will lapse.

BUSINESS & FINANCE

Staying vigilant amid market uncertainties

Chief Executive of Hong Kong Monetary Authority Norman Chan cautioned (Jun 20) the public to remain vigilant amid the increasing uncertainties in the US economic outlook. He said future direction of fund flows has become more uncertain in view of the increased uncertainties in the US Federal Reserve’s monetary policy direction.

RMB sovereign bonds issued

Welcoming the Ministry of Finance’s plan to issue RMB 5 billion in sovereign bonds in Hong Kong, Financial Secretary Paul Chan said (Jun 17) this demonstrates clearly the Central Government’s support in reinforcing the city’s status as the global offshore RMB business hub, and is conducive to the development of the bond market in Hong Kong. This marked the 11th consecutive year the ministry has circulated RMB sovereign bonds in Hong Kong.

HKETONY EVENTS

Hong Kong films to premiere at film festival

New York film aficionados will have the chance to watch the best of Hong Kong films at the 18th New York Asian Film Festival (Jun 28 – Jul 14). “Hong Kong Panorama” returns with a bountiful and diverse 10 feature films, ranging from stellar martial arts films to compassionate drama. The lineup includes an international premiere, three North American premieres and one New York premiere. This year’s festival also honors Hong Kong’s legendary action choreographer and director Yuen Woo Ping with the Star Asia Lifetime Achievement Award. Come check out the films and meet some of Hong Kong’s best and brightest film talents at the festival!

BELT AND ROAD INITIATIVE

Commissioner for Belt and Road appointed

Denis Yip Shing-fai has been appointed Commissioner for Belt and Road, following an open recruitment exercise. Mr Yip, who will take up the post on June 24, has extensive business management experience and international exposure. He had served in senior positions in a number of large enterprises, including EMC, Digital China Holding Company and Fujian Start Group.

ECONOMY

Key indicators

• Hong Kong’s overall consumer prices rose 2.8% year-on-year in May. The underlying inflation rate edged down slightly to the same level.

• April’s volume of total exports of goods fell 4.2% year-on-year, while the volume of imports dropped 7.2% over the same period.

• The city’s labor market remained tight with unemployment rate remaining at 2.8% in Mar–May 2019, same as that in Feb-Apr 2019. The underemployment rate also stayed unchanged at 1% in the two periods.

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 enjoy executive, legislative and independent judicial powers?

A: Yes. The National People’s Congress authorizes the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication. The Chief Executive heads the HKSAR and the Government of the HKSAR. The Executive Council, consisting of members appointed by the Chief Executive, assists the Chief Executive in policy making. The legislature, which is constituted by election, enacts legislation, while the judiciary exercises judicial power independently free from interference. (BL Articles 2; 16; 17; 19; 43; 54; 55; 66; 68; 73; 85)

For daily updates

This e-mail has been sent to zonia_tsang@hketony.gov.hk, click here to unsubscribe.

Hong Kong Economic and Trade Office, New York

115 East 54 Street 10022 New York US