June 3 - 9, 2019

ECONOMY AND TRADE

Boosting trade and business ties

Secretary for Commerce & Economic Development Edward Yau will visit the United States (June 10 – 14), making stops in New York and Washington DC, to forge stronger trade and economic ties. Starting his visit in New York (Jun 10), he will meet key interlocutors in the financial, business, legal and academic sectors at a roundtable breakfast meeting, before proceeding to the US capital. In Washington DC, he will meet government officials, congressional members, business leaders and representatives of think tanks.

Multi-pronged approach adopted amid trade tensions

Amid the China-US trade dispute, the Government will continue to adopt a multi-pronged strategy to explore more opportunities for Hong Kong, leveraging on the city’s unique advantages under the “one country, two systems,” said Chief Executive Carrie Lam (Jun 4). Hong Kong will actively attract foreign investors to the city and leverage on the opportunities brought by the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area Development.

Global trade and investment key to growth and development

Pointing out that trade war do not yield winner, Financial Secretary Paul Chan said the surge in trade protectionism posed a major threat to the global economy. Speaking at a session of the St. Petersburg International Economic Forum (Jun 6), he said international trade and investment were key to global economic growth and development. Hong Kong, as the world’s leading financial center, stands ready to promote investment and trade flows between China and other countries as well as assisting China to open up and pursue further reforms.

LAW & ORDER

Government respects different views in an open society

In response to a public procession on the extradition bill, the Hong Kong SAR Government said (Jun 9) it acknowledged and respected the different views of the public in a free, open and pluralistic society, and that it would continue to engage, listen and allay concerns through calm and rational discussion. The procession was an example of Hong Kong people exercising their freedom of expression within their rights as enshrined in the Basic Law and the Hong Kong Bill of Rights Ordinance. The Government has listened attentively to views expressed and responded to suggestions made by adding amendments that have provided additional safeguards. These had been welcomed by stakeholders and have effectively allayed most of those earlier concerns. The second reading debate on the extradition bill will resume on June 12.

Government addresses concerns raised by AmCham

Responding to questions from the American Chamber of Commerce in Hong Kong (AmCham), the Government reiterated (Jun 3) that extensive human rights and procedural safeguards are in place to protect the rights of fugitive suspects, adding that the Government would spare no efforts to protect Hong Kong’s core values, including the rule of law, independent judiciary as well as freedom of speech, press, and assembly. The administration will continue its efforts to reach out to all stakeholders, including the international business community, to explain the proposed amendments, listen to their views, clarify any misunderstanding and address any concerns.

Fighting crime through cross-border judicial cooperation

As a highly connected international business and financial center, Hong Kong has always been an active and responsible player in the international fight against crime, through proactive enforcement and judicial cooperation across borders, wrote Secretary for Justice Teresa Cheng (Jun 7). Under the principle of “one country, two systems”, Hong Kong is allowed to establish its own regime of reciprocal juridical assistance with other jurisdictions. Noting that such a framework provides the appropriate safeguards for the fugitive offenders, and is applicable to all the jurisdictions in the world, Ms Cheng sincerely hoped the city is now moving in this direction.

HKETONY EVENTS

First duty visit to Philadelphia

In his first duty visit to Philadelphia (Jun 3), Hong Kong Commissioner to the US Eddie Mak called on Philadelphia Mayor Jim Kenney, updating him on the latest developments in Hong Kong and discussed potential collaborations between the two cities. Accompanied by Director of Hong Kong Economic and Trade Office, New York, Joanne Chu, the Commissioner also met with officials at the Pennsylvania Department of Community and Economic Development and the University of Pennsylvania to learn about the economic and education landscape of the state.

Strengths and opportunities in biotech sector

The Hong Kong Economic and Trade Office, New York (HKETONY) organized a roundtable luncheon at the BIO International Convention in Philadelphia (Jun 4) to promote opportunities and strengths in Hong Kong’s biotechnology development, and to encourage US biotechnology businesses to leverage the city’s advantages to grow. Speakers included the Senior Vice President of the Markets Division at the Hong Kong Exchanges and Clearing Limited Michael Chan; Director of the BioMedical Technology Cluster of Hong Kong Science and Technology Parks Corporation Prof. Cesar Wong; the Chairman of the Hong Kong Biotechnology Organization, Prof. Albert Yu; Director of the Hong Kong Trade Development Council in New York Anna Fan; and Associate Director-General of Invest Hong Kong Charles Ng. They highlighted Hong Kong’s booming biotechnology ecosystem including listing and fund-raising opportunities, and the latest developments in the biotechnology and biomedical landscape in the city.

Director of the HKETONY Joanne Chu said Hong Kong’s appeal as a biotechnology hub continues to gain traction, with the introduction of new measures and investment by the Government. In addition, the Guangdong-Hong Kong-Macao Greater Bay Area development will bring further opportunities for the biotechnology industry in the region. At the convention, Ms Chu met New Jersey Governor Phil Murphy and updated him on the latest biotech developments in the city.

Director promotes Hong Kong’s advantages in Philadelphia

During her visit to Philadelphia, Director of HKETONY Joanne Chu briefed members of the World Trade Center of Greater Philadelphia on the latest developments in Hong Kong, and on opportunities arising from the development of the Guangdong-Hong Kong-Macao Greater Bay Area at a breakfast presentation. Associate Director-General of Invest Hong Kong Charles Ng was also on hand to speak on how his team could help Philadelphia businesses to set up and grow in Hong Kong.

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: What is the role of the People's Liberation Army in Hong Kong under the Basic Law?

A: The maintenance of public order in the HKSAR is the responsibility of the HKSAR Government. The People's Liberation Army stationed in the HKSAR is responsible for the defense of the HKSAR and does not interfere in the local affairs of the HKSAR. In addition to abiding by national laws, members of the garrison shall abide by the laws of the HKSAR. Expenditure for maintaining these military forces is borne by the CPG. (BL Article 14)

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