March 4 - 10, 2019

FINANCE

Hong Kong set for rewarding future

Asset and wealth managed in Hong Kong hit a new high of US$3.1 trillion in 2017, with 66% coming from external investors, a testament of the city’s attractiveness to international investors as Asia’s premier asset and wealth management hub. Speaking at an investment forum (Mar 7), Financial Secretary Paul Chan said the government is taking steps to leverage opportunities arising from the Greater Bay Area to develop high value-added financial and professional services.

Nurturing fintech talents

The University of Hong Kong (HKU) and Tencent Finance Academy will team up to cultivate local fintech talent and collaborate on fintech R&D projects. Under this business-education partnership, HKU will launch a fintech course in September and its students will have internship opportunities at Tencent. Witnessing the MoU signing (Mar 6), Financial Secretary Paul Chan said this will further enhance Hong Kong’s position in fintech.

WOMEN’S POLICY

Making strides to empower women

Hong Kong has made good progress in implementing initiatives and policies to enhance women’s rights, said Chief Executive Carrie Lam (Mar 8). The Government will introduce legislative amendments to enhance maternity leave from 10 weeks to 14 weeks by the end of 2019. The statutory paternity leave, which has been increased from 3 to 5 days, came into effect on Jan 18. Legislative amendments to prohibit direct and indirect discrimination on the ground of breastfeeding have been introduced to the Legislative Council. The government is also working to implement the various measures to enhance child care services.

NYETO EVENTS

Initiatives to diversify economy highlighted

Director of Hong Kong Economic and Trade Office in New York (HKETONY) Joanne Chu highlighted the latest initiatives to diversify Hong Kong's economy, especially in financial services and I&T at a breakfast discussion (Mar 7), organized by the Hong Kong Association of New York. She also spoke about the abundant opportunities for American firms in the Hong Kong-Guangdong-Macao Greater Bay Area and the pivotal role Hong Kong plays as an international financial, trade and logistics hub and as the regional arbitration and disputes resolution center. HSBC's US Economist Ryan Wong gave a presentation on US economic outlook during the breakfast session.

HKETONY hosts Hong Kong tertiary students

Some 30 Hong Kong students from universities in the Greater New York area gathered at HKETONY (Mar 8) to share their experience studying and living abroad. Director of HKETONY Joanne Chu introduced to them to the work of the office and the 2019 Scheme on Corporate Summer Internship launched by Hong Kong Youth Development Commission.

APPOINTMENTS

Mary Ma appointed to HKEX Board

The Hong Kong SAR Government has appointed Mary Ma and reappointed Anita Fung and Rafael Gil-Tienda and Stephen Yiu to the board of Hong Kong Exchanges and Clearing (HKEX). They will serve for a term of around two years till 2021. Financial Secretary Paul Chan believed the directors would work closely to further develop of Hong Kong as a capital raising and risk management platform.

ECONOMY

Key indicators

  • Total retail sales in January grew 7.1% year-on-year to a provisional US$6.1 billion.
     
  • Port cargo in 2018 fell 8.2% to 258.5 million tonnes.

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 NPC 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)

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Hong Kong Economic and Trade Office, New York

115 East 54 Street 10022 New York US