Belt-Road joint conference held |
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Hong Kong will actively participate in the national strategy of dual circulation development and promote Hong Kong’s diversified economic developments by making the best use of the opportunities provided by the Belt & Road initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development. Speaking at a video conference (Jul 12) with the National Development and Reform Commission, Financial Secretary Paul Chan said the Hong Kong Special Administrative Region (HKSAR) Government will continue to support Hong Kong companies in promoting domestic sales, including assisting them in brand building and moving up in the value chain, with the anticipated growth in demand from the Mainland market in the coming five years. At the meeting, Secretary for Commerce and Economic Development Edward Yau said that the HKSAR Government will make the best use of the city’s international connections and its compliance with international practices to seize Belt & Road opportunities during the 14th Five-Year Plan period. Hong Kong will also strive to expand its international ties and seek early accession to the Regional Comprehensive Economic Partnership. Efforts will be made to explore new markets and promote business matching between Hong Kong enterprises and the Economic & Trade Co-operation Zones located in member states of the Association of Southeast Asian Nations.
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Sale of Goods (UN Convention) Bill to be introduced |
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The HKSAR Government will introduce (Jul 14) the Sale of Goods (UN Convention) Bill into the Legislative Council to implement the United Nations Convention on Contracts for the International Sale of Goods (CISG) in the city. The CISG is an important and widely adopted Convention, with 94 Contracting States as at the end of June 2021. It is a commercial law treaty which provides a set of uniform rules governing contracts for the international sale of goods within its scope, introducing certainty in commercial exchanges and decreasing transaction costs. The benefits of applying the CISG to Hong Kong include the potential to drive GDP and trade growth, preventing Hong Kong businesses from being subject to unfamiliar foreign laws when entering into cross-boundary transactions, improving Hong Kong’s competence in resolving CISG disputes, and providing Hong Kong businesses with an additional choice of law option.
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More than 4.8 million register for Consumption Voucher Scheme |
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As at Jul 11, more than 4.8 million Hong Kong residents have registered for the Consumption Voucher Scheme since registration started. Under the program, eligible Hong Kong permanent residents and new arrivals aged 18 or above and who has not been absent from Hong Kong continuously for the 24 months immediately before Jun 18, 2021, may make an electronic registration through the Consumption Voucher Scheme website. Exemptions include performing overseas duties for a company on a temporary basis, studying abroad, or hospitalized outside Hong Kong. Eligible residents will receive electronic consumption vouchers with a total value of US$641 by installments. The disbursement of the vouchers will encourage the public to spend in local retail, catering and service sectors using the convenient stored value facilities, boosting consumer sentiment and accelerating local economic recovery. The Scheme will also help local small-and-medium merchants explore potential business opportunities by adopting electronic payments. The scheme is open for registration until Aug 14.
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Social distancing maintained
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Hong Kong will maintain most of the social distancing measures currently in place for another 14 days till Jul 21. The current prohibition on group gatherings of more than four people in public places, as well as the mask-wearing requirement remain in force. Beginning Jul 16, all arrivals from Russia into Hong Kong would be subject to a 21-day compulsory quarantine at designated hotels due to the recent rebound of the epidemic situation in Russia and detection of the L452R mutant virus strain among arrivals who have stayed there. To date (Jul 12), close to 4.5 million doses of COVID-19 vaccines have been administered to the public in Hong Kong, with more than 1.8 million people fully vaccinated.
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In-person and virtual screening of Hong Kong films at NYAFF |
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The Hong Kong Economic and Trade Office, New York will partner with the New York Asian Film Festival (NYAFF) and Film at Lincoln Center to stage a free outdoor screening of Hong Kong’s wuxia classic “New Dragon Gate Inn” by Raymond Lee, on Aug 11 at Damrosch Park. This is also a special program to mark the 20th anniversary of the NYAFF. Running from Aug 6-22, this year’s festival will feature 12 diverse Hong Kong films under the Hong Kong Panorama series. Highlights of the series include the in-person screening of “Limbo”, an electrifying brutal thriller by Soi Cheang, and “Zero to Hero”, a film produced by and starring Sandra Ng. Films screening virtually will include “Time” and “Shadows”, two exceptional works by up-and-coming directors in Hong Kong. Tickets for the 20th NYAFF will go on sale at noon on Jul 23. The full lineup is available here.
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Tiny Galaxy Concerts @ Wontonmeen |
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Listen to the performance of “Duo for Violin and Cello” and learn about Hungarian composer Zoltán Kodály, in the online chamber concert series “Tiny Galaxy Concerts @ Wontonmeen”. The series, presented by the Hong Kong Sinfonietta and curated in collaboration with Wontonmeen, a hostel located in the vibrant and historical neighborhood of Sham Shui Po, explores the beauty of chamber music and the sentiments and quintessence of an old Hong Kong. Enter this imaginative and intimate space with musicians from the sinfonietta and experience this precious, mesmerizing, wondrously tiny musical galaxy!
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Hong Kong's foreign currency reserves amounted to US$491.6 billion at end-June 2021, compared with US$494.5 billion the previous month. The total foreign currency reserve assets of US$491.6 billion represent over six times the currency in circulation or about 47 per cent of Hong Kong dollar M3. There were no unsettled foreign exchange contracts at end-June 2021 and end-May 2021.
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Hong Kong and its Basic Law |
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The Basic Law (BL) is the constitutional document of the HKSAR. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems”.
Q: Can Hong Kong conclude and implement agreements with foreign states and regions or international organizations, and participate in international conferences?
A: Hong Kong plays an active role in the international arena and maintains close contact with its international partners. The HKSAR may under the authorization of the CPG conclude certain agreements with foreign states or regions, or may on its own, using the name “Hong Kong, China”, maintain and develop relations and conclude and implement agreements with foreign states and regions and relevant international organizations in the appropriate fields. Since Hong Kong’s return to the Motherland, the HKSAR Government, authorized by the CPG, has concluded about 600 bilateral agreements in accordance with the Basic Law, including air services agreements, visa abolition agreements, free trade agreements, and cultural co-operation agreements etc. In addition, the HKSAR may, as members of delegations of the People’s Republic of China, or in such other capacity as may be permitted by the CPG and the international organization or conference concerned, or using the name “Hong Kong, China”, participate in relevant international organizations and conferences. (BL Articles 96; 133; 151; 152; 155)
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