New rule for vaccinated travelers |
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Starting June 30, fully-vaccinated Hong Kong residents arriving from lower-risk countries or places, including the US, will be allowed a shortened compulsory quarantine period of seven days at designated quarantine hotels upon arrival in Hong Kong if they test negative for the virus and positive for antibodies. Travelers arriving from extremely high-risk (Group A1) or very high-risk (Group A2) specified places will continue to adhere to prevailing requirement and subject to 21-day compulsory quarantine at designated quarantine hotels, with four nucleic acid tests to be conducted during the period, followed by compulsory testing on the 26th day of arrival at Hong Kong. The Hong Kong Special Administrative Region (HKSAR) Government also plans to allow fully-vaccinated non-Hong Kong residents who have not stayed in Group A1 or Group A2 specified places to enter Hong Kong. Such travelers must comply with the same quarantine and nucleic acid testing requirements as those applicable to Hong Kong residents. This second-phase arrangement is expected to be implemented within July. With no local COVID-19 cases registered for 14 consecutive days, Hong Kong will ease social distancing measures, including increasing the number of participants allowed in group gatherings such as wedding ceremonies and religious activities based on the vaccine bubble concept. To date (Jun 21), more than 3.2 million doses of vaccines have been administered under Hong Kong's vaccination program, with close to 1.3 million people fully vaccinated.
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Hong Kong ranks 7th in World Competitiveness Yearbook 2021 |
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Hong Kong ranks seventh globally in the latest World Competitiveness Yearbook (WCY) 2021 published by the International Institute for Management Development (IMD), compared to fifth last year. Among the four competitiveness factors in WCY 2021, Hong Kong continued to rank top in “Government efficiency” along in sub-factors like “Business legislation”. Hong Kong’s rankings in “International trade”, “Tax policy”, “Finance” and “Management practices” also remained in the top-three positions globally. Noting that the ranking continues to recognize the city’s strengths in various aspects, a government spokesperson said the HKSAR Government is committed to enhancing Hong Kong’s status as international financial, transportation and trade centers and developing Hong Kong into an international innovation and technology hub, an international aviation hub and a green city.
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Regtech Adoption Practice Guide series launches |
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The Hong Kong Monetary Authority (HKMA) launched (Jun 17) a new Regtech Adoption Practice Guide series to provide banks with detailed practical guidance on the implementation of Regtech solutions. Part of the HKMA’s two-year Regtech promotion roadmap announced in November 2020, the HKMA also published the seventh and final issue of the Regtech Watch series which outlines the HKMA’s three-year roadmap to integrate supervisory technology (Suptech) into its processes. Through greater use of Suptech, the HKMA aims to enhance the effectiveness and forward-looking capability of its supervisory processes. The HKMA will host its flagship Regtech event, “Unlocking the Power of Regtech” (Jun 30) to promote Regtech adoption. This virtual event is open to everyone who is interested in the use of Regtech to transform risk management and regulatory compliance.
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ADMINISTRATION & CIVIC AFFAIRS |
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Commitment to reduce carbon intensity |
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Committed to reducing its carbon intensity by 65% to 70% between 2005 and 2030, Hong Kong is making good progress in realizing that target, with carbon intensity in 2018 about 36% lower than in 2005, said Chief Executive Carrie Lam, speaking at the World Cities Summit 2021 (Jun 21). Over the past decade, the HKSAR Government has allocated more than US$6 billion to a wide variety of energy-saving and renewable-energy measures, with the city’s two power companies joining these efforts by investing some US$5 billion in decarbonization projects. Pointing out that Hong Kong would strive to achieve carbon neutrality before 2050, the city will continue to phase out its remaining coal plants, while promoting renewable energy, said Mrs Lam, adding that Hong Kong looks forward to working with other cities in tackling climate change.
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Secretary for Justice attends APEC meeting |
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Secretary for Justice Teresa Cheng attended (Jun 16) the Asia-Pacific Economic Cooperation’s (APEC) virtual Structural Reform Ministerial Meeting to discuss the region’s structural policy response to COVID-19. Ms Cheng said that for economic development to be sustainable, it is important to have a comprehensive legal framework and good regulatory practices conducive to sustainable growth. She also highlighted that Vision 2030 for Rule of Law launched by the Department of Justice last year is an initiative inspired by the United Nations 2030 Agenda for Sustainable Development. The justice chief emphasized that Hong Kong is committed to supporting APEC economies’ sustainable growth and sharing experiences in working as a green finance and deal-making center.
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Hong Kong - An International Arbitration Center |
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According to the Queen Mary University of London and White & Case International Arbitration Survey, the Hong Kong International Arbitration Centre (HKIAC) is the third most preferred arbitral institution. With a unique role as the conduit between China and the rest of the world in terms of business and dispute resolution, Hong Kong is the third most preferred seat in the world. Join arbitration experts at the upcoming webinar (Jun 28) and learn more about Hong Kong as a seat of arbitration and the role of the HKIAC.
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The volume of Hong Kong’s total goods exports increased 19.7% year-on-year in April while the volume of goods imports for the month rose 21%. Goods exports prices increased 4.2% year-on-year for the month, while prices of goods imports increased 4%.
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Unemployment rate in Hong Kong fell to 6% for the period between March and May compared to the previous three-month period. The underemployment rate also dropped to 2.8% during the period. The improvement in the labor market comes amid the economic recovery and receding local pandemic.
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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: Have Hong Kong’s capitalist system and way of life been preserved?
A: The Basic Law provides that the capitalist system and way of life shall remain unchanged. Hong Kong maintains a free and open market economy with a free flow of capital, goods, intangible assets, and a freely convertible currency. People's lifestyle remains the same as before. (BL Articles 5; 112; 115)
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