IMF commends Hong Kong’s robust financial system |
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The International Monetary Fund (IMF) commends Hong Kong’s strong economic recovery and the efforts to safeguard financial stability. The IMF reaffirms Hong Kong’s position as a major international financial center and recognizes that the city’s financial sector, underpinned by robust regulatory and supervisory frameworks, has continued to expand even during the pandemic. The well-functioning Linked Exchange Rate System remains key to safeguarding economic and financial stability. Hong Kong’s macroprudential policies and strong institutional frameworks have provided it with important buffers to cope with economic shocks. Welcoming the IMF’s report, Financial Secretary Paul Chan said the city will remain highly vigilant and monitor the economic situation closely, with a view to maintaining financial stability and fostering balanced, inclusive and sustainable growth.
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Business sentiment remains stable |
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Business sentiment among large Hong Kong enterprises remained stable as compared to three months ago, with hiring sentiment also holding steady in overall terms, according to the Quarterly Business Tendency Survey for the first quarter of 2022. The survey results, largely reflecting the business sentiment in Dec 2021, have yet to fully reflect the impact of the latest wave of local epidemic. While the tightened social distancing measures in response to the local epidemic development will likely weigh on business sentiment of the related sectors in the near term, the latest round of measures under the Anti-epidemic Fund should provide some relief.
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Webinar: Opportunities in Innovation & Technology |
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Don’t miss the webinar “Hong Kong: A World of Opportunities in Innovation & Technology” to be held this Wednesday (Jan 26) at 6 pm (EST) to learn about how you can leverage the opportunities in Hong Kong to expand your tech business. Global heads of innovation and technology of InvestHK, Wendy Chow and Andy Wong, will give an update on the latest development in the city’s technology ecosystem. Nick Cheng, Head of Direct Sales (Hong Kong) at Oracle NetSuite, will also join the webinar to share his perspective from an American cloud computing company.
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Hong Kong is fully committed to judicial independence |
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A ceremonial opening was held today (Jan 24) to mark the new legal year in Hong Kong. Delivering opening remarks, Chief Justice Andrew Cheung said judicial independence in Hong Kong exists as a fact, adding that criticisms of court decisions without first ascertaining the facts in a case or reading and understanding the reasons for the court’s decision are as meaningless as they are hollow as is any unsubstantiated doubt over the court’s independence. He reiterated that Hong Kong judiciary is fully committed to maintaining an independent, impartial and efficient judicial system which upholds the rule of law and safeguards the rights and freedoms of everyone in Hong Kong in accordance with the law. Also speaking at the opening, Secretary for Justice Teresa Cheng said the rule of law, and with it the common law, remains the cornerstone of Hong Kong’s status as an international financial center and an international legal and dispute resolution hub, underpinning the city’s capitalist system and way of life.
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Performing at museum by Ensemble Transcience |
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Escape from the hustle and bustle of city life! Slow down, unwind and feel refreshed as you immersed in the relaxing music of the Ensemble Transience led by jazz guitarist Teriver Cheung at Oi!, an art space at Oil Street in Hong Kong. Located in a historic building, Oi! is a platform to nurture young artists, promote community art and fuel collaboration and creation in contemporary art and culture. Enjoy the soothing melody!
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Overall consumer prices in Dec 2021 rose by 2.4% year-on-year, larger than the corresponding 1.8% increase in Nov 2021. For 2021 as a whole, the underlying consumer price inflation rate averaged 0.6%.
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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: Has there been any interference in the independence of the Judiciary?
A: No. Hong Kong's robust and respected court system exercises judicial power independently, free from any interference. The power of final adjudication is vested in the Court of Final Appeal of the HKSAR, which may as required invite judges from other common law jurisdictions to sit on the Court of Final Appeal. The principle of trial by jury previously practiced in Hong Kong is maintained. (BL Articles 2; 19; 81; 82; 85; 86)
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