Hong Kong maintains financial ranking |
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Hong Kong maintained third place globally in the latest Global Financial Centres Index published on Mar 24. Among the 119 financial centers assessed in the report, Hong Kong came in third, after New York and London, with an overall rating of 715. Hong Kong remains among the top in various areas of competitiveness, including business environment, human capital, and infrastructure. In a statement, the Hong Kong Special Administrative Region (HKSAR) Government said the report reaffirms the city's status and strengths as a leading global financial center. Despite the persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions, Hong Kong's financial markets, underpinned by its robust and effective regulatory regime, a well-established institutional framework for systemic risk monitoring and the well-functioning Linked Exchange Rate System, have been functioning in an orderly manner with no abnormal signs of capital flow observed.
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Flight-suspension mechanism streamlined |
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With the lifting of flight bans from nine countries including the US on Apr 1, Hong Kong is also streamlining its route-specific flight suspension mechanism, with the flight ban period shortened from 14 to 7 days for any inbound flights bringing three or more passengers who test positive upon arrival. In anticipation of the growing number of returning Hong Kong residents, the Government will increase the supply of designated quarantine hotels to meet the demand, while guarding against the importation of COVID-19 cases. Reopening the border with the Mainland, or securing some form of quarantine-free travel into the Mainland remains a top priority. Reiterating that Hong Kong remains a very attractive global financial center and global and regional aviation hub, and also a very good place to live and work, Chief Executive Carrie Lam said she remains very confident that after the epidemic, Hong Kong will be able to welcome a lot of talents to come.
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Hong Kong cinema shines in Chicago |
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Starting today (Mar 28) through Apr 3, six Hong Kong productions can be seen in the theater and online in the latest spring season of Chicago’s Asian Pop-Up Cinema. Supported by the Hong Kong Economic and Trade Office, New York (HKETONY), the “Hong Kong Cinema” series will feature the documentary “Bamboo Theatre” by Cheuk Cheung, which explores the unique pop-up theaters built with bamboo scaffolding. Other featured titles include Ann Hui’s “Love After Love”, Emily Chan’s “Madalena” and Kearen Pang’s “Mama's Affair”. Rounding up the selection will be a special preview of the drama series “I Swim”, directed by Fung Chih Chiang. HKETONY Director Candy Nip said that the diverse lineup showcases the diversity of Hong Kong cinema, and the versatility of the city’s creative talents. Reserve your tickets now!
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New program of “Tiny Galaxy Concerts @ Wontonmeen” |
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Join Principal Guest Conductor of Hong Kong Sinfonietta (HKS) and violinist Christoph Poppen as he performs German composer Paul Hindesmith’s “Sonata for Violin Solo, Op 31 No 2”, which was composed on a train ride. In the second part of the program, Poppen and HKS Concertmaster James Cuddeford play selections from Hungarian composer Béla Bartók’s “44 Duos for Two Violins”. The program ends with Bach’s Partita No 2 in D minor for Solo Violin, BWV1004: Sarabande.
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Why does the 2022-23 Hong Kong Budget matter to US companies doing business in the city? What are the opportunities for future growth? Learn more at this webinar, organized by the Hong Kong Business Association of the Midwest this Wednesday (Mar 30) at 11:00 AM (CST). Join Director of HKETONY Candy Nip, Director Midwest of Hong Kong Trade Development Council Winchell Cheung, and Multi-National Corporate Banker of Bank of China Patrick Wang, as they discussed more on Hong Kong's future as an international business hub.
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Hong Kong’s pathway to carbon neutrality |
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What are the core strategies Hong Kong is adopting to combat climate change? Hong Kong’s Secretary for the Environment Wong Kam-sing will give an overview of the city’s plans and approach at a webinar co-organized by the Hong Kong Economic and Trade Office in Washington, DC and the Wilson Center’s China Environment Forum (CEF) on Apr 6 at 9 AM (EST). Joining Mr Wong and CEF’s director Dr Jennifer Turner are Hong Kong Monetary Authority executive director Darryl Chan, who will talk about how the international financial center expands its green finance ecosystem, and Professor Becky Loo of University of Hong Kong, who will highlight the opportunities and obstacles for electric vehicles and other green transport approaches in Hong Kong. Click here to register.
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Taking January and February as a whole to neutralize the distortion caused by the difference in timing of the Lunar New Year holidays, the value of Hong Kong’s total exports and imports of goods recorded year-on-year increases, at 10.6% and 8.1%, respectively. A visible trade deficit of US$3.26 billion, equivalent to 3.2% of the value of imports of goods, was recorded in the first two months of 2022.
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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 the laws previously in force in Hong Kong been maintained?
A: The Basic Law provides that laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law, shall be maintained and adopted as laws of the HKSAR, except for any that contravenes the Basic Law, and subject to any amendment by the HKSAR legislature. (BL Articles 8; 18; 160)
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