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NOVEMBER 8 - 14, 2022

EVENT

Immerse in an evening of music and theater in “Hong Kong Journeys” that showcases Hong Kong’s rich cultural diversity. Curated by Hong Kong-born, Grammy Award-nominated composer Angel Lam, the performance on December 2 starts with excerpts of Lam’s theatrical work “Lost Shanghai” inspired by her grandfather. The second half of the program features Hong Kong-inspired chamber music and explores the city’s landscape on a cinematic and sonic musical journey. The concert is a collaboration between Hong Kong and international music talents including harmonica world champion Gordon Lee and violinist Patrick Yim from Hong Kong. Among the pieces to be featured are the world premieres of George Tsz-Kwan Lam’s Postcard and Chad Cannon’s 145 Waterloo Road. Book your tickets now!

BUSINESS AND FINANCE

Hong Kong’s economy contracted in the third quarter as GDP fell by 4.5% from a year earlier. The GDP forecast for 2022 is revised down to -3.2%. Total exports of goods fell by 15.6% year-on-year in the third quarter due to worsened external environment and continued disruptions to cross-boundary land cargo flows. Private consumption expenditure remained unchanged with the improved labor market conditions and the disbursement of consumption vouchers in August. Overall investment expenditure saw a widened fall of 14.3% year-on-year. Looking forward, the markedly deteriorating external environment will continue to pose immense pressure on Hong Kong’s export performance. 

Following the successful conclusion of the three-day Global Financial Leaders’ Investment Summit (Nov 1-3), Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue said the HKMA plans to host the Summit again next year, coinciding with the 30th anniversary of the establishment of the HKMA. “The great turnout of the Summit proves once again our unique status and significance to the global financial system,” said Mr Yue. “Their presence is testament to the high importance they attach to the Hong Kong and Mainland markets, and shows that they are planning their business development here as Hong Kong resumes normalcy.” Over 200 international and regional leaders from around 120 global financial institutions participated in the summit this year, with more than 40 of these institutions represented by their group chairmen or CEOs.

The five-day (Oct 31 – Nov 4) Hong Kong FinTech Week attracted a record high of over 30,000 visitors and over 5 million views online from over 95 economies. It featured over 500 distinguished speakers and over 600 sponsors and exhibitors, and attracted more than 30 international delegations. The return of a full cast of global financial and technology leaders in person to Hong Kong, as well as significant announcements made during the event, reinforced Hong Kong’s continued position as a leading fintech hub of Asia.

LEGAL

Hong Kong Legal Week 2022 (Nov 7 – 11), the annual flagship event of the Department of Justice, concluded successfully with around 8,200 participants from 40 jurisdictions taking part. This highlighted Hong Kong’s close connection with the world with the city fully leveraging the unique advantages of its common law system under “one country, two systems”, and its leading status as the international legal and dispute resolution services center. At the Rule of Law Congress (Nov 11), Financial Secretary Paul Chan said the rule of law in Hong Kong has instilled trust and confidence among financial market participants and investors from all over the world. Chief Justice Andrew Cheung reiterated that Hong Kong is dedicated to safeguarding and maintaining its rule of law, adding that the rule of law is not static and must also develop and evolve to meet the needs of society. 

SPORTS

Registration for the 25th Standard Chartered Hong Kong Marathon, scheduled for February 12, 2023, is now open, with a total enrollment quota of 25,000 local and international runners. Event categories include Full-Marathon, Half-Marathon and 10KM races with all participants set to receive a special 25th Edition Marathon commemorative medal.

BASIC LAW

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Does the HKSAR enjoy executive, legislative and independent judicial powers?

A: Yes. The National People’s Congress 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)