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AUGUST 29 - SEPTEMBER 5, 2023

BUSINESS AND FINANCE

A new batch of retail green bonds under the Government Green Bond Programme for Hong Kong residents’ subscription will be issued at a denomination of US$1,282. Financial Secretary Paul Chan said the issuance of a new batch of retail green bonds will further facilitate market development and at the same time promote financial inclusiveness. Elaborating on the details of the bond sale (Sep 5), Secretary for Financial Services & the Treasury Christopher Hui noted the proceeds of Government green bonds will be credited to the Capital Works Reserve Fund to finance or refinance green projects with environmental benefits. The target issue size of the retail green bond is US$1.92 billion. The bonds will be issued on Oct 10 and listed on the Hong Kong Stock Exchange the next day. According to the Green Bond Report 2023 released on Aug 31, Hong Kong has issued green bonds totaling close to US$22 billion in value to fund green projects in the city.

Hong Kong signed a comprehensive avoidance of double taxation agreement with Bangladesh, which sets out the allocation of taxing rights between the two jurisdictions and will help investors better assess their potential tax liabilities from cross-border economic activities. This is the 47th such agreement Hong Kong has concluded and will come into force after the completion of ratification procedures by both jurisdictions.

Over 350 local and overseas participants, including representatives from regulatory authorities, treasury market practitioners, asset managers as well as executives and professionals from the banking, finance and corporate sectors learned more about offshore Renminbi development opportunities, global economic outlook in a new era, and stablecoins at the Treasury Markets Summit 2023 (Sep 4), jointly organized by the Hong Kong Monetary Authority (HKMA) and the Treasury Markets Association (TMA), in Hong Kong. In his keynote address, the Chief Executive of the HKMA Eddie Yue, highlighted Hong Kong's treasury market development in the past year and spoke on the ongoing efforts and opportunities ahead to enhancing Hong Kong's position as an international financial center.

Hear firsthand from regulators about the opportunities in Web3 and virtual assets in Hong Kong at a webinar, to be held on Oct 4 (7 – 8 PM, EDT). Officials from the Financial Services and Treasury Bureau, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority, will lead the discussion on the policy direction of Web3 and virtual assets, the new licensing regime for centralized virtual assets trading platforms and the proposed regulatory regime for stablecoin. Register now.

ENTERTAINMENT

A series of great news have been received by the Hong Kong entertainment industry. Multiple award-winning actor Tony Leung Chiu-wai received (Sep 2) the Golden Lions for Lifetime Achievement in the 80th Venice International Film Festival, making him the first Chinese actor to receive this honor. In his acceptance speech, Leung paid tribute to Hong Kong, its movie industry and Hong Kong cinema. Later this month, on Sep 15, Toronto International Film Festival will present multi-hyphenate artist Andy Lau with a Special Tribute Award. In October, Busan International Film Festival will present legendary actor Chow Yun-fat with the Asian Filmmaker of the Year award, which is granted to Asian filmmakers who have made significant contributions to the advancement of the Asian film industry and culture.

Photo Credit: LA BIENNALE DI VENEZIA

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: 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 Central People’s Government (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 or on its own, 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)