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AUGUST 8 - 14, 2023

EVENT

The annual Hong Kong Dragon Boat Festival in New York, an iconic event on New York’s summer calendar, returns on Aug 12-13, filling the Meadow Lake of the Flushing Meadows Corona Park with heightened excitement and exhilaration as some 180 teams and over 1,500 paddlers competed in dragon boat races. As the founder and supporter of the Festival for over three decades, the Hong Kong Economic and Trade Office in New York (HKETONY) was proud to join hands with other enthusiasts in presenting this extravaganza to the New York community. Speaking at the opening ceremony, the Director of the HKETONY Candy Nip, said, “Dragon boat racing resembles a passionate quest for vigor, stamina, team spirit and harmony. These are also traits shared by Hong Kongers and New Yorkers alike.” The opening ceremony of the Festival was attended by, among others, the Mayor of New York City Eric Adams; Queens Borough President Donovan Richards, and New York City Comptroller Brad Lander. The HKETONY's dragon boat team - Dragon Riders - won a record 10 trophies at this year's festival, including gold in the “Hello Hong Kong Invitational” race, sponsored by the Hong Kong Tourism Board to welcome US visitors back to the city. 

ECONOMY

Led by inbound tourism and private consumption, Hong Kong’s economy continued to recover in the second quarter of 2023, with real GDP increasing by 1.5% year-on-year, amid a softened momentum of recover on the back of the strong rebound in the preceding quarter, according to the latest Half-Yearly Economic Report 2023. Inbound tourism and private consumption will remain the major drivers of economic growth for the rest of the year, with visitor arrivals rising further with the continued recovery of transportation and handling capacity. Taking into account the actual outturn in the first half and all preceding factors, real GDP growth forecast 2023 as a whole is revised to 4-5% from 3.5-5.5% in the May review.

ENVIRONMENT

Secretary for Environment & Ecology Tse Chin-wan will attend an Asia-Pacific Economic Cooperation (APEC) Energy Ministerial Meeting in Seattle (Aug 15 – 16). At an Aug 15 session, Mr Tse will update APEC member economies on Hong Kong’s strategies and work to decarbonise its power sector. During his stay in the US, Mr Tse will also hold bilateral meetings with representatives from other APEC member economies to exchange views on ways of strengthening co-operation on energy matters.

ADMINISTRATION AND CIVIC AFFAIRS

The Hong Kong Special Administrative Region (HKSAR) Government expressed (Aug 10) its strong objection and disapproval of the US measure restricting investment in China and unreasonably targeting Hong Kong that undermine and cause damage to normal trade and investment activities. Noting the close economic interaction between Hong Kong and the US as well as the vast business interests of US businesses in Hong Kong, the HKSAR Government said the unreasonable and restrictive measure on investment seriously violates the principles of market economy and fair competition, undermines international economic and trade order and jeopardizes the economic and business interests of US businesses and the US. It also creates further uncertainties for global economic recovery and growth. The US was the third largest trading partner of Hong Kong in 2022, with trade value amounting to US$64.1 billion. Hong Kong is the 29th largest trading partners of the US. As at end-2021, the US ranked sixth for inward direct investment into Hong Kong with an investment stock of US$45.6 billion. The US also ranked ninth for outward direct investment from Hong Kong with an investment stock of US$17.8 billion. 

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: 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)