View as Webpage

FEBRUARY 14 - 21, 2023

EVENT

The Hong Kong Economic and Trade Office in New York (HKETONY) hosted its spring reception in Atlanta (Feb 15) to welcome the Year of the Rabbit. Speaking at the reception, HKETONY Director Candy Nip said with all quarantine and travel restrictions lifted, “Hong Kong is proud to be back on the international stage, and is ready to welcome visitors from around the world.” Ms Nip highlighted the excitement surrounding the city’s recently launched “Hello Hong Kong” campaign, and introduced various new initiatives to attract global talents and businesses to establish their presence in Hong Kong. More than 200 guests from various sectors in Georgia attended the reception. During her visit to Atlanta, Ms Nip also visited the Advanced Technology Development Center and discussed areas of mutual cooperation between Hong Kong and Atlanta. She also met with the CEO of World Affairs Council of Atlanta Rickey Bevington to update her on the latest developments and business opportunities in Hong Kong.

BUSINESS AND FINANCE

Hong Kong is known for its high level of efficiency, well-established legal system, and excellent connectivity, making it a popular destination for global businesses. Get insights from the leaders of the city’s major international business chambers on what makes Hong Kong a top choice for businesses!

The Financial Action Task Force (FATF) has released its follow-up report on Hong Kong’s anti-money laundering and counter-terrorist financing (AML/CTF) system. The city completed the fourth round of the FATF’s mutual evaluation between 2018 and 2019 and was found to have a compliant and effective system, becoming the first jurisdiction in the Asia-Pacific to achieve such a result. The follow-up report affirmed Hong Kong’s progress in implementing risk-based AML/CTF supervision for most designated non-financial business and professional sectors. Financial Secretary Paul Chan said the Hong Kong Special Administrative Region Government (HKSAR) welcomed the FATF’s recognition of the city’s efforts in strengthening its AML/CTF system.

Hong Kong has made history by successfully issuing a tokenized green bond worth US$102.56 million under the Government Green Bond Program, the first of its kind issued by a government globally. The bond, priced at 4.05% with a tenor of one year, was distributed through four banks and cleared and settled through the Hong Kong Monetary Authority’s Central Moneymarkets Unit. Financial Secretary Paul Chan said Hong Kong has been actively promoting the application of innovative technologies in the financial field, exploring new concepts and technologies to enhance the efficiency, transparency and security of financial transactions. The successful issuance of this tokenized green bond showcases Hong Kong’s expertise in combining the bond market, sustainable finance, and fintech, marking an important milestone in the city’s financial services.

ECONOMY

Hong Kong’s seasonally adjusted unemployment rate declined by 0.1 percentage point to 3.4% in Nov 2022 – Jan 2023. The underemployment rate also fell 0.1 percentage point to 1.4%. With economic activities gradually returning to normal, along with a rebound in inbound tourism alongside the full resumption of normal travel between Hong Kong and the Mainland, labor market conditions in the coming months should further improve.

ADMINISTRATION AND CIVIC AFFAIRS

Starting Mar 4, Hong Kong residents seeking to replace their smart identity card will need to make an appointment at one of four Registration of Persons (ROP) Offices. Bookings for identity card replacement can be made online, via the Immigration Department’s mobile app or by calling the 24-hour hotline at +852-2121-1223. Hong Kong residents who cannot have their identity cards replaced due to their absence can apply for a replacement at an ROP office within 30 days upon their future return to Hong Kong and need not rush back to replace their identity cards. If they return to Hong Kong and stay in Hong Kong for less than 30 days, they will not violate the law for not having their identity cards replaced during that time. The old form of smart identity cards will remain valid. 

BASIC LAW

The Basic Law (BL) is the constitutional document of the 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 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)