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JULY 11 - 17, 2023

BUSINESS AND FINANCE

Offering her congratulations to the Hong Kong Association of New York (HKANY) on its 35th anniversary (Jul 13), the Director of the Hong Kong Economic and Trade Office in New York (HKETONY) Candy Nip said the HKANY had been active, supportive and constructive in promoting business exchanges and meaningful engagements between Hong Kong and the US over the past 35 years. She pointed out that one out of seven foreign and Mainland companies, which have offices in Hong Kong, were from the US. This highlighted the strong business ties between the two places.

Hong Kong saw a total of 72,588 newly registered local companies during the first half of 2023, bringing the total number of registered local companies to 1,416,643, according to the Companies Registry. Meanwhile, 422 non-Hong Kong companies have newly established a place of business in the city and were registered under the Companies Ordinance, bringing the total number to 14,621 as at the end of June.

ARTS AND CULTURE

Nine stellar Hong Kong films are featured in the Hong Kong Panorama film series at the New York Asian Film Festival (Jul 14 – 30), with four directors in attendance. Cheuk Wan-chi (North American premiere of Vital Signs), Lawrence Kan (North American premiere of In Broad Daylight), Anastasia Tsang (US premiere of A Light Never Goes Out) and Nate Ki (World premiere of Back Home) will meet with the audience at their respective film screenings. Get your tickets and meet the film directors!

TALENT

Some 61,000 out of 100,000 applications to various talent admission programs in Hong Kong were approved as of end-June. Notably, the Top Talent Pass Scheme has had an overwhelming response, with around 26,000 of over 36,000 applications being approved. The Hong Kong Special Administrative Region (HKSAR) Government said it was confident of meeting a target set out in the Policy Address for this year of admitting at least 35,000 outside applicants with an intended duration of stay of at least 12 months. Chief Executive John Lee said (Jul 11) inviting talent to Hong Kong will fulfill the shortage of manpower and also enhance the city’s competitiveness in traditional and emerging sectors.

ADMINISTRATION AND CIVIC AFFAIRS

The HKSAR Government strongly condemned (Jul 14) the US Senate Committee on Foreign Relations for passing the so-called Hong Kong Economic and Trade Office Certification Act, which called for the removal of the privileges, exemptions and immunities to the Hong Kong Economic and Trade Offices (ETOs) in the US and even the closure of the ETOs, constituting gross interference in the affairs of Hong Kong. The US is sternly urged to respect the basic norms governing international relations and stop interfering in Hong Kong matters. The HKSAR Government has been establishing and maintaining economic and trade relations with places around the world in accordance with the “one country, two systems” principle and has, set up 14 overseas ETOs as the official representatives of the HKSAR, including the three ETOs in the US. In their respective jurisdictions and through various means, the ETOs in Washington DC, New York and San Francisco maintain close liaison with interlocutors in government, business, think tanks and various sectors to enrich ties between Hong Kong and the US in different areas.

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: Are Hong Kong people administering Hong Kong with a high degree of autonomy?

A: In accordance with the Constitution of the People’s Republic of China, the National People’s Congress enacted the Basic Law, authorising the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication, in accordance with the Basic Law. The Central People’s Government (CPG) shall be responsible for for the foreign affairs and defence relating to the HKSAR and other matters authorised by the Basic Law. It also authorizes the HKSAR to conduct relevant external affairs on its own in accordance with the Basic Law. The HKSAR shall have independent finances and shall use its financial revenues exclusively for its own purposes. We are not required to pay taxes to the CPG. (BL Preamble and BL Articles 2; 12-17; 19; 22; 106)