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JUNE 13 - 20, 2023

BUSINESS AND FINANCE

Hong Kong welcomes the Future Investment Initiative (FII) Institute to host its inaugural PRIORITY Asia Summit (Dec 7-8) in Hong Kong. The summit will invite political and business leaders around the globe to engage in focused discussions on key issues across different segments and areas of society amid accelerated socio-economic changes and under the current geopolitical climate. Since 2017, the FII Institute has been organizing its annual FII in Riyadh, Saudi Arabia, becoming an annual flagship event in the Middle East. Financial Secretary Paul Chan said the decision to host the summit in Hong Kong demonstrates the city’s unique position and role in connecting Mainland China, Asia and the world, and will further deepen ties with partners and counterparts around the globe, especially with those in the Middle East.

With the renminbi (RMB) gaining popularity as a trading, investment and reserve currency, Hong Kong is well positioned to offer more RMB-denominated products to strengthen its role as the offshore RMB business hub, said Financial Secretary Paul Chan. “We are determined to expand the channels for cross-boundary RMB flow, provide more investment and risk management products and upgrade our related infrastructure to build an even more vibrant offshore RMB ecosystem,” he said at the launch (Jun 19) of HKD-RMB Dual Counter Model. Earlier, Mr Chan lauded the Hong Kong Exchanges and Clearing (HKEX) as staunch partner, and an active contributor, participant and witness to the successful development of Hong Kong as an international financial center during HKEX’s 23rd anniversary celebration(Jun 14).

Hong Kong ranks as the seventh most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2023, compared to fifth last year. The city continued to rank second globally in government efficiency while its ranking in infrastructure also improved. On sub-factors, the city continued to top the ranking in business legislation and was in the top five positions in tax policy, international investment, international trade and technological infrastructure. The Hong Kong Special Administrative Region Government said the city’s competitiveness is underpinned by its distinctive institutional strengths under “one country, two systems”. 

Hong Kong has launched (Jun 20) the bank-to-bank information sharing platform Financial Intelligence Evaluation Sharing Tool (FINEST), which aims to help increase banks’ ability to share information for detecting and disrupting fraud and mule account networks more effectively, thereby giving the public greater protection from fraud and financial crimes and enhancing the integrity of the banking system. The system will be rolled out in phases.

SPORTS

Hong Kong fencers Vivian Kong and Low Ho-tin each won a medal at the 2023 Asian Fencing Championships. While Kong won a gold medal in the Women's Épée Individual event, Low bagged a bronze in the Men’s Sabre Individual event. It is the third time Vivian Kong won gold at the Asian Fencing Championships, while Low Ho-tin’s triumph makes it the second time for the Hong Kong team to reap a medal in the event since 2014.

Photo credit: FIE - International Fencing Federation

ADMINISTRATION AND CIVIC AFFAIRS

The Hong Kong Special Administrative Region (HKSAR) Government vehemently refuted (Jun 16) the assessment about Hong Kong in the US Department of State’s Trafficking in Persons (TIP) Report 2023 despite its rating was adjusted upward to Tier 2. It strongly disapproved of and firmly rejected the report’s unsubstantiated remarks, emphasizing it has all along been making proactive and multipronged efforts in the fight against TIP and injected an enormous amount of resources to combat the issue and enhance the protection and well-being of foreign domestic helpers in Hong Kong.

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)