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JUNE 27 - JULY 3, 2023

BUSINESS AND FINANCE

A new task force on promoting Web3 development, chaired by Financial Secretary Paul Chan, has been established (Jul 1). The blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency and low cost, and has the potential to solve many difficulties encountered in finance, trade, business operations and even day-to-day life. “Premised on a balance between appropriate regulation and promoting development, Hong Kong seeks to lead and drive innovative exploration, create more new application models, and strives to draw together top-notch companies and talent to build a thriving ecosystem,” said Mr Chan.

The Secretary for Commerce and Economic Development, Algernon Yau, reviewed the work in promoting trade and economic developments at a reception (Jun 27) for representatives of local and foreign chambers of commerce. He also highlighted the achievements of general investment promotion work. In the first five months of 2023, Invest Hong Kong assisted 186 Mainland and overseas companies in setting up or expanding their operations in Hong Kong, a 32% increase year-on-year. ​​

ARTS AND CULTURE

The Hong Kong Panorama film series returns to the New York Asian Film Festival (Jul 14 – 30) with an exciting lineup of nine Hong Kong films, from dramas to noirs to action thrillers, including one world premiere and five North American premieres. Acclaimed actor, film producer and philanthropist Louis Koo will receive the Extraordinary Star Asia Award for his immense contributions to the Asian film industry.

AVIATION

The Digital Apron & Tower Management System at Hong Kong International Airport won the 2023 Technology Innovation Awards of the Airports Council International. Since its July 2022 phase one commission, the system, leveraging a common software platform, technical infrastructure and video imaging system, has efficiently assisted air traffic control and airport operations in enhancing safety and efficiency under adverse weather conditions.

Direct flights between Hong Kong and Chicago will resume on October 1, with flights departing from Chicago on Tuesdays, Thursdays and Saturdays. The Hong Kong-bound flights will take about 15 hours 45 minutes.

ECONOMY

The value of Hong Kong’s total exports decreased to US$42 billion in May, down 15.6% year-on-year. The value of goods imports decreased 16.7% to US$45.3 billion for the same period, resulting in a trade deficit of US$3.4 billion, or 7.5% of the value of imports. The value of merchandise exports fell amid the weak external environment, with exports to all major markets falling by varying degrees.

The value of total retail sales in May rose 18.4% year-on-year to a provisionally estimated US$4.4 billion, with online sales accounting for 6.3%. The improvement should continue in the coming months as the number of incoming visitors continue to rise, along with better labor market conditions, the handout of the second installment of consumption vouchers and promotional efforts to support local consumption demand.

ADMINISTRATION AND CIVIC AFFAIRS

The Hong Kong Special Administrative Region Government strongly disapproved (Jun 30) of and firmly rejected the wanton slanders and smears concerning the implementation of “one country, two systems” and the National Security Law in Hong Kong. It emphasized that Hong Kong is a society underpinned by the rule of law and has always adhered to the principle that laws must be obeyed and lawbreakers held accountable is well recognized by international communities.

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: Is Hong Kong an easy place to visit for tourists or international business people?

A: Yes, very much so. Hong Kong has autonomy in immigration control. It maintains its own immigration laws and procedures and has a very liberal visa policy. As of January 2023, 168 countries or territories have granted visa-free access or visa-on-arrival to HKSAR passport holders. (BL Articles 154; 155)