View as Webpage

MARCH 14 - 20, 2023

BANKING AND FINANCE

Hong Kong’s banking sector has insignificant exposures to Credit Suisse, said a joint statement (Mar 20), issued by the Hong Kong Monetary Authority and the Securities and Futures Commission. The Hong Kong banking sector is resilient with strong capital and liquidity positions, well above the international requirement. The total assets of Credit Suisse, Hong Kong Branch represent less than 0.5% of the total assets of the Hong Kong banking sector.

HKETONY EVENT

Hong Kong superstar Aaron Kwok received on Mar 14 the Award for Excellent Achievement from Chicago’s boutique film festival Asian Pop-Up Cinema (APUC), supported by the Hong Kong Economic and Trade Office in New York (HKETONY), for his remarkable contribution to the film industry. The ceremony was held prior to the North American premiere of his film “Where the Wind Blows”. Five other Hong Kong productions, including Chui Tze-yiu’s “Remember What I Forgot” and Ka Sing-fung’s “Lost Love”, will be featured during the Hong Kong Weekend (Mar 31 - Apr 1) of the festival. Recipient of APUC Season 16’s Bright Star Award Renci Yeung and Director Jack Ng will join the festival to promote Hong Kong cinema and their new release, “A Guilty Conscience”.

On the same day, the HKETONY also hosted a special reception to celebrate spring with friends in the Midwest region. Welcoming guests at the reception, the Director of HKETONY Candy Nip took the opportunity to introduce the recently launched “Hello Hong Kong” global promotional campaign. She encouraged guests to rediscover Hong Kong with myriad exciting offers, from dining to shopping, from business to entertainment. 

ECONOMY

In January, the volume of Hong Kong’s total exports and imports of goods fell 39.7% and 33.6% respectively year-on-year. The prices of total exports and imports of goods increased by 5.4% and 5.9% respectively. Over the same period of comparison, the total export volume to the USA dropped 32.3%; with the total export prices to the USA up 5.3%.

Hong Kong’s Gross National Income (GNI) dropped 0.5% in the fourth quarter of 2022 from a year earlier to US$99.28 billion at current market prices. The GDP, estimated at US$94.73 billion at current market prices, recorded a 1.9% year-on-year decrease. For 2022 as a whole, Hong Kong's GNI fell 1.3% from 2021. 

Hong Kong’s seasonally adjusted unemployment rate decreased to 3.3% in December 2022 - February 2023, from 3.4% in the previous three-month period. The underemployment rate also fell to 1.3% from 1.4%. Distinct decreases in unemployment rate decreases were seen in the retail, transportation and arts, entertainment and recreation sectors. The labor market condition is expected to improve further alongside the continued return of economic activities to normalcy and the rebound in inbound tourism.

CIVIC AND ADMINISTRATIVE AFFAIRS

The Hong Kong Special Administrative Region (HKSAR) Government said (Mar 15) it strongly disapproves of and firmly rejects the so-called resolution related to Hong Kong by US Senate. The HKSAR Government reiterated that Hong Kong is a society underpinned by the rule of law and the city’s judicial system has always been highly regarded by international communities.

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: Does the HKSAR Government have complete control over fiscal and economic policies and safeguard the free movement of goods, assets and capital?

A: The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practices an independent taxation system; keeps its low and simple tax regime; formulates its own monetary and financial policies; safeguards the free flow of capital; maintains the status of a free port; pursues a policy of free trade and protects the free movement of goods, intangible assets and capital. (BL Articles 62; 106-119)