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OCTOBER 11 - 16, 2023

BUSINESS AND FINANCE

Financial Secretary Paul Chan attended the 2023 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), held in Marrakech, Morocco (Oct 13-14), where he shared with attendees the new developments in Hong Kong on finance and innovative technology, including the latest in green technology and green finance, digital economy and financial technology, as well as policy measures in attracting strategic enterprises and talent. He also called on senior officials of the IMF and the WBG, government officials from participating countries and key players in the finance industry, exchanging views on such issues as the global economic situation, international geopolitical landscape, responding to climate change, green finance and fintech development.

The Hong Kong Economic and Trade Office in New York (HKETONY) co-hosted a luncheon with the Hong Kong Trade Development Council on Oct 16 to welcome Dr Rocky Tung, Director and Head of Policy Research at the Financial Services Development Council of the Hong Kong Special Administrative Region (HKSAR) Government. Addressing the luncheon, the Director of HKETONY, Maisie Ho, and Dr Tung updated the guests from banking, business, government and think tank on Hong Kong’s status as an international financial hub. She also invited them to the “Unlocking Opportunities in Cross-Border Asset and Wealth Management” seminar (Oct 19), of which Dr Tung is among the panelists.

INVESTMENT

The HKSAR Government attaches great importance to developing Hong Kong as a leading family office hub and boosting Hong Kong's position as a premier asset and wealth management center, said Secretary for Financial Services and the Treasury, Christopher Hui, at the Raffles Family Office's Annual Forum (Oct 12). He said Hong Kong is perfectly positioned to attract family offices, East and West, thanks to its "one country, two systems" framework and unparalleled connectivity between the Chinese Mainland and the rest of the world. He added that Hong Kong has already implemented a number of business-friendly initiatives. These include the new profits tax exemption regime for single family office investments, streamlining the suitability assessment for sophisticated professional investors, and launching the Network of Family Office Service Providers.

Photo credit : Raffles Family Office

Hong Kong continues to be a magnet for global businesses. NP Digital, an award-winning US digital marketing agency, will set up an office in Hong Kong to leverage the city’s international status to expand its coverage across the region. Announcing this good news, general manager of NP Digital in Hong Kong, Gary Cheung, said that Hong Kong is home to many multinational brands, making it a center of gravity for advertisers and marketers. He added that the city has always been a strategic location and an ideal connecting point between the East and West, a regional hub where businesses build a strong foundation before expanding operations to the Mainland or other parts of APAC.

LEGAL

Hong Kong serves as a "super-connecter" in the provision of an ideal business environment governed by the rule of law, said Secretary for Justice, Paul Lam, SC, at the 6th "Belt and Road" Initiative International Forum and the "Belt and Road" Cooperation and Partnership Model Agreement Conference (Oct 13). He added that Hong Kong has signed 22 Investment Promotion and Protection Agreements and eight Free Trade Agreements with other territories. These agreements include substantive protection to investments as well as provisions for a dispute settlement mechanism that allows investors and contracting parties to resolve disputes relating to investments within the framework of these international agreements. Also addressing the event, Chief Executive John Lee added that Hong Kong has, to date, signed nine mutual legal assistance arrangements with the Mainland on civil and commercial matters. This offers greater convenience and wider legal protection to Belt and Road investors, who choose Hong Kong and its law for their contracts and as a venue for dispute resolution.

INNOVATION & TECHNOLOGY

Possessing strong research capabilities and originality, Hong Kong is an ideal place to co-operate with all over the world for research collaboration and better integration on life and health disciplines, said Under Secretary for Innovation, Technology and Industry, Lillian Cheong, at the Unlock The Life & Health Sciences Potential Through Innovation summit organized by InvestHK (Oct 13). InvestHK and Deloitte China released a new joint report to highlight recent milestones and key business opportunities generated from Hong Kong's capabilities along the value chain, from upstream R&D to downstream commercialization and business expansion.

EVENT

The annual StartmeupHK Festival, a leading start-up event in Asia, is set to return to Hong Kong from Nov 8 to 17, welcoming more than 20 000 start-ups, investors and tech enthusiasts from over 100 countries and regions. Themed "A Future Unlimited", the Festival this year will explore the latest topics around Web3, healthtech, proptech, greentech, GameFi, and more. In addition to eight main events, the Festival will also feature an array of community events and interactive activities such as pitching competitions, start-up-investor matching, tech demos, job fair and networking events.

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

A: Yes. 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)