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OCTOBER 17 - 23, 2023

FINANCE AND ECONOMY

More than 80 enthusiastic financial and business executives in New York gathered (Oct 19) at the seminar on “Unlocking Opportunities in Cross-Border Asset and Wealth Management”, co-organized by the Hong Kong Economic and Trade Office in New York (HKETONY) and the Hong Kong Association of New York. Delivering opening remarks, Director of the HKETONY Maisie Ho highlighted Hong Kong’s achievement and its development as an international asset and wealth management hub. She added the city's underlying strength lies in its robust common law system and a clear and certain financial regulatory system which aligns perfectly with global standards, all thanks to the long standing implementation of the "one country, two systems" principle. Director and Head of Policy Research of Hong Kong’s Financial Services Development Council Dr Rocky Tung; Chief Representative of the Hong Kong Monetary Authority in New York Anson Law; Senior Vice President of International Private Wealth Advisor of UBS Andrew Tse and International Director of Ernst & Young Global Desk Winona Zhao, took part in the interactive panel discussion moderated by renowned asset management marketing strategist April Rudin. 

Hong Kong Fintech Week 2023, Asia’s premier fintech conference, will return from Oct 30 to Nov 5 and is set to attract more than 30,000 attendees and more than 5 million online participation worldwide. Themed “Fintech Redefined”, this year’s conference will explore the future development of fintech under six key themes - global regulations and focuses such as sustainable and green finance; funding and venture capital as well as family office investments; exploring the realms of artificial intelligence (AI), Web3 and emerging frontiers; unveiling the latest opportunities within the dynamic Greater Bay Area; Hong Kong's innovation journey; and showcasing businesses. Secure your visitor pass or online ticket now!

Chief Executive John Lee highlighted Hong Kong’s pivotal role as a participant, facilitator and beneficiary of the Belt and Road Initiative at the third Belt and Road Forum for International Cooperation in Beijing. He pointed out that the number of regional headquarters set up in Hong Kong by Belt and Road counterparts between 2017 and 2022 had doubled from 83 to 168. The city’s direct investment in Belt and Road countries up to 2021 had also increased by 70% from US$70 billion to US$120 billion. Furthermore, the total remittance of Renminbi for cross-border trade settlement had more than doubled from RMB3.9 trillion to RMB9.3 trillion, registering a growth of over 18% per annum on average. Three cooperation agreements worth US$450 million relating to medical technology, investment, and innovation and technology were signed at the Forum. Separately, Financial Secretary Paul Chan attended the signing ceremony of the Cooperation Framework Agreement between the Hong Kong Monetary Authority and Silk Road Fund to form Belt and Road investment platform with joint contribution of no more than RMB15 billion, or equivalent, in phases.

Business sentiment among large enterprises in Hong Kong improved slightly compared to three months ago. Significantly, more respondents in the accommodation and food services and retail sectors expect their business situation to be better. There are also positive sentiment for hiring among these enterprises. While the continued growth of consumption- and tourism-related activities and the Government’s measures to boost the momentum of the recovery should provide some support, the difficult external environment and tight financial conditions will continue to dampen business sentiment.

Hong Kong will introduce the Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Bill 2023 to the Legislative Council on Nov 1. The bill seeks to implement a tax certainty enhancement scheme to provide greater certainty of non-taxation of onshore gains on disposal of equity interests that are of a capital nature. The scheme will further enhance the competitiveness of Hong Kong’s tax regime through greater upfront certainty of non-taxation of gains.

Hong Kong’s consumer prices rose by 2% in September year-on-year, a larger rise than that registered in August. Netting out the effects of the Government’s one-off relief measures, the underlying inflation rate was 1.8%, also larger than that seen in August. Looking ahead, overall inflation might stay moderate in the near term and that external price pressures are expected to abate further. Domestic business costs could face some upward pressures but they are likely to be contained in the near term.

SPORTS

Hong Kong swimmers swept the Men’s 200-meter Freestyle S14 at the 4th Asian Para Games in Hangzhou with Tang Wai-lok winning the gold, while Cheung Tsun-lok and Wong Hon-yin earning silver and bronze respectively. Fellow swimmer Ng Cheuk-yan snatched a bronze medal in the Women’s 100m Backstroke S6 while fencer Yu Chui-yee scored a bronze in the Women’s Foil Individual Category A.

Photo credit: China Hong Kong Paralympic Committee

ADMINISTRATION

Chief Executive John Lee will deliver his second annual Policy Address in the Legislative Council on Oct 25. The full text of the Policy Address will be released at www.policyaddress.gov.hk after Mr Lee has completed his speech. People can watch it live on the same website.

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 a free port and a separate customs territory?

A: Yes. The HKSAR is a separate customs territory. The HKSAR, using the name “Hong Kong, China”, is a member in its own right of the World Trade Organization and the World Customs Organization. Ships of all nations enjoy access to the ports of the HKSAR, which is a free port, in accordance with the laws of the Region. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by Hong Kong. (BL Articles 114; 116; 126)