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OCTOBER 4 - 10, 2023

BUSINESS AND FINANCE

Hong Kong has attracted more than US$3.8 billion investments from 30 strategic enterprises that will create about 10,000 jobs, the majority of which are scientific research and management positions. Welcoming these strategic companies to Hong Kong at the launch ceremony for the Office for Attracting Strategic Enterprises Partnership (Oct 4), Chief Executive John Lee said these companies will help spur Hong Kong’s rise as an innovation and technology center, under the National 14th Five-Year Plan. Addressing the ceremony, Financial Secretary Paul Chan said that with the unique strengths under “one country, two systems”, Hong Kong is the best springboard and platform for strategic enterprises to tap into the Mainland and international markets. As an international financial center and with the implementation of the common law, the rule of law and free flow of capital, talent, goods and information, Hong Kong also forms a leading fundraising platform and a vibrant finance ecosystem, which facilitates the enterprises' financing needs at different stages of development.

Hong Kong continued to be Asia's premier booking center in terms of cross-border asset flows, with assets under management totaling US$2.2 trillion in 2022. The number of ultra-high-net-worth individuals in Hong Kong last year reached 12,500, making Hong Kong the world's top city in which wealthy individuals manage their investment portfolios. Highlighting these encouraging statistics at the Private Wealth Management Association Wealth Management Summit 2023 (Oct 6), Financial Secretary Paul Chan said that with the Guangdong–Hong Kong–Macao Greater Bay Area (GBA) growing in affluence, the room for further growth is huge. He also updated the audiences on the city’s developments on various fronts, including attracting family offices and strategic enterprises, enhancing the securities market, broadening fixed income assets, and expanding the connectivity with the Mainland’s financial markets. He stressed that Hong Kong is committed to sharpening its competitive edge in asset and wealth management, and in reinforcing and elevating the status of Hong Kong as an international financial center.

Highlighting Hong Kong’s role as Asia’s green finance hub at the Hong Kong Green Finance Association Annual Forum 2023 (Oct 4), Financial Secretary Paul Chan said the total amount of green and sustainable debt arranged or issued in Hong Kong in 2022 exceeded US$80 billion, up more than 40 per cent compared to the year before, with green bond issuance accounting for about one-third of the market share in Asia. With Hong Kong’s respective strengths in basic research, commercialization, financing and advanced manufacturing, he added, the GBA is destined to become a green tech and green finance center powered by a complete financial and industry chain.

Hong Kong has risen two places to become the world’s second most financially inclusive market, according to the 2023 Global Financial Inclusion Index, published by London-based Centre for Economics and Business Research and US investment management giant Principal Financial Group. Hong Kong ranks in the top 10 for all three pillars of financial inclusion, namely government support, financial system support and employer support. The government support pillar has seen the most significant improvement in driving the state of financial inclusion, rising six spots. The city continues to rank first for "online connectivity," and topped the ranking for "financial literacy levels," rising 17 spots.

Join us to unlock the opportunities in cross-border asset and wealth management between Hong Kong and the US at a lunch seminar in New York City on Oct 19! Co-organized by the Hong Kong Economic and Trade Office in New York and the Hong Kong Association of New York, this event will feature distinguished experts sharing their insights on topics such as tax planning strategies and setting up family offices in Hong Kong. Among them is Dr. Rocky Tung, Director and Head of Policy Research at the Hong Kong Financial Services Development Council. Register here!

SPORTS

Hong Kong athletes have achieved the best ever results in history at the 19th Asian Games Hangzhou, winning a total of 53 medals, comprising eight golds, 16 silvers and 29 bronzes. Extending his congratulations to Hong Kong athletes on their outstanding achievements (Oct 8), Chief Executive John Lee said that the Hong Kong athletes had endured arduous training over the years and fought hard in the competitions, displaying professional sportsmanship. Their spirit of hard work has won everyone's applause and support. The Hong Kong Special Administrative Region Government will continue to fully support Hong Kong athletes and the development of sports in Hong Kong, Mr Lee added.  

EVENT

Austin-based Markaaz emerged as the winner of the New York leg of the Global Scaleup Competition, a cornerstone pillar of Invest Hong Kong’s Global Fast Track program. Markaaz will join twelve other semi-finalists from around the world to pitch their groundbreaking ideas to global investors and industry leaders in the grand finale at Hong Kong FinTech Week 2023, scheduled for Oct 30 to Nov 5. Speaking at the Competition (Oct 9), the Director of the Hong Kong Economic and Trade Office in New York, Maisie Ho, said that Hong Kong is a thriving hub for startups in Asia, having nurtured more than 10 unicorns over the years and witnessing a rapidly growing number of startups spanning various sectors. The Competition, held at The Yard in New York City, featured 7 US scaleups from FinTech, AI, Web3, and Data.

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: Have Hong Kong’s capitalist system and way of life been preserved?

A: Yes. The Basic Law provides that the capitalist system and way of life shall remain unchanged. Hong Kong maintains a free and open market economy with a free flow of capital, goods, intangible assets, and a freely convertible currency. People's lifestyle remains the same as before. (BL Articles 5; 112; 115)