View as Webpage

SEPTEMBER 26 - OCTOBER 3, 2023

BUSINESS AND FINANCE

Hong Kong has maintained its fourth-place position in the Global Financial Centres Index 34 Report, a testament to its enduring strength in the international financial arena. The city’s overall rating has notably improved, reflecting its excellence in various aspects including business environment, human capital financial sector development and reputational and general. Hong Kong remains committed to deepening cooperation and connecting global investors, contributing to both national and local financial development. Separately, Hong Kong continues to rank top in global innovation, remaining 5th in Asia and 17th globally among 132 economies in the 2023 Global Innovation Index. The Shenzhen-Hong Kong-Guangzhou science and technology cluster ranked second globally for the fourth consecutive year.

Continuing on his official visit in Europe, Financial Secretary Paul Chan called on European Central Bank President Christine Lagarde in Frankfurt and briefed her on the latest economic and financial market developments in Hong Kong. Mr Chan said Hong Kong is dedicated to promoting a more vibrant financial market, deepening connectivity with financial markets in the Mainland, attracting more international enterprises to utilize the city’s fundraising platforms and developing its offshore renminbi business. During his visit to Frankfurt (Sep 26) and Berlin (Sep 25), Mr Chan also met with financial and business leaders, where he spoke on Hong Kong’s business environment and collaboration opportunities. He also highlighted the strategies to develop its innovation and technology sectors, including measures to attract talent and to encourage strategic enterprises to establish a presence in Hong Kong.

Hong Kong is working with mainland Chinese authorities to enhance the one-year-old Wealth Management Connect program. Enhancements could include refining the eligibility criteria of investors to support more Greater Bay Area residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, increasing the individual investor quota as appropriate, and improving promotion and sales arrangements. Financial Secretary Paul Chan said the enhancement measures will further enrich the investment options of Greater Bay Area residents and can further realize the potential of the Wealth Management Connect while enhancing Hong Kong’s position as an international asset and management center.

Secretary for Financial Services & the Treasury Christopher Hui attended the Eighth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Sharm El Sheikh, Egypt (Sep 26). During a discussion on low-carbon development, he shared how Hong Kong could facilitate the transition in terms of low-carbon development in three ways. These include reducing carbon emission by 50% before 2035 and achieving carbon neutrality by 2050; having the right tool for issuing green and sustainable bonds as well as carbon credit trading and filling the talent needs to develop a low carbon and sustainable economy. Mr Hui also met with other financial officials attending the annual meeting to strengthen co-operation between Hong Kong and other places.

EVENTS

Are you looking to take your wealth management strategy to the next level? Do you want to explore exciting opportunities in cross-border asset management, tax planning, and family office setup? If so, join the “Unlocking Opportunities in Cross-Border Asset and Wealth Management” lunch seminar on Oct 19 in New York City, where you will hear from distinguished experts including Dr Rocky Tung, Director and Head of Policy Research of the Financial Services Development Council. They will share their strategies and insights on topics such as latest updates on asset and wealth management opportunities between Hong Kong and the US, tax planning strategies, setting up family offices in Hong Kong, and more.  Register here!

Three New York non-profit groups, Chinatown Health Clinic, Guangdong Association of America Corp and Glow Community Center, are the beneficiaries of the Hong Kong Dragon Boat Festival in New York Charity Race this year, receiving a total of US$9,000. The dragon boat teams of DCH Auto Group, Flushing Bank and Shanghai Commercial Bank are continuing the philanthropic tradition to raise funds. The Director of the Hong Kong Economic and Trade Office in New York, Maisie Ho, thanked the festival organizer for raising over US$350,000 for New York charities over its 31-year history.

SPORTS

Hong Kong athletes continue to strive and achieve outstanding results at the 19th Asian Games Hangzhou, winning a total of 45 medals, comprising six golds, 15 silvers and 24 bronzes, to date (Oct 3). Swimming’s golden girl Siobhan Bernadette Haughey won her second gold medal when she set a new Games record in the Women’s 100-Meter Freestyle. The men’s rugby sevens defended their Asian Games title to reach the top of the podium in the finals. Golf athlete Taichi Kho won Hong Kong’s first golf medal, nabbing gold in the men’s individual golf event. Earlier in the Games, Hong Kong athletes had secured three gold medals in rowing, fencing and swimming.

CULTURE

Residents and visitors alike celebrated Mid-Autumn Festival (Sep 29) in Hong Kong, taking advantage of this special occasion to gather with family, gaze in wonder at the full moon and indulge in delicious mooncakes. Also known as the Mooncake Festival, Mid-Autumn is celebrated on the full moon day on the 15th day of the eighth lunar month, with colorful lantern displays throughout the city. After a 4-year hiatus, the Tai Hang Fire Dragon Dance, a centerpiece of Mid-Autumn celebrations in Hong Kong, made its grand comeback. For 3-nights (Sep 28-30), over 300 participants performed this dazzling dance, featuring a 67-meter-long dragon adorned with thousands of burning joss sticks, through the streets of Tai Hang in Causeway Bay. This distinctive parade is inscribed on both Hong Kong’s list and the National List of Intangible Cultural Heritage. Over the extended holiday weekend, the public also had the chance to enjoy dazzling fireworks that illuminated the night over Hong Kong’s Victoria Harbour (Oct 1), in celebration of the 74th anniversary of the founding of the People’s Republic of China.

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 the laws previously in force in Hong Kong been maintained?

A: Yes. The Basic Law provides that laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law, shall be maintained and adopted as laws of the HKSAR, except for any that contravenes the Basic Law, and subject to any amendment by the HKSAR legislature. (BL Articles 8; 18; 160)