View as Webpage

SEPTEMBER 6 - 11, 2023

EVENTS

​The new Director of the Hong Kong Economic and Trade Office, New York (HKETONY) Maisie Ho officiated at the Atlanta Hong Kong Dragon Boat Festival (Sep 9) as her first duty visit since assuming the post last month. Speaking at the opening ceremony at the Lake Lanier Olympic Park, Ms Ho said HKETONY has taken great pride in introducing and supporting the event since its inception in 1995, as it aligns perfectly with its mission to foster and strengthen the cultural, business and economic ties between Hong Kong and Atlanta. “The Festival has transcended its sporting origins to become a symbol of Hong Kong’s vibrancy, vitality and dynamism,” she said. A total of 64 teams, comprising over 1,500 competitors participated in this year’s festival. The HKETONY also set up a festival booth with Hong Kong-themed games and souvenirs.

Supported by the HKETONY, the Hong Kong Cinema Showcase at Chicago's Asian Pop-Up Cinema is set to return on Sep 16-17, featuring five outstanding Hong Kong productions, ranging from romantic comedy to social drama, at AMC NEWCITY 14. An exciting lineup of actors and director will be flying from Hong Kong to Chicago to meet with the US audience. Among them are Ben Yuen, who will be honored with the Pinnacle Career Achievement Award, while Rachel Leung and Ng Siu-hin, will receive the Bright Star Award.

BUSINESS AND FINANCE

Business of major service industries in Hong Kong improved in the second quarter of 2023, thanks to the continued recovery of inbound tourism and local consumption demand. Notable improvements were seen in accommodation services, film entertainment, banking, food services, land transport, retail, and administrative and support services industries. Looking ahead, the revival in inbound tourism and positive local consumption sentiment, along with the various government support measures, should continue to help the domestically-oriented service industries in the near term. However, the difficult global economic situation will continue to weigh on the externally-oriented service industries.

Hong Kong is set to develop and support the Web3 ecosystem and virtual assets innovation. Learn more about the opportunities in Hong Kong at a webinar to be held on Oct 4 (7 – 8 PM, EDT). A panel of policy and regulatory experts from the Financial Services and Treasury Bureau, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will discuss the policy direction of Web3 and virtual assets, the new licensing regime for centralized virtual assets trading platforms and the proposed regulatory regime for stablecoin. Register now.

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: Are Hong Kong people administering Hong Kong with a high degree of autonomy?

A: Yes. In accordance with the Constitution of the People’s Republic of China, the National People’s Congress (NPC) enacted the Basic Law, authorizing the HKSAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, including that of final adjudication, in accordance with the Basic Law. The Central People’s Government (CPG) shall be responsible for the foreign affairs and defence relating to the HKSAR and other matters authorized by the Basic Law. It also authorizes the HKSAR to conduct relevant external affairs on its own in accordance with the Basic Law. The HKSAR shall have independent finances and shall use its financial revenues exclusively for its own purposes. We are not required to pay taxes to the CPG. (BL Preamble and BL Articles 2; 12-17; 19; 22; 106)