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2024 was a fruitful year for the Hong Kong Economic and Trade Office in New York (HKETONY), as we continued to foster connections across various sectors in the eastern US through visits, meetings, and diverse exchange activities.

Notable highlights include the Hong Kong Meets America – Pop Art Exhibition curated by the beloved Hong Kong creative brand Chocolate Rain, which transformed the American Dream Mall in New Jersey into an immersive showcase of iconic landmarks and culinary delights from both Hong Kong and the US. The magic of Hong Kong’s creative industries was once again brought to the US audience at New York Asian Film Festival and Chicago’s Asian Pop-up Cinema, featuring 20 outstanding Hong Kong productions and appearances by A-listers such as Nicholas Tse, Tai Bo and Philip Ng. Our signature annual Hong Kong Dragon Boat Festivals in New York, Atlanta and Boston continued to strengthen Hong Kong-US cultural and sporting ties, attracting over 340 teams and 58,000 spectators from across the country.

On the business front, we have organized and supported over 20 seminars and luncheons on timely and trending topics, including Renminbi internationalization, tokenized assets, private equity, sustainability, startups and global sourcing, featuring esteemed industry leaders and experts. To keep US talents updated on Hong Kong’s abundant career opportunities and talent admission schemes, we have held well-received information sessions at a number of universities.

This year was also marked by high-level engagements as we welcomed Financial Secretary Paul Chan, Secretary for Financial Services & the Treasury Christopher Hui, and Secretary for Education Dr Choi Yuk-lin. We arranged meetings and luncheons for these principal officials to meet key stakeholders from various sectors and share updates on Hong Kong’s strengths, developments, and opportunities.

Last but not least, we continued to host largest-scale annual spring receptions in New York, Atlanta and Chicago to renew and strengthen ties with key contacts. For the first time, a display of Hong Kong’s iconic neon lights was featured at the New York reception, offering guests a glimpse of our city’s rich cultural heritage.

We are grateful for your continued support in fostering closer ties on various fronts this past year. As we welcome 2025, we wish you and your loved ones a prosperous New Year and look forward to more fruitful collaborations and enduring friendships!

HKETONY promotes Hong Kong in Chicago

HKETONY Director Maisie Ho visited Chicago (Dec 9-11) to strengthen ties with interlocutors in business, innovation and technology sectors. She met with Managing Director of Polsky Center for Entrepreneurship and Innovation at the University of Chicago Sasmir Mayekar and discussed further collaboration. In a meeting with Chairman of Chinese General Chamber of Commerce Chicago Ping Ni, she gave an update on Hong Kong’s economic development and explored possible collaboration. While in Chicago, Ms Ho took the opportunity to celebrate the festive season with the city’s business and trade sectors at a holiday reception with more than 100 guests organized by the Hong Kong Business Association of Midwest. She shared with guests the latest developments in Hong Kong and reaffirmed HKETONY’s commitment to strengthen connections in business, trade and education, while advancing initiatives in sports, arts and cultural exchanges between Hong Kong and the Midwest. 

HK community celebrates festive season in New York

HKETONY Director Maisie Ho celebrated the festive season in New York with guests from the business, finance, trade and legal sectors at the Hong Kong Association of New York Holiday Party 2024 (Dec 11) which attracted over 120 registrants. Speaking at the event, she highlighted Hong Kong’s latest achievements and reiterated that the HKETONY will continue to enhance and promote economic, trade, education, arts and cultural ties between the two cities.

Hong Kong gears up for festive celebrations

Christmas is just around the corner! If you’re celebrating the holiday season in Hong Kong, don’t miss the festive delights happening throughout the city. Highlights include the 2024 Hong Kong WinterFest, featuring a vibrant Christmas Town with a stunning six-story Christmas tree set against the iconic Victoria Harbour skyline. Enjoy dazzling pyrotechnic and fireworks displays lighting up the harbor from Christmas to New Year’s Eve. This year’s festivities also feature panda-themed events in honor of the first Hong Kong-born giant panda twin cubs and the arrival of two newly gifted giant pandas from the Central Government.

3% hotel accommodation tax introduced

With effect from 1 Jan, 2025, the Hong Kong Special Administrative Region (HKSAR) Government will impose a Hotel Accommodation Tax (HAT) at a rate of 3% of the accommodation charges received by a hotel or guesthouse. If the HAT has been paid when the booking was made, the hotel, guesthouse or travel agent will advise the visitors the amount of HAT charged or that HAT has been included. If the relevant HAT has not been paid, the hotel or guesthouses may collect the HAT directly from them at check-in. Details here.

More US companies set up offices in Hong Kong

Hong Kong saw a sharp rise in the number of non-local companies operating in the city in 2024, with the total number rising 10% year-on-year to a record high of 9,960, demonstrating that Hong Kong is becoming increasingly attractive to businesses and remains an ideal place for Mainland and overseas enterprises to set up or expand their operations. In terms of origins of these companies, the Mainland ranked first with 2,620 companies, followed by Japan (1,430), US (1,390), UK (720) and Singapore (520). As for US, a total of 1,390 US companies were operating in Hong Kong, representing an increase of 9% compared with 2023. This includes 220 regional headquarters, 430 regional offices, and 740 local offices. All three categories have seen growth compared to 2023, highlighting the ongoing importance of US companies in driving Hong Kong's role as Asia’s premier business hub.

Meanwhile, the number of startups in Hong Kong also increased by 10% over the past year to 4,694. Secretary for Commerce & Economic Development Algernon Yau said Hong Kong, with its unique advantages under 'one country, two systems', is the best two-way platform for overseas enterprises to tap into the Mainland market and for Mainland enterprises to go global.

Hong Kong's total external direct investment (DI) inflow and total DI outflow remained significant at HK$954.9 billion and HK$752.9 billion respectively in 2023 despite heightened geopolitical tensions and tightened global financial conditions. Taking the inflow and outflow together, a net DI inflow of HK$202.0 billion was recorded. The total stock of inward DI increased by 6.2% over a year earlier to HK$18,376.1 billion while the total stock of outward DI increased by 3.8% to HK$17,702.9 billion. The vast stock of external DI testifies that Hong Kong continues to be an international centre for finance and commerce, as well as a base for multinational corporations to manage their investments and businesses. The HKSAR Government has stepped up its efforts to attract external DI and bring in more strategic enterprises from outside the city to set up headquarters or corporate divisions in Hong Kong. Up to November 2024, over 60 strategic enterprises have come to Hong Kong to set up or expand their operations.

HKEX launches data marketplace

Hong Kong Exchanges and Clearing Limited (HKEX) announced (Dec 18) the launch of the HKEX Data Marketplace, a web-based platform that offers data users a more intuitive experience in accessing HKEX’s historical and reference data. The new platform will feature a modern user interface with multiple data delivery channels including cloud transfer, providing data directly from HKEX to offer optimal user experience and convenience. In its initial stage, the Marketplace will offer shareholding data from the Central Clearing and Settlement System for commercial use, as well as historical full book data from HKEX’s securities and derivatives markets, and securities market daily non-trading reference data. HKEX will progressively add more data product offerings and functionality to the HKEX Data Marketplace.

Gold market working group set up

The HKSAR Government announced (Dec 18) the establishment of the Working Group on Promoting Gold Market Development to review all aspects relating to the development of a gold market in Hong Kong. Secretary for Financial Services & the Treasury Christopher Hui said the establishment of an international gold trading centre is a new entry point to consolidate and enhance Hong Kong's status as an international financial centre. The HKSAR Government will promote the development of world-class gold storage facilities and building on the increased gold holdings, scale up associated support and financial services as well as expand related derivative transactions, hence creating a comprehensive ecosystem in a progressive manner. The Government will also explore mutual access with the Mainland financial market when appropriate.

Carbon credits settlement welcomed

Financial Services and the Treasury Bureau welcomed (Dec 18) Hong Kong’s home carrier Cathay Pacific Airways Limited's settlement of 50 000 tonnes of voluntary carbon credits on HKEX's carbon marketplace Core Climate. Core Climate is, at present, the world’s only carbon marketplace offering settlement of voluntary carbon credits in both Hong Kong dollars and renminbi, providing businesses with access to quality carbon credits from internationally certified projects.

Disclosure roadmap launched

The HKSAR Government launched (Dec 10) a roadmap on sustainability disclosure in Hong Kong, setting out the city’s approach to require publicly accountable entities (PAEs) to adopt the International Financial Reporting Standards - Sustainability Disclosure Standards (ISSB Standards) by 2028. The roadmap also elaborates on Hong Kong's blueprint to develop a comprehensive ecosystem to support sustainability disclosures, which encompasses sustainability assurance, data and technology as well as skills and competencies.

HKID self-application services introduced

Effective 13 Dec, eligible applicants of Hong Kong identity cards (HKID) can apply for the document in a self-service manner at the Personal Documentation Submission Kiosks set up at the Immigration Headquarters in Tseung Kwan O. The first phase of this new, appointment-free services will cover the three types of replacement applications of HKID holders who are applying for the replacement for an adult HKID for people reaching the age of 18; the replacement for a permanent HKID for people having their eligibility for permanent HKID verified; and the replacement for a new smart HKID for those holding a valid old form of smart HKID. Eligible applicants can also apply for HKIDs and HKSAR passports in one go through the Personal Documentation Submission Kiosks and collect the documents through the Personal Documentation Collection Kiosks, which are also located at the Immigration Headquarters.

Human rights always guaranteed in HK

The HKSAR Government strongly disapproved of and opposed (Dec 21) the so-called "2024 Annual Report" issued by the US Congressional-Executive Commission on China, which made malicious smearing remarks against multiple areas in the HKSAR. In a statement, the Government said it despised the so-called 'sanctions' and will resolutely continue to discharge the duty of safeguarding national security. It added that Hong Kong is a society underpinned by the rule of law and has always adhered to the principle that laws must be obeyed and lawbreakers held accountable, which is well recognized by international communities. Regarding rights and freedoms, the Government made it clear that it steadfastly safeguards the rights and freedoms enjoyed by its people as protected under the law, noting that human rights in Hong Kong have always been robustly guaranteed constitutionally by both the Constitution and the Basic Law since its return to the motherland.

The Basic Law (BL) is the constitutional document of the 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)