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FEBRUARY 13 - 20, 2024

EVENTS

The Hong Kong Economic and Trade Office in New York (HKETONY) hosted its first spring reception after the pandemic at the Harvard Club on Feb 15 to celebrate the Year of the Dragon. In welcoming some 400 guests from the city’s political, business, finance, academic, as well as art and culture communities, Director of the HKETONY, Maisie Ho, said that Hong Kong’s long-standing bilateral trade relations with the US remain strong despite geopolitical tensions and economic headwinds, adding that the HKETONY is more committed than ever to establishing and strengthening the friendship between the people on the East Coast of the United States and Hong Kong. HKETONY will continue to work towards nurturing and rekindling old and new relationships, and strive for positive collaborations and understandings to foster a bond that transcends borders, Ms Ho said. Supported by the Hong Kong Tourism Board, a special neon light display that resembles the unique dynamic night vibe of Hong Kong was displayed at the reception. The event also featured a performance by Suona artist Andrew Chan from Hong Kong, cocktails inspired by the famous Hong Kong dessert mango pomelo sago and an award-winning craft gin distilled in Hong Kong.

Chubby Hearts, the larger-than-life, pop-up hearts installation created by celebrated UK designer Anya Hindmarch, are being displayed over scenic and landmark locations across Hong Kong throughout Feb 24, marking the very first time these joyful, adorable exhibits embrace the skies of Asia. Speaking at the launching ceremony for the event (Feb 14), Chief Executive John Lee said that Chubby Hearts Hong Kong is just one of the many mega events Hong Kong will play host to in the coming year. From leading regional and international trade fairs and exhibitions, to world-class arts, culture and sports competitions and shows, he added, the Hong Kong Special Administrative Region (HKSAR) Government will create and attract a continuing flow of new and inviting experiences to the city, spotlighting Hong Kong’s advantages as an events city centre and a must-visit global city.

To celebrate the festive season with the public, three Lunar New Year Lantern Carnivals are being held at the Hong Kong Cultural Centre Piazza, Hong Kong Velodrome Park, Tin Shui Wai Park and Ginza Square till Feb 25. The carnivals are held in addition to the green dragon lantern display, symbolic of the endless vitality of spring, launched earlier this month at the Hong Kong Cultural Centre Piazza. Spectacular lanterns of different themes will be on display, and a series of fabulous activities will be organised during the carnivals.

SPORTS

Hong Kong swimming sensation Siobhan Haughey won her first long-course global gold medal, racing to victory in the 200m freestyle at the World Aquatics Championships - Doha 2024 on Feb 15.  It is Haughey's and Hong Kong's first ever world title in a 50m pool, and adds to the silver in 100 metres freestyle and the bronze in 100m breaststroke she picked up that week. Offering his congratulations, Secretary for Culture, Sports & Tourism Kevin Yeung said that Haughey never stops pushing her own limits, adding that the achievement brings her to new heights and demonstrates her power and strength as an elite athlete.

TOURISM

Hong Kong attracted around 1.436 million inbound visits, with about 1.255 million Mainland visitors coming to the city, during the Mainland’s Chinese New Year Golden Week (February 10 to 17). Both numbers exceeded the figures for the same period in 2018. The daily average number of Mainland visitors was around 157,000, exceeding the figures for the Labour Day Holiday and National Day Golden Week in 2023 by 25.3% and 14.9% respectively. The number of daily Mainland visitor arrivals also exceeded the daily average for the same period in 2018. Around 1,980 Mainland inbound tour groups visited Hong Kong during the Golden Week, involving around 66 000 visitors which account for around 5.3% of the overall number.

BUSINESS AND ECONOMY

Hong Kong’s value of total exports of services rose by 5.8% to $650.5 billion in 2022, and that of total imports of services increased by 3.2% to $495.2 billion. In terms of imports of service, a trade surplus at $155.4 billion, equivalent to 31.4% of the value its total was recorded in the year. This was larger than the corresponding surplus of $135.0 billion in 2021, equivalent to 28.1% of the value of total imports of services in 2021. Transport (40.1%) was the largest component in exports of services, followed by financial services (31.0%) and other business services (17.1%). As for imports of services, transport accounted for 31.1% of the value of total imports of services in 2022, followed by manufacturing services (18.3%) and other business services (18.3%). The United States and the Mainland of China were the top two main destinations of exports of services and the top two main sources of imports of services of Hong Kong, accounting for 23.7% and 19.0% respectively of the value of total exports of services, and 39.8% and 15.3% respectively of the value of total imports of services in 2022.

Secretary for Commerce & Economic Development Algernon Yau attended the World Governments Summit 2024 in Dubai, the United Arab Emirates (Feb 12-14). During his stay, Mr Yau met with local government officials and representatives from various organisations, updating them on Hong Kong’s latest developments and business opportunities, and exchanging views on various economic matters. They included Chief Executive Officer of Economic Development at the Dubai Department of Economy & Tourism Hadi Badri, Executive Director of the Dubai Multi Commodities Centre free zone Ahmad Hamza, and Chief Executive Officer of the Dubai International Financial Centre Authority Arif Amiri. Themed “Shaping Future Governments”, the summit provides a platform for leaders from governments and international organisations, as well as from private enterprises around the globe, to discuss innovative solutions to future challenges. It was attended by more than 4,000 participants.

The HKSAR Government welcomed (Feb 20) the removal of Hong Kong from the European Union (EU)'s watchlist on tax co-operation in recognition of Hong Kong's efforts in ensuring that its foreign-sourced income exemption regime is in full compliance with the EU's relevant requirements. Secretary for Financial Services and the Treasury, Christopher Hui, said that Hong Kong has all along been supporting international co-operation in combating cross-border tax avoidance, adding that the HKSAR Government will continue to take forward and implement new policy initiatives to create new impetus for sustainable market development, and maintain Hong Kong’s favourable business environment and strengthen its status as an international business and trade centre.

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 an easy place to visit for tourists or international business people?

A: Yes, very much so. Hong Kong has autonomy in immigration control. It maintains its own immigration laws and procedures and has a very liberal visa policy. As of January 2023, 168 countries or territories have granted visa-free access or visa-on-arrival to HKSAR passport holders. (BL Articles 154; 155)