View as Webpage

HK reaffirms its commitment to free trade

Speaking at a session at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Arequipa, Peru (May 18), Secretary for Commerce & Economic Development Algernon Yau called on APEC member economies to reaffirm the goal of the Free Trade Area of the Asia-Pacific (FTAAP) to fulfil the promise of shared prosperity. At another discussion session, he emphasised Hong Kong’s commitment to ensuring the benefits of trade are accessible to all, particularly the underrepresented groups such as micro, small and medium enterprises and women.

Earlier, Mr Yau shared his insights on how to reinforce the World Trade Organization’s (WTO’s) credibility and ensure its continued relevance in the evolving global trade landscape. Apart from the pressing priority to restore within this year a fully and well-functioning dispute settlement system accessible to all WTO members, he called on member economies to expedite discussions in an inclusive and transparent manner to achieve concrete outcomes as agreed in the 13th WTO Ministerial Conference in Abu Dhabi.  

FTA with Peru substantially concluded

While in Peru, Mr Yau met (May 16) with the Minister of Foreign Trade and Tourism of Peru, Elizabeth Galdo Marín, and jointly announced the substantial conclusion of negotiations of the free trade agreement (FTA) between Hong Kong and Peru. Both sides aim to finish the few remaining issues and the respective internal procedures with a view to signing the FTA within this year. Hong Kong has so far signed eight FTAs with 20 economies.

Hong Kong will host more than 100 mega events in the second half of 2024, bringing the total number of mega events in the city to at least 210 this year. These large-scale events include cultural, arts and creative events, sports, conventions and exhibitions, as well as festivals, galas and carnivals. They are expected to attract about 1.7 million visitors, with an estimated spending of US$923 million, and an economic gain of US$551 million for the city.

The Hong Kong Monetary Authority and the People’s Bank of China expanded (May 17) the scope of the e-CNY pilot in Hong Kong to facilitate the set up and use of electronic wallets of digital renminbi by Hong Kong residents, providing an additional safe, convenient and innovative means of cross-boundary retail payments to residents in Hong Kong and the Mainland. Users in Hong Kong can now set up e-CNY personal wallets with only their Hong Kong mobile phone numbers and top up their e-CNY wallets via the Faster Payment System through 17 retail banks in the city.

The Airport Authority Hong Kong (AAHK) will be hosting Routes World 2025, a prominent annual global aviation event, in September next year. More than 3,000 industry leaders from over 260 airlines, as well as airports, tourism, and other aviation stakeholders are expected to gather in the city to discuss the latest opportunities and potential to expand their global airline route networks. With decision makers from over 130 countries expected to attend Director of Routes Steven Small said Hong Kong will showcase the significant infrastructure developments to the people that decide where the world’s aircraft fly. Chief Operating Officer of AAHK Vivian Cheung said the prestigious event aligns perfectly with Hong Kong’s commitment to strengthening its position as an international aviation hub, connecting people at this world-class metropolis that embraces business opportunities, cultural diversity and social vibrancy.

International Maritime Organization (IMO) Secretary-General Arsenio Antonio Domínguez Velasco and International Chamber of Shipping (ICS) Secretary General Guy Platten and their teams visited Hong Kong (May 27). Chief Executive John Lee stressed that Hong Kong is an international shipping centre and maintains close communication with international maritime partners. He pointed out that Hong Kong ranks fourth globally in the 2023 Xinhua-Baltic International Shipping Centre Development Index Report, and that fully reflects the city’s comprehensive strengths in such areas as port conditions, maritime services, and business environment, serving as strong evidence of its globally recognised status as an international shipping centre.

Separately, Secretary for Transport & Logistics Lam Sai-hung met (May 28) with Mr Platten to discuss the latest developments in the global maritime industry. Mr Lam welcomed the ICS’ plan to organise a high-level Global Maritime Trade Summit in Hong Kong in November, to be staged as one of the pivotal events of Hong Kong Maritime Week 2024, to be held Nov 17 - 23.

HK strengthens collaboration on anti-corruption front

Hong Kong’s Independent Commission Against Corruption (ICAC) signed the Memorandum of Understandings with the United Nations Office on Drugs & Crime (UNODC) and anti-corruption authorities of Kazakhstan, Mauritius, Saudi Arabia and South Africa to strengthen collaboration on international cooperation and exchange at the 8th ICAC Symposium, held in Hong Kong (May 22 – 24). Delivering the opening address, Chief Executive John Lee said that Hong Kong maintains a robust regulatory regime in line with international standards under the unique ‘one country, two systems’ principle and is at the forefront of the international fight against corruption.

HK, France sign film pact

Leading a Hong Kong film industry delegation at the 77th Cannes Film Festival in France, Secretary for Culture, Sports & Tourism Kevin Yeung attended the signing ceremony (May 17) for a memorandum of understanding (MOU) on film and television co-operation between Create Hong Kong and France’s Centre national du cinéma et de l'image animée. He said the MOU marks closer ties between Hong Kong and France and provides a framework to facilitate collaboration and exchange in the area of film and television, thereby strengthening connections and deepening mutual understanding.

Hong Kong’s Chiu Hin-chun won (May 25) a gold medal in the Lightweight Men’s Single Sculls at the 2024 World Rowing Cup II in Lucerne, Switzerland. Lauding the rower’s outstanding performance, Secretary for Culture, Sports & Tourism Kevin Yeung said Chiu has written a new page in Hong Kong’s rowing history for being the city’s first rowing athlete to win a gold medal at an international competition. “We are proud of his striving spirit,” added Mr Yeung.

Photo courtesy of Chiu's social media page.

2024 Shaw Prize awarded to US scientists 

Four scientists in the United States (US) have been awarded the 2024 Shaw Prize. This marks the 21st year that the Shaw Prize has been awarded, with the presentation ceremony scheduled for Nov 12 in Hong Kong.

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. Article 23 of the BL stipulates that the HKSAR shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the Central People’s Government, or theft of state secrets, to prohibit foreign political organisations or bodies from conducting political activities in the HKSAR, and to prohibit political organisations or bodies of the HKSAR from establishing ties with foreign political organisations or bodies.

Q: Does the Safeguarding National Security Ordinance affect Hong Kong’s economic freedom and its status as an international financial center?

A: No. Since the implementation of the Hong Kong National Security Law (HKNSL), investors’ confidence in Hong Kong has not been shaken and the development of the financial industry has been very prosperous. Enacting legislation on Article 23 of the Basic Law has further improved Hong Kong’s legal system in safeguarding national security, rendering the business environment in the HKSAR more stable and its law and order more secured. It is conducive to investment in the HKSAR and the development of its financial market.