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Wrapping up his visit to Lima, Peru, where he attended the Asia-Pacific Economic Cooperation (APEC)  Economic Leaders’ Meeting (Nov 13 – 19), Chief Executive John Lee said the trip demonstrated Hong Kong’s commitment to promote regional economic and trade co-operation, and to explore diverse development opportunities. Through participating in the APEC sessions and meeting officials from various countries and regions, Mr Lee said Hong Kong enhanced connections and relationship with Association of Southeast Asian Nations economies, as well as built connections with other economies. At the APEC Economic Leaders’ Meeting, Mr Lee exchanged views with leaders of other economies on issues including trade and investment for inclusive and interconnected growth, innovation and digitalisation to promote transition to the formal and global economy, and sustainable growth for resilient development.

Attending the APEC Ministerial Meeting (Nov 14) in Lima, Peru, Secretary for Commerce and Economic Development, Algernon Yau shared with other ministers Hong Kong’s work in promoting digitalisation, and inclusive and sustainable growth of trade. Mr Yau spoke on Hong Kong’s investment in digital infrastructure to create an enabling environment for businesses and reaffirmed Hong Kong’s commitment to facilitate the transition to a green and low-carbon economy in the region. Noting that both the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership (RCEP) serve as crucial pathways towards realising the Free Trade Area of the Asia-Pacific, Mr Yau said Hong Kong is actively seeking to join the RCEP.

Hong Kong and Peru sign Free Trade Agreement

Hong Kong and Peru signed (Nov 15) a free trade agreement (FTA) on the sidelines of the APEC Economic Leaders’ Meeting. The FTA encompasses trade in services, trade in goods, investment and other related areas. It will enter into force after Hong Kong and Peru have completed their respective internal procedures. Speaking at the signing ceremony, Chief Executive John Lee said the FTA offers significant strategic value to both economies. This is the ninth FTA signed by Hong Kong, and the first signed by the current term of the Hong Kong Special Administrative Region (HKSAR) Government. To date, the city has already signed free trade agreements with 21 economies worldwide.

Global financial leaders gather at Hong Kong summit

Over 350 participants, including more than 100 group chairmen or chief executive officers from the world’s top financial institutions gathered in Hong Kong for the Global Financial Leaders’ Investment Summit (Nov 18 – 20), to discuss and share insights amid the changing global financial landscape. In his keynote speech, Vice Premier of the State Council He Lifeng shared insights into the latest developments in the Mainland economy, and emphasised the Central Government’s strong support for Hong Kong as an international financial centre. Speaking at the Summit, Acting Chief Executive Chan Kwok-ki said the shift in the global financial landscape could provide opportunities for growth for Hong Kong in emerging sectors such as fintech and green and sustainable finance. Delivering remarks at the Summit, Financial Secretary Paul Chan said Hong Kong would continue to engage with traditional markets like the US and Europe, focusing on cooperation in areas of common interests and mutual benefits and tapping into business opportunities in rising Belt and Road countries and the Global South. Mr Chan expressed deep confidence in Hong Kong’s bright financial future, and highlighted the strategies to bolster Hong Kong’s status as an international financial centre through expanding market connectivity, driving financial innovation and promoting green and transition finance. The next summit will take place Nov 3 – 5, 2025.

Hong Kong ranks 7th in global digital competitiveness

Hong Kong remains one of the most digitally competitive economies in the world, rising three places to rank seventh globally in the latest World Digital Competitiveness Ranking (WDCR) 2024 published by the International Institute for Management Development. Among the three factors in WDCR 2024, Hong Kong continued to perform well in technology and knowledge, ranking third and fifth respectively. The city’s ranking in future readiness also improved. As home to five of the world’s top 100 universities, Hong Kong possesses world-class research and development capabilities and I&T infrastructure, as well as a diverse talent pool. The city’s thriving startup ecosystem, its free, open and fair business environment, as well as a simple tax system with low tax rates, together with strong policy support position Hong Kong favourably to attract strategic enterprises and top talent from around the world. The city’s appeal as a leading destination for I&T is further enhanced by its abundant networks and opportunities, as well as the synergies with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area.

Trade reception held in Hong Kong

Secretary for Commerce & Economic Development Algernon Yau hosted a cocktail reception (Nov 19) to update guests on the continuous efforts of the overseas Hong Kong Economic & Trade Offices (ETOs) and the Mainland Offices in promoting Hong Kong’s unique advantages and vast opportunities for businesses and investments. About 200 guests including representatives of consulates, chambers of commerce and major trade associations as well as members of relevant government boards and committees attended. The reception was held while the heads of the 14 ETOs and five Mainland Offices were in Hong Kong for an annual meeting. Speaking at the reception, Mr Yau said that despite geopolitical tensions, Hong Kong’s economic outlook remained optimistic, adding that the city regained its status as the world’s freest economy among 165 economies in the latest Fraser Institute report.

Rosy future for Hong Kong’s ETF market

Financial Secretary Paul Chan is confident that Hong Kong’s ETF market will continue to grow and thrive and attract global and Mainland capital to reinforce the city’s status as an international financial centre. Speaking at the silver jubilee celebration ceremony (Nov 12) for Tracker Fund of Hong Kong, Mr Chan said the Tracker Fund’s significance extends well beyond its market size and liquidity, carrying a unique historical weight for the Hong Kong financial industry as it laid the foundation for the thriving ETF sector in Hong Kong today. Initially launched as the largest IPO in Asia, the Tracker Fund has over the years demonstrated incredible resilience and grown to over US$19 billion in market capitalisation, becoming Hong Kong’s largest ETF. 

Hong Kong Exchanges and Clearing Limited (HKEX) commemorated (Nov 18) the 10th anniversary of Connect, the landmark mutual access programme that facilitated two-way capital flows between Mainland China and the world. HKEX Chief Executive Officer Bonnie Y Chan said that over the past decade, the Connect programme has evolved beyond equities to include bonds, ETFs and interest rate swaps. More enhancements are underway, including block trading for Stock Connect, the inclusion of Real Estate Investment Trusts to Connect, and RMB-denominated stocks in Southbound Connect. On Nov 21, HKEX and Hang Seng Indexes Company Limited launched the Hang Seng HKEX Stock Connect China Enterprises Index, which gives investors a comprehensive benchmark to measure the performance of the biggest companies in the vibrant Stock Connect universe.

Hong Kong Maritime Week 2024 marks milestones

Some 14,500 local, Mainland and overseas maritime professionals attended the Hong Kong Maritime Week 2024 (HKMW), held Nov 18 – 23, under the theme of “Navigating to a Greener Future”, and comprised conferences, exhibitions and networking activities. It showcased the strong commitment of Hong Kong’s maritime industry in sailing towards sustainable shipping and consolidating the city’s status as an international maritime centre. Speaking at the opening ceremony, Acting Chief Executive Chan Kwok-ki said, “Sustainability - transforming Hong Kong into a green maritime centre - is at the heart of our policy priorities.” He noted that the Government had just promulgated the Action Plan on Green Maritime Fuel Bunkering, which includes the development of essential infrastructure, encourages ports to reduce carbon emissions as well as provides incentives for using green maritime fuels. Also speaking at the same event, Secretary for Transport & Logistics Lam Sai-hung, noted that the global maritime sector is undergoing profound transformation in recent years, driven by digitalisation, decarbonisation, geopolitical and trade dynamics. He said the programme this year has seen even stronger connections with the international community, with the International Chamber of Shipping staging a two-day Global Maritime Trade Summit for the first time in Hong Kong. One of HKMW’s anchor events, Asian Logistics, Maritime and Aviation Conference (ALMAC), drew some 2,000 professionals from more than 30 countries and regions. Addressing the attendees at ALMAC, Mr Chan highlighted that Hong Kong ranks fourth in this year’s International Shipping Centre Development Index, a testament to the city’s strengths as an international maritime centre. “We see long-term opportunities in Hong Kong’s rise as a green and smart port,” he said.

Environment chief attends COP29

Secretary for Environment & Ecology Tse Chin-wan joined the Chinese delegation and attended the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Azerbaijan (Nov 11 – 15). He participated in the US-China Subnational Climate Leaders Dialogue (Nov 14), hosted by the California-China Climate Institute, which brought together subnational climate leaders from the US and China to share the latest progress, achievements, and challenges in climate action, and to promote stronger climate action. Speaking at a panel discussion, Mr Tse introduced the carbon reduction strategies and measures of the HKSAR Government to achieve carbon neutrality by 2050. He underscored the need to adopt a comprehensive strategy on climate change adaptation and resilience, apart from implementing ambitious decarbonisation strategies. Earlier, Mr Tse spoke at a side event (Nov 13) of the China Pavilion, highlighting Hong Kong’s role as a regional hub and a gateway to introduce innovative products and new green technologies from the Mainland to other parts of the world. While in Azerbaijian, Mr Tse met with Hong Kong representatives at COP29, held bilateral meetings with other representatives and visited a renewable energy facility in Azerbaijan.

Shaw Prize award presentation ceremony held

The 2024 Shaw Prize was presented to four American scholars at an award presentation ceremony (Nov 12): George Ellery Hale Professor of Astronomy and Planetary Science, Division of Physics, Mathematics and Astronomy at the California Institute of Technology Shrinivas R Kulkarni (astronomy); Senior Investigator and Chief of the Sickle Cell Branch of National Heart, Lung, and Blood Institute at the National Institutes of Health, Swee Lay Thein (life science & medicine), David G Nathan Distinguished Professor of Pediatrics, Harvard Medical School Stuart Orkin (life science & medicine) and Gopal Prasad Professor of Mathematics at the Institute for Advanced Study in Princeton and Eugene Higgins Professor of Mathematics at Princeton University, Peter Sarnak (mathematical sciences). During the ceremony, Shaw Laureate in Life Science and Medicine 2021 and Frank HT Rhodes Class of 1956 Professor of Molecular Biology and Genetics and Director of the Weill Institute for Cell and Molecular Biology at Cornell University Scott D Emr was also presented with his gold medal. Each Shaw Prize carries a monetary award of US$1.2 million.

Mutual respect relations urged

Chief Executive John Lee said that all countries and economies should respect the fact that Hong Kong seeks to develop win-win trade relations with the principle of mutual respect. Responding to a question about the US presidential election, Mr Lee noted that Hong Kong is one of the most open economies in the world and always firmly supports free and open trade, and a multilateral trading system. “Hong Kong and I attach great importance to its relations with both mature and emerging markets. We welcome normal business exchanges, economic activities and people-to-people exchanges with different economies, including the US,” he said. The US enjoys significant economic benefits in Hong Kong and has realised a trade surplus of some US$270 billion with Hong Kong over the past 10 years, the largest among its global trading partners. Additionally, there are more than 1,200 US companies with their businesses in Hong Kong.

US report rejected

The HKSAR Government strongly disapproved of and firmly rejected (Nov 20) the groundless attacks, slanders and smears against various aspects of the HKSAR in the report issued by the US-China Economic & Security Review Commission. In a statement, the HKSAR Government stressed that it will continue to prevent, suppress and punish in accordance with the law acts and activities endangering national security. At the same time, it will press on with safeguarding the rights and freedoms enjoyed by its people in accordance with the law. Hong Kong will continue to leverage its strengths to enhance its role as international financial, maritime and trade centres, among others, whilst proactively integrating into the overall development of the Mainland, including the Guangdong-Hong Kong-Macao Greater Bay Area development. The HKSAR Government will create strong impetus for growth at full steam and proactively compete for enterprises and talents to strengthen the city's competitiveness.

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. 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 organizations or bodies from conducting political activities in the HKSAR, and to prohibit political organizations or bodies of the HKSAR from establishing ties with foreign political organizations or bodies.

Q: Why is there a need to legislate on Article 23 of the Basic Law even with the presence of the Hong Kong National Security Law?

A: Enacting local legislation on Article 23 of the Basic Law and refining laws relevant to safeguarding national security are the constitutional responsibilities of the HKSAR. Article 3 of the 5.28 Decision and Article 7 of the Hong Kong National Security Law (HKNSL) reaffirm the need for the HKSAR to fulfill these constitutional responsibilities. While the Hong Kong version of “colour revolution” in 2019 subsided, substantial risks remain. In addition, international landscape is ever-changing, and risks endangering national security exist every day. The four categories of offences provided for under Chapter III of the HKNSL, namely the offences of secession, subversion, terrorist activities and collusion with a foreign country or with external elements to endanger national security, are directed at the most prominent acts and activities endangering national security in the Hong Kong version of “colour revolution” in 2019. Among them, the offences of secession and subversion have dealt with two of the seven types of acts which the HKSAR shall enact laws to prohibit as prescribed in Article 23 of the Basic Law. The HKSAR has a duty to complete legislation on Article 23 of the Basic Law to prohibit those acts and activities endangering national security other than the four categories of offences provided for under the HKNSL.