View as Webpage

Hong Kong is once again ranked as the world's freest economy. The Economic Freedom of the World 2024 Annual Report by Canada-based Fraser Institute (Oct 16) ranks Hong Kong No.1 among 165 economies around the world, up one place from last year. Among the areas of assessment, Hong Kong ranks top for "Freedom to trade internationally" and "Regulation", and third for "Sound money". The Hong Kong Special Administrative Region (HKSAR) Government said Hong Kong's free market and premier business environment are attributable to its distinctive institutional strengths under “one country, two systems”. Hong Kong has, for long, fully leveraged the advantages of a free market, and maintained a free, open, effective and fair business environment. The ranking fully reflects the international recognition of these advantages, it added. Looking forward, the HKSAR Government will proactively maintain and improve a free and open business environment, and continue to serve as a two-way springboard for attracting international enterprises to Hong Kong and supporting Mainland enterprises to “go global”.

Financial Secretary promotes Hong Kong's advantages in New York

Financial Secretary Paul Chan visited New York (Oct 22-24) to promote Hong Kong’s advantages. Delivering a keynote speech at the Bloomberg Global Regulatory Forum (Oct 22), he said that despite facing various challenges in recent years, Hong Kong’s economic and financial fundamentals remain strong and resilient. He added that Hong Kong’s levels of economic freedom and competitiveness are among the highest in the world, and that recent inflows of investment from the US and Europe reflect confidence in the city. At a special luncheon hosted by the Hong Kong Economic and Trade Office in New York (Oct 23) in honour of Mr Chan, he said Hong Kong will continue to play a unique role as a super-connector and super value-adder, linking the Mainland’s capital markets and investors with those of the global community to create value and opportunities for all. He stressed that Hong Kong values the strengthening of relationships with traditional markets and welcomes continued investments from the US business community. During his visit in New York, he also met with the Founder of Bloomberg L.P. and Bloomberg Philanthropies Michael Bloomberg, and a diverse group of local political and business figures, financial and banking professionals, as well as family offices representatives, in which he briefed them on Hong Kong’s latest situation and opportunities.

Financial Secretary attends APEC meetings in Peru

Before his visit in New York, Financial Secretary Paul Chan attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) and related activities in Lima. Peru (Oct 20 – 21). At the High Level Event on Sustainable Finance under FMM (Oct 20), he outlined the HKSAR Government's emission reduction targets and action strategies as well as the city’s latest developments as a leading green finance centre in Asia. During other meetings, he highlighted Hong Kong’s bridging role between traditional and emerging markets and shared Hong Kong’s experience in developing fintech and promoting inclusive finance. During his stay in Lima, he also met with financial ministers of participating economics, including Peru, Singapore, South Korea, Thailand, and Vietnam, to discuss deepening bilateral cooperation and exchange views on common concerns.

Chief Executive pledges to further enhance Hong Kong’s economic competitiveness

Chief Executive John Lee delivered (Oct 16) his 2024 Policy Address, setting out a wide range of initiatives to further enhance Hong Kong’s economic competitiveness. Entitled “Reform for Enhancing Development and Building Our Future Together”, the policy blueprint includes measures to bolster Hong Kong as an international financial, logistics, trade, and aviation hub; develop new quality productive forces and foster economic diversification; build the city into an international hub for high-calibre talents, and improve people’s livelihood and quality of life.

Hong Kong hones its financial edge

Chief Executive John Lee, in his 2024 Policy Address, said the HKSAR Government will continue with reforms to reinforce and enhance the city’s status as an international financial centre. The measures include developing an international gold trading market and world-class gold storage facilities; attracting new capital and products such as Renminbi-denominated products to the stock market; enhancing development of the non-life insurance businesses, and attracting large enterprises to establish captive insurers in Hong Kong. The city will also expand the scope of tax concessions for funds and single-family offices, and enhance the green finance ecosystem.

More talent attraction measures unveiled

To promote Hong Kong as an international hub for high-calibre talent, Chief Executive John Lee unveiled in the 2024 Policy Address a raft of measures aimed at building the city’s capacity in terms of knowledge, talent and opportunities. These include updating the Talent List to cover personnel required for the development of Hong Kong in eight key areas, expanding the list of universities under the Top Talent Pass Scheme to 198 by adding 13 top Mainland and overseas universities. In addition, the HKSAR Government will establish the “Study in Hong Kong” brand by enhancing collaboration and exchanges between local post-secondary institutions and their counterparts around the world, as well as providing scholarships and other incentives to overseas students.

Hong Kong a hub for start-ups

Hong Kong’s institutional strengths, including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, a start-up-and-business-friendly environment, as well as other advantages guaranteed under "one country, two systems", continue to be the pillars supporting Hong Kong's success as a hub for start-ups, said Secretary for Commerce and Economic Development Algernon Yau at the JUMPSTARTER Ignition Gala by Alibaba Entrepreneurs Fund (Oct 21). He noted that in the first nine months of this year, InvestHK has assisted 470 overseas and Mainland enterprises in establishing or expanding their businesses in the city, with over 10% of them being start-ups and scale-ups from various sectors. He added that these encouraging results are a testament to Hong Kong's attractiveness. A StartmeupHK Festival 2024 event, JUMPSTARTER is a global competition providing opportunities for entrepreneurs across the globe to gather in Hong Kong, pitch their ideas and business proposals, learn from mentors and investors, and pursue their dreams in the city. 

Hong Kong FinTech Week 2024 opens

Hong Kong FinTech Week 2024, Asia’s largest annual gathering of international fintech leaders, is being held from Oct 28 - Nov 1. Delivering opening remarks at the event (Oct 28), Financial Secretary Paul Chan said Hong Kong is emerging fast as one of the most attractive global fintech hubs, housing more than 1100 fintech and Web3 companies. He added that Hong Kong’s open, free and diverse environment, burgeoning innovation and technology ecosystem, full range of funding support, deep talent pool, pro-business and pro-innovation regulatory system, the Guangdong-Hong Kong-Macao Greater Bay Area and Greater China application scenarios, and the ability to connect both China and the world are clear points of attraction. Themed “Illuminating New Pathways in Fintech”, Hong Kong FinTech Week 2024 features eight themed forums on cross-industry connections and the latest technologies such as artificial intelligence. 

The Hong Kong Monetary Authority (HKMA) announced (Oct 28) a series initiatives to spearhead the journey of fintech development in Hong Kong, covering areas of accelerating asset tokenisation, breaking down boundaries for payment, unlocking data potential, and empowering banks to go fintech. Speaking at the Hong Kong FinTech Week 2024, HKMA Chief Executive Eddie Yue highlighted the importance of embracing the digital frontier to drive the next phase of financial innovation, stressing that HKMA is committed to unlocking the full potential and advantage of fintech, and harnessing its power to drive sustainable growth of the ecosystem.

Hong Kong to capitalise on AI potential 

Hong Kong stands on the cusp of making ground-breaking strides by capitalising on the vast potential of AI and other cutting-edge technologies, said Secretary for Innovation, Technology and Industry Professor Sun Dong at the InnoTech Forum 2024 (Oct 18) organised by Invest Hong Kong. Prof Sun added that a number of the hundred digital government and smart city initiatives that the HKSAR Government presses ahead for rollout this year and next will make use of AI technology. Also speaking at the event, Secretary for Environment and Ecology, Tse Chin-wan, said by leveraging Hong Kong’s advantage as an international hub, backed by the motherland and with innovation and devotion of the city, the Government can position Hong Kong as a key driver of hydrogen economy, towards carbon neutrality as well as a sustainable and prosperous future.

Hong Kong a health and medical innovation hub

Speaking at the Asia Health Innovation Summit (Oct 24), Secretary for Innovation, Technology and Industry Professor Sun Dong said that Hong Kong is pressing ahead to become an international innovation and technology centre, as well as a health and medical innovation hub. He highlighted that Hong Kong has world-class research and development capability in life and health technology, which includes five world top-100 universities, two world top-40 medical schools, eight State Key Laboratories and 16 InnoHK research centres which are life and health-related. The city is also one of the world's leading fundraising hubs for biotechnology companies and ranked first in Asia among the world's top-100 emerging ecosystems. In its fourth edition this year, the Asia Health Innovation Summit brings together Asia’s health ecosystem of startups, professionals, and investors to exchange knowledge, inspire one another, and help drive innovation.

Hong Kong ranks high in rule of law index

Hong Kong’s ranking in the 2024 World Justice Project Rule of Law Index remained unchanged as it continued to rank sixth in East Asia and the Pacific, and was placed 23rd out of 142 countries and jurisdictions globally. The city climbed one place in the global rankings in respect of Regulatory Enforcement, and Civil Justice, while in Open Government, Hong Kong continued to maintain last year’s score and global ranking. Hong Kong’s score in Absence of Corruption was higher than last year and ranked 10th globally. The HKSAR Government reiterated (Oct 23) that Hong Kong has maintained a trusted legal system under “one country, two systems”, and its rule of law is also widely recognised and respected by the community. The Government will continue to be steadfast in safeguarding national sovereignty, security and development interests, as well as fully and faithfully implementing the “one country, two systems” principle and upholding the rule of law in the HKSAR.

First dinosaur fossils found in Hong Kong

Dinosaur fossils were discovered for the first time on Port Island in the Hong Kong UNESCO Global Geopark in the northeastern waters of Hong Kong. Experts have initially confirmed the fossils were part of a large dinosaur from the Cretaceous period, about 145 million to 66 million years ago. Further studies will have to be conducted to confirm the species of the dinosaur. The dinosaur fossils is currently on public display at the Heritage Discovery Centre. The public can also observe the experts' preparation work and the fossils prepared at the centre later this year.

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: Will I violate the new Safeguarding National Security Ordinance if I belong to an organisation within the definition of “external forces” in the Ordinance?

A: No. Being an “external force” as defined in the Ordinance in itself is not an offence. An offence could only be committed by a person if he or she colludes or collaborates with an external force with an intent to bring about “a deterrence effect” to endanger national security using “improper means”. Actions that constitute “improper means” include making a false representation, using or threatening violence or damage to one’s property or reputation, and so on. These are improper actions that are not condoned in any jurisdictions.