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Hong Kong ranks 3rd as global financial centre

Hong Kong ranks third globally, and first in the Asia-Pacific region, in the Global Financial Centres Index 36 Report (Sep 24), with its overall rating up eight points, the largest improvement among the top five financial centres. New York and London lead the index, with Hong Kong overtaking Singapore to regain third position. Its rankings for investment management, insurance, banking and professional services also rose significantly. In particular, the city’s ranking rose to first globally for investment management. In assessing the financial centres’ fintech offerings, Hong Kong’s ranking rose five places to ninth, putting the city among the top 10 fintech hubs in the world. The Hong Kong Special Administrative Region (HKSAR) Government said this clearly affirms the city’s status and strengths as a leading global financial centre, highlighting that its scores were among the highest for business environment, human capital, infrastructure, and reputational and general competitiveness.

Hong Kong ranks ninth in attracting and fostering talent, according to the “World Talent Ranking 2024”, published (Sep 19) by the International Institute for Management Development (IMD). This marks the city’s return to the top 10 for the first time since 2016, rising seven places, with improvements in all three talent competitiveness factors. It rose from sixth to fourth in “readiness”; from 15th to 13th in “investment and development” and from 32^nd to 28^th in “appeal”. Hong Kong topped the ranking for the percentage of graduates in the sciences, and was among the top five for availability of finance skills, effectiveness of management education, and remuneration of management. The city’s return to the top 10 in the IMD ranking is clear evidence of remarkable progress in its work in the areas of education and talent admission, with the aim to develop into an international post-secondary education hub and a cradle of future talent. As of the end of August, more than 150,000 people have arrived in Hong Kong under the various talent admission schemes. 

Hong Kong’s startup ecosystem promoted in US East

More than 120 members of New York’s start up and investment community gained further insights to Hong Kong’s dynamic startup ecosystem in a fireside chat (Sep 17) with the Head of Startups at Invest Hong Kong (InvestHK), Jayne Chan. Speaking at the event, Acting Director of the Hong Kong Economic and Trade Office, New York (HKETONY), William Leung said, "With government’s commitment and facilitation to innovation and technology through funding and infrastructure, coupled with its traditional advantages as an international financial centre, Hong Kong provides all entrepreneurs with the most vibrant startup ecosystem." During the fireside chat and networking session, co-organised by InvestHK New York and HKETONY, attendees also explored potential collaborations and learned more about opportunities to participate in Hong Kong and the broader Asian markets. The event is part of a series of meetings and events, organised by InvestHK in New York and Chicago to highlight the city’s thriving startup landscape and the abundant opportunities for fostering collaborations between Hong Kong and the US. 

StartmeupHK Festival returns Oct 21-25

Asia’s premier start-up event, the annual StartmeupHK Festival, is set to return to Hong Kong on Oct 21 - 25. Themed “A Future Unlimited”, this year’s festival will delve into contemporary topics including AI, web3, GameFi, responsible tech, healthtech, greentech, and sustainability, along with their potential to shape the future of innovation both in Hong Kong and beyond. Over 12,000 start-ups, investors, and technology enthusiasts from around the world are expected to participate. This year’s festival will include community events to enhance connections in the start-up ecosystem, as well as outdoor activities such as a harbour run and Peak hike with members of the tech community.

Panda pair land at Ocean Park

Hong Kong rolled out the red carpet (Sep 26) to welcome a pair of giant pandas named “An An” and “Ke Ke”. The pair landed at Hong Kong International Airport and were escorted to their new home at Ocean Park Hong Kong, where they will undergo a period of quarantine before meeting the public later this year. Gifted by the Central Government ahead of the 75th anniversary of the founding of the People’s Republic of China on Oct 1, the pair of pandas will join the Park’s resident panda couple of Ying Ying and Le Le, and their newborn twins.

Photo credit: Hong Kong Tourism Board and Ocean Park Hong Kong

National Day celebration continues

As part of the National Day Golden Week (Oct 1 – 7), Hong Kong is staging an exciting line-up of events including fireworks and drone displays; a special edition of Symphony of Lights sound and light show, and a chorus performance. On Sep 28, a spectacular Galloping Horses in the Sky drone show was staged, featuring majestic scenes inspired by Chinese artist Xu Beihong for the first time and telling the story of Hong Kong’s transformation from a small fishing village into an international metropolis with 1,500 drones. 

Wine and Dine Festival elevated

The annual Hong Kong Wine and Dine Festival returns to the Central Harbourfront Event Space, with a new and exciting expanded format. Extended to five days (Oct 23 - 27), this year’s event will introduce a new “Culinary Stars” theme featuring nearly 12 chefs from Michelin-starred restaurants, Bib Gourmand recommended restaurants and selected Asia’s 50 Best Bars, creating exclusive delicacies for the festival. There will also be over 300 booths featuring gourmet experiences from 35 countries and regions, including wine, whisky, cocktails, street food and other dishes, with the city's iconic skyline serving as a spectacular backdrop for the festival. 

Phase 2 of e-HKD Pilot Programme launches

The Hong Kong Monetary Authority (HKMA) has launched (Sep 23) Phase 2 of the e-HKD Pilot Programme (Phase 2) to delve deeper into innovative use cases for new forms of digital money, with 11 groups of firms from various sectors selected to explore innovative use cases for e-HKD and tokenised deposits. The selected firms will also examine the commercial feasibility, within a real-world setting, of new forms of digital money that may potentially be accessible to individuals and corporates. The HKMA will work closely with the selected firms, with the aim of sharing the key learnings from Phase 2 with the public by the end of 2025. With the expansion of the coverage of Project e-HKD to a more comprehensive exploration of the digital money ecosystem, the project has been renamed as Project e-HKD+, reflecting the evolving fintech landscape and the HKMA’s commitment to unlocking the full potential of digital money.

Photo credit: Hong Kong General Chamber of Commerce

Air passenger traffic hits another post-pandemic high

Hong Kong International Airport (HKIA) handled about 4.92 million passengers in August, representing a 23% year-on-year growth, while cargo throughput was up 10.6% to 406,000 tonnes. Flight movements grew 26.1% year-on-year to reach 31,605 in the same month. In August, daily passenger traffic exceeded 170,000 on peak days. On Aug 18, HKIA handled 174,600 passengers, reaching another post-pandemic high. Cargo throughput continued its consecutive double-digit year-on-year growth in August, with export traffic remaining the main growth driver, increasing by 14.6% year-on-year. For the first eight months of the year, passenger volume rose to 34.9 million while flight movements increased to 237,435, recording year-on-year growth of 43.5% and 41.4%, respectively. Cargo traffic experienced an annual increase of 16.5% to about 3.2 million tonnes.

Cathay Pacific is increasing frequencies on its US passenger services in 2025, including the launch of non-stop flights between Hong Kong and Dallas Fort Worth International Airport on April 24, 2025. Aside from the new Dallas service, by May 2025, the carrier will operate three return flights per day to New York, San Francisco and Los Angeles respectively, and a daily return flight to both Boston and Chicago. 

Twilight of the Warriors: Walled In selected as Hong Kong’s entry for Oscars

The Federation of Motion Picture Producers of Hong Kong has selected action thriller Twilight of the Warriors: Walled In as a contender in the best international feature film category for the 2025 Oscars. Supported by the HKETONY, the blockbuster had its North American premiere as the closing film for the New York Asian Film Festival (NYAFF) this summer, with film producer John Chong and actor Philip Ng in attendance at the sold-out screening. The duo also took part in a fireside chat hosted by the HKETONY and had an intimate and robust exchange with enthusiastic guests.

Hong Kong film director Ray Yeung and actress Patra Au spoke in a video series of the Academy of Motion Pictures Arts and Sciences, sharing their insights about their award-winning film All Shall Be Well, a poignant and heartfelt film about a sexagenarian navigating Hong Kong’s legal maze after losing her life partner. The film is having its US theatrical release this month. It had its East Coast premiere at this summer’s NYAFF, as part of the Hong Kong Panorama film series.

Clockenflap music festival set for Nov 29-Dec 1

Hong Kong’s largest outdoor music festival Clockenflap, returns Nov 29 – Dec 1 at Central Harbourfront. This year’s lineup includes maverick rock icon Jack White as a Sunday (Dec 1) headliner and legendary French electronic duo Air as a Friday (Nov 29) headliner. Other highlighted names include US singer-songwriter St. Vincent, UK DJ/producer Jamie xx, British psychedelic pop-rockers Glass Animals, hip-hop duo Creepy Nuts from Japan, and J-Pop vocalist yama among others.

Outbound Travel Alert for Lebanon raised to black

In view of the latest developments in Lebanon, the HKSAR Government raised (Sep 30) the Outbound Travel Alert (OTA) for Lebanon to black. Hong Kong residents are advised to avoid all travel to Lebanon. Those already there should attend to personal safety and leave or relocate to relatively safe regions immediately, and should pay attention to announcements made by local authorities and the Chinese Embassy there. Hong Kong’s Security Bureau will continue to closely monitor the situation in Lebanon and issue updates through its mobile app and outbound travel alert webpage. Hong Kong residents may call the 24-hour hotline of the Immigration Department’s Assistance to Hong Kong Residents Unit at (852) 1868, or contact the Chinese Embassy in Lebanon at its consular protection hotline (961) 3866468 for assistance.

The HKSAR Government rejected (Sep 25) the report on Hong Kong’s academic freedom published by the so-called Human Rights Watch and Hong Kong Democracy Council. In a statement, the HKSAR Government reiterated that academic freedom is an important social value treasured in Hong Kong and the cornerstone of its higher education sector. The HKSAR Government attaches great importance to upholding academic freedom and institutional autonomy, which are both enshrined in the Basic Law. These safeguards are clear and specific, and their effectiveness has never changed. Since the implementation of the National Security Law, academics or post-secondary education institutions in Hong Kong continue to conduct normal exchange activities between their foreign or external counterparts.

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: Does the offence of “unlawful disclosure of information that appears to be confidential matter” target the media?

A: The offence applies to public officers or government contractors, but not the media. The offence aims to prevent and impose punishment for acts of disclosure by any public officer or government contractor of information that appeared to be confidential in his or her possession by virtue of his or her capacity as a public officer or a government contractor, regardless of whether the relevant information is true or not, with intent to endanger national security.