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Financial Secretary Paul Chan unveiled (Feb 26) the 2025-26 Budget, themed “Accelerating Development through Reform and Innovation”, putting forward a series of measures on Hong Kong’s economic development and public fiscal consolidation. The Budget aims to reinforce the Hong Kong Special Administrative Region (HKSAR) Government’s financial strength, and create new momentum and advantages for Hong Kong’s economic development, while continuing to support citizens and businesses through rates concessions, tax reductions and extra allowance payable to eligible social security recipients. New budget initiatives include promoting artificial intelligence, advancing the Northern Metropolis development, enhancing preferential tax regimes for funds and single family offices, strengthening the shipping, aviation and tourism industries, attracting global talent and promoting bond issuance to support future economic growth. Hong Kong’s economy recorded a moderate real GDP growth of 2.5%, and is expected to grow moderately by 2% to 3% in real terms this year. 

Kai Tak Sports Park (KTSP), Hong Kong’s brand new sports and entertainment landmark, officially opened on Mar 1, with a grand opening ceremony featuring a spectacular line-up of performances, kicking off a month-long series of events. Officiating at the ceremony, Chief Executive John Lee highlighted the transformation of Kai Tak, from an international airport in the heart of a busy city, to becoming a new global stage for sports, culture and arts, reflecting Hong Kong’s spirit of “daring to be the pioneer” and creating unlimited horizons in a limited space. As the city’s largest sports infrastructure project, the world-class arena is set to host exciting international sports, culture and entertainment events, consolidating the city’s reputation as Asia’s event capital. KTSP includes the 50,000-seater Kai Tak Stadium, the 10,000-seater Kai Tak Arena and the 5,000-seater Kai Tak Youth Sports Ground, alongside 700,000 square feet of retail, catering, leisure and entertainment facilities. The grand opening of KTSP marks the start of “Hong Kong Super March”, a month filled with exciting events, including the World Snooker Grand Prix 2025 (Mar 4-9), Kai Tak Sports Initiative – Kai Tak Run (Mar 16) and the Cathay Pacific/HSBC Hong Kong Sevens 2025 (Mar 28-30). KTSP will also host events of the 15th National Games in November. 

Hong Kong Economic and Trade Office in New York (New York ETO) celebrated the Year of the Snake with Atlanta, Georgia, at the Hong Kong Spring Reception on Feb 19. In her welcome remarks, Director of New York ETO Maisie Ho emphasised the strong ties between Hong Kong and Atlanta and the state of Georgia. She also highlighted Hong Kong’s resilience in navigating global uncertainties, noting that the city’s GDP growth of 2.5 per cent last year is a testament to its ability to maintain stability and leverage its strategic position as a gateway between East and West. To further showcase Hong Kong's vibrant culture and culinary flair, the event featured inflatable installations designed by popular Hong Kong creative brand Chocolate Rain, as well as Hong Kong-themed cocktails. Some 200 guests from Atlanta’s academic, business, diplomatic, finance, and political sectors, as well as students from Hong Kong, attended the annual event cohosted by HKETONY and the Hong Kong Association of Atlanta.

New York ETO hosted a special dinner on Feb 18 for the visiting delegation from Hong Kong’s West Kowloon Cultural District (WestK), led by CEO Betty Fung, to strengthen the cultural collaboration between Hong Kong and New York. The delegation was welcomed by 30 prominent Asian American leaders, along with executives from New York’s arts, culture, and business sectors. Welcoming guests, Director of New York ETO Maisie Ho underscored Hong Kong’s commitment to advancing the arts and cultural industries. Ms Fung highlighted WestK’s status as one of the world’s largest cultural developments, spanning 40 hectares along Victoria Harbour, with world-class venues such as M+, the Hong Kong Palace Museum, and the Xiqu Center. She also previewed the 2026 opening of the WestK Performing Arts Centre and emphasised WestK’s efforts to foster global cultural exchange through collaborations with international institutions. The evening included an engaging Q&A session with Ms Fung and M+ Museum Director Suhanya Raffel, exploring Hong Kong’s growing role as an East-meets-West hub for the arts. 

M+ and MoMA signs comprehensive collaboration agreement

During her stay in New York, M+ Museum Director Suhanya Raffel represented the museum to sign a milestone Memorandum of Understanding on Feb 18, marking the first comprehensive collaboration between MoMA and an Asian museum. This partnership will focus on curatorial research, conservation, programme sharing, and professional exchange, strengthening ties between the two renowned institutions.

Hong Kong committed to Web3 ecosystem

Hong Kong’s commitment to Web3 extends beyond regulation, with the city investing heavily in the related infrastructure and talent development, said Financial Secretary Paul Chan at Consensus Hong Kong 2025 (Feb 19). This marked the first time an Asian city has been chosen by CoinDesk to host the iconic Consensus 2025 conference. He said Hong Kong has already made history by issuing the world’s first tokenized government green bonds in 2023, followed by a groundbreaking multi-currency issuance in 2024. He emphasised Hong Kong’s balanced regulatory framework to ensure a level playing field for all market participants. The city has established a licensing regime for digital asset trading platforms and is advancing regulation of stable coins. Regulatory sandboxes have been set up to allow innovators to test and refine their ideas and obtain early regulatory feedback. At the same time, the city is investing heavily in related infrastructure and talent development. As the Web3 ecosystem continues to evolve, he said Hong Kong will remain a stable, open, and vibrant market for digital assets. 

Hong Kong sets out global virtual assets hub roadmap

The Securities and Futures Commission outlined (Feb 19) 12 major initiatives to strengthen the security, innovation and growth of Hong Kong’s virtual asset (VA) market under a five-pillar Access, Safeguards, Products, Infrastructure and Relationships (ASPIRe) roadmap. The initiatives aim to streamline access to global liquidity, enable adaptive compliance and product frameworks focusing on security, and upgrade infrastructure for traditional finance to tap into blockchain efficiency. Under the roadmap, new frameworks for regulating VA over-the-counter and VA custodian services will be developed, while VA product and service offerings will be expanded. Additional measures include optimisation of operational requirements for VA trading platforms, combatting illicit activities, investor education and proactive stakeholder engagement.

Robust year for HKEX

2024 marked another robust year for Hong Kong Exchanges and Clearing (HKEX), with its net profit reaching US$1.68 billion (HK$13.1 billion) - a 10% profit year-on-year. The bourse welcomed 71 new listings in 2024, raising US$11.3 billion (HK$88 billion), with new economy sector companies accounting for almost 82% of the capital raised, ranking 4th globally in IPO fundraising. As announced in the 2025-26 Budget, the HKEX is actively taking forward the establishment of a dedicated “technology enterprises channel” to facilitate specialist technology and biotechnology companies in preparing their listing applications. In this connection, the Securities and Futures Commission will work closely with, and support HKEX in the operation of such channel in order to enable a smoother application process and to further refine the listing. 

Hong Kong Green Week to return in September 

Hong Kong will host the second Hong Kong Green Week Sep 8 – 12. Themed “Forging a Sustainable Future Together, the week-long event will cover a wide array of sustainability-related topics, providing stakeholders from various regions and sectors with a platform for dialogue and collaboration. During the week, the Hong Kong Monetary Authority (HKMA) and the International Finance Corporation will co-host the anchor event, Climate Business Forum: Asia Pacific 2025, which will bring together speakers at the forefront of sustainable business and finance for a deep dive into the region’s transition to low-carbon, resilient and inclusive growth. The HKMA will also co-ordinate other events such as conferences, roundtables, workshops and networking events hosted by international organisations, financial institutions, corporates, industry associations, academic institutions and others. Event details will be announced in due course. 

Hong Kong International Airport (HKIA) handled a total of 5.28 million passengers in January, representing an annual growth of 27.3%, with average daily passenger traffic exceeding 170,000 during the month. On Jan 25 alone, HKIA handled over 193,000 passengers, representing a full recovery to the pre-pandemic peak level. Flight movements during the month rose by 17% to 33,660, a post-pandemic high. Cargo throughput continued to gain momentum, registering a year-on-year increase of 4.1% to 394,000 tonnes. 

Sound legal system underpins Hong Kong’s success

Hong Kong’s legal system is unparalleled, and provides abundant opportunities to legal practitioners from not just Hong Kong but also the Mainland and other parts of the world, said Secretary for Justice Paul Lam at the 8th International Bar Association Asia Pacific Regional Forum Biennial Conference (Feb 20). He said the HKSAR Government will spare no effort to further promote Hong Kong as an international legal and dispute resolution services centre as well as a capacity building centre. Following the establishment of the Hong Kong International Legal Talents Training Academy in Nov 2024, the signing ceremony of the treaty on the establishment of the International Organization for Mediation, whose headquarters will be located in Hong Kong, will take place later this year. Themed "Vibrant Asia - Land of opportunity and promise", the Conference attracted some 360 persons coming from 36 jurisdictions in the Asia Pacific region, South Asia, Central Asia, Europe, North and South America, as well as Africa.

The HKSAR Government strongly condemned and opposed (Feb 27) individual members of the US House Committee on Foreign Affairs, through introducing a so-called resolution against Hong Kong, for making baseless allegations against Hong Kong and smearing the Hong Kong National Security Law (HKNSL) and the Safeguarding National Security Ordinance. A HKSAR Government spokesman reiterated that national security is the foundation for prosperity and stability in society, as well as the well-being of the people, adding that since the implementation of the HKNSL, the livelihood and economic activities of the Hong Kong community at large has swiftly resumed to normal and the business environment restored and improved continuously. In the Economic Freedom of the World 2024 Annual Report, Hong Kong ranks as the world’s freest economies among 165 economies. In the World Competitiveness Yearbook 2024, Hong Kong's ranking improved by two places to fifth globally. 

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. The Basic Law was put into effect on July 1, 1997.

Q: What does the Basic Law prescribe in respect of statements of the members of the Legislative Council at meetings of the Council?

A: According to Article 77 of the Basic Law, members of the Legislative Council of the HKSAR shall be immune from legal action in respect of their statements at meetings of the Council.