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Hong Kong Economic and Trade Office, New York (HKETONY) hosted its annual Hong Kong Spring Reception on Feb 4, welcoming close to 400 guests from government agencies, businesses, think tanks, non-profits, academic institutions, cultural organisations and the media to celebrate the Year of the Snake. In her welcome remarks, HKETONY Director Maisie Ho highlighted Hong Kong’s resilience and recent achievements amid global challenges, as well as the strong economic ties between Hong Kong and the United States. The evening featured a special East-meets-West musical performance by three talented Hong Kong musicians: violinist Ding Yijie, erhu player Yang Enhua (both from Arts with the Disabled Association Hong Kong), and professional pianist Laurina Hong. Adding to the festive atmosphere, two striking inflatable art installations by Hong Kong creative brand Chocolate Rain were showcased at the event. Check out some highlight photos! 

HKETONY Director Maisie Ho attended and supported an elite luncheon with financial leaders featuring Hong Kong Monetary Authority Chief Executive Eddie Yue on Feb 12. Hosted by the National Committee on United States-China Relations (NCUSCR), the special event brought together top executives from New York’s finance and banking industries. Mr Yue provided an overview of the latest developments in Hong Kong’s financial sector, covering the city’s dynamic capital market, positive IPO prospects, strong asset management industry and the growth of family offices, the potential of Renminbi internationalisation as well as the city’s role as the global driver for adoption of cryptocurrency and blockchain technology. He also had an engaging discussion with President of NCUSCR Steve Orlins, and the rest of the attendees on navigating the geopolitical challenges and sustaining Hong Kong’s status as an international financial centre.

Hong Kong’s first locally born giant panda twins “Elder Sister” and “Little Brother” finally made their public debut at Ocean Park Hong Kong on Feb 16! To celebrate the occasion, 49 mailboxes across the city have been transformed with 3D-printed panda models. Meanwhile, images of the cute twins are popping up at various hot spots including MTR Ocean Park and Admiralty Stations, Hong Kong International Airport and the Tsim Sha Tsui Star Ferry Pier. Come visit Hong Kong and enjoy a pandastic experience!

Hong Kong receives over 4M visitors in Jan

The provisional visitor arrivals to Hong Kong for Jan reached 4.74 million, a 24% increase compared to the same period last year, benefitting from the positive ambience arising from the Chinese New Year holidays and relevant festive celebrations. Mainland visitors accounted for 3.73 million, a 25% increase year-on-year. Both figures are the highest monthly records in their category since travel resumed after the pandemic. In the same month, Hong Kong received 1.02 million non-Mainland visitors, making it the third consecutive month with more than 1 million arrivals. The numbers of visitors from both short-haul and long-haul markets increased by more than 20% year-on-year. Growth momentum persists for various markets such as the Philippines, Indonesia, Taiwan, South Korea and Australia, with visitors from these markets increasing by about 30% or more compared to the same period last year.

Talent list coverage further expanded

The Hong Kong Special Administrative Region (HKSAR) Government announced (Feb 18) the latest round of the Talent List update, adding nine professions to the list, which increases the coverage to 60 professions with local talent shortages, starting from Mar 1. The newly added professions are from the industry segments of financial services, innovation and technology, legal and dispute resolution services as well as aviation and shipping. Outside talent who meet the eligibility criteria for relevant professions can enjoy immigration facilitation when applying under the Quality Migrant Admission Scheme, the General Employment Policy and the Admission Scheme for Mainland Talents & Professionals. Those interested in the admission schemes can submit applications online.

Consensus Hong Kong kicks off

The world’s longest-standing and most influential cryptocurrency, blockchain and Web3 event, Consensus, was held in Hong Kong on Feb 18-20, attracting over 8000 industries professionals from around the world. Speaking at the Institutional Summit at Consensus Hong Kong (Feb 18), Secretary for Financial Services and the Treasury Christopher Hui said the HKSAR Government remains steadfast in its mission to foster an environment where innovation is underpinned by robust regulation, ensuring that Hong Kong’s financial markets not only thrive on competitiveness but also maintain the highest standards of investor protection and market integrity. He added that the government is continuously reviewing and refining Hong Kong’s regulatory regime to foster a complete ecosystem for virtual assets, paving the way for an interconnected value chain that will underpin Hong Kong's financial markets. 

Hong Kong leads Asia as green finance hub

Hong Kong’s role as Asia's leading green finance hub is founded on a long-standing commitment to channel international capital towards a greener future, said Secretary for Financial Services and the Treasury Christopher Hui at the Deloitte Seminar: "Beyond Compliance: Driving Sustainability with Hong Kong's Roadmap" (Feb 6). Mr Hui pointed out that as of Sep 2024, more than 230 ESG funds have been authorised by the Securities and Futures Commission, managing over US$167 billion (HK$1.3 trillion) in assets. The volume of green and sustainable bonds arranged in Hong Kong topped the Asian market from 2021 to 2023. Since 2019, Hong Kong has issued government green bonds totalling US$31.4 billion (HK$220 billion) under the Government Sustainable Bond Programme. He added that the rapid evolution of global financial markets, combined with Hong Kong’s ongoing drive for innovation, uniquely positions the city to lead the transformation in sustainable finance.

Hong Kong remains ideal financial gateway

Speaking at the Asia Securities Industry & Financial Markets Association Annual Conference 2025 (Feb 17), Secretary for Financial Services and the Treasury Christopher Hui said Hong Kong’s financial market is characterised by deep liquidity, diverse financial products and services, strong emphasis on investor protection, a well-educated and highly efficient workforce, ease of entry for non-local professionals, and effective and transparent financial regulations aligned with international standards. He highlighted that the opportunities in Hong Kong are immense despite the complex geopolitical and economic landscape. As Hong Kong actively integrates into and embraces the opportunities presented by the national development strategies, he added, Hong Kong will remain as an ideal gateway connecting the Mainland capital market with the rest of the world, as well as a prime location and platform for international businesses and investors to tap into the vast business potential and investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, Mainland China and beyond.

Invisible trade surplus recorded in 2023

Hong Kong’s value of total exports of services rose by 17.2% to US$97.7 billion (HK$762.2 billion) in 2023, and that of total imports of services increased by 24.9% to US$79.2 billion (HK$618.4 billion). An invisible trade surplus at US$18.4 billion (HK$143.8 billion), equivalent to 23.3% of the value of total imports of services, was recorded. Transport was the largest component in exports of services while travel was the largest component in imports of services. Mainland China and the United States were the top two main destinations of exports of services of Hong Kong, accounting for 29.8% and 19.2% respectively of the value of total exports of services in 2023. The Mainland and the US were also the top two main sources of imports of services, accounting for 39.0% and 12.4% respectively of the value of total imports of services.

The Department of Justice (DoJ) announced that the policy on the incorporation of mediation clauses in government contracts came into effect on Feb 6. The clauses outline that contract parties agree to use mediation to resolve disputes first before resorting to arbitration or litigation. To complement the implementation of the policy, the DoJ also promulgated "The Government of the Hong Kong Special Administrative Region Mediation Rules (2025 Edition)", which provides for a set of procedural rules for the conduct of mediation proceedings. The DoJ said it anticipates that private organisations will make reference to and adopt similar mediation clauses in their own contracts, thereby deepening a “mediate first” culture.

New I&T funding available for start-ups

Hong Kong is racing towards the vision of becoming an international innovation and technology centre, with the support of the National 14th Five-Year Plan, said Chief Executive John Lee at the Opening Ceremony of Tech Applied Summit (Feb 10).  He added that forward-looking policies, including the US$1.28 billion (HK$10 billion) RAISe+ Scheme (Research, Academic and Industry Sectors One-plus Scheme), the New Industrialisation Acceleration Scheme, and the US$1.28 billion (HK$10 billion) Innovation and Technology Industry-Oriented Fund, are making Hong Kong a launch pad for start-ups, researchers and investors to turn bold ideas into transformative realities. Also speaking at the event, Secretary for Innovation, Technology and Industry, Professor Sun Dong, said Hong Kong is opening doors for the world's brightest minds to call Hong Kong home, while nurturing local talent to lead in fields like AI, robotics, life and health technology, and advance manufacturing. Organised by the Hong Kong Applied Science and Technology Research Institute, the Tech Applied Summit brought together some 1000 attendees from across the globe.

Shipping fee refund plan launched

Hong Kong Marine Department announced (Feb 14) the implementation of its amended Merchant Shipping (Registration) (Fees and Charges) Regulations, which allow eligible ships to be awarded refund on fees and charges under the Block Registration Incentive Scheme. Under the scheme, if more than one eligible ship is registered with the Hong Kong Shipping Registry (HKSR) within 24 months, refunds of the ship registration fee and the first-year annual tonnage charge may be given for each ship. Each application can cover ships with different owners and may be submitted by a shipowner, ship manager or ship agent. The Department stressed that the gross tonnage of Hong Kong-registered ships ranks as the fourth largest globally, and the launch of the scheme will further strengthen the HKSR’s competitiveness and foster Hong Kong’s leading position among shipping registries globally.

HKSAR to file complaint with WTO against US additional duty

In response to the recent announcement by the US to impose an additional 10% duty on Hong Kong products, the HKSAR Government has decided to file a complaint with the World Trade Organization (WTO) to defend its legitimate rights. The HKSAR Government noted that the US' measures are grossly inconsistent with the relevant WTO rules and ignore Hong Kong’s status as a separate customs territory as stipulated in Article 116 of the Basic Law and recognised by the WTO. It reiterated that Hong Kong is a staunch supporter of the rule-based multilateral trading system and urged the US to take immediate actions to rectify its wrongdoing.

External interference condemned

In response to remarks made by the US Department of State's Bureau of Democracy, Human Rights, & Labor which attempted to exert pressure and demand Lai Chee-ying's unconditional release, the HKSAR Government condemned and rejected (Feb 8) the US interference in Hong Kong's judicial proceedings, stressing that comments on the case of Lai Chee-ying are inappropriate as legal proceedings in the case are still ongoing. The government strongly urges external forces to immediately stop interfering in the HKSAR's internal affairs and the exercise of independent judicial power by the courts. It iterated that all cases are handled strictly on the basis of evidence and in accordance with the law, adding that all defendants will receive a fair trial in accordance with laws applicable to Hong Kong. The HKSAR Government will continue to resolutely discharge its duty of safeguarding national security, act to prevent, suppress and punish in accordance with the law acts and activities that endanger national security, and to safeguard the rights and freedoms enjoyed by Hong Kong people in accordance with the law.

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: Which customs territory does the HKSAR belong to?

A: According to Article 116 of the Basic Law, the HKSAR shall be a separate customs territory. The HKSAR may, using the name “Hong Kong, China”, participate in relevant international organisations and international trade agreements (including preferential trade arrangements), such as the General Agreement on Tariffs and Trade and arrangements regarding international trade in textiles. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by the Region.