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Hong Kong welcomed the Year of the Snake with a series of celebratory events. Kicking off the festivities on Jan 29 was the Cathay International Chinese New Year Night Parade, a spectacular show featuring colourful floats and unforgettable performances by local and overseas performing groups. A 23-minute pyrotechnic extravaganza 2025 Lunar New Year Fireworks Display illuminated the night sky above Victoria Harbour on Jan 30, with a dazzling array of auspicious symbols as well as adorable pandas, ushering in a sparkling start to the Year of the Snake. Hong Kong welcomed almost 680,000 visitors during the Chinese New Year period (Jan 28 - 31), a 6% increase year-on-year. Delivering his Chinese New Year message (Jan 28), Chief Executive John Lee said that in Chinese culture, the snake, nimble and agile, is a symbol of prosperity and wealth. “This year, Hong Kong will once again show its agility and resilience with flexible thinking to innovate, to reform, and to seek further development as we strive to build a bright future,” he said. 

HK’s economy grows 2.5% in 2024

Hong Kong’s economy grew at an accelerated pace in the fourth quarter of 2024. According to the advance estimates on GDP (Feb 3), the economy grew 2.5% for 2024 as a whole, further to 3.2% growth in 2023. Total exports of goods resumed growth amid improved external demand. Exports of services continued to increase, driven by further growth of visitor arrivals and improvement in other cross-border economic activities. Overall investment expenditure showed a further increase as the economy continued to expand. The city’s economy is expected to register further growth this year despite heightened uncertainties in the external environment. Trade protectionist policies implemented by the US may disrupt global trade flows and adversely affect Hong Kong’s goods exports. They may also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer. Nevertheless, the Mainland’s proactive policy to boost its economy will help bolster market confidence and benefit a wide spectrum of economic segments in Hong Kong. 

Financial Secretary promotes HK in Davos

Attending the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland (Jan 21 – 24), Financial Secretary Paul Chan shared Hong Kong’s experiences and viewpoints on various issues, including tackling climate change, advancing green finance and financial innovation. In bilateral meetings with government officials and business leaders from various countries, Mr Chan promoted Hong Kong’s new advantages and articulated the city’s strengths and latest development directions, as well as explored ways to strengthen cooperation and create mutually beneficial opportunities.

In a meeting with Director-General of the World Intellectual Property Organization (WIPO) Daren Tang, Mr Chan discussed strengthening co-operation and thanked the WIPO for its support in establishing a technology and innovation support centre in Hong Kong, which aims to be operational this year. Mr Chan spoke with WEF Founder & Executive Chairman Prof Klaus Schwab, and expressed Hong Kong’s willingness to strengthen cooperation with the WEF.  He also met with the Minister of State for Foreign Trade of the United Arab Emirates Dr Thani bin Ahmed Al Zeyoudi, Qatar’s Minister of Finance Ali bin Ahmed Al-Kuwari, Switzerland’s State Secretary for International Finance, Federal Department of Finance Daniela Stoffel, the Minister of Investment of Saudi Arabia Khalid Al-Falih and the Minister of Finance of Egypt Ahmed Kouchouk respectively and exchanged insights on the latest global economic and financial landscapes and discussed ways to enhance co-operation.

During the WEF, Mr Chan also met the CEO of stablecoin issuer Circle Jeremy Allaire to learn about the company’s development strategy in Asia and representatives from US cryptocurrency exchange platform Coinbase to learn about the company’s latest business development. In his meeting with senior management from Swiss Re, the Financial Secretary outlined Hong Kong’s initiatives to strengthen its role as an international risk management centre; and in his meeting with the President and CEO of Franklin Templeton Jenny Johnson, they discussed the business expansion plans of the international fund group in the region.

IMF affirms HK’s economic recovery, resilient financial system

The International Monetary Fund (IMF) reaffirmed Hong Kong’s position as an international financial centre, in a report prepared following the conclusion of the IMF Executive Board’s “2024 Article IV consultation” with Hong Kong. The report recognises that Hong Kong’s financial system remains resilient, supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System (LERS). In addition to commending the Hong Kong Special Administrative Region (HKSAR) Government for prioritising policies to support economic recovery, manage financial stability risks, and address structural challenges, the IMF added that the Government’s path of gradual medium-term fiscal consolidation is appropriate. The IMF considers that the LERS remains an appropriate arrangement for Hong Kong given the city’s highly open economy and its large and globally integrated financial services industry.

Universities in Hong Kong achieved very encouraging and impressive performance in the latest Subject Rankings 2025 released (Jan 22) by Times Higher Education (THE). Thirty eight subjects of five Hong Kong institutions are in the top 100 globally, with 19 of these subjects ranking among the top 50 worldwide. The performances of the subject of Education Studies of the University of Hong Kong (HKU) and the Chinese University of Hong Kong (CUHK) are particularly outstanding, ranking 6th and 11th respectively. THE rated the two institutions highly for teaching, research environment, and research quality. In the subject of Medical and Health, both HKU and CUHK are among top 25 worldwide. The subjects of Physical Sciences, Engineering, Computer Science, and Business and Economics of five institutions in Hong Kong are also in the global top 100.

Terms set for exhibition incentives

Hong Kong’s convention and exhibition (C&E) industry received a boost with the announcement of the allocation of an additional provision of US$64.1 million to implement the Incentive Scheme for Recurrent Exhibitions (ISRE) 2.0, which aims to attract more new and recurrent international exhibitions of large scale and further boost the vibrancy of the C&E industry in Hong Kong. Scheduled to be launched on Jul 1, subject to funding approval by the Legislative Council, the ISRE 2.0 will only subsidise venue rentals for eligible exhibitions organised by private organisers at specified venues. Under the new arrangements, only international exhibitions attracting at least 1,500 non-local exhibitor and buyer participants will be covered. The maximum incentive for each eligible exhibition will be capped at US$1.28 million. Application guidelines for the ISRE 2.0 will be announced in due course.

Hong Kong harmonica virtuoso to perform in New York

Hong Kong harmonica virtuoso Cy Leo is bringing his unique sound to New York City. Joined by a stellar jazz lineup featuring Grammy awardee Manuel Valera, Moto Fukushima, and Jongkuk Kim, Cy Leo promises an unforgettable evening of music at Nublu in the Lower East Side on Feb 24. Known for his groundbreaking performances across jazz, classical, and pop genres, Cy Leo is a two-time World Harmonica Festival winner (2009 & 2013). This debut performance will feature his original compositions alongside fresh takes on jazz classics. More information and tickets can be found here. 

Application opens for Administrative Service Summer Internship Programme 2025

Application for the Administrative Service Summer Internship Programme 2025 is now open, offering Hong Kong students the opportunity to gain valuable hands-on experience by working alongside Administrative Officers (AOs) in the HKSAR Government and enrich their understanding of the roles and missions of an AO and facilitate their future career planning. The programme is open to students who possess permanent resident status in the HKSAR and are undergoing full-time undergraduate or postgraduate studies at a local, mainland or overseas tertiary institution in the 2024-25 and 2025-26 academic years, with a view to obtaining a bachelor’s degree or higher qualifications by summer 2026 or 2027. Overseas applications have to be submitted by postal mail or email by Feb 28, 2025. The application form, as well as information about the Programme, such as the selection criteria, can be found on the website.

HKSAR Government has no interference in commercial operations

A HKSAR Government spokesperson responded to the media (Feb 2) that the allegation made by American officials on the operation of the Panama Canal is unwarrantable and untrue, and expressed strong disapproval and objection. According to the Constitution and the Basic Law, the HKSAR Government exercises a high degree of autonomy, and pursues the policy of free trade and safeguards the free movement of goods, intangible assets and capital. Hong Kong has always been a staunch supporter of the multilateral trading system and opposes any country imposing measures or restrictions that undermine normal trade or business operations. All companies registered in Hong Kong are required to operate in accordance with the Laws of Hong Kong and, if outside Hong Kong, the local regulations. The HKSAR Government has never interfered in the commercial operation of Hong Kong companies. 

Safeguarding national security is a constitutional duty

The HKSAR Government reiterated that it is a constitutional duty to safeguard national security and in accordance with international law and international practice based on the Charter of the United Nations, safeguarding national security is an inherent right of all sovereign states. It strongly disapproved the US lawmakers requesting a review of a number of HKSAR Government officials, judges and prosecutors in a list of “sanctions” in an attempt to intimidate the HKSAR personnel concerned who safeguard national security. In a statement, the HKSAR Government pointed out that many common law jurisdictions, including western countries, such as the US, have enacted multiple pieces of legislation to safeguard national security. The implementation of the Hong Kong National Security Law in the past four years has enabled the livelihood and economic activities of the Hong Kong community at large to swiftly resume as normal and the business environment to be restored and improved continuously. It noted that in the Economic Freedom of the World 2024 Annual Report, Hong Kong ranks as the world's freest economy 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: According to Article 68 of the Basic Law, what is the ultimate aim of the method for forming the Legislative Council?

A: According to Article 68(2) of the Basic Law, the method for forming the Legislative Council shall be specified in the light of the actual situation in the HKSAR and in accordance with the principle of gradual and orderly progress. The ultimate aim is the election of all the members of the Legislative Council by universal suffrage.