Hong Kong Circle
Hong Kong Economic and Trade Office in Washington D.C. Newsletter (Text Only Version)
February 2008
Financial Secretary Unveils Tax Cuts, Concessions in 2008-2009 Budget
Government Boosts Public Respect for Intellectual Property Rights
Leading Global Provider of Talent Acquisition and Retention Solutions Expands in Hong Kong
Hong Kong First Stop on Chinese Soil for Beijing 2008 Olympic Torch Relay
Viewpoint: Relationship Between Developed and Emerging Markets
Pearl River Delta Regional Air Quality Management Plan Mid-term Review Report
Dear Friends, Kung Hei Fat Choi!
As we usher in the Year of the Rat, I would like to wish you all a safe and prosperous New Year.
In late January, I made my first official visits to West Virginia and Ohio where I met senior economic and trade officials, as well as prominent business leaders, to promote Hong Kong's gateway role to the Mainland of China as well as the Asia-Pacific region.
In Charleston, West Virginia, I met Governor Joe Manchin III. I updated the governor on the successful implementation of the "One Country, Two Systems" principle; Hong Kong's economic performance; and the Closer Economic Partnership Arrangement (CEPA), Hong Kong's free trade agreement with the Mainland of China.
We discussed opportunities in clean coal technology, biometrics and biotechnology.
I highlighted the Hong Kong government's efforts to combat pollution by requiring power companies to implement more environmentally friendly measures in return for a higher permitted rate of return.
In a meeting with Dr. Brian Noland, Chancellor of the West Virginia Higher Education Policy Commission, we discussed research and development programs in such fields as biomedicine, nano-technology, herbal medicine and Chinese medicine.
I also met Betty Carver, Tourism Commissioner of West Virginia. We discussed the appeal of West Virginia's natural beauty and Hong Kong's major tourist attractions.
While in Columbus, Ohio, I met Ohio Department of Development officials to discuss alternative energy, biotechnology, advanced manufacturing, logistics and personalized healthcare.
Speaking at the Distinguished Speaker Series of Ohio State University's Fisher College of Business, I gave a presentation titled, "Hong Kong: The World's Gateway to Asia," in which I spotlighted Hong Kong's core advantages as an international business center and entry point to the Mainland market thanks in part to CEPA.
I spoke at luncheon events co-hosted by the Charleston Area Alliance and the Ohio Department of Development during respective visits to Charleston and Columbus where I emphasized the growing opportunities for U.S. businesses and investors in Hong Kong.
In February, I paid a three-day visit to California.
During a visit to Sacramento, I met Lt. Governor John Garamendi and exchanged views on environmental issues, port security, and university exchange programs between Hong Kong and the United States.
I took the opportunity to highlight growing economic and cultural collaboration between Hong Kong and the State of California.
I also met State Senator Dick Ackerman, Senate Republican Leader; Senator Leland Yee, Assistant President pro Tempore; and State Assembly member Van Tran, Chair of Assembly Select Committee on International Trade.
I briefed the Senators and the Assembly member on Hong Kong's robust economy and the city's competitive advantages.
Lastly, I spoke at a business luncheon co-hosted by the California Chamber of Commerce and the Hong Kong Economic and Trade Office in San Francisco.
The event attracted guests from various business sectors and the public service, with Lt. Governor John Garamendi, Secretary for Resources Mike Chrisman, Secretary for Environmental Protection Linda Adams and several State Assembly members among them.
I look forward to continuing my visits across America to share the unique Hong Kong story with friends in every state.
Margaret Fong
Hong Kong Commissioner, USA
Financial Secretary Unveils Tax Cuts, Concessions in 2008-2009 Budget
On February 27, Financial Secretary John C. Tsang unveiled a package of initiatives and concessions to help the disadvantaged, enhance Hong Kong's competitiveness and ensure sustainable development.
Delivering his maiden budget to the Legislative Council, Mr. Tsang commented that three principles guided him in the formulation of the budget: the government's commitment to society, sustainable financial policies, and pragmatic decision-making.
"I hope that this budget will lessen people's burden and help them handle their various challenges," Mr. Tsang told members of the Legislative Council.
The Financial Secretary forecast a record budget surplus in the Consolidated Account of US$14.8 billion and a surplus of US$8.2 billion in the Operating Account for 2007-08.
He proposed a variety of measures to return wealth to the people, including a one-off tax reduction of 75 percent of salaries tax and tax under personal assessment for the 2007-08 fiscal year, up to a maximum of US$3,205.
The standard rate of salaries tax and personal assessment tax will be lowered by one percentage point from 16 percent to 15 percent from the next fiscal year. Profits tax will be lowered from 17.5 percent to 16.5 percent.
Small and medium-sized businesses are also in line for a one-off tax reduction with the Financial Secretary proposing a concession of 75 percent of profits tax for 2007-08, up to a maximum of US$3,205. The proposal will benefit all 100,000 companies liable to profits tax.
It was also proposed that business registration fees be waived for 2008-09 and the hotel accommodation tax be reduced to 0%.
With regard to Hong Kong's commitment to society, Mr. Tsang said it was the duty of the government to provide the final safety net for the disadvantaged. As such, he announced various measures to assist low-income families and the elderly.
The Financial Secretary placed healthcare reform as a priority in achieving fiscal sustainability, adding that an aging population posed a challenge for the city which he said would be home to some 2.17 million elderly people by 2033.
He also announced plans to enhance existing measures and introduce new initiatives to help ethnic minorities and new arrivals.
Mr. Tsang said the research and development sector was a key area for promoting high value-added economic activities. He proposed a one-off grant of US$2.3 billion to set up a Research Endowment Fund to replace the existing annual funding grant to the Research Grant Council of the University Grants Committee.
Additionally, he proposed providing 800 additional publicly-funded places for postgraduate research programs in phases starting from the 2009-10 school year.
On the environment, Mr. Tsang proposed a reduction of 30, 50 or 100 percent in the First Registration Tax of commercial vehicles meeting Euro V emissions standards.
To encourage businesses to use cleaner production techniques, Mr. Tsang also proposed a 100 percent profits tax deduction for capital expenditure on environment-friendly machinery and equipment in the first year of purchase.
Duties on wine, beer and all other alcoholic beverages except spirits will be exempt to help promote Hong Kong as a trade and distribution center for quality wine in Asia.
Mr. Tsang said that by developing various businesses in Hong Kong relating to quality table wine, it was expected that total business volume in the trade, storage and auction of table wine may increase by as much as US$513 million.
The Financial Secretary predicted that the operating surplus would build up to US$8.6 billion in 2012-13.
Mr. Tsang stated that the measures proposed in the budget, which are in line with the principle of sustainability, were mostly one-off or time-limited.
Mr. Tsang was optimistic about Hong Kong's economic prospects over the medium term. He forecast that the economy would continue to record solid growth in 2008, with GDP to be around 4 percent to 5 percent.
2008-2009 Budget: http://www.budget.gov.hk/
In its Staff Report on Hong Kong, released February 4, the International Monetary Fund (IMF) reiterates its support for the Hong Kong authorities' commitment to the Linked Exchange Rate System (LERS) and recognizes the Hong Kong Special Administrative Region government's efforts in furthering Hong Kong's role as an international financial center.
The IMF projected Hong Kong's real GDP growth in 2007 to be 6 percent [The government has since reported GDP growth of 6.3 percent for 2007].
The strong economic growth in recent years reflects the flexibility of Hong Kong's markets and its successful transformation into a services-based economy.
The IMF expects growth to moderate to below 5 percent in 2008 and average around 5 percent in the medium term if financial integration with the Mainland of China and the competitive pressures from other regional financial centers are managed well.
The IMF finds that the current fiscal stance is appropriate, although Hong Kong continues to face the challenges of volatile revenue and prospective aging-related healthcare spending.
The IMF welcomes the government's new investment income sharing arrangement with the Exchange Fund to limit revenue volatility, but the need to broaden the tax base remains. While the IMF has long supported the introduction of a goods and services tax to smooth tax revenue, it suggests the government may also explore other options, such as expanding the base of the salaries tax.
On the future of Hong Kong's status as a financial center, the IMF shares the authorities' view that it is intimately linked with Hong Kong's expanding role in Mainland of China financial intermediation. The IMF recognizes the authorities' proactive efforts in seeking ways for Hong Kong's developed financial platform to benefit the Mainland of China, and the increased cross-boundary coordination with Mainland regulators. To safeguard Hong Kong's first-mover advantage and diversify its business base, expanding the range and type of products to investors will also be important.
The IMF considers that ensuring continued financial stability would be essential to the competitiveness of Hong Kong's financial sector, and notes that the smooth implementation of Basel II, enhanced framework of anti-money laundering and counter-terrorist financing, and the establishment of the Financial Reporting Council have further improved Hong Kong's already strong governance and supervisory regimes.
Welcoming the IMF's latest report on Hong Kong's economic developments and policies, Hong Kong Financial Secretary John C. Tsang said: "We are glad to note the IMF's positive assessment of the Hong Kong economy and the broad support for the government's policy framework.
"We will continue our efforts in promoting deeper financial integration with the Mainland and diversifying our product and market mix to further enhance Hong Kong's status as an international financial center."
The IMF maintains its long-standing support for the authorities' commitment to the LERS, agreeing with the authorities that the peg to the U.S. dollar remains appropriate.
Fortified by the Three Refinements introduced in 2005, the LERS has been able to cope well with periodic stresses, underscoring the system's strength. Both quantitative and qualitative analyses by the IMF suggest that the real value of the Hong Kong dollar is in line with fundamentals.
Chief Executive of the Hong Kong Monetary Authority, Joseph Yam, said, "We welcome the IMF's continued support of the Linked Exchange Rate system. The system has served Hong Kong well since its establishment.
"Given our externally oriented economy and our role as an international trade and financial center, the link provides currency stability, particularly in times of turbulence, which is crucial to the long-term development of Hong Kong."
Noting the importance of Hong Kong's traditional strength in market flexibility to its ongoing success, the IMF supports the government's planned implementation of a general competition law, which should strengthen market flexibility.
The IMF mission visited Hong Kong from October 29 to November 7, 2007, to conduct the Article IV consultation discussions.
IMF Staff Report: http://www.imf.org/external/np/sec/pn/2008/pn0810.htm
Government Boosts Public Respect for Intellectual Property Rights
The Hong Kong government is committed to protecting intellectual property rights (IPRs) through legislation, law enforcement action and civic education to increase public respect for creativity and protection of copyright works.
Officiating at a ceremony of the "Youth Ambassador of the Year Activity" at the Customs and Excise Training School on February 16, the Secretary for Commerce and Economic Development, Frederick Ma, said the government had spared no effort in the protection of IPRs by providing the creative industry with a level playing field that was conducive to enhancing Hong Kong's overall competitiveness.
To strengthen public awareness and foster respect for IPRs, the government launched the "Youth Ambassador Against Internet Piracy Scheme" in 2006. Mr. Ma said the scheme was initiated by the Customs and Excise Department (C&ED) in collaboration with the copyright industry. It had received overwhelming support from 11 local youth uniformed organizations.
Through the concerted efforts of the government, the copyright industry and 200,000 members of the 11 youth uniformed organizations, the scheme aims to cultivate a sense of respect for copyright works among young people and encourage them to stay away from piracy activities.
Since the launch of the scheme in July 2006, C&ED has received from the youth ambassadors about 1,600 reports of infringing BitTorrent (BT) seeds involving suspected pirated copyright works. About 80 percent of these infringing seeds were swiftly removed by the webmasters of the BT discussion forums. The remainder were found to have invalid connections.
Recognizing the scheme's success, Mr. Ma commended the youth ambassadors for their enthusiasm in helping to protect IPRs. Apart from setting a good example in combating piracy activities, the youth ambassadors also brought home the message of respecting IPRs and engaged their relatives and friends to protect IPRs. By so doing, the scheme had achieved the dual objective of promoting IPRs protection and civic education.
The Customs and Excise Department has taken various other initiatives to protect IPRs. These include setting up "Anti-Internet Piracy Teams" to investigate criminal piracy activities on the Internet, the "Lineament Monitoring System" to enable round-the-clock monitoring of illegal file sharing activities by way of the BT software and tracking down the "seeders" who have uploaded the infringing files, and the "E-auctioning with Integrity Scheme" jointly launched with local Internet auction sites, copyright organizations and trademark owners to suppress online sale of pirated and counterfeit goods.
During the ceremony, Mr. Ma presented trophies to 11 youth ambassadors for their enthusiastic support and outstanding contribution in helping to curb online piracy activities, as well as their active participation in various activities of the scheme. He encouraged the young people to continue giving whole-hearted support to the "Youth Ambassador Scheme."
Also officiating at the ceremony were Commissioner of Customs and Excise, Richard Yuen; Acting Director of Intellectual Property, Peter Cheung; Star of the Youth Ambassador Scheme, Denise Ho; and representatives of the 11 youth uniformed organizations.
The Assistant Commissioner (Intelligence and Investigation) of C&ED, Tam Yiu-keung, and representatives of the copyright industry also attended the function.
Customs & Excise Department video on IPR Enforcement: http://www.customs.gov.hk/eng/notice_iprvideo_e.html
Intellectual Property Department: http://www.ipd.gov.hk/
Leading Global Provider of Talent Acquisition and Retention Solutions Expands in Hong Kong
Kenexa Corporation, a leading end-to-end provider of software, proprietary content, services and process outsourcing that enables organizations to recruit and retain a productive workforce, has expanded its operations to Hong Kong.
The U.S.-headquartered company uses Hong Kong as a base to support its clients in Asia-Pacific and for expansion in the region.
"As Kenexa continues to intensify its presence throughout the Asia Pacific region, we're selecting key locations that will enable us to best support our clients," said Rudy Karsan, Kenexa's CEO.
"We chose Hong Kong for its well-established infrastructure, talented workforce and stable economic forecast. It is also the preferred destination for many of our customers, which include industry leading multinational corporations."
The company also has offices in other Asia-Pacific cities like Singapore, Taipei, Hyderabad and Melbourne.
The Associate Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, welcomed Kenexa's expansion. "There are few cities in the world that offer a sophisticated technology infrastructure together with a world-leading logistics, financial and communications center – and a dynamic and skilled workforce," Mr. Galpin said.
"As the region's leading base for regional operations, Hong Kong is a natural fit for Kenexa with our pool of current and potential customers for Kenexa's services."
Headquartered in Wayne, PA, Kenexa began operations in 1987 as a provider of recruitment services to a wide variety of industries. By 1997, the company had expanded to supply employee research, employee performance management technology and consulting services. Then, responding to growing demand from its customers, Kenexa embarked on a strategy to provide comprehensive human capital management services integrated with on-demand software.
Today, Kenexa's software, services, and proprietary content-based solutions include applicant tracking, employment process outsourcing, on-boarding, skills and behavioral assessments, structured interviews, performance management, multi-rater feedback surveys, employee engagement surveys and human resources analytics.
The company employs more than 1,300 people worldwide.
Kenexa: www.kenexa.com
Invest Hong Kong is the Hong Kong Special Administrative Region government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence.
Invest Hong Kong: www.investhk.gov.hk
Hong Kong First Stop on Chinese Soil for Beijing 2008 Olympic Torch Relay
The spirit of the Olympic Games will radiate throughout Hong Kong when the Olympic flame arrives in the territory on April 30 and the Olympic Torch Relay is held on May 2.
The Beijing 2008 Olympic Torch Relay in Hong Kong is organized by the Sports Federation and Olympic Committee of Hong Kong, China (SF&OC) and co-organized by the Hong Kong Special Administrative Region government.
Speaking at a January 30 press conference on the torch relay, the Secretary for Home Affairs, Tsang Tak-sing, said the event would be a glorious chapter in Hong Kong sports history as the city co-hosts the Olympic Equestrian Events.
Hong Kong would be the first stop on Chinese soil after the Olympic flame was carried through 19 cities in the five continents.
The Olympic Torch Relay will take place on May 2 in Hong Kong with the launching ceremony and starting point at the Piazza of the Hong Kong Cultural Centre in Tsim Sha Tsui and the finishing point at the Golden Bauhinia Square in Wan Chai.
The Olympic flame will be carried by 120 torchbearers through Kowloon, the New Territories and Hong Kong Island.
The route will pass through major landmarks and scenic spots of Hong Kong. They include Tsing Ma Bridge, Shing Mun River, Hong Kong Olympic Equestrian Venue (Sha Tin), Sha Tin Racecourse, Avenue of Stars, Victoria Harbour, Legislative Council Building, Olympic Square in Hong Kong Park, and Hong Kong Convention and Exhibition Centre.
A community celebration will be organized by the Home Affairs Department at the Sha Tin Racecourse.
To further enhance the Olympic atmosphere, roving exhibitions bearing the theme of the Beijing 2008 Olympic Games Torch Relay will be held in the 18 districts between March and May.
After the torch relay in Hong Kong, the Olympic flame will be transported to Macau and other major cities on the Mainland of China before arriving in Beijing on August 8 for the opening ceremony of the Beijing 2008 Olympic Games.
Updates on the torch relay, photos, and maps are available at http://www.lcsd.gov.hk/TorchRelay/.
Viewpoint: Relationship Between Developed and Emerging Markets
By Joseph Yam
Chief Executive, Hong Kong Monetary Authority
January 31, 2008
The emerging markets are not yet immune from developments in the developed economies.
Readers may be aware of the word "decoupling" being increasingly used by analysts to explain the difference in economic and financial performance between the developed markets, in particular the United States, and the emerging markets, particularly those in Asia.
The fact is that the emerging markets in Asia have continued to record strong economic growth, while the U.S. economy seems to be faltering. Financial markets in Asia have also out-performed those in the U.S. by a substantial margin, and this was particularly obvious in 2007.
I am a little sceptical about the somewhat excessive use of the word, which suggests that the emerging markets in Asia are no longer dependent upon the U.S., economically or financially. While intra-regional trade in Asia has grown a lot more rapidly than that between Asia and the U.S., indicating that Asian economies are becoming more inter-dependent, the U.S. economy is still the largest in the world, representing about 20 percent of global GDP, although this ratio has been slowly declining. And exports to the U.S. are mostly finished consumer products, while a significant part of the intra-regional trade in Asia involves intermediate products, since different jurisdictions specialise in different processes in the manufacture of the finished goods.
Information technology has also improved the logistics of production and trade to such an extent that now it takes less time for the macroeconomic conditions of an economy to affect its trading partners through the trade channel. It is therefore difficult to envisage a situation where the emerging markets in Asia would become immune from, say, a significant economic slowdown or a recession in the U.S., as "decoupling" might suggest. It is of course a matter of degree. And we should observe that, while there is a sharp focus on the economic outlook for the U.S., its economic performance up to the third quarter of 2007, when the sub-prime crisis gathered momentum, was still quite impressive.
Despite the occasional occurrence of sharp world-wide movements in asset prices, the difference in financial-market performance between the U.S. and the emerging markets in Asia has been large enough recently to warrant the use of the word "decoupling". But I think there is a need to distinguish between the short term and the long term. The sub-prime crisis originated in the U.S. and thankfully, because securitisation has not yet caught on here, there is no similar crisis in Asia, although financial institutions and investors are exposed to losses in sub-prime structured products to varying degrees. The resulting credit tightness, or credit crunch as an increasing number of analysts are calling it, is also very much a phenomenon specific to the U.S. and the developed markets, adversely affecting sentiment in their financial markets. Obviously this was enough to generate shifts of global investment funds from the developed markets to the emerging markets, which was further encouraged by actual or anticipated exchange rate movements. The World Bank, for example, estimated that capital flows to East Asia in 2007 amounted to US$170 billion. As a result, the equities markets in the emerging economies have outperformed those of the developed markets by more than 30 percent in 2007.
But in the long term, financial market performance reflects economic performance. Financial globalisation, encouraged by financial liberalisation in the large developing nations, seems irreversible, and this, theoretically at least, points to the possibility of increasing correlation among financial markets across developed and emerging economies rather than the opposite, as global investment portfolios naturally seek long-term benefits through diversification. Although there is still a lack of empirical evidence of increasing correlation, I believe that this just reflects the fact that financial liberalisation is still underway in the developing economies, notably Mainland China.
So, while investors gain from the good performance of the emerging markets in Asia, and many apparently buy the argument of financial "decoupling", we should all bear in mind the possibility of this being only a short-term phenomenon, at least to the extent that the out-performance is not explained by better economic fundamentals and prospects. We should note, for example, the dependence of some emerging markets on external financing mobilised by global financial institutions based in the developed markets, which are now experiencing the credit crunch. The preoccupation of these global financial institutions with tackling the sub-prime crisis may result in a deterioration of external financing conditions for these emerging markets, and there may be wider economic and financial implications for them.
Hong Kong Monetary Authority: http://www.info.gov.hk/hkma/
Pearl River Delta Regional Air Quality Management Plan Mid-term Review
On January 8, the Environmental Protection Department (EPD) of the Hong Kong Special Administrative Region and the Environmental Protection Bureau of Guangdong Province (GDEPB) announced the findings of the report on the Mid-term Review of the Pearl River Delta (PRD) Regional Air Quality Management Plan (the Mid-term Review).
The Mid-term Review seeks to assess the effectiveness of the existing emission reduction measures contained in the PRD Regional Air Quality Management Plan (the Management Plan); examine the emission trend of the four major air pollutants – namely, sulphur dioxide (SO2), nitrogen oxides (NOx), respirable suspended particulates (RSP) and volatile organic compounds (VOC); project the levels of emission and the extent to which the reduction targets could be achieved by 2010 based on the latest economic and social development; and recommend necessary additional emission control measures.
The main conclusions of the Mid-term Review are summarized as follows:
* The emission reduction and control measures adopted by both sides under the Management Plan could bring about positive impact on abating air pollutant emissions in the region, and are therefore conducive to achieving the agreed 2010 emission reduction targets by both sides;
* Upon implementation of the current and committed emission reduction measures under the Management Plan, Hong Kong should be able to fully meet the mutually agreed emission reduction targets by 2010; and
* In respect of PRD Economic Zone, with its significant socio-economic developments which well exceeded the original estimates, the emission reduction targets could be achieved by 2010 upon implementation of additional enhanced control measures as recommended in the Mid-term Review report.
The Mid-term Review report was considered by the 10th Working Meeting of the Hong Kong/Guangdong Cooperation Joint Conference.
Both sides reiterated their commitment to continuing with the various control measures set out in the Management Plan. The Guangdong Provincial Government will implement additional emission control measures in the PRD Economic Zone taking account of the recommendations of the Mid-term Review. Both sides also reaffirmed their determination to achieve in time the mutually agreed emission reduction targets by 2010.
The Hong Kong and Guangdong Provincial governments reached a consensus in April 2002 to reduce, in their best endeavors, the emission of SO2, NOx, RSP and VOC by 40 percent, 20 percent, 55 percent and 55 percent respectively by 2010 in PRD region, using 1997 as the base year.
The consensus was achieved with reference to the forecast on the growth rates of the economy, population, electricity consumption and vehicle mileage in PRD region made at that time.
The Hong Kong-Guangdong Joint Working Group on Sustainable Development and Environmental Protection (JWGSDEP) endorsed the Management Plan in December 2003 under which a series of emission reduction and preventive measures was adopted.
The Special Panel on PRD Regional Air Quality Management and Monitoring under the JWGSDEP reviews and reports on the implementation progress and effectiveness of the Management Plan from time to time.
The report on the Mid-term Review of the Pearl River Delta Regional Air Quality Management Plan is available on the Web site of the Environment Protection Department at http://www.epd.gov.hk.
Hong Kong welcomes talented people from around the world to work, live, study or invest in the city.
As the prime international business hub in Asia, as well as the premier international financial and services center for the Mainland of China, Hong Kong is a city of unlimited potential.
Low taxes, world-class infrastructure, global connectivity, a cosmopolitan lifestyle, a vibrant cultural and entertainment scene, and a tolerant, pluralistic society combine to underpin Hong Kong's success.
With no natural resources except for its deep-water harbor, Hong Kong's success has been built on its people and their hard work, professionalism, entrepreneurial flair and unswerving commitment to quality.
As the world's freest economy, Hong Kong has a liberal immigration regime. As such, a number of avenues are open to people interested in living, studying or working in Hong Kong.
Visiting Hong Kong
Nationals of about 170 countries and territories, including many emerging economies, enjoy visa-free access to Hong Kong for visits ranging from seven to 180 days.
Investing in Hong Kong
The Capital Investment Entrant Scheme is designed for those who wish to invest in Hong Kong, but will not run any business. The minimum investment is US$830,000.
Separate arrangements apply to foreign investors wishing to set up companies in Hong Kong.
Employment of professionals
To work in the professional sector, there are two key requirements:
* The non-local talent has secured a job that cannot be readily taken up by the local workforce; and
* The remuneration package is commensurate with the prevailing market rate.
For this category there is no quota, nor any restriction on employment sector.
Talented people
The Quality Migrant Admission Scheme (QMAS) seeks to expand Hong Kong's pool of human capital and is aimed at those with special skills or talents that can contribute to the city’s development.
Under this plan, talented people with proven ability in any area can apply to enter Hong Kong without first securing an offer of local employment.
Applicants are required to provide basic information such as academic attainment and work experience, plus a brief plan on what they intend to do after entering Hong Kong.
Studying in Hong Kong
From the 2008/09 academic year, non-local students at degree level or above may take up part-time on-campus jobs of not more than 20 hours a week, study/curriculum-related internships, or summer jobs.
Upon graduation, they may stay for one year without any restrictions to take up employment.
Those who have obtained a degree or above in Hong Kong, may return to work in Hong Kong as long as the job is at a level commonly taken up by degree holders and offers market-rate remuneration.
These arrangements are among the most liberal in developed economies.
For more information about Hong Kong's various immigration admission channels, please visit the Immigration Department's Web site at http://www.immd.gov.hk/index.html.
For information on the Quality Migrant Admission Scheme, please contact Daniel McAtee, Senior Information Officer of the Hong Kong Economic and Trade Office in Washington, D.C.
Hong Kong Economic and Trade Office, Washington, D.C.: http://www.hketowashington.gov.hk/dc/contact.htm
Useful Links:
Hong Kong Government Information Center
Hong Kong Trade Development Council
HONG KONG ECONOMIC AND TRADE OFFICE IN WASHINGTON D.C.
1520 18th Street, N.W., Washington, DC 20036
Tel: (202)331-8947 Fax: (202)331-8958
To subscribe or unsubscribe, please send an e-mail to hketo@hketowashington.gov.hk
Copyright @ 2003, Hong Kong Economic and Trade Office in Washington D.C.