May - June 2009
Additional Relief Measures Announced
Financial Secretary John Tsang unveiled a new round of relief measures valued at US$2.15 billion, bringing the total stimulus package since last year’s budget to US$11.23 billion, or 5.2% of GDP.
Further Services Liberalization Under CEPA
Further services liberalization and trade cooperation measures were agreed under Supplement VI of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), Hong Kong’s free trade pact with the Mainland of China. Under Supplement VI, the Mainland will introduce 29 liberalization measures covering 20 service sectors, including two new sectors (research and development, and rail transport).
Renminbi Trade Settlement
Chief Executive of the Hong Kong Monetary Authority (HKMA), Joseph Yam, and Governor of the People’s Bank of China (PBoC), Zhou Xiaochuan, signed a supplementary Memorandum of Cooperation to prepare for the implementation of the pilot program for the use of renminbi in settling cross-border trade transactions between the Mainland of China and Hong Kong.
Hong Kong Tax System Lauded
A Hong Kong government spokesman welcomed an article by the Organization for Economic Cooperation and Development (OECD) commending Hong Kong’s transparent tax system and its efforts to comply with international standards of exchange of tax information.
Hong Kong Backs RFID Technology
Hong Kong is a staunch supporter of the development of Radio Frequency Identification (RFID) technology. The Innovation and Technology Fund has supported 22 RFID projects from 2004 to 2008, with a total amount of US$19.23 million.
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.
Hot Topics:
Useful Links:
Hong Kong Government Information Center
Hong Kong Trade Development Council