March - April 2010 <Text Only Version>
Hong Kong Economy Continues to Make Strides
Hong Kong’s Gross Domestic Product grew 8.2 percent in real terms in the first quarter, having resumed positive year-on-year growth of 2.5 percent in the previous quarter, the government announced. On a seasonally adjusted quarter-to-quarter comparison, GDP rose 2.4 percent in real terms in the first quarter – the fourth consecutive quarter-to-quarter expansion.
2012 Electoral Methods Package Published
In April, the Hong Kong government published a package of proposals on the methods for selecting the Chief Executive and for forming the Legislative Council in 2012, setting out detailed proposals for the two electoral methods and summarizing the views collected during the three-month public consultation.
Further Trade Liberalization Measures between Hong Kong and the Mainland of China under CEPA
The Hong Kong Special Administrative Region Government (HKSARG) and the Central People’s Government reached agreement on further liberalizing trade in services and enhancing cooperation in trade and investment facilitation under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).
Hong Kong Enters New Phase of Tax Policy
Hong Kong has entered a new phase in supporting the international effort to enhance tax transparency, said Commissioner of Inland Revenue Chu Yam-yuen. Legislation which came into operation in March enables Hong Kong to enter into comprehensive agreements for avoidance of double taxation using the latest Organization for Economic Cooperation & Development (OECD) international standard on exchange of information.
Testing and Certification in Hong Kong
In his October 2009 Policy Address, Chief Executive Donald Tsang announced measures to promote six economic areas: testing and certification, education, medical services, environmental industries, innovation and technology, and the cultural and creative industries. Since then, the government has set up the Hong Kong Council for Testing and Certification. One of the council’s tasks is to draw up a three-year plan for the industry’s development.
Clean Energy Challenge
Green-energy solutions, according to U.S. Secretary of Commerce Gary Locke, are the “defining challenge of our time.” In May, Mr. Locke kicked off the start of his clean-energy trade mission in Hong Kong, addressing a group of 500 business leaders at a luncheon organized by the Hong Kong Trade Development Council (HKTDC) and the American Chamber of Commerce in Hong Kong (AmCham).
Creative Hong Kong
The government has recognized the growing importance of the creative industries to Hong Kong and identified it as one of the six economic areas that we should explore and develop. According to Alan Siu, Acting Head of CreateHK, the city has 32,000 establishments involved in creative industries, engaging over 170,000 people and contributing, annually, over US$7.7 billion to the economy.
Educating Hong Kong
Looking to diversify the Hong Kong economy, the Hong Kong government has targeted education services. With education, the main objective is not to create business opportunities and jobs. Rather, as Chief Executive Donald Tsang explained in his October 2009 Policy Address, it is “to enhance Hong Kong’s status as a regional education hub, boosting Hong Kong’s competitiveness and complementing the future development of the Mainland.”
Hong Kong Economic and Trade Office Welcomes New Colleague
Queenie Wong joined the Hong Kong Economic and Trade Office in Washington, D.C. as an Assistant Director-General in March 2010.
The 15th Annual Hong Kong Film Festival
The 15th Annual Hong Kong Film Festival kicks off June 18 and runs with Red Cliff, John Woo's spectacular dramatization of the famous Han Dynasty-era Battle of Red Cliff. The film was released in a truncated version in the United States. The Freer Gallery now presents the original, two-part version, which received critical and popular acclaim throughout Asia.
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