Hong Kong Economic and Trade Office, Washington DC
Hong Kong

What’s New

Hong Kong Meets America
   
Grasping opportunities brought by Belt & Road Initiative

The Government will continue to forge economic partnerships with other economies, including the Belt & Road countries and regions to help Hong Kong enterprises and investors expand overseas, said Acting Secretary for Commerce and Economic Development, Bernard Chan. Addressing lawmakers (Mar 20), he added that the Government and HKTDC will again be co-organizing the 4th B&R Summit in September to promote and foster Hong Kong as an international commerce and trading platform. Details here.

Grasping opportunities brought by Belt & Road Initiative
   
Extradition law revision urgently needed: CE

March 19, 2019 - The Government’s proposed amendments to the Fugitive Offenders Ordinance and the Mutual Legal Assistance in Criminal Matters Ordinance are intended to pursue judicial justice in criminal cases and protect public safety, said Chief Executive Carrie Lam before attending an ExCo meeting (Mar 19). She added that it is important to plug the loophole as soon as possible. Details here.

Extradition law revision urgently needed: CE
   
HK committed to I&T development: FS

March 19, 2019 - Financial Secretary Paul Chan said the Government is committed to the development of the I&T sector, with investment priorities in I&T infrastructure, R&D, and talent development. Progress has been made with the HK$10 billion (US$1.28 billion) earmarked in 2018 to boost two innovative clusters (AI/robotics and healthcare tech). He told business leaders at the Joint Business Community Luncheon (Mar 19) that Hong Kong universities are partnering with top overseas schools such as Harvard, Johns Hopkins, Stanford, Oxford, Cambridge, Imperial College and MIT to set up research projects in Hong Kong, creating new opportunities. Details here.

HK committed to I&T development: FS
   
Key Economic indicators

March 19, 2019
· Q4 2018 GDP increased by 1.3% year-on-year
· Overall 2018 GDP increased by 3.0% year-on-year. Details here.

Key Economic indicators
   
HK continues to enjoy full employment

March 19, 2019 - Secretary for Labour and Welfare Law Chi-kwong said the labor market remained in full employment in Dec 2018 – Feb 2019. The seasonally adjusted unemployment rate remained unchanged at 2.8%, while the underemployment rate edged down by 0.1 percentage point to 1.0%. Details here.

HK continues to enjoy full employment
   
CE meets members of Congressional US-China Working Group

March 18, 2019 - Chief Executive Carrie Lam expressed the hope that Hong Kong and US will strengthen mutually beneficial co-operation and expand common interests during a meeting with members of Congressional US-China Working Group (Mar 18). Mrs Lam pointed out that Hong Kong is striving to advance the development of I&T and more US institutions and technology firms are encouraged to establish a presence in the city. Currently, US is Hong Kong’s second largest trading partner and enjoys the highest trade surplus with Hong Kong among all other economies. Details here.

CE meets members of Congressional US-China Working Group
   
HKU partners with Japan’s Tohoku University for transformative AI development

March 16, 2019 - A transformative AI or robotics technologies research centre will be jointly set up in Hong Kong by the University of Hong Kong and Tohoku University. Witnessing the signing of the collaboration agreement (Mar 16), Secretary for Innovation and Technology Nicholas Yang said the Government is providing policy and tax incentives to enhance Hong Kong’s I&T ecosystem with the vision to make the city a global hub for R&D. Details here.

HKU partners with Japan’s Tohoku University for transformative AI development
   
“One country, two systems” successfully implemented: CS

March 15, 2019 - The “one country, two systems” has proven a successful innovation, said Chief Secretary Matthew Cheung at the plenary meeting of the United Nations Human Rights Council (Mar 15) in Geneva, adding that the Government is committed to upholding the principle of “one country” whilst leveraging Hong Kong’s unique advantages under “two systems.” The SAR will seize the immense opportunities of the national Belt & Road Initiative and Greater Bay Area development to propel forward. Details here.

“One country, two systems” successfully implemented: CS
   
Human rights fully protected: Gov’t

March 14, 2019 - Human rights and freedom in Hong Kong are fully protected by the Basic Law, the Hong Kong Bill of Rights Ordinance and other relevant legislation, said a government spokesperson in response to a US Department of State' report. Details here.

Human rights fully protected: Gov’t
   
STH promotes HK’s maritime strengths in Copenhagen

March 14, 2019 - As one of the world’s busiest ports, Hong Kong provides about 310 container liner services per week connecting to around 450 destinations worldwide. With more than 800 shipping-related companies, the city offers professional service ranging from ship management, ship broking and chartering to marine insurance, maritime law and arbitration. The Government is providing tax incentives and additional support so more enterprises can take advantage of Hong Kong’s status as an international maritime hub and seize the opportunities presented by the Greater Bay Area developments and beyond. Details here.

STH promotes HK’s maritime strengths in Copenhagen
   
HK imposes temporary ban on Boeing 737 MAX

March 13, 2019 - The Civil Aviation Department has decided to temporarily prohibit operation of Boeing 737 MAX aircraft into, out of and over Hong Kong, as a precautionary measure to ensure aviation safety and protect the public. The temporary ban took effect 6 pm, Mar 13 (Hong Kong time) and will continue until further notice. Details here.

HK imposes temporary ban on Boeing 737 MAX
   
HK removed from EU tax watchlist

March 13, 2019 - Hong Kong welcomed the European Union’s decision to remove the SAR from its watchlist on tax co-operation. Secretary for Financial Services & the Treasury James Lau (Mar 13) said Hong Kong has all along supported and facilitated the efforts of the international community in enhancing tax transparency and combating cross-border tax evasion. Since 2018, Hong Kong has implemented various initiatives such as the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, fulfilling the commitments made to the EU. Details here.

HK removed from EU tax watchlist
   
Smart Government Innovation Lab to open in April: FS

March 12, 2019 - More I&T initiatives and programs are in the pipeline as Hong Kong forges ahead with its Smart City goals, said Financial Secretary Paul Chan (Mar 12) at the 30th anniversary gala of GS1 Hong Kong, the pioneer in global barcode standards. Mr Chan noted that smart government programs such as eID are making good progress while the government’s innovation lab will open this April, allowing tech startups to bid for digital public services contracts. Details here.

Smart Government Innovation Lab to open in April: FS
   
No Boeing 737 registered in HK: CAD

March 12, 2019 - Responding to media inquiries, the Civil Aviation Department said (Mar 12) there are no Boeing 737 aircraft (including B737 MAX) registered in Hong Kong. CAD added that it will closely monitor the developments as the US Federation Aviation Administration affirms the airworthiness of B737 MAX aircraft and as the investigation into the Ethiopian Airlines accident continues. Details here.

No Boeing 737 registered in HK: CAD
   
HK courts to be gatekeeper on extradition: FS

March 9, 2019 - Financial Secretary Paul Chan said he had heard the concerns raised by the business community on the proposed amendments to the Fugitive Offenders Ordinance (Mar 9), explaining that justification for the extradition must be an act that is considered to be criminal in both Hong Kong and the jurisdiction where the act has been committed. Plus, Hong Kong courts will be the gatekeeper as there will be a court procedure in deciding whether the extradition is allowed. Details here.

HK courts to be gatekeeper on extradition: FS
   
CE opens Malvern College Hong Kong

March 7, 2019 - Recognizing the importance of a vibrant international school scene to meet the needs of Hong Kong’s large and growing global community, Chief Executive Carrie Lam welcomed the opening of Malvern College Hong Kong. Drawing on its British boarding school heritage, the school will help expand the educational horizons and affirms Hong Kong as “Asia’s world city”. Hong Kong is home to Asia’s largest international school sector, with more than 50 international schools in the city. Details here.

CE opens Malvern College Hong Kong
   
Strengthening US-Hong Kong Ties State-by-State

March 7, 2019 - Eddie Mak, Hong Kong Commissioner to the United States, met with Congressmen Rick Larsen (Wash.) and Darin LaHood (Illinois) to discuss the latest developments in Hong Kong and reinforce ties.

Strengthening US-Hong Kong Ties State-by-State

   
HK set for rewarding future

March 7, 2019 - Asset and wealth managed in Hong Kong hit a new high of US$3.1 trillion in 2017, with 66% of that coming from external investors, amply demonstrating Hong Kong’s attractiveness to international investors, said Financial Secretary Paul Chan at the Alternative Investment Management Association’s APAC Annual Forum (Mar 7). Aside from stock connects and development of the bond market, Mr Chan said, the Government is taking steps to leverage opportunities arising from the Greater Bay Area to develop high value-added financial and professional services. Details here.

HK set for rewarding future
   
HKU and Tencent collaborate on fintech

March 7, 2019 - The University of Hong Kong (HKU) and Tencent Academy of Finance are teaming up to cultivate local fintech talent and collaborate on fintech R&D projects. HKU will also launch a fintech course in September that allows students to take on internship at Tencent as well as participating in professional workshops and guest lectures. Witnessing the MoU signing (Mar 6), Financial Secretary Paul Chan said this business-education partnership will further enhance Hong Kong’s position in fintech. Details here.

HKU and Tencent collaborate on fintech
   
HK appoints new member to HKEX Board

March 6, 2019 - The Government has appointed Mary Ma Xuezheng to the board of Hong Kong Exchanges and Clearing. Anita Fung Yuen-mei, Rafael Gil-Tienda and Stephen Yiu Kin-wah were re-appointed. They will serve for a term of around two years till 2021. Financial Secretary Paul Chan believed the directors would work closely to further develop of Hong Kong as a capital raising and risk management platform. Details here.

HK appoints new member to HKEX Board
   
US Business Chiefs Hold Summit in Hong Kong

March 4, 2019 - More than 300 business and political leaders from the US and Asia convened in Hong Kong for the Asia-Pacific Council of American Chambers of Commerce Business Summit 2019 to discuss, among other things, how to maintain a robust and sustainable US presence in Asia. The APCAC represents the shared interests of US and international businesses that employ millions of people across the region and include some of the world's biggest manufacturing and trading entities.

US Business Chiefs Hold Summit in Hong Kong
   
Measures to facilitate HKers to work in GBA announced

March 1, 2019 – Chief Executive Carrie Lam welcomed the eight measures endorsed by the central government, after attending a high-level meeting in Beijing over the Greater Bay Area development (Mar 1). The measures involve giving tax subsidies to Hong Kong professionals who go to work in the Guangdong cities and encouraging young Hong Kong entrepreneurs to set up business in the region. Details here.

Measures to facilitate HKers to work in GBA announced
   
HK looks to become top exchange in Asian time zone

March 1, 2019 – HKEx has unveiled its new strategic plan to accomplish the vision of being the global markets leader, connecting China and the world. Already a leading global IPO venue and fundraising hub, the bourse aims to reinforce Hong Kong as an international financial center with a rich product ecosystem. Details here

HK looks to become top exchange in Asian time zone
   

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