Hong Kong Economic and Trade Office, Washington DC
Hong Kong

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Hong Kong Update for Travellers and Others

Get travel advice and stay on top of the latest developments in Hong Kong affecting the airport, public transport, public safety and other issues. Details here.

Updates on Latest Situation in Hong Kong
   
Government responds to NGO report

January 15, 2020 - The "one country, two systems" principle has been fully and successfully implemented in Hong Kong, said a Hong Kong SAR (HKSAR) Government spokesman (Jan 15), adding that the HKSAR Government will continue to implement the "one country, two systems" principle resolutely in accordance with the Basic Law. Responding to parts of a report related to Hong Kong issued by Human Rights Watch, the spokesman added that the Government attaches great importance to human rights and freedoms and is determined to safeguard them. The Police have been carrying out enforcement actions in strict accordance with the law in order to protect life and property and restore order to society. The Government is also committed to universal suffrage of "one person, one vote" for selecting the Chief Executive and electing all members of the Legislative Council, as enshrined in the Basic Law. Details here.

Government responds to NGO report
   
Unlocking business potential

January 15, 2020 - Determined to unlock the vast potential of the asset and wealth management business, Hong Kong has been stepping up efforts to sharpen Hong Kong's competitive edge through a multi-pronged approach, said Financial Secretary Paul Chan at the Asia Private Equity Forum 2020 (Jan 15). These include diversifying fund structures and streamlining licensing process, adopting a more user-friendly approach to attract family offices, providing a more facilitative tax environment for funds, and expanding the fund distribution network. Among the world's top 10 private equity fund managers, nine have a presence in Hong Kong, underlining the city's formidable strengths in the Asian private equity market. Details here.

Unlocking business potential
   
Asian Financial Forum opens

January 13, 2020 - Hong Kong's financial system remains stable and remarkably successful despite the challenges of global economic slowdown, trade disputes among major economies, geopolitical uncertainties and local issues over the past two years, said Chief Executive Carrie Lam at the opening session of the 13th Asian Financial Forum (Jan 13). "Our core competitiveness, and our status as one of the world's premier financial centers, continues to be internationally recognized," said Mrs Lam, who emphasized that Hong Kong, with its strategic regional location and its extensive, ever-deepening cultural and financial links with the Mainland, is China's international financial center, contributing to the sustainable progress of the country, the region and the world. Hong Kong would also enhance its role as the business bridge between the Mainland and the rest of the world through the two national policies of the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative. Details here.

Asian Financial Forum opens
   
Financial market stable

January 13, 2020 - In his welcome remarks at the keynote luncheon of the Asian Financial Forum, Financial Secretary Paul Chan highlighted the strengths of Hong Kong as a global financial center underpinned by its solid linked exchange rate system, its fully convertible currency and the free flow of capital enshrined in Article 112 of the Basic Law. He said Hong Kong's capital markets are deep and liquid, the exchange rate remains stable and the banking system continues to run smoothly with ample liquidity, reflecting the integrity of the city's financial system and the confidence it conveys even in face of challenges. Citing Hong Kong's achievements in the financial services sector, he said the city would also step up efforts to capitalize on emerging opportunities not only from green finance and fintech but from the Greater Bay Area development and the Belt and Road Initiative. Details here.

Financial market stable
   
Pledge to uphold judicial independence

January 13, 2020 - Chief Justice Geoffrey Ma said the rule of law is rightly cherished by the community and is the foundation of a cohesive society. "We must do all our best to preserve it and to treasure it because once damaged, this is not something from which our community can easily recover, said Mr Ma at the opening of the 2020 Legal Year. Pledging to uphold judicial independence, Mr Ma said, "Everyone is subject to the law, no one is above it. The duty on the courts to enforce the law is a constitutional requirement of the Basic Law. I can say with confidence that my fellow judges and I will discharge our duties without compromise and without fear." The Chief Justice pointed out that the proper administration of justice depends on judges discharging the duties and responsibilities incumbent on them. "Judges do not have the duty to achieve a certain result in accordance with popular wishes, whether they be majority or minority wishes," he said. "However, they have to ensure that a fair trial takes place and to adhere strictly to the requirements of the law. In the discharge of their responsibilities, judges look only to the letter of the law and to the spirit of the law, and nothing else." Political, economic or social considerations, as opposed to legal considerations, simply do not enter into the equation. Details here.

Pledge to uphold judicial independence
   
Rule of law upheld

January 13, 2020 - Noting that many of Hong Kong's core values, including the rule of law, have been under challenge during the past year, Secretary for Justice Teresa Cheng said fair trial and due process are essential elements of the procedural aspects of the rule of law, with the judiciary playing the pivotal role. These are backed by the city's transparent system of law, and an independent judiciary. Speaking at the ceremonial opening of the 2020 Legal Year, Ms Cheng added that all prosecutorial decisions taken by the Department of Justice are made after taking into account the available evidence, applicable laws and the principles set out in the Prosecution Code. She also highlighted the initiatives taken in 2019, including an inaugural annual Hong Kong Legal Week, and arrangements between Hong Kong and the Mainland in arbitration and intellectual property. Details here.

Rule of law upheld
   
Fintech Week to be held in November

January 13, 2020 - The fifth annual Hong Kong Fintech Week will return to AsiaWorld-Expo from Nov 2- 6 at AsiaWorld-Expo in Hong Kong and in Shenzhen. The signature cross-boundary Shenzhen day is part of a broader focus on the Guangdong-Hong Kong-Macao Greater Bay Area. The run-up to Fintech Week starts this month with the first-ever FintechHK Startup Salon at the Asian Financial Forum (Jan 13-14). This is a new initiative to help early stage fintech start-ups connect and exchange ideas with potential investors, and to introduce their latest solutions and innovations to conference participants.  Throughout 2020, fintech start-ups from around the world will have the opportunity to participate in the Fintech Week signature programs, with the FintechHK Global Competition in the spotlight. Last year's Fintech Week drew more than 12,000 attendees, up about 50 per cent from the figure in the previous year, and there were 150 exhibitors and 18 trade delegations. Hong Kong is now home to more than 600 fintech companies, up around 10% year-on-year. Details here.

Fintech Week to be held in November
   
Hong Kong remains world's top IPO market

January 9, 2020 - Hong Kong retains its crown in the world's initial public offering league table for the second consecutive year, with the Hong Kong stock exchange raising US$40 billion from 183 newly listed companies last year. This was higher than the US$36.8 billion raised in 2018. This also marked the seventh time in the last 11 years that Hong Kong has topped the ranking table. Stock market capitalisation in 2019 reached almost US$4.9 trillion, a 27.6% surge from the previous year's US$3.8 trillion. Details here.

Hong Kong remains world's top IPO market
   
HKSARG responds to US report

January 8, 2020 - The Hong Kong AR (HKSAR) Government expressed strong opposition to the enactment of the 'Hong Kong Human Rights and Democracy Act' in the US. "The Act clearly intervenes in Hong Kong's internal affairs. It is unwarranted, sends an erroneous signal to violent protesters, and harms the relations and common interests between Hong Kong and the US. The HKSAR Government deeply regretted that the US has disregarded the genuine concerns raised repeatedly by Hong Kong on the Act and let the Act become US law," said a spokesman (Jan 9), in response to media enquiries to parts of a report related to Hong Kong issued by the United States (Congressional-Executive Commission on China. "Since the return to the Motherland, the HKSAR has been exercising 'Hong Kong people administering Hong Kong' and a high degree of autonomy in strict accordance with the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China. The HKSAR Government will continue to implement the 'one country, two systems' principle resolutely in accordance with the Basic Law. Details here.

HKSARG responds to US report
   
Port health measures boosted

January 7, 2020 - The Government has been strengthening port health measures to tackle the Wuhan-related illness, said Secretary for Food & Health Professor Sophia Chan (Jan 7). The Department of Health has been working very hard to strengthen measures, particularly at the airport and the West Kowloon Station of the Guangzhou-Shenzhen-Hong Kong Express Rail Link. To strengthen Hong Kong's capability in monitoring the disease, and in the prevention and control of infectious diseases, Prof Chan added that the Prevention & Control of Disease (Amendment) Regulation 2020 and the Prevention & Control of Disease Ordinance (Amendment of Schedule 1) Notice 2020 will be gazetted on January 8 to include the severe respiratory disease associated with a novel infectious agent as a statutorily notifiable infectious disease. Details here.

Port health measures boosted
   
November retail sales drop 23.6%

January 3, 2020 - November's value of total retail sales (Jan 3) fell 23.6% year-on-year to a provisionally estimated US$3.8 billion. Retail sales continued to fall sharply in November as the local social incidents turned extremely violent, causing very severe disruptions to tourism and consumption-related activities and further dampening consumption sentiment. Noting that the near-term outlook for the retail trade hinges on how the local social incidents will evolve, the Government said that putting an end to violence and restoring social order are essential to the recovery of the retail trade and the economy as a whole. Details here.

November retail sales drop 23.6%
   
Government refutes claims in open letter

January 1, 2020 - The Hong Kong SAR Government refutes the unfounded and misguided claims in an open letter to the Chief Executive signed by a group of overseas politicians and persons. In a statement (Jan 1) , the Government made clear that since Hong Kong’s return to the Motherland, “one country, two systems” and a high degree of autonomy had been faithfully implemented in strict accordance with the Basic Law, which clearly stipulates that the HKSAR is an inalienable part of the People's Republic of China. "We are gravely concerned that the claims in their letter are biased and misleading," the government statement said, stressing that Police do not initiate actions against protesters and only respond with appropriate and proportionate force when protesters take part in illegal activities. The actions and response of the Police at all times over the past six months were only in response to the blatant disregard for public safety and order by radical protesters. Police have established clear guidelines on the use of force which are consistent with international human rights norms and standards. Fully recognizes that freedom and the rule of law are the core values and cornerstone of Hong Kong's long-term prosperity and stability, the Hong Kong SAR Government is determined to safeguard these core values at all times. Details here.

Government refutes claims in open letter
   
Justice Department and HK legal bodies responds to criticism against judge

January 1, 2020 - Responding to vandalism outside the High Court Building and criticism against a judge, the Department of Justice said (Jan 1) personal attacks and insults against judges would severely undermine the authority of the courts and damage public confidence in the judicial system. The Hong Kong Bar Association and The Law Society of Hong Kong issued a joint statement (Jan 2) condemning the abusive graffiti on the High Court building. The two organizations strongly deplored these criminal acts as an "affront to the rule of law and judicial integrity" and reiterated their joint commitment to defend the rule of law and judicial independence in Hong Kong. Details here.

Justice Department and HK legal bodies responds to criticism against judge
   


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