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.

August inflation up 3.5%

September 20, 2019 - Overall consumer prices rose 3.5% year-on-year in August, larger than the corresponding increase (3.3%) in July 2019. Netting out the effects of all the Government’s one-off relief measures, the underlying inflation rate was 3.4%, compared to 3.2% in July. The month saw year-on-year price increases in food, housing, transport, miscellaneous goods, meals bought away from home and miscellaneous services. Decreases were recorded for electricity, gas and water, durable goods and clothing and footwear. No year-on-year price change was recorded for alcoholic drinks and tobacco. Details here.

Hong Kong's unique status and strengths highlighted

September 20, 2019 - Secretary for Commerce and Economic Development Edward Yau highlighted Hong Kong's unique status and strengths which make it the best partner in Asia for US businesses to expand operations, build networks, meet great people and explore collaboration with different communities. Speaking at the "Think Asia, Think Hong Kong" Gala Dinner in Los Angeles (Sep 19), Mr Yau said the city's advanced financial services industry and infrastructure, a unique separate customs territory status and trade autonomy conferred upon Hong Kong by the Basic Law, under the framework of "one country, two systems". The US was Hong Kong's second largest trading partner and market for exports in 2018, with bilateral merchandise trade amounting to US$75 billion. Hong Kong and the US enjoy mutually beneficial and expanding strong trade connections. The US consistently has the highest trade surplus with Hong Kong, at US$33.8 billion in 2018, and an aggregate merchandise trade surplus with Hong Kong amounting to US$297 billion from 2009 to 2018. Bilateral ties extend beyond trade and economic relations to encompass people-to-people contacts, educational exchanges, sports and cultural events, innovation and technology development and government-to-government co-operation. Details here.

Hong Kong's fundamentals remain intact: SCED

September 19, 2019 - Hong Kong's fundamentals as a free, open and dynamic city with a stable and robust financial system remain intact despite recent disruptions, said the Secretary for Commerce and Economic Development Edward Yau (Sep 18). Speaking at a dinner in San Francisco attended by about 200 prominent local figures, Mr Yau pointed out that Hong Kong will continue to build on its unique advantages under "one country, two systems" - a framework that guarantees Hong Kong's own system of common law, economic policy, civic freedoms, property rights and much more. Under this framework, new and rewarding opportunities for international collaboration will continue to be created. In San Francisco, Mr Yau visited the Hasso Plattner Institute of Design at Stanford University, also known as the Stanford d.school, which is renowned for design thinking philosophy, methodology and practices. Details here.

Opportunities for tech enterprises

September 19, 2019 - Secretary for Innovation and Technology Nicholas W Yang, spoke on the opportunities presented by Hong Kong's participation in developing the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) into an international innovation and technology (I&T) hub at a leadership luncheon held in San Francisco (Sep 18) on "Bay-to-Bay" connection and Hong Kong's technology development. He encouraged US technology enterprises to leverage on the opportunities brought about by the GBA development to achieve a win-win outcome. During his stay in San Francisco (Sep 17-18), Mr Yang visited the Google campus and discussed with its senior management Google Hong Kong's Smarter Digital City 3.0 white paper. He also paid a visit to Johnson & Johnson (J&J) Innovation's JLABS to learn more about its incubation program in accelerating healthcare innovation.Mr Yang encouraged J&J to strengthen collaboration with universities in Hong Kong and take part in the Health@InnoHK initiative focusing on healthcare technologies. Details here.

Greenlight for BIS Innovation Hub Centre in Hong Kong

September 18, 2019 - The Bank for International Settlements (BIS) and the Hong Kong Monetary Authority (HKMA) signed (Sep 18) an Operational Agreement on the BIS Innovation Hub Centre in Hong Kong. The Hub will identify and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation. Hub Centres will be set up in Hong Kong, Singapore and Basel, Switzerland, in the initial phase. Details here.

Hong Kong's creative talent

September 18, 2019 - Secretary for Commerce and Economic Development Edward Yau, started his four-day duty visit to the United States in San Francisco (Sep 17) , officiating at the opening ceremony of "Co-creating Hong Kong: a design+ exhibition" and meeting local design communities to promote Hong Kong's creative talent. The exhibition features 14 unique projects by 13 leading and emerging Hong Kong designers, demonstrating their skillful blending of craft and technology as well as past and future, while opening the design process to allow for interactions with visitors. Mr Yau emphasized Hong Kong's role as a value-adding partner for regional development in the Guangdong-Hong Kong-Macao Greater Bay Area and a gateway for multinational companies to access the Mainland China market. He encouraged Hong Kong designers to explore future co-creations with their US counterparts. Details here.

Committed to I&T development: SCIT

September 17, 2019 - Hong Kong remains fully committed to developing innovation and technology as a key economic and social driver, said Secretary for Innovation and Technology Nicholas W Yang, with the government allocating more than US$12.8 billion to support I&T development. Speaking at a Seattle business luncheon (Sep 16), Mr Yang said Hong Kong is among the fastest-growing start-up ecosystems in the world, with over 2,600 start-ups in the city in 2018, representing a year-on-year growth of 18%. Total venture capital investment in local start-ups have also reached US$2.27 billion in 2018, compared with US$162 million in 2014.
Details here.

Unemployment stays at 2.9%

September 17, 2019 - The seasonally adjusted unemployment rate stood at 2.9% in June - August 2019, same as that in May - July 2019. The underemployment rate also remained unchanged at 1.0% in the two periods. Total employment decreased by around 3,600 to 3,863,700 and the labour force also dipped by around 1,500 to 3,984,300. Details here.

July goods exports dip 6.6%

September 17, 2019 - The volume of Hong Kong’s total goods exports fell 6.6% year-on-year in July while the volume of goods imports dropped 9.7% compared to the same period last year. Goods exports prices rose 1.1%, while those of goods imports increased 1.2%. On a seasonally adjusted basis, the volume of goods exports fell 0.6% in the three-month period ending July compared with the preceding three months, while the volume of goods imports dropped 1.4%. Details here.

Secretary for Commerce & Economic Development embarks on US visit

September 16, 2019 - Secretary for Commerce & Economic Development Edward Yau will depart Hong Kong tomorrow (Sep 17) for a four-day visit to San Francisco and Los Angeles. Starting his visit in San Francisco, Mr Yau will officiate at the opening ceremony of the "Co-creating Hong Kong: a design+ exhibition". He will also visit the Hasso Plattner Institute of Design at Stanford University and 500 Startups, a venture capital company which provides seed accelerator programs to support startups from around the world. In Los Angeles, Mr Yau will join the Hong Kong Trade Development Council's mega international promotion "Think Asia, Think Hong Kong" to promote the city's business services to US companies seeking opportunities in Asia. Details here.

Government disagrees with credit rating

September 16, 2019 - The Hong Kong SAR Government disagreed (Sep 16) with Moody’s Investors Service’s decision to change Hong Kong’s credit outlook from “stable” to “negative”. Financial Secretary Paul Chan said Moody's decision was not founded on facts. pointing out that Hong Kong’s financial markets and banking system have been functioning normally in the past few months, despite concerns over the social incidents. Mr Chan emphasized Hong Kong remains an international financial center and the best place to do business, adding that the social incidents have not affected the city's core competitiveness. Moody’s affirmed Hong Kong’s long-term issuer rating at “Aa2”, the third-highest rating, due to the city’s strong fiscal position and large foreign currency reserves. Details here.

Secretary for Innovation & Technology visits North America

September 16, 2019 - Secretary for Innovation & Technology Nicholas Yang is on a a five-day (Sep 16-20) visit to the United States and Canada to promote the city’s innovation and technology developments and foster closer ties. While in Seattle and San Francisco, Mr Yang will meet senior executives in the technology industry, visit innovation and technology enterprises and speak at luncheons. Details here.

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