Hong Kong Economic and Trade Office, USA
Hong Kong

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Topics

Policy Address and Budget

Policy Address

Policy Address is an annual address by the Chief Executive of Hong Kong to the legislature. According to Article 64 of the Basic Law, Hong Kong government “shall present regular policy addresses to the (Legislative) Council”. You can find out the policies to be implemented this year. Click here for more.

 
Budget

Every year, the Financial Secretary will release the budget that outline the public expenditure of the year. According to Article 64 of the Basic Law, Hong Kong government “shall obtain approval from the (Legislative) Council for taxation and public expenditure”. Click here for more.



Trade and Development

Belt and Road Initiative

“Belt and Road” (B&R) refers to the land-based “Silk Road Economic Belt” and the seafaring “21st Century Maritime Silk Road”. The routes cover more than 60 countries across Asia, Europe and Africa, accounting for 30 per cent of global GDP and more than 30 per cent of the world’s merchandise trade. It is forecast that by 2050, the countries and regions along the B&R will contribute 80 per cent of global GDP growth. The B&R Initiative seeks to promote market integration and forge new ties among different economies, with the objective of driving deeper regional development by promoting cooperation in a variety of areas, expanding business opportunities and encouraging people-to-people exchanges among different regions.

The Government continues to fully support the Belt and Road Initiative. Leveraging “one country, two systems” and other advantages, we strive to give full play to Hong Kong’s role as a “super-connector” and act in concert with the strategy of our country and Mainland enterprises to go global, thereby creating opportunities for our young people and boosting our social and economic development in the coming decades. Click here for more.

 
Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)

CEPA is a free trade agreement concluded by the Mainland and Hong Kong. CEPA covers four areas: trade in goods, trade in services, investment, economic and technical cooperation. CEPA has strengthened the trade relationship in goods and services and fostered trade and investment between the two places, and are conducive to accelerating the economic integration and enhancing the long term economic and trade development of both places. Click here for more.

 
Bay Area Development Framework

Chief Executive Carrie Lam has signed the Framework Agreement on Deepening Guangdong-Hong Kong-Macao Co-operation in the Development of the Bay Area. The framework provides that the objective of co-operation is to implement the principle of "one country, two systems" fully and accurately, improve and innovate the co-operation mechanism, establish a mutually complementary co-operation relationship, and jointly take forward the development of the Guangdong-Hong Kong-Macao Bay Area. It also sets out the goals and principles of co-operation, including promoting infrastructure connectivity; enhancing the level of market integration, building a global technology and innovation hub; building a system of modern industries through co-ordinated development; jointly building a quality living circle to provide an ideal place for living, working and travelling; cultivating new strengths in international co-operation; and, supporting the establishment of major co-operation platforms. Check here for more.

 
Cultural and Creative Industries

If you are an ambitious provider of creative or related services seeking to expand, Hong Kong could be the place for you. Hong Kong has become a regional hub for media and creative-related industries and offers a range of exciting opportunities.

The broad spectrum of Hong Kong’s creative industries includes: advertising, architecture, art and culture, broadcasting, design, digital entertainment, film, music, media, publishing and multimedia. Much of the sector’s growth is fuelled by Hong Kong being Asia’s regional business hub and the strong presence in the city of multinational corporations as well as many small and medium scale enterprises.

The creative industries play an increasingly important role in Hong Kong’s economy and have been identified as a strong driving force for the territory’s future development, with the Government highly supportive of new creative enterprises through its CreateHK initiative. Click here for more.

 
Innovation and Technology

As Asia’s leading logistics, transportation and financial hub, Hong Kong is the natural choice for ICT companies wanting to service clients across Asia.

Hong Kong itself provides a ready market for ICT companies, with 3,798 regional headquarters or offices based in the city and thousands of Hong Kong businesses located throughout the Greater Pearl River Delta (GPRD) region. Hong Kong is also strategically located in the centre of Asia, so regional ICT projects can be effectively implemented and managed from a hub in Hong Kong, where a highly-skilled workforce is readily available.

Hong Kong’s exceptional infrastructure also makes it an ideal base for companies serving global markets and an excellent site for data centres. Connections include nine submarine cable systems, overland cable systems connected to three communications operators in the Mainland and ten satellites for external communications. The Asia Submarine-Cable Express and the Southeast-Asia Japan Cable has operated since 2013. This suitability is boosted by a reliable electricity supply (currently exceeding 99.99 percent) and an environment relatively free of natural disasters.
Click here for more.

 
Depute Resolution

Hong Kong is a leading centre for dispute resolution in Asia-Pacific. The city’s attributes for dispute settlement in the region include a strong legal system, abundance of professional expertise, advantageous geographical location, connectivity with the Mainland and support from the Government. Check here for more.



Major Policy Initiatives and Programs

Talent Admission Programs

General Employment Policy
Professionals and Entrepreneurs from overseas who are interested to establish or join in a business in Hong Kong may come to Hong Kong under the General Employment Policy.

Quality Migrant Admission
Highly skilled or talented individuals who have not yet secured a job offer in Hong Kong but are interested to settle and work in Hong Kong may apply under the Quality Migrant Admission Scheme which has no sector restriction.

Immigration Arrangements for Non-local Graduates
Non-local graduates may apply under the IANG to stay in Hong Kong for one year to look for a job.

Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents
Applicants, who are the second generation of Chinese Hong Kong permanent residents from overseas, may apply for entry into the HKSAR under ASSG. There is no sector restriction and no job offer is required upon entry.

 
Stock Connect Programs

On 10 April 2014, the Securities and Futures Commission (SFC) and China Securities Regulatory Commission (CSRC) made a Joint Announcement regarding the in-principle approval for the development of Shanghai Connect for the establishment of mutual stock market access between Mainland China and Hong Kong. Under Shanghai Connect, The Stock Exchange of Hong Kong Limited (SEHK), a whollyowned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), and Shanghai Stock Exchange (SSE) established mutual order-routing connectivity and related technical infrastructure (Trading Links) to enable investors of their respective market to trade shares listed on the other’s market.

Hong Kong Securities Clearing Company Limited (HKSCC), also a whollyowned subsidiary of HKEX, and China Securities Depository and Clearing Corporation Limited (ChinaClear) have established clearing, settlement and nominee arrangements (Clearing Links) to provide for the clearing and settlement of trades executed through the Trading Links and the provision of depository, nominee and other related services to investors in the Mainland and Hong Kong.

Shanghai Connect created for the first time a feasible, controllable and expandable channel for mutual market access between the Mainland and Hong Kong by a broad range of investors, paving the way for further opening up of China’s capital account and RMB internationalisation. Following the successful launch of Shanghai Connect on 17 November 2014, Shenzhen Connect is believed to be its natural extension, and launched on 5 December, 2016. Click here for more.

 
Mutual Recognition of Funds

To deepen Mainland-Hong Kong financial cooperation and promote the joint development of the Mainland and Hong Kong capital markets, the China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) have decided to embark on the Mainland-Hong Kong Mutual Recognition of Funds (MRF) initiative. Click here for more.



Major Infrastructure Projects

Express Rail Link

Forming part of the national high-speed rail network, the 142 kilometres long Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) will link Hong Kong with the Guangzhou South Station through the Futian Station and the Shenzhen North Station at Shenzhen. With this new intercity rail corridor, the journey time between Guangzhou and Hong Kong would be reduced from 100 minutes to about 50 minutes.

The Hong Kong section of the XRL is about 26 kilometres long and will run along a dedicated underground rail corridor from a new terminus at West Kowloon to the boundary near Lok Ma Chau for connection with the Mainland section of the XRL. The construction works commenced in 2010.
Click here for more.

 
Expansion of the Hong Kong Airport

To meet future air traffic growth and maintain Hong Kong's competitiveness as an international aviation hub, the Airport Authority (AA) will expand Hong Kong International Airport (HKIA) into a three-runway system (3RS). This website provides latest updates of the 3RS.

Covering approximately 25 hectares of land, SKYCITY is one of the largest commercial projects in Hong Kong and is set to transform Hong Kong International Airport from a city’s airport into an “Airport City”. Situated at Hong Kong International Airport, adjacent to the passenger terminals, SKYCITY will be a major integrated development comprises retail complexes, dining areas, hotels, entertainment facilities and offices. Serving both local and overseas visitors, SKYCITY is poised to become the new landmark of Hong Kong.

 
Hong Kong–Zhuhai–Macau Bridge

The Hong Kong – Zhuhai – Macao Bridge (HZMB), being situated at the waters of Lingdingyang of Pearl River Estuary, is a large sea crossing linking the Hong Kong Special Administrative Region (HKSAR), Zhuhai City of Guangdong Province and Macao Special Administrative Region. It consists of a Main Bridge in Mainland waters together with the boundary crossing facilities and link roads within the three places. The functions of the Bridge are to meet the demand of passenger and freight land transport among Hong Kong, the Mainland (particularly the region of Pearl River West) and Macao, to establish a new land transport link between the east and west banks of the Pearl River, and to enhance the economic and sustainable development of the three places. Click here for more.


Constitutional Development

The Basic Law provides that the ultimate aim is to elect the Chief Executive ("CE") and Legislative Council ("LegCo") by universal suffrage, in the light of the actual situation of Hong Kong and in accordance with the principle of gradual and orderly progress. Please visit the Constitutional and Mainland Affairs Bureau for more.


Hong Kong as a Regional Leader

Wine Hub

Hong Kong has removed all wine duties since February 2008. With no VAT or GST, Hong Kong is the first fee wine port among major economies. Strong economic performance, increased prosperity and changes in lifestyle have led to a significant rise in the demand for wine in Mainland China. As an international gateway to the Mainland, Hong Kong is in a prime position to capitalize on this trend. Click here for more.

Check out Hong Kong’s Food and Beverage Opportunities.

Check out more about Hong Kong as Asia’s Wine Hub.

 
Intellectual Property Trading Hub

Hong Kong is a center of innovation, commerce, trade, and finance in Asia. As innovation and the knowledge based economy become more and more important in trade and commerce, so does Hong Kong’s role as a premier IP trading hub in Asia increase. Click here for more.

 

GOVHK Report on the Work of the Current-term Government in its 4th Year The 2017-18 Budget Welcome to MyGovHK Public Engagement on Population Policy CEPA Assistance for placing mini banner and link of Higher Education Employment Information e-Platform
Centre for Health Protection Wi-Fi HK Lead in Drinking Water Incidents 20th Anniversary news.gov.hk Duty-free Concessions
 

Scholarship for Prospective English Teachers Hong Kong - the Wine Hub
Hong Kong SAR 20th Anniversary Celebrations
Hong Kong SAR 20th Anniversary Celebrations
Belt and Road Initiative
Belt & Road iniciative
HKSAR 20A Facebook Page
HKSAR 20A Facebook Page
   
Hong Kong Asia's World City
Hong Kong Asia's World City

           


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