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.

Financial Secretary updates US on latest developments

October 17, 2019 - Financial Secretary Paul Chan updated various US sectors on Hong Kong's latest developments during his visit to Washington, DC (Oct 17). At a lunch meeting with representatives of US think tanks, including the Cato Institute and the Brookings Institution, the Financial Secretary reiterated that the "one country, two systems" principle has been fully and successfully implemented in Hong Kong. Mr Chan met US Deputy Secretary of Commerce Karen Dunn Kelley and highlighted the mutual benefits of the strong Hong Kong-US trade and economic ties, adding that he hoped both sides could forge closer collaborations. Following an in-depth discussion on global financial developments with International Monetary Fund (IMF) Deputy Managing Director Zhang Tao, Mr Chan exchanged views with World Bank Group President David Malpass. At a Heritage Foundation dinner, the finance chief thanked its founder Edwin Feulner for ranking Hong Kong as the world's freest economy for 25 consecutive years.This has helped affirm Hong Kong's economic resilience, high-quality legal framework, zero tolerance for corruption, high degree of government transparency, efficient regulatory framework and openness to global commerce, he said. Details here.

Unemployment rate remains at 2.9%

October 17, 2019 - Hong Kong's unemployment rate stood at 2.9% in July - September 2019, same as that in the previous three-month period. The underemployment rate also remained unchanged at 1.0% in the two periods. Weak local consumption and plunging visitor arrivals caused by local social incidents continued to weigh on the labor market. The unemployment rate of the food and beverage service activities sector rose sharply to a six-year high of 6%. Details here.

Growth in numbers of overseas and mainland companies and start-ups

October 16, 2019 - The number of business operations in Hong Kong with parent companies overseas and in Mainland China and the number of start-ups in Hong Kong have been on the rise, according to the results of two surveys (Oct 16). Results of the 2019 Annual Survey of Companies in Hong Kong with Parent Companies Located Outside Hong Kong showed that the number of overseas and Mainland companies in Hong Kong increased by 9.9 per cent from 8,225 in 2017 to 9,040 in 2019. The 9,040 companies comprised 1,541 operating as regional headquarters, 2,490 as regional offices and 5,009 as local offices. In terms of source country/territory, Mainland China ranked first with 1,799 companies, followed by Japan (1,413), the United States (1,344), the United Kingdom (713) and Singapore (446). At the same time, Hong Kong's start-up scene has continued to be very vibrant. According to the 2019 Startup Survey conducted by InvestHK, the number of start-ups in Hong Kong saw even more impressive growth of 42.8 per cent to 3,184 from 2017. They spanned different business sectors, such as financial technology, e-commerce, supply chain management and logistics technology, as well as information, computer and technology. Details here.

Policy objectives to restore calm and boost economy

October 16, 2019 - Hong Kong Chief Executive Carrie Lam set out core principles and strategies for overcoming the social and economic challenges facing Hong Kong in her Policy Address (Oct 16), themed "Treasure Hong Kong: Our Home". The principles for handling the current crisis and discharging governance responsibilities included adhering to the "One Country, Two Systems" principle; safeguarding the rights and freedoms protected by the Basic Law; upholding the rule of law, which is a core value of paramount importance to Hong Kong; and protecting the city's institutional strengths. She also unveiled over 220 new initiatives that aimed at helping local businesses overcome hurdles during the economic downturn and that targeted the unresolved disputes and ongoing violence with a view to restoring social calm and embarking on the road to reconciliation. These included additional funding to safeguard jobs and support enterprises to withstand the economic downturn. Details here.

Government expresses regret over passage of Hong Kong bills

October 16, 2019 - The Hong Kong Special Administrative Region (HKSAR) Government expressed (Oct 16) regret over the passage of the "Hong Kong Human Rights and Democracy Act", as well as another act and resolution on Hong Kong by the US House of Representative. 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. The HKSAR Government will continue to implement the 'one country, two systems' principle resolutely in accordance with the Basic Law. Details here.

Financial markets operating normally

October 10, 2019 - The Hong Kong Monetary Authority (HKMA) reiterated (Oct 10) that the invocation of the Emergency Regulations Ordinance does not affect the normal operation of Hong Kong's banking sector or financial markets. Banking services are largely normal, except for service disruptions caused by vandalized branches and ATMs where immediate and full restoration of services was not possible. The city's banking system is very robust and sound, with average capital adequacy ratio of 20%. The Hong Kong Dollar exchange rate has remained stable throughout the recent social disruptions. The HKMA and the HKSAR Government have an unwavering commitment and ample resources to defend the Linked Exchange Rate System when needed. Details here.

Bringing Hong Kong and Idaho Closer Together

October 9, 2019 - Eddie Mak, Hong Kong Commissioner to the United States, met with Idaho governor Brad Little to discuss the latest developments in Hong Kong and opportunities for Idaho businesses in the city.

Hong Kong among world's top competitive economies

October 9, 2019 - Bounding up four notches, Hong Kong is now the world's third most competitive economy, among 141 surveyed, according to the latest World Economic Forum's Global Competitiveness Report. Hong Kong came in first on four pillars - the most of any economy - of assessment: macroeconomic stability, health, financial system and product market. Hong Kong placed third in infrastructure and ICT adoption. Details here.

Cautious approach to emergency law

October 8, 2019 - The Hong Kong Government will make a careful assessment before invoking the Emergency Regulations Ordinance again, said Chief Executive Carrie Lam (Oct 8). She said the only prerequisite or condition to invoke the ordinance is to achieve the objective of ending violence and restoring law and order in Hong Kong. Mrs Lam said the Government is very committed to use its own instruments - legal instruments, political instruments such as continuing dialogue, policy instruments like addressing some of the deep-seated problems in livelihood and economic issues - to try to restore calm and order in Hong Kong. Details here.

August retail sales fall 23%

October 2, 2019 - The value of total retail sales in August, provisionally estimated at US$3.7 billion, fell 23% year-on-year. The plunge reflected the weak consumer sentiment amid subdued economic conditions, and the severe disruptions to inbound tourism and consumption-related activities caused by the local social incidents.The Government said retail sales had registered the steepest year-on-year decline for a single month on record, even worse than that recorded in September 1998 during the Asian Financial Crisis. The Government will closely monitor the situation and the implications for the labor market and the economy. Details here.

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