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.

Public Health Response Plan Activated

Hong Kong health authorities continue to monitor developments regarding the emergence of an outbreak of respiratory illness caused by a novel coronavirus. A dedicated webpage has been set up to provide relevant information and health advice. Details here.

Support for Hong Kong Community

The Hong Kong SAR Government has unveiled a series of economic relief measures to support individuals and businesses in Hong Kong affected by the COVID-19 outbreak. Details of the various measures to preserve the vitality of the economy, retain jobs and relieve people's financial burdens can be found here.

Foreign currency reserve at US$442.3 billion

June 5, 2020 – Hong Kong’s foreign currency reserve amounted to US$442.3 billion as of May 31, 2020, according to the Hong Kong Monetary Authority. This represents over six times the currency in circulation or about 46% of Hong Kong dollar M3. Details here.

2020 first quarter port statistics released

June 4, 2020 – Hong Kong’s total port cargo throughput decreased by 3.2% year-on-year to 57.2 million tonnes in the first quarter of 2020. Inward port cargo loaded in the US dropped by 26.7% while outward port cargo discharged in the US fell by 24.8%. In the first quarter of 2020, the port of Hong Kong handled 4.10 million TEUs of containers, representing a 7.3% year-on-year decrease. Details here.

Startmeup Festival 2020 goes virtual

June 4, 2020 – StartmeupHK Festival 2020, organized by Invest Hong Kong, will run virtually online from July 6-10. The festival offers a unique opportunity to connect, exchange ideas, and learn about business opportunities in Hong Kong, China and Asia. It will feature keynotes with renowned speakers, startup village, services marketplaces, job fair and business matching will be open to attendees across the globe.  “Despite the challenges, Hong Kong's startup ecosystem remains resilient," said Associate Director-General of Investment Promotion at InvestHK Mr Charles Ng. "Our solid track record stands as a testimony to Hong Kong's enduring appeal as a place for startups to settle, grow, launch and expand into other markets." Details here.

Launch of Banking Talent Programme

June 4, 2020 –  The Hong Kong Monetary Authority and the banking industry have launched the Banking Talent Program, an initiative to nurture young talents in the industry and better prepare them for future careers in the banking sector. Around 300 recent graduates will be offered six-month work opportunities and industry-specific training. Application opens on June 15. While offering both short-term relief and valuable learning opportunities to young graduates, the program also benefits the industry by expanding the talent pool to support the future growth of Hong Kong's banking sector, said Chief Executive of the HKMA, Mr Eddie Yue. Details here.

HK-ASEAN pact to take effect

June 3, 2020 – The commitments on trade and investment agreements between Hong Kong and Indonesia, a member state of the Association of Southeast Asian Nations (ASEAN), will enter into force on July 4. Under the Free Trade Agreement (FTA), Hong Kong service providers will enjoy tariff reduction and better business opportunities and legal certainty in market access for different services sectors in Indonesia. Upon the Investment Agreement (IA)’s implementation, Indonesia will provide Hong Kong enterprises investing in its area with fair and equitable treatment of their investments, physical protection and security of their investments, and the assurance on the free transfer of their investments and returns. With the entry of Indonesia, there will be a total of eight ASEAN member states for which both the FTA and IA have entered into force. Details here.

Financial system operates orderly amid COVID-19

June 3, 2020 – Hong Kong's financial regulators and the trade have adopted an array of measures to safeguard financial security and maintain business operations while minimizing the risk of infection amid the COVID-19 pandemic, Secretary for Financial Services & the Treasury Christopher Hui said today. The Securities and Futures Commission is pursuing a flexible approach to ensure that markets continue to function properly, while safeguarding investor protection. “Hong Kong's financial system has withstood crises one after another, and Hong Kong can cope with the ever-changing market” said Mr. Hui, affirming its commitment in  maintaining Hong Kong’s position as a major international financial center. Details here.

Monetary and financial stability assured

June 2, 2020 – Hong Kong's local financial market continues to operate in a smooth and orderly manner, reflecting strong market confidence in the Linked Exchange Rate System (LERS), said Chief Executive of Hong Kong Monetary Authority (HKMA) Mr Eddie Yue, who reiterated that Hong Kong has strong fundamentals and a robust financial system. He pointed out that the LERS is underpinned by sizeable foreign reserves of over US$440 billion, strong capital position in the banking system, abundant liquidity, and good asset quality. Mr Yue added that Hong Kong can decide on its own appropriate monetary regime including exchange rate policy and the LERS will not be changed because of any shift in foreign policies towards Hong Kong. Details here.

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