Hong Kong Ranked Freest Economy in the World

September 26, 2018 - The Hong Kong government welcomes the Cato Institute’s publication of the 2018 Economic Freedom of the World annual report which once again ranks Hong Kong as the freest economy in the world. Hong Kong retains the top position with a score of 8.97 out of 10.

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2018 Policy Address Public Consultation

The Policy Address is an annual address by the Chief Executive of Hong Kong to the legislature. It explains the philosophy of governance for various policies and puts forward innovative measures to address economic and livelihood issues of public concern. Click here for more.

Budget

Every year, the Financial Secretary releases a budget that outlines public expenditure and announces a range of measures to diversify Hong Kong's economy, grasp regional and global opportunities and promote emerging and traditional pillar industries. Click here for more.

Dispute 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. Click here for more.

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.

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.

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.

Attracting Overseas Talent to Hong Kong
The Hong Kong Special Administrative Region Government has published the first Talent List of Hong Kong to attract quality people from around the world. The list highlights specific professions needed most for Hong Kong's economic development.

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.

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.

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.

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.

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.