Hong Kong Economic and Trade Office, USA
Hong Kong

News Release - March 2018

Profits Tax Exemption Extended for OFCs
March 29, 2018 - The Hong Kong Special Administrative Region Government published in the Gazette today the Inland Revenue (Amendment) (No. 2) Ordinance 2018 to implement the 2017-18 Budget initiative of extending profits tax exemption to privately offered open-ended fund companies (OFCs) with their central management and control exercised in Hong Kong (hereafter referred to as “subject OFCs”).

Two-Tiered Profits Tax Rates Regime to be Implemented from April 1 This Year
March 29, 2018 - The Inland Revenue (Amendment) (No. 3) Ordinance 2018 (the Ordinance) was gazetted today to implement the two-tiered profits tax rates regime announced in the 2017 Policy Address.

Financial results for the 11 months ended February 28, 2018
March 29, 2018 - The Hong Kong Special Administrative Region Government announced today (March 29) its financial results for the 11 months ended February 28, 2018.

Hong Kong Exchange Fund at US$537.1 billion
March 29, 2018 - The Hong Kong Monetary Authority (HKMA) announced today that the total assets of the Exchange Fund amounted to HK$4,189.6 billion (US$537.1 billion) as at February 28, 2018, HK$3.0 billion (US$384 million) lower than that at the end of January 2018. Foreign currency assets increased by HK$9.8 billion (US$1.2 billion) while Hong Kong dollar assets decreased by HK$12.8 billion (US$1.6 billion).

Consumer Price Indices for February 2018
March 20, 2018 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for February 2018. According to the Composite CPI, overall consumer prices rose by 3.1% in February 2018 over the same month a year earlier, larger than the corresponding increase (1.7%) in January 2018. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in February 2018 was also 3.1%, larger than that in January 2018 (1.7%). The larger increase was mainly attributable to the difference in the timing of the Lunar New Year, which fell in mid-February this year but in late January last year, resulting in a notable year-on-year increase in the charges for package tours in February 2018.

Recycling facility for waste electrical and electronic equipment opens
March 19, 2018 - Hong Kong Chief Executive, Mrs Carrie Lam, today officiated at the opening ceremony of the Government’s Waste Electrical and Electronic Equipment Treatment and Recycling Facility, WEEE·PARK. In her remarks, she noted the rapid advancement in Hong Kong’s waste-related infrastructure in recent years and said the commissioning of WEEE·PARK marked a key milestone in the development of waste-to-resources facilities in Hong Kong, showing the Government’s determination for achieving resources recovery.

Unemployment rate remains at 2.9%
March 19, 2018 - According to the latest labor force statistics (i.e. provisional figures for December 2017 - February 2018) released today by the Census and Statistics Department of the Hong Kong Special Administrative Region Government, the seasonally adjusted unemployment rate stood at 2.9% in December 2017 - February 2018, same as that in November 2017 - January 2018. The underemployment rate also remained unchanged at 1.0% in the two periods.

Hong Kong and Brazil sign MOU on investment promotion co-operation
March 16, 2018 - Invest Hong Kong (InvestHK) and Brazil today signed a Memorandum of Understanding (MOU) aimed at enhancing mutual co-operation to generate more foreign direct investment between the two places.

Secretary for Labour and Welfare concludes New York visit
March 15, 2018 - Hong Kong Secretary for Labour and Welfare, Dr Law Chi-kwong, concluded his duty visit to New York today.

Hong Kong Seeks Exclusion from U.S. Aluminum Tariff
March 15, 2018 - The Secretary for Commerce and Economic Development, Edward Yau, met with the Consul General of the United States to Hong Kong and Macau, Kurt Tong, today to convey to the U.S. administration Hong Kong’s request for exclusion from the U.S. plan to raise tariff on imports of aluminum products from Hong Kong.

Secretary for Labour and Welfare starts visit program in New York
March 13, 2018 - Hong Kong Secretary for Labour and Welfare, Dr Law Chi-kwong, commenced his visit program in New York on today with his delegation.

Hong Kong Secretary for Labour and Welfare to visit New York
March 12, 2018 - Hong Kong Secretary for Labour and Welfare, Dr Law Chi-kwong, will visit New York from March 12 to 16 to attend the 62nd session of the United Nations Commission on the Status of Women. (UNCSW).

Hong Kong’s foreign currency reserves at US$443.5 billion
March 7, 2018 - The Hong Kong Monetary Authority announced today that the official foreign currency reserve assets of Hong Kong amounted to US$443.5 billion as at the end of February 2018, compared to US$441.5 billion at end-January 2018.

Hong Kong Registers Grave Concern about U.S.' Plan on Tariffs
March 7, 2018 - Hong Kong, China (HKC) has registered grave concern about the United States’ plan to unilaterally raise tariffs on steel and aluminum beyond its bound rates at the General Council Meeting of the World Trade Organization today in Geneva.

New initiatives to combat money laundering and terrorist financing take effect
March 1, 2018 - In an effort to enhance Hong Kong’s regulatory regime for combating money laundering and terrorist financing, a new licensing regime for trust or company service providers (TCSPs) and new requirements on the keeping of Significant Controllers Registers by companies took effect today.

US-based financial company opens Hong Kong brokerage
March 1, 2018 - United States-based TD Ameritrade Holding Corporation announced today that it has opened a new Hong Kong licensed brokerage, TD Ameritrade Hong Kong Limited, leveraging the city's strategic location and status as a financial hub to expand the company's reach in the region.


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