Please click on each headline for the latest news on Hong Kong and China:
- Plans to break new grounds in Economic Development
- Hong Kong -- an international dispute resolution centre
- Canada-Hong Kong "Gate-Opening" Deal Signed
- Asian Financial Forum 2010
- New HKMA Chief vows to maintain HK's position as premier international financial centre
Plans to break new grounds in Economic Development
The Chief Executive of the Hong Kong SAR Government, Mr Donald Tsang, set out strategies for Hong Kong to break new grounds in economic development and sustainable growth in his annual policy address delivered on Oct 14. Among them, he announced new initiatives to develop six industries where Hong Kong enjoyed "clear advantages": education services, medical services, testing and certification services, environmental industries, innovation and technology, and cultural and creative industries.
To encourage enterprises to invest in high technology and scientific research, the Government will allocate some HK$200 million (CAN$25.6 million) to launch an "R&D Cash Rebate Scheme". Under the scheme, eligible enterprises will enjoy a cash rebate equivalent to 10% of their research and development investments.
The Chief Executive also set out a series of objectives for Hong Kong's financial services sector. These include: attracting more international capital, financial institutions, products and talent; strengthening Hong Kong's role as a testing ground for Renminbi products and the internationalisation of the Mainland currency; to serve as a preferred capital raising centre for Mainland enterprises; and strengthen links between Hong Kong and Mainland financial markets.
Hong Kong -- an international dispute resolution centre
During his visit to Canada in early October, Hong Kong's Secretary for Justice, Mr Wong Yan Lung, SC, said Hong Kong is gaining global recognition as an international arbitration centre for the Asia Pacific, providing an ideal venue for speedy and reliable dispute solutions. He told his Canadian counterparts that as large international disputes involving Chinese parties were on the rise, some international arbitration bodies were already moving eastwards to set up operation in Hong Kong to serve the Asia Pacific region, citing the International Court of Arbitration (ICA) of the International Chamber of Commerce (ICC) as an example.
The ICA, which is based in Paris, has opened its first ever branch of Secretariat in Hong Kong. "This is a significant move by an international arbitration institution of high repute and a show of confidence in Hong Kong's position as a centre of dispute resolution." said Secretary Wong.
Canada-Hong Kong "Gate-Opening" Deal Signed
In order to further encourage its members to access business opportunities in Hong Kong, and through Hong Kong in the Chinese Market and the region, the CME (Canadian Manufacturers & Exporters) has joined forces with the Hong Kong Trade Development Council (HKTDC) to provide value-adding services to its members. An agreement on Mutual Cooperation was signed on Oct 13 in Hong Kong between the two organizations. Under the "gate-opener" agreement, CME and HKTDC will reach out to relevant CME members and provide them with relevant market intelligence, business matching service and information on strategic trade missions.
Co-organized by the Hong Kong SAR Government and the Hong Kong Trade Development Council, the Asian Financial Forum (AFF) 2010 will be held on Jan 20 and 21 next year to explore opportunities and challenges now facing Asia, as well as examine China in the context of Asia's changing financial landscape.
The two-day event will bring together the most influential members of the global financial community to address questions about financial recovery, Asia's role in a new economic order, the region's response to financial crisis and the impact of financial reform and regulatory change. Confirmed speakers include Mr. E Gerald Corrigan, Former President, Federal Reserve Bank of New York; Mr. Jong-Wha Lee, Chief Economist, Asian Development Bank; Mr. Stephen Roach, Chairman, Morgan Stanley Asia Limited; and Mr. Dominique Strauss-Kahn, Managing Director, International Monetary Fund.
New HKMA Chief vows to maintain HK's position as premier international financial centre
The newly-appointed Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan said he would maintain local monetary and banking stability, the normal functioning of credit markets and prudent management of the Exchange Fund, while developing renminbi business in Hong Kong.
Chan, who took up the position as the Chief Executive of the HKMA earlier this month, first joined the Administrative Services of the Hong Kong Government in 1976. In 1991, he was appointed Deputy Director (Monetary Management) of the Office of the Exchange Fund. He became an Executive Director of the HKMA in 1993 and served as Deputy Chief Executive of the HKMA between 1996 and May 2005. Between December 2005 and June 2007, Mr. Chan was the Standard Chartered Bank's Vice Chairman. He was appointed Director of the Chief Executive Office of the Hong Kong Government in July 2007.
