No.10  October, 2018  
Latest from Hong Kong
World’s longest cross-sea bridge opens
Chinese President Xi Jinping announced the opening of the Hong Kong-Zhuhai-Macao Bridge (HZMB) at a launch ceremony in the city of Zhuhai, Guangdong Province, on 23 October. Speaking at the ceremony, the Chief Executive of HKSAR Government, Mrs Carrie Lam, said the bridge and other major infrastructure projects provided a good foundation for the development of the Greater Bay Area. The 55km bridge, which is the world’s longest bridge and tunnel sea crossing, opened to traffic at 9am on 24 October. This engineering masterpiece features a dual 3-lane main bridge of 30km (23km sea viaduct and 7km tunnel), artificial islands and link roads totalling 25km. The bridge took nine years to build and is nearly 50 times the length of the Sydney Harbour Bridge. The bridge brings the three cities within an hour’s commute and most major towns and cities of the western Pearl River Delta within a 3-hour commute of Hong Kong. It will foster the flow of people, goods and capital and integrate the prosperous Greater Bay Area, encompassing Guangdong province, Hong Kong and Macau. It will also reinforce Hong Kong as a regional commerce, transport and logistics hub. Find out more about the HZMB here.
Key areas of work of Hong Kong Government in taking forward the Greater Bay Area
Speaking at a press conference on policy initiatives of the Chief Executive’s 2018 Policy Address, Hong Kong’s Secretary for Constitutional and Mainland Affairs, Mr Patrick Nip, said the Hong Kong Government’s work in taking forward the development of the Greater Bay Area had three focuses. The first focus is to develop the Greater Bay Area into an international technology and innovation centre. The second focus is to facilitate the development of industries in which Hong Kong’s strengths lie in the Greater Bay Area, such as education and healthcare services, while the third focus is to strengthen interconnectivity in the flow of people, goods, capital and information amongst Greater Bay Area cities through policy innovation and breakthrough. A high-level Steering Committee for the Development of the Greater Bay Area as well as a Greater Bay Area Development Office will be set up. Find out more here (Chinese only).
Surge in overseas and Mainland companies in Hong Kong
Business operations in Hong Kong with parent companies overseas or in Mainland China have surged over the past year, according to the latest Census and Statistics Department (C&SD) figures. In 2018, the number reached 8,754, compared to 8,225 a year ago which underscores Hong Kong’s strong credential as a business hub. Find out more here. The survey results will be presented in greater detail in a report to be published by the C&SD in end-October. Hong Kong’s advantages include a low and simple tax regime, robust rule of law and intellectual property protection, business friendly environment, free flow of capital and information and a rich international talent pool. Check out from InvestHK’s newsletter on why Hong Kong is an attractive destination for companies to set up business.
  World Economic Forum ranks Hong Kong the 7th most competitive economy in the world
Hong Kong was ranked 7th most competitive economy in the world and third in Asia in “The Global Competitiveness Report 2018” released by the World Economic Forum on 16 October. Twelve pillars were used to judge the competitiveness of 140 economies. These categories were institutions, infrastructure, information and communications technology (ICT) adoption, macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism and innovation capability. Hong Kong ranked second in four pillars: infrastructure (where it ranked first in terms of sea port infrastructure and connectivity), ICT adoption, financial system (where it ranked first for stock market capitalisation and second for stability) and product market (where it ranked second in terms of trade openness). Find out more here.
  Financial Secretary attends APEC Finance Ministers' Meeting in Papua New Guinea
Attending the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) in Port Moresby, Papua New Guinea, on 17 October, the Financial Secretary of Hong Kong, Mr Paul Chan, stated that as a global financial and funding raising centre, Hong Kong played a crucial role in infrastructure financing. The Securities and Futures Commission of Hong Kong provided a clear pathway for infrastructure project companies looking to achieve a listing in Hong Kong. The Hong Kong Monetary Authority (HKMA) has established the Infrastructure Financing Facilitation Office and signed an agreement with the International Finance Corporation, a member of the World Bank Group, to support the financing of its projects. At the press conference after the FMM, Mr Chan stressed that in spite of the rising trend of protectionism these days, Hong Kong is firmly committed to safeguarding free trade and the multilateral trade system. He expressed the hope that free trade is enhanced through negotiation and global co-operation. Read more here.
  New smart Hong Kong identity card and territory-wide identity card replacement
Hong Kong’s Immigration Department will start to issue new smart Hong Kong identity cards (HKICs) from next month. The upcoming territory-wide identity card replacement exercise will start on 27 December. Holders of existing smart HKICs will be invited to attend one of the nine newly established Smart Identity Card Replacement Centres in phases, in accordance with their year of birth, to have their HKICs replaced within specified periods. It is estimated that the replacement exercise will last about four years. Hong Kong residents who are presently overseas need not rush back to Hong Kong solely for replacement of their HKICs. They can do so within 30 days after their return to Hong Kong if they have missed their turn. Find out more here.
  Xiqu Centre set to open at West Kowloon Cultural District
The Hong Kong’s West Kowloon Cultural District Authority (WKCDA) announced the opening of the first landmark performing arts venue, the Xiqu Centre, at the West Kowloon Cultural District on 20 January 2019. Conveniently located at the junction of Canton Road and Austin Road West in Tsim Sha Tsui, the Xiqu Centre is designed to be a world-class platform for the conservation, promotion and development of Cantonese opera and other genres of xiqu (Chinese traditional theatre) in Hong Kong and beyond. Find out more here.
  Hong Kong International Lighting Fair (Autumn Edition)
  Upcoming events  
  Useful links  
  Tender notifications  
Find us on Facebook