No.5  May, 2018  
Latest from Hong Kong
Hong Kong ranked world's second most competitive economy
Hong Kong ranked second globally in the International Institute for Management Development's (IMD) World Competitiveness Yearbook (WCY) 2018. Among the four main competitiveness factors of the WCY, Hong Kong maintained the top rank in "Government efficiency" and "Business efficiency", both for the fourth consecutive year. "Economic performance" climbed up from 11th to 9th. Yet, ranking in "Infrastructure" fell from 20th to 23rd. A Hong Kong Government spokesperson said on 24 May that the WCY again recognised that Hong Kong is one of the most competitive economies in the world, adding that the Hong Kong Government would promote diversified economic growth, enhance human capital, and strive to develop innovation and technology as the new engine of economic growth. Read more here about the competitiveness ranking in WCY 2018 of IMD and Hong Kong Government’s press release.
InvestHK was selected a top investment promotion agency
InvestHK has been selected by Site Selection Magazine as a top investment promotion agency in 2018. The organiser reached out to 1,000 experts around the world, corporate decision-makers and site consultants, surveying them on which agencies they believed to be the very best in the business. Selection criteria include most professionally responsive to inquiries, staff possessing the best knowledge and language diversity, offering access to user-friendly databases of sites and incentives, readily available information on timing expectations of permitting and other processes, access to recent investors in the region who can vouch for the area and agency, best reputation for protecting investor confidentiality and reputation for after-care services etc. Read more here.
  Fast-track scheme to draw tech talent to Hong Kong
To provide a fast-track to draw overseas and Mainland research and development talent to meet manpower demands of the innovation and technology sector, the Hong Kong Government will introduce a three years pilot Technology Talent Admission Scheme (TechTAS). A maximum of 1,000 people will be admitted in the first year of operation of the scheme. As a start, the TechTAS will be open to tenants and incubatees of the Hong Kong Science and Technology Parks Corporation and Cyberport that are engaged in the areas of biotechnology, artificial intelligence, cybersecurity, robotics, data analytics, financial technologies and material science. The target is to start inviting applications in June. Read more here.
  Forum explores new opportunities for Mainland-Hong Kong co-operation in I&T
The Forum on Mainland-Hong Kong Co-operation in Innovation and Technology held on 15 May by the Hong Kong Government discussed new opportunities brought about by opening up science and technology funding by the Ministry of Science and Technology and the Ministry of Finance of the Central Government for application by Hong Kong higher education institutions and research institutions. Under the newly announced guidelines of the Central Government in support of the development of innovation and technology in Hong Kong and Macao, universities and research institutions in these Special Administrative Regions can now bid, on the basis of merit and competition, for funding to undertake central fiscal science and technology projects. This will foster technological co-operation between Hong Kong and the Mainland, laying a solid foundation for the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop. The policy also paved the way for building the Guangdong-Hong Kong-Macao Bay Area into an international innovation and technology hub and provided incessant impetus for the Government in spurring innovation and technology development. Read more here.
  Hong Kong’s unemployment rate falls to more than 20-year low
Hong Kong’s seasonally adjusted unemployment rate dropped to 2.8% in February to April 2018, down from 2.9% in the January to March 2018 period, the lowest level in more than 20 years. The underemployment rate remained unchanged at 1%. Total employment decreased by around 5,800 to 3,866,600 in February to April 2018 while the labour force over the same period decreased by around 4,900 to 3,979,500. Read more here.
  New trends in handling cross-border commercial disputes
Speaking at the Seminar on the Trend of Cross-border Commercial Dispute Resolution and the Belt and Road Initiative on 16 May, the Secretary for Justice, Ms Teresa Cheng, outlined new trends in the development of cross-border commercial dispute resolution such as those relating to the mediation of investment disputes, online dispute resolution and the establishment of a dispute resolution centre specially designed for the Belt and Road Initiative. She said Hong Kong is establishing an online dispute resolution platform,, adding that the establishment of a safe, reliable and credible platform to provide enterprises in various economies along the Belt and Road with convenient and cost-effective online dispute resolution would become a new trend. Read more here.
Bilateral relations
Hong Kong Immigration Department promotes Hong Kong’s talent admission schemes in Australia and New Zealand
A delegation of the Immigration Department visited Australia and New Zealand between 29 April and 4 May to provide university students, professionals and members of the second generation of emigrated Hong Kong residents a better understanding of various talent admission schemes. A series of gatherings and seminars were organised in Auckland, Brisbane, Melbourne and Sydney. The delegation also gave interviews to the media in these cities to enhance publicity on the Hong Kong Government's efforts to attract talent. Read more here.
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