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The Financial Secretary of the HKSAR announced the 2024-25 Budget
The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), Mr Paul Chan, unveiled his 2024-25 Budget on 28 February. He emphasised the need to advance with confidence, seize opportunities and promote high-quality development amid a complicated and ever-changing international environment.
The Budget presents a series of measures aimed at bolstering confidence and creating favourable conditions for recovery. These include continuing to attract enterprises, capital and talent on all fronts.
The Budget also highlights establishing Hong Kong as a premier destination for business and tourism through hosting more mega events and thematic annual conferences. This includes making good use of Victoria Harbour by holding monthly pyrotechnic and drone shows and revamping “A Symphony of Lights”. Immersive and in-depth tourism, as well as local group-tour activities, will also be promoted.
The Budget continues to focus on green development and the digital economy, and includes measures to guide industries towards high-quality development. In addition to developing sectors such as innovation and technology and finance, the Budget suggests positioning Hong Kong as a multinational supply chain management centre, focusing on serving Mainland enterprises going global. This includes studying the establishment of a trade window to provide one-stop services for enterprises.
For the property market, the Budget announced the immediate cancellation of all demand-side management measures for residential properties, including the Special Stamp Duty, the Buyer Stamp Duty and the New Residential Stamp Duty.
Read the full Budget Speech.
Learn more about the Budget. |
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Visitor arrival rebounds during Lunar New Year holidays
Visitor arrival to Hong Kong during the Lunar New Year holidays continues to recover, with various arrangements for receiving visitors rolling out smoothly. The preliminary inbound visitor number from Lunar New Year’s Day to the fourth day of Lunar New Year (10 to 13 February) stood at around 750 000, among which 650 000 visitors were from the Mainland and this figure was higher than that in the same period in 2018. A total of around 1 200 Mainland inbound tour groups involving around 40 500 visitors came to Hong Kong during the four days. The Hong Kong Tourism Board organised the 2024 International Chinese New Year Night Parade on Lunar New Year’s Day. After a four-year hiatus, the fireworks display was held on the second day of Lunar New Year to celebrate the festive season with the public and visitors. The Chinese New Year Race day on the third day of Lunar New Year attracted a large number of members of the public and visitors to Sha Tin Racecourse. The Chinese New Year Cup at Hong Kong Stadium on the fourth day of Lunar New Year enabled members of the public to enjoy a dynamic sports atmosphere during Lunar New Year. These events were very popular among the public as well as visitors, with the number of participants of individual events exceeding the level before the pandemic.
More details here. |
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Number of Mainland and overseas companies assisted by Invest Hong Kong increased
Invest Hong Kong (InvestHK) on 2 February announced that the department had assisted 382 Mainland and overseas companies to set up or expand their business in Hong Kong in 2023. The number represents a year-on-year increase of about 27 per cent. The total investment thereby brought to Hong Kong’s economy has reached HK$61.6 billion and created more than 4 100 job opportunities during their first-year of operation. The Director-General of Investment Promotion, Ms Alpha Lau, said that InvestHK will continue to strive to promote the city’s strengths, where financial services, innovation and technology and family offices are among some of the priority sectors.
More details here. |
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Reception held in Auckland to celebrate Chinese New Year
HKETO hosted a reception in Auckland on 27 February to celebrate Chinese New Year. The Director of HKETO Sydney, Miss Trista Lim, noted in her welcoming remarks the strong and close tie between Hong Kong and New Zealand and their connections on many fronts over the years have continued to grow. Miss Lim introduced the Government’s initiatives to attract enterprises, investment and talent, highlighting the overwhelming response of various talent admission schemes, with around 90 000 talents arrived in Hong Kong last year, including 36 000 under the Top Talent Pass Scheme (TTPS). In the international arena, Miss Lim stressed that Hong Kong is striving for early accession to the Regional Comprehensive Economic Partnership Agreement, the world’s largest free trade agreement. |
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HKETO showcases Hong Kong’s culture and diversity at Auckland Lantern Festival
To celebrate Chinese New Year with members of the public in New Zealand, HKETO participated in the Auckland Lantern Festival 2024 held from 22 to 25 February in Auckland. A dragon lantern along with eight giant pillar lanterns were displayed to celebrate the Year of the Dragon. Two LED plinths displaying the photos and videos were also set up to showcase Hong Kong’s latest development, unique culture and diversity. |
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Director of HKETO Sydney attended networking event co-organised by the Queensland Chapter of the Hong Kong Australia Business Association (HKABA), HKETO and InvestHK
The Director of HKETO Sydney, Miss Trista Lim, attended the networking event “Navigating Opportunities and Investing in Hong Kong” co-organised by the Queensland Chapter of the HKABA, HKETO and InvestHK in Brisbane on 23 February. Addressing the event, Miss Lim promoted Hong Kong’s unique advantages under “one country, two systems” as well as the immense opportunities under the Greater Bay Area development and the 14th Five-Year Plan. Miss Lim shared the proactive initiatives rolled out by the Government to attract enterprises, investment and talent, including the TTPS and the setting up of the Office for Attracting Strategic Enterprises (OASES), as well as the encouraging responses.
The Head of Business and Professional Services of InvestHK, Mr Herman Tse, also shared with the participants the unparalleled advantages of Hong Kong as an ideal destination for businesses at a panel discussion.
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Reception held in Brisbane to celebrate Chinese New Year
HKETO hosted a reception in Brisbane on 22 February to celebrate Chinese New Year. Addressing the reception, the Director of HKETO Sydney, Miss Trista Lim, said that blessed with the strong support of the motherland and the close connection to the world, Hong Kong will continue to proactively play the bridging role as the “super connector” and “super value-adder” between the Mainland and the world. Miss Lim also shared that Hong Kong recorded some 34 million visitor arrivals last year and the Government will step up promoting the development of a mega-event economy to attract more world-class events to Hong Kong. She looks forward to welcoming more friends from Queensland coming to Hong Kong and experiencing the city’s unique glamour as Asia’s Events Capital. |
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Director of HKETO Sydney attended networking lunch organised by InvestHK
The Director of HKETO Sydney, Miss Trista Lim, attended a networking lunch organised by InvestHK and Small Business Association of Australia in Sydney on 20 February, and another networking lunch organised by InvestHK and the Victoria Chapter of the HKABA virtually in Melbourne on 19 February. Addressing the guests, Miss Lim introduced the proactive initiatives by the Government to attract enterprises, talent and investment, highlighting the work of the OASES which has attracted over 30 strategic enterprises to establish a foothold in Hong Kong, including Hong Kong’s first R&D centre set up by a top-10 pharmaceutical company in the world, and a world-leading new energy innovative technology company.
The Head of Business and Professional Services of InvestHK, Mr Herman Tse, also shared with the participants InvestHK’s efforts and achievements in assisting companies in establishing or expanding their operations in Hong Kong. |
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Reception held in Sydney to celebrate Chinese New Year
HKETO hosted a reception in Sydney on 20 February to celebrate the Year of the Dragon. Addressing over 400 guests at the reception, Miss Lim said that Hong Kong prides itself as Asia’s world city, offering visitors a unique blend of Eastern and Western cultures. She added that the Government will strive to promote a mega-event economy, highlighting a series of mega events to be held in Hong Kong in the coming months. Miss Lim also introduced the Government’s initiatives to attract enterprises, investment and talent, including developing a “headquarters economy”, rolling out a new Capital Investment Entrant Scheme, and expanding the coverage of universities under the Top Talent Pass Scheme to 185 institutions, including nine universities in Australia. |
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HKETO supports “A Melodious Chat of Music Concert” held in Sydney
HKETO supported “A Melodious Chat of Music Concert” held in Sydney on 19 February to celebrate Chinese New Year and showcase the music talent of Hong Kong. The performance, staged by the ensemble Melody Plus, integrated Chinese and Western music, presenting music works of Lingnan culture, Cantonese pop songs and classic folk songs. The performance was well-received by around 500 audiences.
The Director of HKETO Sydney, Miss Trista Lim, said in her welcoming remarks that the Government is committed to fostering cultural developments of Hong Kong. To showcase Hong Kong’s unique charm as the East-meets-West centre for international cultural exchange under the 14th Five-Year Plan, and to tell good stories of Hong Kong, HKETO is working proactively in assisting the touring of arts groups and delegations. |
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Sydney Lunar New Year Dragon Boat Festival 2024
HKETO showcased Hong Kong’s strength at the Sydney Lunar New Year Dragon Boat Festival held from 16 to 18 February. HKETO formed a team with the Consulate-General of the People’s Republic of China in Sydney for the first time to compete on February 16, showcasing this Chinese traditional sport to the public in Australia.
Speaking at the award presentation ceremony, the Director of HKETO Sydney, Miss Trista Lim promoted Hong Kong’s dynamism as Asia’s Events Capital, noting that a wide variety of mega events will be held in the city, including the Hong Kong International Dragon Boat Races coming June. A marquee was set up to promote the latest developments in Hong Kong and various talent attraction initiatives.
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Reception held in Melbourne to celebrate Chinese New Year
HKETO hosted a reception in Melbourne on 15 February to celebrate Chinese New Year, welcoming over 150 guests from various sectors. Addressing the reception, the Director of HKETO Sydney, Miss Trista Lim, highlighted the strong trade and investment ties as well as the long-standing people-to-people links between Hong Kong and Australia. Miss Lim introduced to the guests the array of initiatives announced in “The Chief Executive’s 2023 Policy Address”, particularly on enhancing Hong Kong’s development of “eight centres” as outlined in the National 14th Five-Year Plan. Miss Lim also shared that the Government will step up promoting the development of a mega-event economy, noting that over 80 mega events are to take place in Hong Kong in the first half of 2024. |
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Director of HKETO Sydney virtually attended networking event organised by the Hong Kong New Zealand Business Association
The Director of HKETO Sydney, Miss Trista Lim, virtually attended the “Wan Chai Wednesday” Networking Event organised by the Hong Kong New Zealand Business Association in Auckland on 7 February. Miss Lim said that the Government will step up promoting the development of mega event economy and attract more world-class mega events to be staged in Hong Kong, adding that there will be over 80 mega events in the first half of 2024, including a Chinese New Year Night Parade on the first day of Chinese New Year; the first ever LIV Golf; Art March; Hong Kong Sevens; Pop Culture Festival and a wave of other exciting happenings. Miss Lim also shared the encouraging responses to various initiatives rolled out by the Government to attract enterprises and talent. |
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Sham Shui Po Youth Corps Youth Exchange Tour visits Hong Kong House
HKETO received a youth exchange tour organised by Sham Shui Po Youth Corps at Hong Kong House on 6 February. The tour, comprising 18 Hong Kong secondary school students, was welcomed by the Director of HKETO Sydney, Miss Trista Lim. The Deputy Director of HKETO Sydney, Mr Timothy Chau, briefed the tour on the work of HKETO, including the upcoming events organised by the office and its work on investment promotion and talent attraction. Mr Chau said that HKETO aims to promote and strengthen Hong Kong’s economic, trade and cultural ties with Australia and New Zealand, and to foster a better understanding of Hong Kong in the two countries. The students also had a tour in Hong Kong House. |
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ComplexCon 2024 (Hong Kong)
The first-ever ComplexCon Asia Edition (ComplexCon Hong Kong) will be held from 22 to 24 March. ComplexCon Hong Kong will bring its unique specialty in international pop and urban culture to Hong Kong Arts Month, broadening the city’s line-up of world-class events in March where tens of thousands of international art and culture enthusiasts and industry practitioners gather to participate in this thriving cultural scene. Projected to welcome over 30 000 guests from all over Asia and the rest of the world to AsiaWorld Expo, ComplexCon Hong Kong will provide an unprecedented experience for global pop culture enthusiasts to participate in this important cultural tentpole moment as part of the international festivities circuit.
Details here. |
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Art Basel Hong Kong (Hong Kong)
Bringing together 243 leading galleries from 40 countries and territories, Art Basel Hong Kong’s 2024 edition will be held from 28 to 30 March and marks the show’s return to pre-pandemic scale, with 66 additional exhibitors participating in the fair compared to last year. Defined by an extraordinary diversity of artistic voices presented in the frame of its five show sectors, its Conversations and Film programs, as well as its collaborations with the city’s cultural institutions, Art Basel Hong Kong will once again serve as a platform for dialogue, discovery, and transcultural exchange, firmly anchored in Art Basel’s host city in the region.
Details here. |
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