Cross-Boundary Data Flow Now Open to All Sectors in the Greater Bay Area The Digital Policy Office (DPO) has extended the facilitation measures under the Standard Contract for the Cross-boundary Flow of Personal Information to encompass all industry sectors within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). This new rule, which was made effective…
Hong Kong Base Rate Decreased to 5%: Here’s What It Means for Financial Markets The Monetary Authority has announced an immediate reduction in the Hong Kong base rate, setting it at 5%. This adjustment follows a recent decision by the US Federal Reserve to lower its target range for the federal funds rate by 25…
Hong Kong Chosen as Best to do Business by World Bank A recent World Bank Group (WBG) report put Hong Kong among the top ten places for business. The first of its kind, the Business Ready 2024 Report by WBG covered 50 economies. It applauded Hong Kong’s transparent business entry laws and stable and efficient…
Hong Kong Supports Artificial Intelligence with Subsidy Scheme At first, many believed developing artificial intelligence (AI) would result in being taken over by robots. Now, the sentiment toward AI is heading towards leveraging it for increased productivity and innovations. Governments around the world have encouraged organizations to adopt AI. One such move is from Hong…
July 2024 Sees Hong Kong Exports Rising by 13.1% Amidst the gradual pace of economic growth in Hong Kong, there was a rise in Hong Kong exports in July 2024. The Census and Statistics Department of Hong Kong recently released the external merchandise trade statistics for July 2024. In July 2024, Hong Kong’s total exports…
Hong Kong Economy Grows by 3.3% In the Second Quarter 2024 is looking good as the Hong Kong economy grows by 3.3% in the second quarter of this year (compared to the same period last year). Its gross domestic product (GDP) grew 0.4% in real terms on a seasonally adjusted quarter-to-quarter basis in the second…
Mainland Visitors Get to Spend More in Hong Kong With Increased Duty-Free Allowance The duty-free allowance for Mainland citizens travelling from Hong Kong to the Mainland has been increased. The central government approved the increase in the duty-free allowance for baggage items brought into the Mainland by Mainland travellers arriving from Hong Kong from RMB5,000…
Hong Kong Government Offers To Ease Retail Commerce Pressure A variety of measures has been taken by Hong Kong’s Government to help the retail sector, according to Secretary for Commerce & Economic Development Algernon Yau. The local market is expected to improve with the increment of employment earnings, stabilisation of asset markets, and tourism revival.…
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