Agreement for International Talent and Tech Innovation Strengthens Hong Kong’s Role in Technology Hong Kong recently took a major step forward in becoming a leader in global innovation and talent development. Chief Executive John Lee and China Association for Science & Technology (CAST) President Wan Gang witnessed the signing of the Cooperation Framework Agreement…
Multiple-entry Scheme Resumes for Shenzhen Residents The Hong Kong Special Administrative Region (SAR) Government has announced the resumption of the multiple-entry Individual Visit Scheme (IVS) for permanent residents of Shenzhen. This convenient scheme allows residents of certain mainland Chinese cities, including Shenzhen, to visit Hong Kong and Macau multiple times on a single visa within…
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…
Duty-Free Measures with Mainland China Extend to Cover All Ports The Hong Kong central government’s policy to raise its duty-free allowance has now expanded to include all entry ports. Previously, it was for Mainland residents who wanted to come to Hong Kong. Mainland visitors have well received the new measures as they enhanced their shopping…
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…
