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Hong Kong again ranked the world's most competitive economy
For two consecutive years, Hong Kong has been ranked the world’s most competitive economy, according to the International Institute for Management Development (IMD) World Competitiveness Yearbook 2017 released on 31 May, beating 62 other economies assessed. The report assessed each economy on four competitiveness factors: "Economic performance", "Government efficiency", "Business efficiency" and "Infrastructure", each consisting of five sub-factors. Among the four competitiveness factors, Hong Kong's rankings in "Government efficiency" and "Business efficiency" both stayed at the top position globally. To read more about the Yearbook, please click here. |
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Hong Kong and Australia signed Fintech cooperation agreement
The Securities and Futures Commission (SFC) entered into an agreement with the Australian Securities & Investments Commission (ASIC) to establish a framework for cooperation on financial technology (Fintech) on 13 June. Under this agreement, the SFC and ASIC would cooperate to share information on emerging Fintech trends, developments and related regulatory issues as well as on organisations which promote innovation in financial services. In addition, the agreement provides for a bilateral mechanism for referrals of innovative firms seeking to enter into one another’s markets. Read more about the story here. |
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Bond Connect to launch
To promote the development of the bond markets in Hong Kong and the Mainland China, the People's Bank of China and the Hong Kong Monetary Authority approved on 16 May the Bond Connect. The scheme allows Hong Kong and Mainland financial infrastructure institutions to collaborate in establishing mutual bond market access. HKSAR Government’s Financial Secretary, Mr Paul Chan, welcomed the endorsement of Bond Connect, saying that it marked an important milestone in the development of mutual capital market access between Hong Kong and the Mainland. Bond Connect will be formerly launched after rules and system development have been finalised. Click here to find out more details of Bond Connect. |
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HKSAR Government welcomes Ministry of Finance's plan to issue sovereign bonds in Hong Kong in 2017
The Ministry of Finance of People’s Republic of China announced on 13 June its plan to issue Renminbi (RMB) sovereign bonds totalling RMB14 billion in Hong Kong this year, of which RMB7 billion would be issued in the first half of the year and the remaining RMB7 billion would be issued in the second half of the year. RMB sovereign bonds have been issuing in Hong Kong for the ninth consecutive year. Read more about the story here. |
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Hong Kong becomes a new member of Asian Infrastructure Investment Bank
The HKSAR Government announced on 13 June that Hong Kong had become a new member of the Asian Infrastructure Investment Bank (AIIB). The Financial Secretary of the HKSAR Government, Mr Paul Chan, said Hong Kong was well placed to help AIIB to raise funds to finance various infrastructure projects. He added that Hong Kong's professional services and financial services sectors could certainly contribute to the success of the AIIB, while Hong Kong's participation in the AIIB could also create new opportunities for relevant sectors. Read more about the story here. |
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Lantau Blueprint unveiled
On 3 June, the Hong Kong Government announced a blueprint for the sustainable development of the Lantau Island and to map out the future direction of "Development in the North, Conservation for the South" for Lantau. The Blueprint, formulated under the principle of a fine balance between development and conservation, outlines various measures for enhancing the preservation of Lantau's ecological habitat, historic and cultural heritage, and rural character to facilitate enjoyment of its natural and cultural scenery by the people in Hong Kong. Read the details of the blueprint here. |
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