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Hong Kong fashion shines in New York

 

Hong Kong’s vibrant fashion and style took to the runway at New York Fashion Week (Feb 6), presenting 36 unique creations by three leading Hong Kong fashion brands – Harrison Wong, Heaven Please+ and Sun=Sen. Aside from the Fashion Hong Kong show, industry elites and style influencers learned more about the latest in Hong Kong’s fashion at the after-show event – Fashion Hong Kong Night. To further promote the city’s fashion brands and foster exchange and collaboration between Hong Kong designers and international buyers, emerging Hong Kong fashion accessories and apparel brands are featured in Fashion Hong Kong Showroom (Feb 4 – Mar 5).

Anti-epidemic funding welcomed

 

Hong Kong’s Chief Executive, Mrs Carrie Lam, welcomed the passage of the funding application for the Anti-epidemic Fund by the Legislative Council (LegCo) Finance Committee (Feb 21). Mrs Lam conveyed her heartfelt thanks to LegCo Members for their support and approval of the funding application for the HK$30 billion (US$3.8 billion) Anti-epidemic Fund to achieve the objective of fighting the COVID-19 virus. “The Government will continue to assess the impact of the epidemic on society and listen to comments from all sectors, while introducing more support measures as necessary,” she said.

Innovation & Technology

Recognizing that Innovation and Technology is an important growth engine for future economic development, the Government is also supporting a series of measures in this aspect, including the exploration of the development of a third InnoHK research cluster.


The Financial Secretary has also earmarked US$385 million (HK$3 billion) to take forward Phase 2 of the Hong Kong Science Park Expansion Programme and injected US$256 million (HK$2 billion) into the Innovation and Technology Fund to provide matching-basis support for manufacturers setting up smart production lines. The Government will continue to provide enhanced tax deduction for qualifying R&D expenditures and proposed a US$25.6 million (HK$200 million) Green Tech Fund to support the R&D and application of decarbonization and green technologies.

International Financial Center

 

The Financial Secretary also set out a series of proposals to fortify the city’s competitiveness as an international financial center. Over the next five years, the Government will issue green bonds totaling US$8.5 billion (HK$66 billion). We will also continue to issue inflation-linked retail bonds and Silver Bonds, totaling at least US$1.6 billion (HK$13 billion). To encourage the development of private equity funds in Hong Kong, tax concessions for carried interest issued by private equity funds will be provided.

Economy/Special Relief Measures

 

Adopting an expansionary fiscal stance, Hong Kong’s Financial Secretary Paul Chan announced a wide range of measures on February 26, 2020 to stimulate the economy and to tackle the current economic challenges by making optimal use of the fiscal reserves in his 2020-21 Budget.

 

Hong Kong’s economy contracted by 1.2% in 2019, and the full-year growth for 2020 is forecast to be between -1.5% and 0.5%. In the medium term, Hong Kong’s economy will grow by an average of 2.8% per annum in real terms from 2021 to 2024.

 

The sound fiscal reserves of about US$141 billion (HK$1,100 billion) allow the Government to implement counter-cyclical measures to help support enterprises and smoothen livelihoods. These measures include a one-time cash payout of US$1,282 (HKS10,000) to Hong Kong permanent residents, concessionary low-interest loan for small and medium enterprises and reductions in salaries and profits tax.

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