Key Economic Indicators

  • Overall consumer prices in September fell 2.2% year-on-year, larger than the corresponding decrease of 0.4% in August. The increase was mainly due to the rising cost for meals bought away from home and the upward adjustment in public housing rentals. Looking ahead, overall inflationary pressures should stay mild in the rest of the year as global and local economic conditions remain weak amid the threat of COVID-19.
  • The seasonally adjusted unemployment rate rose to 6.4% (Jul – Sep) while the underemployment rate remained unchanged at 3.8%. With the weak overall economic situation amid the evolving global pandemic, the labor market will remain under pressure in the near term.

Commitment to medical research

The HKSAR Government is committed to supporting research on a wide spectrum of health issues with a view to safeguarding public health and curing diseases. Speaking at the HKU-Pasteur Research Pole 20th Anniversary Opening Symposium (Oct 21), Chief Executive Carrie Lam said the tripartite partnership with academia and industry will create an open platform for multi-sectoral collaboration and facilitate the translation of biomedical innovations into commercial value and industrial impact. It will also contribute to Hong Kong’s transformation into an international innovation and technology hub. In the area of medical research and to combat COVID-19, the Government has allocated nearly US$35 million under the Health and Medical Research Fund in support of some 50 COVID-19 research studies. Separately, the Innovation and Technology Fund is supporting nearly 60 trial projects focused on detection, diagnosis and surveillance of the COVID-19 virus. 

Pilot program for Hong Kong lawyers to practice in Greater Bay Area

Practicing solicitors and barristers in Hong Kong can practice law in nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area after obtaining their Mainland practice qualifications under a new pilot program announced by the State Council General Office (Oct 23). Welcoming the program, Secretary for Justice Teresa Cheng said the arrangement will foster the mutually complementary co-operation relationship between Hong Kong and Guangdong. She encouraged practicing solicitors and barristers to capitalize on the development of the Greater Bay Area and further enhance Hong Kong’s legal service.

FinTech Week goes virtual in November

Hong Kong FinTech Week 2020 will take place virtually from Nov 2-6 to allow global fintech businesses and experts from around the world to participate. The week-long event, themed “Humanizing FinTech”, will explore how fintech can unlock the power of financial services to drive positive impacts for society and business. The event will comprise five channels, focusing on the resilience and development of Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, future fintech trends and finance sector growth opportunities. It will also provide a reinvented virtual event experience with artificial intelligence-powered matchmaking, live chat networking opportunities and Hong Kong cultural side events. Co-organized by Invest Hong Kong, the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority, Hong Kong FinTech Week is expected to attract more than 25,000 participants from over 70 economies and 350 speakers, along with more than 500 exhibitors and over 30 delegations.

Hong Kong well-positioned as green finance hub

Hong Kong, with its clear and compelling advantages, is well-positioned to be a green finance hub, said Chief Executive Carrie Lam at an online symposium (Oct 23). The Hong Kong Special Administrative Region (HKSAR) Government has been implementing measures for the city to offer the needed financial services and capture the available opportunities. These included the launch of Green Bond Grant Scheme and the establishment of the Hong Kong Green Finance Association in 2018, and the launch of the green bond issuance program in May 2019. Later this year, the Hong Kong Stock Exchange will launch the Sustainable and Green Exchange as a first-of-its kind central hub in Asia for data and information on sustainable and green-finance investment.

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