Contactless e-Channel service launched

The Contactless e-Channel service was launched (Dec 1) at the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge and Shenzhen Bay control points, providing faster, more convenient travel and a more hygienic immigration clearance service for Hong Kong residents. The clearance procedure only takes around seven seconds. Residents can still continue to use fingerprint verification technology or traditional counters for immigration clearance.

Key Economic Indicators

  • The value of total retail sales in Oct, provisionally estimated at US$3.9 billion, grew 12% year-on-year, as the entrenched economic recovery and disbursement of the second batch of electronic consumption vouchers enhanced consumption sentiment.
  • In the third quarter of 2021, total port cargo throughput decreased by 12.4% year-on-year to 55.5 million tonnes. During the same period, the port of Hong Kong handled 4.64 million TEUs of containers, representing a year-on-year decrease of 1.2%.
  • Total assets of the Exchange Fund amounted to US$593.2 billion as at Oct 31. This is US$12.1 billion higher than that at the end of Sep. Foreign currency assets increased by US$11.6 billion and Hong Kong dollar assets increased by US$448 million.
  • Expenditure for the Apr – Oct 2021 period amounted to US$47.1 billion and revenue US$32.8 billion, resulting in a cumulative year-to-date deficit of US$14.3 billion. Hong Kong’s fiscal reserves stood at US$104.6 billion as at Oct 31. 

Promoting intellectual property trading

Hong Kong will capitalize on the support of the National 14th Five-Year Plan in developing into a regional intellectual property (IP) trading center, said Chief Executive Carrie Lam at the opening session of the Business of Intellectual Property Asia Forum (Dec 2). The HKSAR Government will implement a series of initiatives to promote IP trading, including further promoting and developing the “original grant patent” system, exploring with the Mainland authorities on broadening the scope of application of the Patent Cooperation Treaty to cover the “original grant patent” system, and extending other major international IP treaties to Hong Kong. Hong Kong will also strengthen its IP system and industry talent, while boosting IP promotion and collaboration beyond Hong Kong.

Port of Los Angeles

The busiest container port in North America, the Port of Los Angeles has sustained its rank as number one for more than two decades with record volumes for containerized trade. The Port maintains an efficient, sustainable supply chain, adopting new technologies to improve the reliability, predictability and efficiency of the flow of cargo across global seaborne trade.

Trade Connect is the Port of Los Angeles’ award-winning educational trade outreach program connecting U.S. businesses with overseas trade opportunities, particularly exports. The program’s innovative seminars include introductory courses on the basics of commercial transactions, foreign markets, financing, documentation and logistics, to advanced seminars on international demand for specific products and emerging global consumer markets.

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