Responding to an inaccurate statement about Hong Kong in the 2019 National Trade Estimate Report by the US Trade Representative, the Government clarified (Apr 2) that Hong Kong, as a founding member of the World Trade Organization (WTO), has fulfilled its notification obligations under the WTO Customs Valuation Agreement since 1996. It added that Hong Kong, as a free port, does not impose any customs duties on imported goods. At the same time, the Government acknowledged the positive remarks made in the Report on Hong Kong’s robust intellectual property rights protection and enforcement.

Source: Hong Kong Economic & Trade Office

–  With a 1.3% year-on-year growth registered in fourth quarter of 2018, Hong Kong’s overall 2018 GDP rose by 3% year-on-year

–  The volume of total exports of goods fell by 2.2% year-on-year while the volume of imports of goods dropped by 7.7%

–  Hong Kong remains in full employment, with unemployment rate remaining at 2.8% (Dec 2018 – Feb 2019). Underemployment edged down by 0.1 percentage point to 1%.

–  Overall consumer prices rose 2.1% in February compared to a year earlier, with an underlying inflation rate of 2.6%.

Source: Hong Kong Economic & Trade Office

With the January opening of its first major performing arts venue, the Xiqu Centre, the West Kowloon Cultural District (WKCD) is on course to be one of the world’s most vibrant arts and culture hub. Five venues are scheduled to open over the next five years, setting the stage for the WKCD to be the nexus for artistic collaboration and education for visual and performing arts. Freespace and Art Park will open in June, showcasing experimental art forms. Other highly anticipated projects under construction include the M+ Museum, the Hong Kong Palace Museum and the Lyric Theatre.

Source: Hong Kong Economic & Trade Office

The Hong Kong Monetary Authority (HKMA) has granted virtual banking licenses to Livi VB, SC Digital Solutions and ZhongAn Virtual Finance, effective Mar 27. Chief Executive of HKMA Norman Chan said the introduction of virtual banks is a key pillar supporting the city’s entry into the Smart Banking Era and is a major milestone in reinforcing Hong Kong’s position as a premier international financial center. According to the regulator, five more applications are in the pipeline.

Source: Hong Kong Economic & Trade Office

Chief Executive Carrie Lam expressed the hope that Hong Kong and US will strengthen mutually beneficial co-operation and expand common interests during a meeting with members of Congressional US-China Working Group (Mar 18). With Hong Kong striving to advance the development of I&T, she encouraged more US institutions and technology firms to establish a presence in the city. The US is Hong Kong’s second largest trading partner and enjoys the highest trade surplus with Hong Kong among all other economies.

Source: Hong Kong Economic & Trade Office