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.

Alphalite, Inc.

Alphalite, Inc., headquartered in Southern California, is committed to developing new technology to improve lighting efficiency, functionality, and quality. Through developments in LED lighting technology, the company delivers lighting that improves end user utility and helps businesses achieve improved performance. By pushing innovation beyond efficacy and price, Alphalite strives to harness the potential of LED technology and deliver human-centric lighting that improves life. As part of Ka Shui International Group, a publicly-traded company on the Hong Kong Stock Exchange, Alphalite delivers highly efficient and performance-optimized luminaires. The group has over 5 manufacturing facilities, exceeding 980,000 sq. ft, with over 5,400 employees. Expertise in engineering and manufacturing ensures seamless integration of design and production.

New Century Insurance and Services

We are a fast-growing, mid-sized independent insurance agency with a solid 28 years track record providing services in commercial and personalized lines. Our sphere of influence ranges from local business to multi-national conglomerates. At New Century, we have a team of 60 plus professional insurance agents to provide customize insurance services. We represent over 200 insurance carriers and have experienced specialists for Technology industry, Construction, Restaurants, Wholesalers & importers, Manufactures, Retailers, Medical industry and Entertainment industry. New Century also has a division, New Century International Advisors, established to advise national and international High Net Worth clients on wealth management and wealth transfer.

K A L L Accountancy Corporation

Our firm provides high quality services. Many of our clients have been with us for many years. They include small & medium as well as large size companies in various business sectors and subsidiaries of listed companies in overseas stock exchanges. The Firm was awarded Small Business of the Year by the California State Assembly and the Community Contribution Award by the County of Los Angeles. With our government and “big 4” experience, together with the proficiency in different government proven techniques, we has successfully implemented strategies that save our clients tens of millions of dollars in tax collectively.

KAVE Industries LLC

KAVE Industries LLC is proud to introduce airKAVE, the worlds most advanced air purification technology using Plascide® micro-lightning plasma to destroy airborne pathogens at the molecular level. Designed in Hong Kong with the primary intention to meet the worlds critical needs in reducing airborne transmission of infectious disease faster and more effectively than any other air purification technology. Our Plascide® technology is trusted to protect the health and operational integrity in Hong Kong’s International Airport and cross-border railway system with tens of millions of passengers for over 10 years.

Exhibition grant extended

The Government announced today that the Convention & Exhibition Industry Subsidy Scheme will be extended for six months to June 30, 2022.

The extension will benefit more convention and exhibition activities and enhance the confidence of event organisers in staging activities in Hong Kong.

Established with a commitment of $1.02 billion, the scheme consists of two parts. One part provides organisers with a full subsidy for the venue rental of exhibitions and international conventions at the Hong Kong Convention & Exhibition Centre and AsiaWorld-Expo starting from October 3, 2020.

The other part of the scheme subsidises exhibitors and major conference participants 50% of the participation fee at events organised by the Trade Development Council starting from November 30, 2020.

As at May 31, it had subsidised 31 exhibitions, involving a total subsidy of about $61 million.

CS highlights HK’s unique strengths

Chief Secretary Matthew Cheung today introduced Hong Kong’s strong fundamentals and unique advantages under “one country, two systems” to more than 200 people from the business community in Association of Southeast Asian Nations (ASEAN) member states.

The Reconnect: Hong Kong – ASEAN Partnership webinar updated participants on the latest social and economic developments in Hong Kong, and the opportunities and benefits presented to enterprises in ASEAN.

Mr Cheung noted that ASEAN has been Hong Kong’s second largest trading partner for 10 years in a row since 2010. The Free Trade Agreement and the Investment Agreement, which both came into full force in February, also reflect the significant economic connections between both sides.

The Chief Secretary expressed his confidence in Hong Kong’s future development, pointing out that the two significant decisions of the National People’s Congress on national security legislation and improving Hong Kong’s electoral system have put Hong Kong back on the right track and ensured its long-term stability and prosperity.

He emphasised that with the full support of the Central People’s Government as stated in the 14th Five-Year Plan, investors from ASEAN will be able to benefit from Hong Kong’s unlimited development potential.

He invited the ASEAN business community to tap into the enormous opportunities and strengthen its business ties with Hong Kong.

Mr Cheung also spoke with participants on Hong Kong’s experience and strategy in fighting the COVID-19 pandemic.

Addressing questions from participants, Mr Cheung said Hong Kong has a keen interest in joining the Regional Comprehensive Economic Partnership at the earliest appropriate time.

Given its unique advantages, Hong Kong’s accession to the partnership will further deepen regional economic integration and co-operation for the prosperity of the region, he added.

The webinar was organised by the three Hong Kong Economic & Trade Offices in ASEAN, located in Bangkok, Jakarta and Singapore, together with the Hong Kong Trade Development Council and the Thai-Hong Kong Trade Association.

Website Sponsors