Consensus Focuses on the International Tax Reform Framework’s Key Principles Hong Kong welcomes the consensus on tax reform reached by the international community. The consensus focus on the international tax reform framework’s key principles. The reform was announced on 1 July by the Organisation for Economic Co-operation & Development. They identified it as the international…
Government Increases Funding From $50 Million to $100 Million The Hong Kong Government is increasing the 5G subsidy scheme funding to encourage the early deployment of 5G. Applications for the subsidy scheme will close on 31 July 2022. An additional 100 projects are expected to benefit from this subsidy scheme. The Subsidy Scheme for Encouraging…
IMF Confirms Hong Kong Has a Resilient Financial System The International Monetary Fund (IMF) confirms Hong Kong remains a strong international centre of financial stability. This was affirmed in the IMF’s Financial System Stability Assessment Report. Factors that have contributed to Hong Kong’s strong standing in the IMF’s report include prudent policies, strong regulatory and…
IMF Confirms Hong Kong Has a Resilient Financial System The 2025 Fintech strategy for Hong Kong has been unveiled by the Monetary Authority aimed at encouraging the financial sector to comprehensively adopt the technology. The purpose of encouraging technology adoption by 2025 is to ensure that the financial services sector can provide fair and efficient…
2021’s First Quarter Sees an Expansion of 7.8% The Hong Kong economy received some welcome news today when it was announced that the first quarter of 2021 saw an expansion of 7.8% in Gross Domestic Product (GDP). The expansion is a mark of the very strong goods export growth amidst the global economic recovery that…
Augmented Reality Markets Bring Historical Locations to Life Hong Kong has launched an exciting new tourism venture called the City in Time Tourism project. This project will be enjoyed by both the locals and the tourists as history comes alive like never before. The city has new designated locations that have been installed with augmented…
Total Retail Sales Saw 30% Increase Compared to 2020 of the Same Month Hong Kong’s retail sales are on the upswing, approximately $29.5 billion in February, experiencing a 30% increase compared with the same month of last year These figures were released by Hong Kong’s Census and Statistics Department. The Government did note that retail…
Budget in Place to Boost Hong Kong’s Economy Hong Kong’s Financial Secretary is confident that this year’s Budget has addressed critical concerns and shares the bountiful opportunities for Hong Kong that lie ahead. There is no question the COVID-19 pandemic has hit every economy around the world hard. With the pandemic-driven reality, Hong Kong found…
A Transformation Into a New Leisure Destination and Resort The Hong Kong Government has announced plans to transform the Hong Kong Ocean park into a new leisure destination and resort. The aim of the proposal is to create a new experience for the local community and international visitors. The park resides in a unique geographical…
Strengthening the Country’s Economic Resilience Even More Hong Kong is welcoming Fintech Firms to aid in the building of the banking and financial services sector in the city. It is part of the plan to keep the city’s economy strong and resilient. An Economy Rebounding The world was hit hard in 2020 in an…