Hong Kong’s Cultural and Creative Industries to Receive Financial and Other Support from the Government Hong Kong has announced several initiatives for the development of tourism in the region. The initiatives, mentioned in the budget speech, have been aimed towards the cultural and creative industries. Support for Local SMEs The first initiative is the funding…
Hong Kong Economy Grows 2.4% in 2024 Hong Kong’s economy expanded by 2.4% in 2024. External demand and an increase in visitor arrivals contributed to the growth, as did a rebound in cross-border business activities. Private consumption declined slightly, falling 0.2% in the last quarter and 0.6% for the year. The fixed capital investment also…
ISRE 2.0 Launched to Help International Exhibition Organizers The Commerce & Economic Development Bureau of Hong Kong has unveiled the Incentive Scheme for Recurrent Exhibitions (ISRE) 2.0. This initiative, outlined in the 2024 Policy Address, provides an additional $500 million in funding in addition to the initial $1.4 billion on ISRE that was created in…
More local and foreign businesses will establish their base in Hong Kong in 2024 As Hong Kong sees considerable growth in the number of local and foreign businesses, the city retains its status as a global business hub more than ever. According to the most recent data from Invest Hong Kong (InvestHK), in 2024, the…
Better Rules For New Investors Will Bring In Investors From Around The World The government recently announced several enhancement measures for the New Capital Investment Entrant Scheme (New CIES). The measures, effective 1 March 2025, include relaxing the restrictions on applicants’ asset appraisal and computation. Due to the enhancements, the New CIES requires applicants to…
Agreement for International Talent and Tech Innovation Strengthens Hong Kong’s Role in Technology Hong Kong recently took a major step forward in becoming a leader in global innovation and talent development. Chief Executive John Lee and China Association for Science & Technology (CAST) President Wan Gang witnessed the signing of the Cooperation Framework Agreement…
Multiple-entry Scheme Resumes for Shenzhen Residents The Hong Kong Special Administrative Region (SAR) Government has announced the resumption of the multiple-entry Individual Visit Scheme (IVS) for permanent residents of Shenzhen. This convenient scheme allows residents of certain mainland Chinese cities, including Shenzhen, to visit Hong Kong and Macau multiple times on a single visa within…
Cross-Boundary Data Flow Now Open to All Sectors in the Greater Bay Area The Digital Policy Office (DPO) has extended the facilitation measures under the Standard Contract for the Cross-boundary Flow of Personal Information to encompass all industry sectors within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). This new rule, which was made effective…
Hong Kong Base Rate Decreased to 5%: Here’s What It Means for Financial Markets The Monetary Authority has announced an immediate reduction in the Hong Kong base rate, setting it at 5%. This adjustment follows a recent decision by the US Federal Reserve to lower its target range for the federal funds rate by 25…
Hong Kong Chosen as Best to do Business by World Bank A recent World Bank Group (WBG) report put Hong Kong among the top ten places for business. The first of its kind, the Business Ready 2024 Report by WBG covered 50 economies. It applauded Hong Kong’s transparent business entry laws and stable and efficient…