Edward Yau meets Tourism Minister

Secretary for Commerce & Economic Development Edward Yau met Minister of Culture & Tourism Luo Shugang in Beijing today to explore strengthening tourism co-operation between Hong Kong and the Mainland.

 

Updating Mr Luo on Hong Kong's latest tourism developments, Mr Yau thanked the Ministry of Culture & Tourism for its support of the city's tourism industry, including the ministry's presence at the Hong Kong International Tourism Convention last December and its promotion of the Guangdong-Hong Kong-Macao Greater Bay Area tourism development, as well as co-operation in regulating the Mainland and Hong Kong tourism markets.

"Hong Kong, with its rich tourism resources and well-established transport infrastructure, can take up the role of the international travel hub of the Greater Bay Area, attracting more foreign visitors to travel to the region via Hong Kong and facilitating the overall tourism development in the region.

 

“To further strengthen our role as the tourism hub, we look forward to launching more facilitating immigration policies or measures for the travel trade of Hong Kong to help them open up business opportunities."

 

Mr Yau added the Tourism Federation of Cities in the Guangdong-Hong Kong-Macao Greater Bay Area was jointly established by the tourism authorities of Hong Kong and 10 other bay area cities in 2017 to strengthen tourism co-operation and promotion, as well as enhance regulation amongst them.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190424/20190424_140018_728.html

R&D funding scheme opens

The Mainland-Hong Kong Joint Funding Scheme is inviting proposals for applied research and development (R&D) projects jointly conducted by both sides under the two specific themes of biotechnology and artificial intelligence.

 

The Innovation & Technology Commission (ITC) launched the scheme today to further enhance R&D collaboration between Hong Kong and the Mainland.

 

The Hong Kong Special Administrative Region Government has collaborated with Guangdong and Shenzhen to fund R&D projects since 2004 and 2005.

 

To encourage further collaboration between Hong Kong and various Mainland provinces, the Innovation & Technology Bureau signed an agreement with the Ministry of Science & Technology (MOST) in September 2018 to launch a new joint funding scheme and set out its framework and modus operandi.

 

Applications for the scheme must be submitted simultaneously by the Hong Kong and the Mainland institutions to the ITC and MOST respectively, and the R&D work must be conducted in both places.

 

The ITC and MOST will provide funding to the Hong Kong and the Mainland applicant organisations, and monitor project progress according to their own requirements.

 

The application deadline is June 12.

 

Click here for details.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190424/20190424_110430_724.html

March inflation up 2.1%

Overall consumer prices rose 2.1% year-on-year in March, the Census & Statistics Department announced today.

 

Netting out the effects of all Government one-off relief measures, the underlying inflation rate was 2.6%, compared to the 2.8% average rate of increase in January and February.

 

The comparison neutralises the effect caused by the different timing of the Lunar New Year, which fell in early February this year compared to mid-February last year.

 

The month saw year-on-year price increases in food, housing, alcoholic drinks and tobacco, meals bought away from home, miscellaneous goods, transport, miscellaneous services, as well as clothing and footwear.

 

Year-on year price decreases were recorded for electricity, gas and water, as well as durable goods.

 

The department said inflation will likely stay moderate in the near term, as the earlier consolidation of fresh-letting residential rentals should continue to have a mitigating effect in the period ahead, and external price pressures have also eased recently.

 

The Government will monitor the situation closely, particularly the impact on people with lower incomes, it added.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190423/20190423_163456_664.html

Unemployment stays at 2.8%

The seasonally adjusted unemployment rate stood at 2.8% in January-March, unchanged from the December 2018-February 2019 period, the Census & Statistics Department announced today.

 

The underemployment rate remained unchanged at 1%.

 

Total employment fell by 6,300 to 3,860,400 while the labour force increased by 1,600 to 3,970,800.

 

The number of unemployed people rose by 7,900 to 110,400 and the number of underemployed people decreased by 1,400 to 38,900.

 

Secretary for Labour & Welfare Dr Law Chi-kwong said compared with a year earlier, the unemployment situation in many major service sectors improved, notably in the retail, accommodation and food services sector on the back of sustained expansion in inbound tourism.

 

"The labour market is expected to remain largely stable in the near term. The Government will stay vigilant to how the evolving external uncertainties will affect the labour market going forward."

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190418/20190418_171722_537.html

Composite interest rate rises

The composite interest rate rose by two basis points to 0.82% in March compared with February’s figure, the Monetary Authority announced today.

 

It reflected increases in the weighted funding costs for both deposits and interbank funds during the month, the authority said.

 

The composite interest rate is a measure of the average cost of funds of banks.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190418/20190418_171809_176.html

HK to participate in Belt-Road forum

Chief Executive Carrie Lam will lead a high-level Hong Kong Special Administrative Region delegation to the second Belt & Road Forum for International Cooperation that will be held in Beijing from April 25 to 27.

 

The forum will open up discussion on development policy co-ordination, infrastructure connectivity, sustainable development and other topics of common interest.

 

Twelve thematic forums will be held including those focusing on policy, infrastructure, trade and regional co-operation.

 

The Hong Kong delegation comprises senior government officials and representatives from numerous sectors.

 

Mrs Lam said Hong Kong's participation in the forum will enhance its role and position as the prime platform and a key link for the Belt & Road Initiative, and foster integration into the overall development of the country.

 

She will deliver the opening keynote address at the sub-forums on financial connectivity and regional cooperation.

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190418/20190418_165510_271.html

HK expo to open in Macau

Secretary for Commerce & Economic Development Edward Yau will head to Macau to attend the opening ceremony of the 2019 Hong Kong Brands & Products Expo, Macau tomorrow. 

 

The expo, organised by the Chinese Manufacturers' Association of Hong Kong, will last until April 22.

 

There will be 260 booths showcasing Hong Kong brands and products.

 

 

from news.gov.hk - Business & Finance http://www.news.gov.hk/eng/2019/04/20190418/20190418_152003_767.html