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Active in Hong Kong since 1957, the New Zealand Society of Hong Kong (NZSHK) held its 50 th anniversary Ball at The Park Lane hotel on 3 November 2007.
The event was a success, with 150 guests, members and their friends, with special guests Consul-General Mr Julian Ludbrook and Mrs Joanna Ludbrook. The Consul-General opened the evening of events with a speech, including a message from Sir Howard Morrison, who was unable to travel to Hong Kong as scheduled due to ill health. The evening of glitz and glamour raised HK$40,000 for two charitable organizations, the Home of Loving Faithfulness [external link] and the Oxfam Trailwalkers [external link] .
For decades, New Zealanders have come to Hong Kong to work in a wide variety of professions including medicine, teaching, accountancy, banking, the media, and in the legal field. Today, the bilateral relationship between New Zealand and Hong Kong continues to be strengthened substantially by these important people-to-people linkages.
The NZSHK’s main objectives are to encourage the interests of New Zealand and to provide a network for New Zealanders who are resident in Hong Kong by holding social and cultural activities such as dinners, balls and family events.
The NZSHK’s website at www.nzshk.org provides updates on the latest events and activities.
The internationally renowned New Zealand soprano Dame Kiri Te Kanawa performed in Hong Kong at two gala concerts at the Hong Kong Cultural Centre on 21 and 23 December 2007. She sang arias and songs from operas of Mozart, Puccini, Bellini and Richard Strauss with the Hong Kong Philharmonic Orchestra under the baton of Julian Reynolds.
One of the world's best known sopranos, particularly renowned for her interpretations of Mozart and Richard Strauss and a familiar figure in the leading opera houses of the world, Kiri Te Kanawa was made a Dame Commander of the Order of the British Empire in 1982.
After stepping down from the opera stage in 2004, Dame Kiri has focused on concerts and recitals. She also devotes her time to the Kiri Te Kanawa Foundation, which provides musical mentoring as well as practical support for young singers and musicians from New Zealand.
After the Hong Kong performances, she appeared in recital at the National Grand Theatre in Beijing on 2 January 2008.
The Standing Committee of the National People's Congress (NPCSC) released its decision on Hong Kong’s constitutional development on 29 December 2007, after considering the report on constitutional reform submitted by Chief Executive Mr Donald Tsang earlier urging the NPCSC to allow Hong Kong to amend the methods for selecting the Chief Executive (CE) and for forming the Legislative Council (LegCo) in 2012. The NPCSC decided that direct elections of the CE and the LegCo in the year 2012 “shall not be implemented by the method of universal suffrage".
NPCSC Deputy Secretary-General Mr Qiao Xiaoyang said that the NPCSC opted for a delay untill 2017 to preserve Hong Kong’s stability based on a principle of "gradual and orderly progress”. State-run news agency Xinhua stated that the draft resolution has "fully considered the wishes of Hong Kong society on pushing forward constitutional development".
Secretary for Mainland and Constitutional Affairs Mr Stephen Lam said that the Hong Kong Government would submit bills on modifying electoral arrangements for the two elections in 2012 no later than 2010.
The CE’s report summarised the views of 18,200 written submissions and more than 150,000 signatures received during a public consultation. Mr Tsang acknowledged that over half of those who expressed their views preferred universal suffrage for the CE election in 2012, but suggested that introducing it in 2017 would stand a better chance of being accepted by the majority of the public and LegCo, and that the CE should be elected by universal suffrage before the LegCo. top of page
The CE’s statement on the NPCSC’s decision and his Report on Public Consultation on Green Paper on Constitutional Development are available at the following links:
Hong Kong ’s economy remained robust in the third quarter of 2007, rising by 6.2% yoy in real terms, following a 6.1% growth in the first half of the year.
With a rise in exports to the European Union and the mainland, total exports grew by 6.4% yoy, despite a 4% decline of exports to the US, which accounted for 14% of total exports. Economists expect exports to weaken in the few quarters ahead, but domestic consumption is expected to continue to surge with increasing household income. Exports of services grew further by 12.3% yoy, reflecting strong inbound tourism, vibrant financial market activities and a continued surge in offshore trade.
The unemployment rate edged down further to 3.4% for the three months to December 2007, the lowest since mid-1998. In the first eleven months of this year, CPI inflation averaged at 1.9% yoy, and is forecast to rise by 2% for 2007 as a whole.
The official forecast for 2007 is for the economy to attain 6% growth. The Asia-Pacific Economic Cooperation Study Centre at the University of Hong Kong has also forecast that GDP growth for the final quarter of 2007 would reach 6%, up from the original estimate of 5.5%, in view of strong growth in private consumption. Real GDP is estimated to grow by 5.6% in 2008. The inflation rate in the last quarter of 2007 and the full year 2008 were projected to reach 3.3% and 4% respectively.
Former Chief Secretary Mrs Anson Chan won the Legislative Council (LegCo) Hong Kong Island by-election held on 2 December 2007, securing 54.8% of 321,938 votes (a 52.06% turnout), beating former Secretary for Security Mrs Regina Ip, who secured 42.9% of the votes. Mrs Chan will be in LegCo for less than a year before all members will be elected in late 2008. Mrs Ip vowed to run in next year's election as an independent, adding that she did not plan to establish a new political party.
Mrs Chan said that her election victory was “ only the new beginning of the fight in universal suffrage by 2012”. According to a poll by the University of Hong Kong’s Public Opinion Programme, 84% of those who voted for Mrs Chan supported the view that universal suffrage should be introduced by 2012.
More than 1.14 million, or 38.83%, of the 2.96 million registered electors cast their votes for 866 candidates in 364 constituencies in the 2007 District Council (DC) Election, about 6 percentage points lower than the last election. The Democratic Alliance for the Betterment and Progress of Hong Kong (DAB) emerged as the winning party, securing 115 seats with a team of 177 candidates and registering its record success rate of 65% in its history of DC elections. The Democratic Party lost one-third of its seats.
Latest public opinion polls by the University of Hong Kong found that the DAB had replaced the Hong Kong Federation of Trade Unions as the highest-rated political group, and that the ranking of the Liberal Party had dropped from third to a record low of eighth.
Lower scores for education, innovation and infrastructure caused Hong Kong to slip two places from last year, to 12th, in the annual global competitiveness rankings by the World Economic Forum, behind Singapore, Japan and South Korea. According to the Geneva-based forum's Global Competitiveness Report, red tape and an inadequately educated workforce are the major problems faced by companies doing business in Hong Kong, and corruption, crime and theft are the least of people's worries.
Hong Kong retained its position as the freest economy in the world for the 13th consecutive year in the Heritage Foundation's 2007 Index of Economic Freedom study [external link], followed by Singapore and Australia. The study covered 157 economies worldwide by assessing 10 broad factors of economic freedom. Hong Kong was ranked first in four broad factors - trade, investment, financial freedom and property rights.
T he Hong Kong Food & Health Bureau announced its plan to amend the Preservatives in Food Regulations by early 2008 by expanding the definitions of preservative and antioxidant and adding 11 new types of permitted preservatives or antioxidants, and incorporating them and their permitted levels into the regulations. It also proposes to introduce a food category system based on the one adopted by the international Codex Alimentarius Commission's General Standard on Food Additives. The Bureau proposed a two-year transition period.
Details of the proposed amendments are available as follows:
In his 2008 Policy Address, Chief Executive Mr Ho Hau-wah described Macao’s development in recent years as ‘unimaginable’. He also acknowledged that it had inevitably caused new social problems, and that the Government had not been able to fully handle the “subjective and objective factors of development’. Therefore, he proposed to reform outdated policy practices which “ignored the human and political factors”, and pledged to crack down on illegal workers and bridge the gap in the wealth disparity.
On the economic front, Mr Ho stressed that Macao would cement its economic base and speed up its development pace to create "the multi dimensional economy." The Government will heighten development in the tourism business and advocate reforms in the manufacturing industry in the coming year.
Highlights of his proposed policies include proposals to fully promote administrative and legal reforms to complement economic development; tax relief totalling 1.1 billion patacas to include waiving of all business and income taxes; introduction of a new legal regime to guarantee employment of the local workforce; a full review and reform of the social security regime; and a proposal to extend the power of investigation of the Commission Against Corruption to the private sector and enhance the anti-corruption surveillance system.
Universal suffrage in 2009 is ruled out in the Policy Address. Mr Ho stressed that Macao was not ready yet for such political reform, and pointed out that, unlike Hong Kong’s Basic Law, Macao’s Basic Law does not include a clause which said that universal suffrage would be attained eventually through an orderly and gradual process. However, he added that this “does not mean that Macao will never have universal suffrage”.
The Policy Address is available at the Macao Government Portal [external link]
At a news conference after delivering his annual Policy Address, Chief Executive Mr Ho Hau-wah announced that consultation on a proposal to introduce an anti-subversion law in accordance with Article 23 of the Macao Basic Law dealing with treason, subversion, secession and sedition would commence before the end of 2008, and that the Macao Government aimed to have the bill passed by the Legislative Assembly within the current term of office, by 2009.
The move aroused speculation that the Hong Kong Government might be under pressure to revive the proposal to introduce its own national security legislation, but a Hong Kong Security Bureau spokesman confirmed that it had no timetable for such a move.
Former Secretary for Transport and Public Works Mr Ao Man-long is facing 76 charges of bribery, money laundering and abuse of power, after he was arrested by the Macao police on 6 December, 2007. Shortly after his arrest, Chief Executive Mr Ho Hau-wah obtained approval from the Central Government to remove Mr Ao from official duties, in accordance with Article 50 of the Basic Law.
The most senior official to stand trial for corruption, Mr Ao is accused of having accepted US$100 million in bribes during his seven years in office. He is being tried by a three-judge panel at the Court of Final Appeal, and could face up to 25 years in prison.
The three companies alleged to have paid bribes to Mr Ao included two Hong Kong construction companies and a firm from mainland China, according to Macao's Commission Against Corruption.
In a recent report, the International Monetary Fund (IMF) expects Hong Kong’s economy to grow 5.5% to 6% this year, below 5% in 2008, and average around 5% over the medium term. It commented that Hong Kong would continue to face the challenges of high revenue volatility and rising aging-related spending pressures over the medium term. It expressed its support for Hong Kong’s decision to maintain its currency peg with the US dollar, but warned of further volatility in the exchange rate system. It added that, from a competitive perspective, the real value of the Hong Kong dollar appears to be in line with economic fundamentals. The report is available at the following link:
Recent findings from 81,112 questionnaires collected by the University of Hong Kong and released at the Air Summit held by the Council for Sustainable Development indicated that more than 75% of Hong Kong residents would be prepared to pay higher transport costs in return for cleaner air, and more than 40% supported road pricing to keep traffic in central districts. Almost all of the city's residents believed that the Government should issue clearer warnings and consider suspending outdoor activity on "bad air" days.
Secretary for Commerce and Economic Development Mr Frederick Ma announced that the Government would introduce a revised general competition law, and a second round consultation on competition law would be launched in the first quarter of 2008. H e said that the first round of public consultation yielded general consensus among respondents that an authority with a high degree of independence and a range of powers should be established to investigate possible anti-competitive conduct. The Democratic Party, The Civic Party and The DAB reportedly all supported the plan, and they all also believed that small and medium enterprises should not be exempted from the law.
The Hong Kong Government reported a budget surplus of HK$124.9 billion for the 2006-07 financial year after including other funds and assets. This figure, under the accrual-based accounting system, rose from HK$47.6 billion a year ago and compares with the HK$58.6 billion forecast announced in February by the Financial Secretary in his budget using a cash-based method of accounting.
The Nielsen Group, which surveyed 26,312 consumers online in December 2007, listed Hong Kong as the sixth most optimistic market, with a consumer confidence rating of 118. The average global score, among the 48 markets polled, was 94. Only 21% of the Hong Kong consumers polled believed that there would be a global recession next year, compared with 28% globally and 25% in the Asia-Pacific region. It also found that 60% of the Hong Kong consumers polled were eager to spend money over the next year, compared with an average of 32% in the Asia-Pacific region. It also found that Hong Kong people were the world's most eager investors, with 58% planning to invest in shares and mutual funds.
A poll commissioned by the American Chamber of Commerce in Hong Kong, and conducted online by Nielsen in December 2007, found that 42% of its member companies surveyed gave a rating of "very satisfactory" to the business environment in Hong Kong, compared with 31% in last year's poll and 37% in 2005. Close to three-quarters forecast that the business environment would continue to be "good" in 2008, 75% forecast that Hong Kong’s economic outlook would be "good", and close to 60% planned to expand their business here. About 45% did not find the Mainland-Hong Kong Closer Economic Partnership Arrangement helpful, and only 22% of member companies conducted business on the mainland. Of those who said they had benefited from the pact, 71% said that its impact had been "moderate".
The Asian Development Bank’s (ADB) 2005 International Comparison Program found that Macao ranked third in per capita real GDP among 23 developing economies in Asia and the Pacific, only after Brunei and Singapore, the Macao Daily News reported. Macao's per capita real GDP in 2005 stood at HK$211,907 (US$27,175), against Hong Kong’s HK$202,941 (US$26,025). The survey also ranked Macao as the third costliest place to live, only after Fiji and Hong Kong in the region. In terms of per capita actual final consumption expenditure (AFCE), Hong Kong still appeared as the biggest spender with its AFCE of HK$125,303 (US$16,069), against Macao's HK$67,160 (US$8,612), which ranked fifth.
Thousands marched against corruption, labour issues and a lack of democracy in Macao on 20 December 2007, while others gathered to celebrate the 8th anniversary of Macao’s handover to China. Organisers said that the turnout was 7,000, but police estimated it to be 1,500.
Macao ’s unemployment rate dropped to 2.9% for the period from September to November 2007, below 3% for the first time since the period from November 1997 to January 1998, representing a ten-year low.
Macao 's tourism industry grew rapidly in 2007, which saw the completion of a number of major large-scale tourism and entertainment projects, with a total of visitor arrivals over 27 million, up 23% yoy. Official statistics showed that the Chinese mainland, Hong Kong and Taiwan were still the top three sources, with the mainland remaining the largest source of visitors, accounting for more than 55% of the total. By comparison, Hong Kong received 28 million visits in 2007, up 10% yoy. If growth rates are maintained, Macao is set to surpass Hong Kong in visitor numbers in 2008. As of the end of 2007, there were 85 hotels and similar establishments in Macao with over 17,000 rooms.
Foreign direct investment in Macao during 2006 totalled 12.96 billion patacas, more than 3.01 billion patacas more than in the previous year. Some 5.47 billion patacas came from Hong Kong, 3.16 billion patacas from the US and 750 million patacas from mainland China. Macao’s overseas investment reached 5.06 billion patacas in 2006, most of which went into the gaming sector, totalling 32.77 billion patacas, an increase of 8.42 billion patacas from 2005.
The Gaming Inspection and Coordination Bureau in Macao forecast that total casino revenues for the year 2007 reached 83 billion patacas (US$10 billion), up 46.5% yoy , despite an increase in casino tax by 48% for the first seven months of 2007. Official statistics released previously showed that gaming taxes collected for the first eleven months of the year exceeded those for the whole of last year by 34.9%, with direct gaming accounting for 71% of the Government's total revenues. The Bureau stated that gross receipts from casinos were expected to reach 8.1 billion patacas ( US$1.03 billion) for December 2007.
| Period | NZ Total Exports to HK (FOB NZ$m) | % of market share | yoy change |
|---|---|---|---|
| December 2006-November 2007 | 580 |
1.62 |
+2.4% |
| October 2007 | 42 |
+2.1% |
|
| November 2007 | 56 |
+23.4% |
Indicator |
Figure |
Period |
Change |
|---|---|---|---|
| 1. Gross Domestic Product | US$188.8 bn | 2006 | +6.8% yoy |
| 2. Economic growth | +6.2% | 3rd Q 2007 preliminary | |
| 3. Economic growth forecast | +6% | FY2007, revised forecast | |
| 4. Population | 6.922 million | mid-2007 | +0.9% yoy |
| 5. Fiscal surplus | HK$124.9 m | 2006/2007, actual | |
| 6. Foreign currency reserves | US$152.7 bn | December 2007 | +14.6% yoy |
| 7. Monetary base | HK$330 bn | December 2007 | +7.5% yoy |
| 8. Hang Seng Index | 27 813 | 31 October 2007 | +39.3% |
| 9. Inflation rate | +3.8% yoy | December 2007 | |
| 10. Prime interest rate | 5.75% | December 2007 | |
| 11a. Property transactions: sales value | HK$52.5 bn | December 2007 | +135% yoy |
| 11b. Property transactions: no of transactions | 13 503 | December 2007 | +86% yoy |
| 12. Retail sales value | HK$20.3 bn | November 2007 | +19.5% yoy |
| 13. Unemployment rate | 3.4% | October- December 2007(provisional) | |
| 14a. Total exports | HK$244 bn | December 2007 | +6.6% yoy |
| 14b. Total imports | HK$260 bn | December 2007 | +9.3% yoy |
| 14c. Total re-exports | HK$234 bn | December 2007 | +6.9% yoy |
| 15. Visitor arrivals | 2.448 m | December 2007 | +17.6% yoy |
Hong Kong-New Zealand Business Association Inc
Postal Address: P O Box 105-009, Central Auckland, New Zealand
Tel: +64 (9) 443 3337
Fax: +64 (9) 443 3331
Email: hknzba@clear.net.nz
Website: Hong Kong-New Zealand Business Association Inc
New Zealand Chamber of Commerce in Hong Kong
New Zealand Focus
2/F, Island Building
439-445 Hennessy Road
Causeway Bay
Hong Kong
Tel: +(852) 2536 4469
Fax: +(852) 2810 9068
Contact: The Executive Officer
Email: exec@nzcchk.com
Website: New Zealand Chamber of Commerce in Hong Kong
New Zealand Society of Hong Kong
GPO Box 8817, Hong Kong
Tel: +(852) 6114 5583
Contact: The Membership Officer
Email: members@nzshk.org
Website: New Zealand Society of Hong Kong
HK$7.81=US$1.00 (approx)
HK$5.81=NZ$1.00 (approx)
Note: The print version of “Hong Kong Review” is available from:
New Zealand Consulate-General
6501 Central Plaza
18 Harbour Road
Wanchai, Hong Kong
Tel: +(852) 2525 5044
Fax: +(852) 2845 2915
Email: hlhkg@biznetvigator.com top of page
