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Ambassador for Trade Hon Jim Sutton made an official visit to Hong Kong from 13 to 16 November.
While in Hong Kong, Mr Sutton witnessed the signing of a co-operation agreement between Whitireia Community Polytechnic (New Zealand) and C C C Kung Lee College (Hong Kong), and officiated the launch of the 2007/2008 Student Ambassador Selection Programme organised by New Zealand Trade and Enterprise. He also visited the Natural Health Fair to meet with New Zealand company representatives, and attended a networking cocktail reception for natural products contacts and New Zealand companies at the New Zealand Focus Centre.
The Ambassador also called on InvestHK Director-General Mr Mike Rowse and Hong Kong Trade Development Council Assistant Executive Director Mr Christopher Jackson to discuss a range of investment and trade issues.
Mr Sutton announced his retirement from politics in July 2006. Since then, he has continued to serve as a Trade Ambassador for New Zealand to support the Government in bilateral and regional trade negotiations.top of page
A wide-ranging programme showcasing New Zealand’s musical talents, New Zealand: Music Beyond Borders, is being co-hosted in November 2007 by the Consulate-General and Radio and Television Hong Kong’s Radio 4.
As part of the Music Beyond Borders series, during the month of November, Radio 4 will feature music from New Zealand artists including Sir Howard Morrison, Dame Malvina Major, Dame Kiri Te Kanawa, Jonathan Lemalu, Te Vaka and Hayley Westenra. Interviews with Consul-General Mr Julian Ludbrook and a number of other New Zealanders involved in the arts and culture field, will also feature.
More information on the New Zealand: Music Beyond Borders series is available on the RTHK website [external link]
On November 26, 27 and 30 2007, works by New Zealand composers will be presented at the ISCM (International Society for Contemporary Music) World Music Days Festival 2007 to be held in Hong Kong. The Monday Concert series will feature the works of Jack Body, Anthony Ritchie, Samuel Holloway and Chinese composer (New Zealand resident) Shen Na lin.
The concerts will be recorded by Radio 4 and broadcast in January 2008
An official launch of the New Zealand Student Ambassador Selection Programme 2007/08 was held on 14 November 2007. The launch was officiated by guest of honour Ambassador for Trade Hon Jim Sutton.
Now in its third year, the Programme is jointly organised by New Zealand Trade and Enterprise, in association with Immigration New Zealand and the Hong Kong Education Bureau (School-business Partnership Programme) and co-organised by Wing On Travel and a number of companies and organisations.
A New Zealand Trade and Enterprise initiative, the Programme aims to give Hong Kong secondary school students the opportunity to gain experience in a different learning environment, while experiencing the culture of New Zealand through home stays and extra-curricular activities.
This year, students wanting to be selected as Student Ambassadors are required to submit a 500 word essay in English on "New Zealand New Thinking".
The deadline for the Programme is 4 January 2008. For further information, please visit the following official websites:
The Scat Jazz Choir from Hillcrest High School, Hamilton, enchanted visitors and tenants of Central Plaza on the eve of the Mid-Autumn Festival with their first public performance in Hong Kong on 25 September. The public were treated to a selection of jazz and pop songs, as well as original Maori compositions written for the group by New Zealand composers.
The Choir was visiting Asia for a number of performances in Hong Kong, Macao, Taiwan and Zhuhai. top of page
Chief Executive Mr Donald Tsang outlined a new direction for Hong Kong’s development in his Policy Address for 2007/08.
He reported that the economy had registered rapid growth from 2004 to 2006, with an average annual growth of 7.7%, and noted that the first half of 2007 saw further growth of 6.3% (which was later revised down to 6.1%).
Mr Tsang pledged to adhere to the "big market, small government" principle, and to contain public expenditures below 20% of GDP. He outlined five main areas to help Hong Kong rise to a new level of development and meet the challenges ahead:
Following his policy address, Mr Tsang warned that tackling pollution was "a matter of life and death". He accepted that failing to do so would harm the city's competitiveness in the long term, and pledged to improve air quality by the end of his term in 2012. He also confirmed that Hong Kong would not build casinos to compete with Macao.
Details of the policy address are available at:
Speaking at the APEC 2007 Business Summit, Chief Executive Mr Donald Tsang said that he expected Hong Kong’s GDP to maintain a sustained and fairly robust growth of between 5 and 6% this year, on the back of average growth of 7.7% since 2004. The Government has revised down the GDP growth rate for the first half of 2007 to 6.1%, from 6.3%, after adopting a new calculation methodology to conform with the latest international statistical guidelines on compilation of the volume measures of GDP. It has also revised the full-year 2006 growth to 6.8%, from 6.9%.
The Government has also revised its inflation forecast for the year upward from 1.5%, to between 1.8% to 2%, as a weak local currency was expected to push up the price of imports. For the first nine months of the year, inflation stood at an average of 1.5%, well below the 1.8 to 2% official average forecast for the whole year.
The Commerce and Economic Development Bureau has raised its estimation of this year's export growth from 6% to between 8 and 9%.
The Hong Kong Government will implement its plan to create two additional layers of politically-appointed officials, according to the Report on Further Development of the Political Appointment System (www.cmab.gov.hk/doc/issues/report_en.pdf) released on 17 October. A total of 11 Deputy Directors of Bureau and 13 Political Assistants to Directors of Bureau will be selected by an appointment committee headed by the Chief Executive.
Secretary for Constitutional and Mainland Affairs Mr Stephen Lam commented that further development of the Political Appointment System would pave the way for implementation of universal suffrage for returning the Chief Executive, and the elected Chief Executive would have sufficient room to nominate and appoint his team of Principal Officials and their deputies.
Chief Secretary Mr Henry Tang re-launched a three-month consultation on the 100-acre West Kowloon Cultural District project to build a HK$19 billion world-class arts and cultural hub, 18 months after the original plans were shelved. The new plans still feature 15 performing arts venues, including two theatres, two music halls, a 2,200-seat grand theatre and a 2,000-seat concert hall. The museums would also focus more on design, moving image, popular culture and visual art. Also included are a piazza area for outdoor events and concerts, as well as an exhibition venue, hotels, offices and spaces for retail and dining with 20% of the area reserved for residential use. The Government hopes to finish the project within six years, and believes that it will be self-sufficient as a result of revenues generated through land sales and will generate HK$15.7 billion in added value to the economy. A summary of the recommendations is available at:
The Food and Health Bureau announced that details of a revised proposed mandatory nutrition food-labelling plan, which would call for a "one plus six" nutrients system, would be presented to stakeholders in a series of technical committee meetings. The Bureau said that it was formulating a feasible scheme which will enable consumers to make an informed choice and ensure a stable food supply before submitting the amendment regulation to the Legislative Council early next year. Earlier proposals for a voluntary phase were scrapped and there would be a two-year grace period for compliance with the mandatory requirements.
It is now proposed that Hong Kong should follow Australia and New Zealand in the requirement for nutrition information labels on pre-packaged food. The Bureau earlier proposed testing 10 nutrition items but has now decided on seven, namely energy, protein, total fat, saturated fat, carbohydrates, and sugar and sodium, and skipping cholesterol, dietary fibre and calcium.
Further details of the revised proposals are available at:
National Day on 1 October in Macao was marked by a protest against alleged government corruption, an influx of illegal labour and the enactment of a new traffic law which raises the penalty for illegal parking. Organisers estimated that 4,000 pedestrians and motorcyclists joined the two-hour march, and the police put the number at 2,000 pedestrians and 1,300 motorcyclists. Clashes occurred after a crowd of more than 1,000 broke through police cordons lining the march route, and the Police dispersed the gathering with warning shots and tear gas. The protest underscored concerns that real incomes of a large number of local residents have stagnated amidst growing inflation in the wake of soaring mega-casino developments and rapid economic growth. In response, Chief Executive Mr Edmond Ho said that the Government is concerned about the inflation problem and will strive to alleviate the pressure on different groups.
Mr Jack So was appointed Chairman of the Hong Kong Trade Development Council (TDC) for two years with effect from 1 October 2007. Mr So previously served as Executive Director of the TDC from 1985 to 1992, and most recently as Chairman of the Hong Kong Film Development Council.
Hong Kong remains the world's freest economy for the 11th consecutive year, according to a 2007 annual Economic Freedom of the World Report released by US think-tank Cato Institute, with a score of 8.9 out of 10, followed by Singapore, New Zealand and Switzerland.
In an official statement, Chief Executive Mr Donald Tsang apologised and retracted remarks made on 13 October during an ATV interview in which he likened democracy at the extreme to the Cultural Revolution. However, he maintained in a subsequent interview that democracy could damage good governance in some extreme cases, and that he had seen examples of democracy developed at the expense of good governance at the "extreme level".
Financial Secretary Mr John Tsang said that the Government’s budget surplus for the current fiscal year might reach HK$50 billion, well exceeding the forecast made earlier this year at HK$25.4 billion. He pledged that he would consider measures to lower taxes in next year’s budget.
A city-wide pandemic preparedness drill, the third since 2003, was held in Hong Kong to test the emergency response to a community-acquired influenza case. Observers from China’s Ministry of Health, Guangdong and Macao were invited to give feedback and comments. About 250 participants from 12 government bureaus, departments and organisations and a non-government department took part in the exercise, which focused on frontline response and interdepartmental communication and co-ordination.top of page
C&L Group Chairperson Dr Ann Chiang Lai-wan has been elected Vice-Chairwoman of the Democratic Alliance for the Betterment and Progress of Hong Kong.
Hong Kong retained its position as Asia's second largest destination for foreign direct investment (FDI), according to the World Investment Report 2007 [external link to United Nations Conference on Trade and Development (UNCTAD)]. It also once again highlighted Hong Kong as a "front-runner" economy, following high rankings in both its "Inward FDI Potential Index" and its "Inward FDI Performance Index". Hong Kong attracted FDI valued at US$42.9 billion in 2006, up 28% yoy, and its second highest amount ever recorded. The economies of Hong Kong and mainland China accounted for more than half of FDI inflows into the region last year.
A report prepared by the inter-governmental Asia/Pacific Group on Money Laundering called for the Macao police and gambling authorities to conduct a sweeping risk assessment to bring the city up to international standards. It noted that no such assessment has been carried out in the casino sector to guard against the risks of either laundering or terrorist activity, and urged the authorities to take action to plug potential legal loopholes in the city's booming casino sector, warning of "substantial risks". In response, the Macao Government acknowledged that "an effective [anti-money-laundering/terrorist financing] system is only as strong as the strength of its weakest link", but pledged to meet international standards and stated that a cross-border disclosure or declaration system is being examined.
A Morgan Stanley report said that gambling income in Macao grew 55% in September, lower than the expected growth of 75%. However, casino gambling revenue in the third quarter of 2007 surged 46% to 20.34 billion Macau patacas (US$2.55 billion), from 13.95 billion patacas a year ago, bringing total revenue for the nine months ending 30 September to 58.32 billion patacas (US$7.3 billion), up 47% yoy, which already exceeds revenues for all of 2006.
Macao is gaining ground in mainland China’s tourism market and it is expected to match and even exceed mainland tourist traffic to Hong Kong, according to a recent report by China Daily citing a study by Prof Dai Bin of Beijing International Studies University. According to the report, mainland tourist traffic into Macao has risen 30% in the five years from 1999 and 2004. While this rate has slowed to 14.6% in the past two years, it is almost double the rate of growth of 8.4% recorded in Hong Kong. For 2006, 11.99 million mainland tourists visited Macao, while 13.5 million visited Hong Kong. A decade ago, only 530,000 mainlanders visited Macao and four times as many visited Hong Kong.
| Period | NZ Total Exports to HK (FOB NZ$m) | % of market share | yoy change |
|---|---|---|---|
| November 2006-October 2007 | 569 |
1.61 |
+0.6% |
| September 2007 | 54 |
+4% |
|
| October 2007 | 42 |
+2.1% |
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 | +5 to 6% | FY2007 forecast | |
| 4. Population | 6.922 million | mid-2007 | +0.9% yoy |
| 5. Fiscal deficit | HK$25.4 m | 2007/2008 forecasts | |
| 6. Foreign currency reserves | US$142.2 bn | Oct 2007 | +8.4% yoy |
| 7. Monetary base | HK$303.5 bn | October 2007 | +3.9% yoy |
| 8. Hang Seng Index | 31 553 | 31 October 2007 | +71.1% |
| 9. Inflation rate | +3.2% yoy | October 2007 | |
| 10. Prime interest rate | 6.25% | October 2007 | |
| 11a. Property transactions: sales value | HK$43.83 bn | October 2007 | +141% yoy |
| 11b. Property transactions: no of transactions | 11 271 | October 2007 | +78% yoy |
| 12. Retail sales value | HK$19.6 bn | September 2007 | +15.8% yoy |
| 13. Unemployment rate | 4.1% | August-October 2007 (provisional) | |
| 14a. Total exports | HK$253 bn | October 2007 | +9.8% yoy |
| 14b. Total imports | HK$261.7 bn | October 2007 | +12.1% yoy |
| 14c. Total re-exports | HK$242.5 bn | October 2007 | +10.8% yoy |
| 15. Visitor arrivals | 2.56 m | October 2007 | +10.4% yoy |
(Sources: 1, 2, 3, 4, 8, 11, 12, 13. Hong Kong Census & Statistics Department 5,6,7. Hong Kong Monetary Authority 9. HSBC 10. Hong Kong Land Registry 14. Hong Kong Tourism Board)
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
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
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