Rapyd acquires Neat in Hong Kong
Rapyd, a financial technology services company, has agreed to acquire a cross-border trading platform for small and medium-sized enterprises and start-ups, Neat. Neat provides company registration, account management, payment collection, and credit card based capital raising services.
By integrating Neat into Rapyd's global payments network, small and midsize businesses can set up companies in minutes, optimize accounts receivable and payable in one place, and expedite payment transfers across China and then around the world.
Joel Yarbrough, Managing Director of Rapyd Ventures and VP of Asia Pacific, commented on the acquisition, stating, “Neat has enabled thousands of businesses to intelligently manage their trade flows and working capital, through fast incorporation, virtual accounts, payables, and spend management.
As SMBs need to go digital and globalize at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them."
Rapyd, a financial technology services company, has agreed to acquire a cross-border trading platform for small and medium-sized enterprises and start-ups, Neat. Neat provides company registration, account management, payment collection, and credit card based capital raising services.
By integrating Neat into Rapyd's global payments network, small and midsize businesses can set up companies in minutes, optimize accounts receivable and payable in one place, and expedite payment transfers across China and then around the world.
Joel Yarbrough, Managing Director of Rapyd Ventures and VP of Asia Pacific, commented on the acquisition, stating, “Neat has enabled thousands of businesses to intelligently manage their trade flows and working capital, through fast incorporation, virtual accounts, payables, and spend management.
As SMBs need to go digital and globalize at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them."
Cryptocurrency Popularity Rises in Hong Kong
About 18 percent of respondents in Hong Kong have used cryptocurrency to send or receive money and to buy goods according to a survey conducted by Visa.
In addition, a third of cryptocurrency holders plan to switch to banks offering cryptocurrency-related services in the next 12 months.
A large number of owners - 88 percent - have shown interest in crypto cards, which allow customers to convert and spend cryptocurrency in retail stores.
Eighty-six percent are interested in a service that allows customers to earn cryptocurrency as a reward for spending on the card.
About 40 percent of the 500 organizations said they recognize cryptocurrency as a legitimate investment option and that central banks will eventually need to regulate it.
About 28 percent of them are currently investing in cryptocurrencies, and almost a third of them said they planed to increase their cryptocurrencies in the next year.
About 18 percent of respondents in Hong Kong have used cryptocurrency to send or receive money and to buy goods according to a survey conducted by Visa.
In addition, a third of cryptocurrency holders plan to switch to banks offering cryptocurrency-related services in the next 12 months.
A large number of owners - 88 percent - have shown interest in crypto cards, which allow customers to convert and spend cryptocurrency in retail stores.
Eighty-six percent are interested in a service that allows customers to earn cryptocurrency as a reward for spending on the card.
About 40 percent of the 500 organizations said they recognize cryptocurrency as a legitimate investment option and that central banks will eventually need to regulate it.
About 28 percent of them are currently investing in cryptocurrencies, and almost a third of them said they planed to increase their cryptocurrencies in the next year.
Retail sales in Hong Kong rose 4.1% year-on-year in January.
According to preliminary data released by the Census and Statistics Department on Friday, retail sales in January totaled HK$33.9 billion (US$4.33 billion), an increase of 4.1% year-on-year.
Online transactions accounted for 9% of total retail sales during the month, that is, by 29.8% compared to the same period in 2021.
The surge in retail sales registered in January also marked the sector's steady growth for 12 consecutive months. Consumer sentiment improved last year thanks to the easing of social distancing measures and the distribution of digital spending vouchers worth HK$5,000 in the second half of 2021.
In 2021, total retail sales reached HK$ 353 billion, which means an annual increase in value by 8.1% and volume by 6.5%.
Online sales also increased by 39% compared to 2020 and reached HK$ 28.6 billion.
As part of measures to boost local consumption, Financial Secretary Paul Chan Mo-po announced in his annual address last month that residents will receive a total of HK$10,000 in e-consumer vouchers this year, with the first batch of HK$5,000 expected to be paid in April.
Last year, the introduction of consumer vouchers cost the government HK$36 billion and boosted gross domestic product growth by at least 0.7 percent, while Chan said the upcoming round is expected to cost HK$66.4 billion and is projected to lift the economy by 1.2 percent.
According to preliminary data released by the Census and Statistics Department on Friday, retail sales in January totaled HK$33.9 billion (US$4.33 billion), an increase of 4.1% year-on-year.
Online transactions accounted for 9% of total retail sales during the month, that is, by 29.8% compared to the same period in 2021.
The surge in retail sales registered in January also marked the sector's steady growth for 12 consecutive months. Consumer sentiment improved last year thanks to the easing of social distancing measures and the distribution of digital spending vouchers worth HK$5,000 in the second half of 2021.
In 2021, total retail sales reached HK$ 353 billion, which means an annual increase in value by 8.1% and volume by 6.5%.
Online sales also increased by 39% compared to 2020 and reached HK$ 28.6 billion.
As part of measures to boost local consumption, Financial Secretary Paul Chan Mo-po announced in his annual address last month that residents will receive a total of HK$10,000 in e-consumer vouchers this year, with the first batch of HK$5,000 expected to be paid in April.
Last year, the introduction of consumer vouchers cost the government HK$36 billion and boosted gross domestic product growth by at least 0.7 percent, while Chan said the upcoming round is expected to cost HK$66.4 billion and is projected to lift the economy by 1.2 percent.
Hong Kong industry leaders are calling for a new round of salary subsidy schemes to support businesses amid the health crisis caused by Covid-19.
In May 2020, in accordance with the beginning of the COVID-19 pandemic, the government allocated US$ 10.32 billion under a wage subsidy scheme to prevent the decline of enterprises associated with the coronavirus pandemic. The scheme stipulated that the government pay up to 50 percent of workers' salary for six months, but no more than HK$9,000 per month for each company. "The scheme can help. It worked very well, HK$9,000 a month for employees so that an employer wouldn’t have to resort to firing them - this is the only way we can go forward." Hong Kong reported a record number - more than 34,000 cases of coronavirus on February 28, 2022.
In May 2020, in accordance with the beginning of the COVID-19 pandemic, the government allocated US$ 10.32 billion under a wage subsidy scheme to prevent the decline of enterprises associated with the coronavirus pandemic. The scheme stipulated that the government pay up to 50 percent of workers' salary for six months, but no more than HK$9,000 per month for each company. "The scheme can help. It worked very well, HK$9,000 a month for employees so that an employer wouldn’t have to resort to firing them - this is the only way we can go forward." Hong Kong reported a record number - more than 34,000 cases of coronavirus on February 28, 2022.
About $1.26 billion of the budget has been allocated to support tourism.
Hong Kong's tourism sector will have to be modernized, as it was announced that $ 1.26 billion from the country's budget will be reserved for the development of this sector.
According to the Minister of Trade and Economic Development Edward Yau, this was the next step after about $ 3.8 billion was invested in increasing the attractiveness of Hong Kong as a tourist destination.
The initiatives envisaged in the budget include the implementation of measures such as a program to encourage local tours of cultural and heritage sites, sponsorship of training of practitioners and the efforts of the Tourism Council to revive the sector.
"Hong Kong remains a very attractive place for tourism. But, of course, for the whole world, I think COVID-19 has created a serious barrier, so we are using this opportunity of this lull period to improve trade in general, preserve the image of Hong Kong, and equip all practitioners with advanced technologies to prepare for the return of tourism," Yau commented.
Hong Kong's tourism sector will have to be modernized, as it was announced that $ 1.26 billion from the country's budget will be reserved for the development of this sector.
According to the Minister of Trade and Economic Development Edward Yau, this was the next step after about $ 3.8 billion was invested in increasing the attractiveness of Hong Kong as a tourist destination.
The initiatives envisaged in the budget include the implementation of measures such as a program to encourage local tours of cultural and heritage sites, sponsorship of training of practitioners and the efforts of the Tourism Council to revive the sector.
"Hong Kong remains a very attractive place for tourism. But, of course, for the whole world, I think COVID-19 has created a serious barrier, so we are using this opportunity of this lull period to improve trade in general, preserve the image of Hong Kong, and equip all practitioners with advanced technologies to prepare for the return of tourism," Yau commented.
MTR Corp reported a profit of HK$9.55 billion last year.
Hong Kong-based MTR Corporation reported a profit of HK$9.55 billion (US$1.22 billion) last year, a marked improvement over its record losses in 2020.
CEO Jacob Kam Chak-pui acknowledged that the health crisis has put MTR Corp in front of uncertain prospects.
"Over the past two years or so, the corporation, as well as Hong Kong and all the other cities we serve, have faced unprecedented challenges," he said.
Against the backdrop of the gradual recovery of the city's economy last year, the current profit from the business amounted to HK$ 1.8 billion in 2021, compared with a loss of HK$ 1.12 billion in 2020.
Hong Kong-based MTR Corporation reported a profit of HK$9.55 billion (US$1.22 billion) last year, a marked improvement over its record losses in 2020.
CEO Jacob Kam Chak-pui acknowledged that the health crisis has put MTR Corp in front of uncertain prospects.
"Over the past two years or so, the corporation, as well as Hong Kong and all the other cities we serve, have faced unprecedented challenges," he said.
Against the backdrop of the gradual recovery of the city's economy last year, the current profit from the business amounted to HK$ 1.8 billion in 2021, compared with a loss of HK$ 1.12 billion in 2020.
Employment Protection Scheme 2022
The scheme provides a three-month wage subsidy for eligible employers, covering May, June and July 2022. Subsidies, as in 2020, are paid to employers. Only employees with a monthly income of less than HK$30,000, will be eligible for wage subsidies. https://www.humanresourcesonline.net/hong-kong-government-launches-unemployment-initiatives
The scheme provides a three-month wage subsidy for eligible employers, covering May, June and July 2022. Subsidies, as in 2020, are paid to employers. Only employees with a monthly income of less than HK$30,000, will be eligible for wage subsidies. https://www.humanresourcesonline.net/hong-kong-government-launches-unemployment-initiatives
www.humanresourcesonline.net
Hong Kong government launches unemployment initiatives
The Temporary Unemployment Support Programme will provide a one-off lumpsum of HK$10,000 to eligible individuals who have temporarily lost their jobs, while the Employment Protection Scheme is making a return.
What awaits the exchange-traded funds market? PwC explains
The market is ready to transform the development of new products.
PwC Hong Kong noted the popularity of exchange-traded funds (ETFs) in the Asia-Pacific region, adding that ETFs and their assets are expected to grow from 7.8 trillion US dollars to at least 15.6 trillion US dollars by June 2026
Hong Kong, one of the leading ETF markets in the region, which offers a diverse set of products and a large pool of liquidity, attracting leading and well-known international issuers and investors.
According to PwC, Hong Kong can also become an important center of the ETF market, because the city is a gateway to mainland China, a regional link with the Asia-Pacific region and has attractive legal and tax regimes.
In addition, PwC also stressed that thematic ETFs in Hong Kong will have significant success due to increased financial literacy, growing investor awareness and innovation in the broader asset management industry.
The market is ready to transform the development of new products.
PwC Hong Kong noted the popularity of exchange-traded funds (ETFs) in the Asia-Pacific region, adding that ETFs and their assets are expected to grow from 7.8 trillion US dollars to at least 15.6 trillion US dollars by June 2026
Hong Kong, one of the leading ETF markets in the region, which offers a diverse set of products and a large pool of liquidity, attracting leading and well-known international issuers and investors.
According to PwC, Hong Kong can also become an important center of the ETF market, because the city is a gateway to mainland China, a regional link with the Asia-Pacific region and has attractive legal and tax regimes.
In addition, PwC also stressed that thematic ETFs in Hong Kong will have significant success due to increased financial literacy, growing investor awareness and innovation in the broader asset management industry.
According to the CFO, 6.3 million Hong Kongers will receive the first half of a new batch of HK$10,000 worth of consumer vouchers in April.
However, Financial Secretary Paul Chan did not give an exact date, citing a shortage of labor and the fact that most places where Hong Kongers could spend vouchers are currently closed.
Chan says this year's vouchers will be valid for seven months, unlike last year's, which expired after five months.
"We hope to do this as soon as possible, but it really depends on the circumstances... It's important for us to do the internal work with a system tested properly."
The new round of vouchers was one of the most eye-catching initiatives announced in Chan's budget last month, and was aimed at boosting consumer spending as the fifth wave of coronavirus infections in the city continues to rage.
Just like last year, all residents aged 18 and over are eligible to receive the latest vouchers.
The latest round of digital vouchers cost the government HK$36 billion and contributed to GDP growth of at least 0.7%. The bill for the new round is expected to reach HK$66.4 billion and is projected to boost the economy by 1.2%.
However, Financial Secretary Paul Chan did not give an exact date, citing a shortage of labor and the fact that most places where Hong Kongers could spend vouchers are currently closed.
Chan says this year's vouchers will be valid for seven months, unlike last year's, which expired after five months.
"We hope to do this as soon as possible, but it really depends on the circumstances... It's important for us to do the internal work with a system tested properly."
The new round of vouchers was one of the most eye-catching initiatives announced in Chan's budget last month, and was aimed at boosting consumer spending as the fifth wave of coronavirus infections in the city continues to rage.
Just like last year, all residents aged 18 and over are eligible to receive the latest vouchers.
The latest round of digital vouchers cost the government HK$36 billion and contributed to GDP growth of at least 0.7%. The bill for the new round is expected to reach HK$66.4 billion and is projected to boost the economy by 1.2%.
China's securities regulatory authority has banned the country's investment banks, which it regulates, from acting as promoters of blank check companies in Hong Kong, three people with knowledge of the matter said, cutting off potentially lucrative business.
Sources said that the Securities and Regulatory Commission of China (CSRC) decided to take this step because of concerns about the risks associated with these instruments.
According to the sources, while the promotion of deals will be prohibited, investment banks will be allowed to work as consultants on transactions with special purpose companies (SPAC) in accordance with Hong Kong's new rules for listings.
This step is due to the fact that China is going to unveil final and tougher rules for attracting offshore capital by domestic companies, under which regulators are also seeking to subject investment banks to additional scrutiny.
According to one of the sources, Chinese brokerage companies lobbied the CSRC to change the rules, allowing them to also act as promoters.
In Hong Kong, promoters are no different from sponsors in other markets in the sense that they establish a SPAC and own promotional shares issued by the company with blank checks.
Sources said that the Securities and Regulatory Commission of China (CSRC) decided to take this step because of concerns about the risks associated with these instruments.
According to the sources, while the promotion of deals will be prohibited, investment banks will be allowed to work as consultants on transactions with special purpose companies (SPAC) in accordance with Hong Kong's new rules for listings.
This step is due to the fact that China is going to unveil final and tougher rules for attracting offshore capital by domestic companies, under which regulators are also seeking to subject investment banks to additional scrutiny.
According to one of the sources, Chinese brokerage companies lobbied the CSRC to change the rules, allowing them to also act as promoters.
In Hong Kong, promoters are no different from sponsors in other markets in the sense that they establish a SPAC and own promotional shares issued by the company with blank checks.
Beijing will "improve" Hong Kong's governance system and develop "legal weapons" to counter foreign forces.
Li Zhanshu, chairman of the National People's Congress, promises to "introduce a legal system and law enforcement mechanism" through which the city will be able to ensure national security.
These promises were part of Li's annual report on the work of the NPC Standing Committee, presented at the annual session of the Legislative Assembly in Beijing on March 8.
Analysts say the report highlights Beijing's concerns about the need to monitor Hong Kong's senior officials, develop political talents and protect the city from tensions between China and the West.
In the section on foreign affairs, Lee wrote: "We will remain firm on key political principles and issues of right and wrong. We will take the initiative to plan legal weapons to fight foreign forces and use legal means in the international struggle."
Li Zhanshu, chairman of the National People's Congress, promises to "introduce a legal system and law enforcement mechanism" through which the city will be able to ensure national security.
These promises were part of Li's annual report on the work of the NPC Standing Committee, presented at the annual session of the Legislative Assembly in Beijing on March 8.
Analysts say the report highlights Beijing's concerns about the need to monitor Hong Kong's senior officials, develop political talents and protect the city from tensions between China and the West.
In the section on foreign affairs, Lee wrote: "We will remain firm on key political principles and issues of right and wrong. We will take the initiative to plan legal weapons to fight foreign forces and use legal means in the international struggle."
According to Finance Minister Paul Chan, Hong Kong can take advantage of any "mass delisting" of Chinese firms in the United States.
Hong Kong's capital market can expect growth from Chinese firms looking for listings closer to home amid increased control in the United States, Financial Secretary Paul Chan Mo-po said on Wednesday.
A potential "mass delisting" of Chinese companies in the United States has put the city in an advantageous position, since, according to government estimates, about 240 companies currently listed in America will fall into the category of exclusion from listing.
Last week, it was reported that five Chinese companies whose depositary receipts are traded in the United States were included in the list of foreign companies subject to the U.S. Accounting Inspection Act.
Currently, about 250 Chinese firms are registered in the United States. Many major Chinese internet giants and technology giants registered in the US, such as Alibaba Group Holding, JD.com and Baidu, over the past two years have already chosen secondary listings in Hong Kong.
According to Chan, if these firms choose Hong Kong as a listing site to insure against the risk of exclusion from the listing of their main exchanges in the United States, the city will be able to receive "at least 90%" of their market capitalization.
"Our initial analysis is that if they come to Hong Kong (and some have already returned) for a secondary or direct listing, we will be able to get at least 90% of the market capitalization," he said. "It will be an incentive for our market."
The advantages of a dual primary listing include potential inclusion in Stock Connect schemes, a mutual market access mechanism that allows mainland Chinese investors to trade Hong Kong stocks and vice versa. This option is not available for companies registered through secondary placement.
Hong Kong's capital market can expect growth from Chinese firms looking for listings closer to home amid increased control in the United States, Financial Secretary Paul Chan Mo-po said on Wednesday.
A potential "mass delisting" of Chinese companies in the United States has put the city in an advantageous position, since, according to government estimates, about 240 companies currently listed in America will fall into the category of exclusion from listing.
Last week, it was reported that five Chinese companies whose depositary receipts are traded in the United States were included in the list of foreign companies subject to the U.S. Accounting Inspection Act.
Currently, about 250 Chinese firms are registered in the United States. Many major Chinese internet giants and technology giants registered in the US, such as Alibaba Group Holding, JD.com and Baidu, over the past two years have already chosen secondary listings in Hong Kong.
According to Chan, if these firms choose Hong Kong as a listing site to insure against the risk of exclusion from the listing of their main exchanges in the United States, the city will be able to receive "at least 90%" of their market capitalization.
"Our initial analysis is that if they come to Hong Kong (and some have already returned) for a secondary or direct listing, we will be able to get at least 90% of the market capitalization," he said. "It will be an incentive for our market."
The advantages of a dual primary listing include potential inclusion in Stock Connect schemes, a mutual market access mechanism that allows mainland Chinese investors to trade Hong Kong stocks and vice versa. This option is not available for companies registered through secondary placement.
The Hong Kong Tourism Board will receive HK$ 1.35 billion to promote tourism recovery and anniversary events
The Hong Kong Tourism Board will receive an 80 percent increase in funding with a total budget of HK$1.35 billion (US$172.51 million) this year to promote cross-border travel and celebrate the 25th anniversary of the city's handover to mainland China.
The council's executive director, Dane Cheng Ting-yat, said on Monday that the body had received additional funding of HK$ 600 million from the local government.
According to him, more than half of the total financial resources of the board of directors this year will be used for tourism development, adding that new opportunities will also be created to increase cross-border travel.
According to CEO Carrie Lam Cheng Yuet-ngor on Monday, strict travel restrictions in Hong Kong will be eased from April 1.
The new measures will include shortening the mandatory quarantine period for arriving Hong Kong residents and lifting the ban on flights to nine countries, such as the UK, USA and Canada.
Non-resident travelers will not be allowed to enter Hong Kong, except for those coming from mainland, Macau and Taiwan.
Fully vaccinated residents will be able to reduce the quarantine period at the hotel from 14 to 7 days if they have negative results after rapid antigen tests on the 5th, 6th and 7th days of their stay.
Arrivals can also stay in quarantine for more than seven days and will undergo a polymerase chain reaction on the 12th day of isolation.
Despite the fact that the new measures only allow Hong Kong residents to return to the city, Cheng said it was "a good step forward."
"I hope that over time, when the whole environment is under control, we will be able to gradually open up to more visitors… this is what we have already taken into account in our business plan for this year," he said.
The Hong Kong Tourism Board will receive an 80 percent increase in funding with a total budget of HK$1.35 billion (US$172.51 million) this year to promote cross-border travel and celebrate the 25th anniversary of the city's handover to mainland China.
The council's executive director, Dane Cheng Ting-yat, said on Monday that the body had received additional funding of HK$ 600 million from the local government.
According to him, more than half of the total financial resources of the board of directors this year will be used for tourism development, adding that new opportunities will also be created to increase cross-border travel.
According to CEO Carrie Lam Cheng Yuet-ngor on Monday, strict travel restrictions in Hong Kong will be eased from April 1.
The new measures will include shortening the mandatory quarantine period for arriving Hong Kong residents and lifting the ban on flights to nine countries, such as the UK, USA and Canada.
Non-resident travelers will not be allowed to enter Hong Kong, except for those coming from mainland, Macau and Taiwan.
Fully vaccinated residents will be able to reduce the quarantine period at the hotel from 14 to 7 days if they have negative results after rapid antigen tests on the 5th, 6th and 7th days of their stay.
Arrivals can also stay in quarantine for more than seven days and will undergo a polymerase chain reaction on the 12th day of isolation.
Despite the fact that the new measures only allow Hong Kong residents to return to the city, Cheng said it was "a good step forward."
"I hope that over time, when the whole environment is under control, we will be able to gradually open up to more visitors… this is what we have already taken into account in our business plan for this year," he said.
Hong Kong raises its benchmark rate by 25 basis points for the first time since 2018 after the first-rate hike in the US
The Monetary Authority of Hong Kong (HKMA) raised the city's benchmark lending rate by 25 basis points to 0.75%, which was the first step in 3 years, which is expected to increase pressure on mortgage payments linked to interbank rates.
Since Hong Kong will have to follow US rate hikes, 10 times by the end of next year, the base rate is expected to increase to 3.25% by the end of 2023, assuming each increase is 25 basis points.
"The increase in the interest rate increases the burden on borrowers on mortgage, corporate and personal loans. It will also increase costs for investors who take out margin loans for stock trading or initial public offerings," said Robert Lee Wai-wan, a lawmaker from the financial services sector who is also CEO of local broker Grand Capital Holdings.
However, banks, insurers, financial firms and pension funds will benefit from higher interest income.
The Monetary Authority of Hong Kong (HKMA) raised the city's benchmark lending rate by 25 basis points to 0.75%, which was the first step in 3 years, which is expected to increase pressure on mortgage payments linked to interbank rates.
Since Hong Kong will have to follow US rate hikes, 10 times by the end of next year, the base rate is expected to increase to 3.25% by the end of 2023, assuming each increase is 25 basis points.
"The increase in the interest rate increases the burden on borrowers on mortgage, corporate and personal loans. It will also increase costs for investors who take out margin loans for stock trading or initial public offerings," said Robert Lee Wai-wan, a lawmaker from the financial services sector who is also CEO of local broker Grand Capital Holdings.
However, banks, insurers, financial firms and pension funds will benefit from higher interest income.
The Legislative Council approves a preliminary funding request of HK$ 270.4 billion, some lawmakers call the amount "very high"
The Legislative Council of Hong Kong approved a preliminary funding request of HK$ 270.4 billion (US$34.5 billion) during a meeting that lasted less than an hour on Wednesday.
Christopher Hui Ching-yu, the Minister of Financial Services and Treasury, brushed off lawmakers' concerns that the amount requested was "very high," noting that this figure also includes one-time expenses such as consumer vouchers.
The next fiscal year in Hong Kong begins on April 1, but the legislature does not plan to officially approve the budget for 2022-2023 until May 4. The pre-financing, Hui explained, will keep the government afloat in the interim. The amount is equivalent to 39 percent of the grant provided for by the Appropriations Act for 2022.
The Legislative Council of Hong Kong approved a preliminary funding request of HK$ 270.4 billion (US$34.5 billion) during a meeting that lasted less than an hour on Wednesday.
Christopher Hui Ching-yu, the Minister of Financial Services and Treasury, brushed off lawmakers' concerns that the amount requested was "very high," noting that this figure also includes one-time expenses such as consumer vouchers.
The next fiscal year in Hong Kong begins on April 1, but the legislature does not plan to officially approve the budget for 2022-2023 until May 4. The pre-financing, Hui explained, will keep the government afloat in the interim. The amount is equivalent to 39 percent of the grant provided for by the Appropriations Act for 2022.
Hong Kong holds the third place in the ranking of world financial centers.
Hong Kong ranks third in the world after New York and London in the latest survey of the world's leading international financial centers, even though a number of restrictive measures to combat the spread of coronavirus have affected the city's economy.
The city took third place in the 31st issue of the semi-annual index of global financial centers compiled by the Chinese Development Institute in Shenzhen and the London-based analytical center Z/Yen Partners.
"The report confirms the status and strengths of Hong Kong as a leading global financial center," said a representative of the Hong Kong government.
The official noted that Hong Kong's financial markets continue to function "in an orderly manner, without any abnormal signs of capital movement," despite the continuing uncertainty associated with the Covid-19 pandemic.
Shanghai ranked fourth in the study, and Singapore ranked sixth. Beijing took eighth place, while Tokyo and Shenzhen rounded out the top ten. Shenzhen rose six positions ahead of Paris.
Hong Kong ranks third in the world after New York and London in the latest survey of the world's leading international financial centers, even though a number of restrictive measures to combat the spread of coronavirus have affected the city's economy.
The city took third place in the 31st issue of the semi-annual index of global financial centers compiled by the Chinese Development Institute in Shenzhen and the London-based analytical center Z/Yen Partners.
"The report confirms the status and strengths of Hong Kong as a leading global financial center," said a representative of the Hong Kong government.
The official noted that Hong Kong's financial markets continue to function "in an orderly manner, without any abnormal signs of capital movement," despite the continuing uncertainty associated with the Covid-19 pandemic.
Shanghai ranked fourth in the study, and Singapore ranked sixth. Beijing took eighth place, while Tokyo and Shenzhen rounded out the top ten. Shenzhen rose six positions ahead of Paris.
Sai Kung is a quiet seaside town in the district of the same name in the southeast of the New Territories of Hong Kong. This is an ideal place where you can take a break from numerous excursions around the bustling metropolis for a while. Geographically, the city is located on the Saikun Peninsula. Here you will find many bars and restaurants to suit all tastes. Fans of outdoor activities can go diving or sailing. Boat trips aboard an old junk are also very popular.
Hong Kong is entangled in a network of public transport: there are many bus routes, there are subways, rare double-decker trams, ferries and, of course, taxis. The latter are expensive: red cars are HKD 22 for the first two kilometers, and then HKD 6 for every subsequent 200 meters.
In general, you can not even use a taxi in the city, as there is a convenient and not very expensive subway. In the metro, a one-time ticket costs from 3.5 to 55 HKD - the price depends on the distance. Trams are very cheap - the fare will cost only 2.5 HKD. The same is true for ferries (for example, Star Ferry) - a ticket from 2 to 3.4 HKD.
In general, you can not even use a taxi in the city, as there is a convenient and not very expensive subway. In the metro, a one-time ticket costs from 3.5 to 55 HKD - the price depends on the distance. Trams are very cheap - the fare will cost only 2.5 HKD. The same is true for ferries (for example, Star Ferry) - a ticket from 2 to 3.4 HKD.