Overview

In a strategic move to enhance ties with European markets, a high-profile delegation led by Hong Kong's Financial Secretary, Paul Chan, has embarked on a pivotal four-day visit to London from September 25 to 28, 2024. This visit marks the second stage of an overseas trip focusing on fostering collaboration in the realms of financial services, innovation, and technology.

Key Event: The Annual Hong Kong Dinner

At the annual Hong Kong Dinner, an event attended by approximately 350 influential figures from the British political and business landscapes, Chan emphasized the long-standing economic and cultural relationships between Hong Kong and the UK. He reiterated the city's unwavering commitment to the 'one country, two systems' principle, which guarantees a robust legal framework, adherence to the rule of law, and a congenial business environment.

Legislative Move to Enhance Business

One of the cornerstone announcements from Mr. Chan was the recent legislation enabling a streamlined extension of commercial, residential, and industrial leases beyond 2047. This significant step not only highlights Hong Kong's commitment to its common law heritage but also assures businesses of a stable legal environment. 'We maintain a pro-business stance with no capital gains tax, no goods and services tax, no value-added tax, and no withholding tax on dividends or interest,' Chan declared.

Economic Revival and Opportunities

Hong Kong is currently experiencing an economic revival, boasting a vibrant ecosystem with around 2,700 single family offices and positioning itself as the fourth-largest market globally for IPOs this year. With ongoing investments in innovation and technology, Hong Kong is on the cusp of becoming a leading hub for technological advancements, attracting key international tech players.

Engagement Activities in London

As part of their agenda in London, the delegation is set to engage in various events designed to showcase the many advantages of Hong Kong as a business destination. Mr. Chan extended a warm invitation to British businesses and professionals, encouraging them to explore the myriad of opportunities Hong Kong has to offer and emphasizing that these collaborations would yield mutual benefits.

Conclusion and Future Perspectives

With the financial world buzzing with excitement, this visit not only signifies a strengthening of ties but also heralds a new chapter of collaboration between Hong Kong and the UK. Stay tuned as we continue to follow this developing story and uncover what this means for the future of international business relations!