HONG KONG SAR - Media OutReach Newswire – 27 September 2024 - A delegation led by Hong Kong's Financial Secretary Paul Chan is on a four-day visit to London (September 25-28, 2024), the second leg of an overseas trip to strengthen ties with European businesses and cultivate enhanced co-operation, especially in financial services and innovation and technology.

Addressing approximately 350 leaders from the British political and business sectors and professionals at the annual Hong Kong Dinner, Mr Chan underlined the enduring economic and cultural ties between Hong Kong and the United Kingdom (UK). He also reaffirmed the city's commitment to the "one country, two systems" arrangement, which includes the implementation of common law, respect for the rule of law and ensuring a friendly business and investment environment.

"We recently enacted legislation allowing a simplified extension of commercial, residential and industrial leases well beyond 2047. Hong Kong's leases are written in common law language, and the legislation makes clear that our legal heritage is built to last. So, too, is our pro-business, pro-investment environment," he said. "We continue to levy no capital gains tax, no goods and services tax, no value-added tax, no withholding tax on dividends and interest, and no digital services tax."

Mr Chan went on to point out the many positive changes in Hong Kong. The city's economy, for instance, has shown robust growth and is now home to some 2,700 single family offices. Its IPO market is the fourth-largest globally this year thus far, and its innovation and technology ecosystem is continuously expanding, with good progress made in attracting key technology companies, he added.

Welcoming British businesses and talent to explore opportunities in Hong Kong, Mr Chan said he looked forward to maintaining connections with different sectors in the UK and advancing co-operation for mutual benefit.

While in London, the delegation will participate in a series of events to share the latest developments and advantages of Hong Kong.

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