The Hong Kong Special Administrative Region Government today (January 25) welcomed the Heritage Foundation's high regard for Hong Kong as the world’s freest economy for the 25th consecutive year.  

     In this year's Index of Economic Freedom report, Hong Kong's overall score remained at 90.2. This makes Hong Kong once again the only economy attaining an overall score higher than 90.

     The Financial Secretary, Mr Paul Chan, said, "This achievement reaffirms the Government's steadfast commitment in upholding the free market principles over the years."

     The Foundation continued to recognise Hong Kong's economic resilience, high-quality legal framework, low tolerance for corruption, high degree of government transparency, efficient regulatory framework and openness to global commerce.

     He added, "The free market principles have long been the cornerstone of the Hong Kong economy. The Government will continue to uphold Hong Kong's fine tradition of the rule of law, maintain a simple and low tax system, improve government efficiency, safeguard the open and free trade regime and build a level playing field for all, so as to create a favourable environment for businesses in Hong Kong and promote Hong Kong's economic growth."

     The 2019 Index of Economic Freedom report was released by the Heritage Foundation on January 25 in Washington, DC. Hong Kong has been ranked the world's freest economy since the Index was first published in 1995. Hong Kong's overall score in this year’s report, at 90.2 (out of 100), was well above the global average of 60.8. Among the 12 components adopted for measuring economic freedom in the report, Hong Kong achieved high scores of 90 or above in eight components. 

     CR Construction Company Limited, the contractor for the redevelopment project of commercial building One Hennessy in Wan Chai, repeatedly contravened the Noise Control Ordinance (NCO) and caused noise nuisance to nearby residents. The contractor was convicted and fined a total of $33,000 at Eastern Magistrates' Courts on October 10, 2018 and today (January 25).

     The Environmental Protection Department (EPD) received a complaint from a member of the public in November 2017 about the noise generated by the construction work at One Hennessy, 1 Hennessy Road, Wan Chai on a Sunday. Upon investigation by EPD staff, it was confirmed that unapproved prescribed construction work, which involved loading, unloading and handling of steel bars, was carried out at the construction site on a Sunday (i.e. restricted hours), which violated the requirements of the construction noise permit (CNP). The EPD immediately revoked the CNP of the construction site and initiated prosecution against the contractor.

     In January 2018, EPD officers re-inspected the site at night-time and found that although its CNP had been revoked, construction work was carried out after 7pm with the use of powered mechanical equipment. After evidence collection, the EPD again prosecuted the contractor and construction workers for violation of the NCO.

     The EPD has requested the contractor concerned to step up its site management to ensure that construction work is conducted legally. Subsequently, EPD staff conducted various follow-up inspections at the site concerned and no violation of the NCO was detected.

     The NCO aims to protect the public from disturbance of rest. The EPD spokesman stressed that construction work should be carried out during daytime and non-general holidays as far as possible to minimise disturbance to the nearby residents. If prescribed construction work (such as erection or dismantling of formwork or scaffolding; loading, unloading or handling of rubble, wooden boards, steel bars, wood or scaffolding material and hammering) or use of powered mechanical equipment has to be conducted during restricted hours (between 7pm and 7am on the following day, or at any time on a general holiday), a permit must be obtained from the EPD. The construction work must be carried out in accordance with the permit conditions, including the implementation of noise mitigation measures, to minimise noise impact, otherwise it constitutes an offence. First-time offenders are liable to a maximum fine of $100,000. A maximum fine of $200,000 may be imposed on second or subsequent convictions.

     The Chief Executive, Mrs Carrie Lam, yesterday (January 24, Davos time) continued to attend the World Economic Forum (WEF) Annual Meeting and other activities in Davos, Switzerland. 
 
     Mrs Lam was invited to attend the lunch of the WEF Informal Gathering of World Economic Leaders, where leaders of various economies and international organisations expressed their views on issues including the global political and economic situation, technological development and climate change.
 
     In the afternoon, Mrs Lam met with a number of senior government officials and leaders of institutions from different countries. Among them, Mrs Lam, accompanied by the Financial Secretary, Mr Paul Chan, and the Secretary for Commerce and Economic Development, Mr Edward Yau, met with the Prime Minister of the Netherlands, Mr Mark Rutte. Mrs Lam said she was pleased to know that applications under the Hong Kong/Netherlands Working Holiday Scheme have been accepted since January 1 this year, enabling youths of both places to broaden their horizons and to gain living and working experience in a foreign culture, which she believes would boost the ties between the two places. She also proposed to explore further collaboration on financial development.
 
     Mrs Lam also met with the Chancellor of the Exchequer of the United Kingdom (UK), Mr Philip Hammond, and the Lord Mayor of London, Mr Peter Estlin, separately. Mrs Lam said to Mr Hammond that with the joint statement issued in March last year, both sides can forge broader and deeper collaboration on a number of priority areas, in particular finance and innovation and technology. She added that distinguished universities in the UK are welcome to participate in the research clusters which are being proactively established in Hong Kong. At the meeting with Mr Estlin, Mrs Lam congratulated him on his assumption of office as the Lord Mayor of London in November last year. Welcoming his visit to Hong Kong next month to meet with members of the financial sector, she invited him to attend the fourth Belt and Road Summit to be held in Hong Kong in September this year. Mr Yau also joined the meeting with Mr Estlin.
 
     In addition, accompanied by Mr Chan and Mr Yau respectively, Mrs Lam separately met with the senior management of two enterprises from the United States, namely the Chief Executive Officer of Bank of America, Mr Brian Moynihan, and the Chief Executive Officer, Mr John Donovan, and Senior Vice President, Mr Karim Lesina, of AT&T Communications, one of the world's largest telecommunications companies. Mrs Lam updated Mr Moynihan on Hong Kong's position as an international financial centre with well-developed financial infrastructure, a simple tax regime and a deep talent pool, including plenty of experts well versed in the Mainland market. She said she welcomes the Bank to continue to leverage Hong Kong's various advantages to further develop its business in the region. During the meeting with Mr Donovan and Mr Lesina, Mrs Lam briefed them on Hong Kong's advanced infrastructure and connectivity in broadcasting and telecommunications. She said Hong Kong is developing the 5G network to advance its smart city development.
 
     In the evening, Mrs Lam, Mr Chan and Mr Yau attended the Hong Kong Night co-organised by the Hong Kong Special Administrative Region Government and the Hong Kong Exchanges and Clearing Limited (HKEX), where Mrs Lam introduced to guests from around the world Hong Kong's various advantages and future opportunities. She also expressed her gratitude to the HKEX, the Airport Authority Hong Kong and the MTR Corporation for their efforts to promote Hong Kong during the WEF Annual Meeting. The HKEX became a Strategic Partner Associate of the WEF last year, while the Airport Authority Hong Kong and the MTR Corporation are WEF Partners. Mrs Lam hosted a lunch in honour of the Founder and Executive Chairman of the WEF, Professor Klaus Schwab, during his visit to Hong Kong last September, and the Presidents and Chief Executive Officers of the three organisations also attended the lunch, in which plans to more proactively promote Hong Kong through the pivotal platform of the WEF were discussed. Mrs Lam in her address expressed her heartfelt thanks to Professor Schwab for attending the Hong Kong Night amid his busy schedule and for his encouragement and support for Hong Kong over the past year.
 
     Mrs Lam concluded her visit programme in Davos yesterday. During her stay in Davos, she gave interviews to Mainland and international media organisations to address their questions on Hong Kong's socio-economic development and international issues.
 
     Mrs Lam departed Davos this morning (January 25, Davos time) and will return to Hong Kong in the morning on January 26.

                

     The effective exchange rate index for the Hong Kong dollar on Friday, January 25, 2019 is 103.7 (down 0.2 against yesterday's index).

     The latest test results of the opening-up investigation in the second stage of the holistic assessment strategy for the Hung Hom Station Extension under the Shatin to Central Link (SCL) project (as at January 25) are now available at the Highways Department's website for the SCL project (www.hyd.gov.hk/en/road_and_railway/railway_projects/scl/index.html) for reference by the public.