- The second and final phase of interest rate deregulation covering
Hong Kong Dollar savings and current accounts took effect from July
3, 2001, allowing banks to compete for deposits freely on the basis
of price and product innovation. The first phase was instituted a year
- On July 11, the Chief Executive met President George W Bush at the
White House and other key US governmental and political leaders during
a two-day visit to the US capital.
- Hong Kong celebrated on July 13 when China won the right to host
the 2008 Olympic Games.
- The Chief Secretary for Administration, during a duty visit to the
United States, expressed shock and sadness at the deadly terrorist attacks
on September 11. The attacks occurred shortly after
Mr Tsang and his delegation had flown to the US capital from New York.
The next day, at a meeting with US Secretary of State Colin Powell,
Mr Tsang extended deepest condolences to the American people on behalf
of Hong Kong.
- The Global Summit of Women 2001 was held in Hong Kong in mid-September,
as was the World Services Congress 2001.
- The Government's Electronic Service Delivery Scheme received first
prize under the Public Services and Democracy category of the internationally
acclaimed 'Stockholm Challenge Award' in Stockholm, Sweden.
- The World Economic Forum held its prestigious East Asia Economic
Summit in Hong Kong in late October, 2001.
- In his fifth Policy Address, the Chief Executive, Mr Tung Chee Hwa,
highlighted a number of measures to help Hong Kong adjust to the changing
global environment. Mr Tung focused on five key areas:expanding investment
in education and upgrading human resources; upgrading hard and soft
infrastructure; enhancing the quality of the living environment; relieving
hardships and creating jobs; and, improving the quality of government
- Among initiatives announced was a decision to introduce a new accountability
system for principal officials and plans to spend HK$600 billion ( US$77
billion ) on major infrastructure programmes over the next 10 to 15
- Hong Kong's Commissioner for Narcotics, Mrs Clarie Lo, the 2001/2002
President of the Financial Action Task Force on Money Laundering ( FATF
), presided at a two-day extraordinary Plenary Meeting of the group
in Washington D.C. to discuss ways to combat terrorist financing in
response to the September 11 attacks in the United States. During the
meetings on October 29-30, the FATF's remit was widened to include international
measures to deny terrorists access to funds.
- In November, the Chief Executive opened the INTEGER Hong Kong Pavilion,
a joint project with
the United Kingdom government and private companies to demonstrate how
'intelligent and greener' flats could be built in Hong Kong today to
meet tomorrow's needs.
- Survey results released by the Hong Kong Census and Statistics Department
on November 6 found that in 2001 there were a record 3 237 regional
operations in Hong Kong 2 293 regional offices and
944 regional headquarters. The number continues to grow.
- The world's multi-lateral trading system ushered in a new era when
China's accession to the World Trade Organisation was formally approved
at the Fourth WTO Ministerial Conference in Doha,
Qatar, on November 10, 2001. The decision was welcomed in Hong Kong,
where GDP is expected to grow by an extra 0.5% per annum as a result
of greater trade with, and investment in, the Mainland. China was formally
admitted to the WTO in December 2001.
- Hong Kong was rated the world's freest economy for the eighth consecutive
year in the 2002 Index of Economic Freedom report released on November
12 by the influential Heritage Foundation of the US.
- Hong Kong played host to two major international events in November
the 12th World Productivity Congress and the 14th
General Meeting of Pacific Economic Co-operation Council.
- On December 10, 2001, work was completed on Stage One of a major
sewage tunnel system the Harbour Area Treatment
Scheme ( HATS ) that will greatly improve water
quality in the harbour by intercepting and treating up to 70% of the
sewage currently entering the harbour.
- The government announced on December 11 the formation of the Hong
Kong Logistics Development Council ( LOGSCOUNCIL ) to help Hong Kong
develop further as an integrated logistics hub linking the Mainland
and the world.
- Figures released on January 8, 2002, by Invest Hong Kong showed that
the department had attracted and helped 99 foreign companies to set
up or expand operations in Hong Kong in 2001, generating total investment
of HK$3.5 billion ( US$450 million ) and creating over 1 500 jobs.