China News Service, Hong Kong, March 10, Hong Kong's Secretary of Justice Zheng Ruohua published a blog on the 10th entitled "Why Hong Kong Cannot Be Replaced".
The blog writes that Hong Kong’s ability to become an international legal hub is based on a strong foundation, including a stable business environment, free circulation of funds, low tax rates and a simple tax system, and most importantly, a stable legal system. Its status must not be compromised. replace.
Zheng Ruohua stated in his blog that in November 2019, the Department of Justice held a seminar in Beijing entitled "Is Hong Kong Still Irreplaceable?" to promote the connection between the Hong Kong legal profession and mainland enterprises.
After a sincere exchange, all participants agreed that "Hong Kong is still irreplaceable."
The blog stated that Hong Kong’s legal infrastructure includes a proven common law system, an open, transparent and independent judiciary, and a wealth of legal talents.
Hong Kong's law has always been known for its predictability and stability, and has been selected as the applicable law in many international business transactions.
Hong Kong has a special status under "One Country, Two Systems" and has brought unique advantages to Hong Kong.
For example, Hong Kong and the Mainland signed a preservation measure arrangement in 2019. This innovative arrangement allows six Hong Kong arbitration and dispute resolution institutions that are eligible to apply for preservation measures to apply to the Mainland court for preservation on behalf of the parties involved in the arbitration procedure.
Hong Kong is the first jurisdiction outside the Mainland to provide such services.
Another unique feature is the opportunities brought about by the “Belt and Road” and the Greater Bay Area.
Taking the Greater Bay Area as an example, Hong Kong companies registered in Qianhai, Shenzhen can now choose Hong Kong law as the applicable law for their contracts.
In addition, Hong Kong lawyers can pass special examinations to obtain qualifications to practice in the Mainland and provide legal services in the Greater Bay Area.
The blog also emphasized that the exchange of experiences of international legal professionals at the seminar provided facts and data to support Hong Kong’s prosperous development in financial and commercial activities, and talents always follow the flow of capital, Hong Kong can continue to provide comprehensive excellence Service, and is an ideal place to connect global talents and business.
All in all, Hong Kong has a sound financial and legal framework, unlimited business opportunities and excellent professionals, and its status cannot be replaced.
(Finish)