Louis Kuijs, Chief Economist for Asia Pacific at S&P Global Ratings, and Wei Liao, Senior Vice President and China Economist at PIMCO, shared their thoughts on Asia’s inflationary and economic prospects at a webinar on 19 July.
Kuijs began by discussing the factors influencing the rising inflation in the United States and Europe, as well as their implications for various Asia Pacific economies. Liao then spoke on the inflation outlook and more general economic prospects for China. Both panelists said that they believed that price pressure in the region would remain mild in comparison to the level being experienced by other countries around the world.
With Covid-19 continuing to pose a risk, local authorities in both Hong Kong and the Mainland have embraced the use of traditional Chinese medicine (TCM) as a tool in the fight against the pandemic and to reduce its wider impact on society.
At a webinar on 18 May, Dr Liong Ching, Consultant at the School of Chinese Medicine, Chinese University of Hong Kong, discussed the role TCM can play in the prevention and treatment of Covid. She explained how TCM can help patients with Covid and long Covid by relieving the symptoms of fatigue and improving lung capacity. She also introduced some of the services provided by the institution for patients and recovered patients, such as direct deliveries of TCM to elderly care homes.
The war in Ukraine and sanctions on Russia are creating knock-on effects on global markets. At a webinar on 6 May, Alicia Garcia-Herrero, Chief Economist for Asia Pacific at Natixis; Stephen Olson, Senior Research Fellow at the Hinrich Foundation; and Thomas So, Partner at Grandall Zimmern Law Firm, shared their insights on the economic and geopolitical consequences arising from the conflict.
Besides looking at the conflict in context of the other shocks to the global economy as well as the repercussions for the multilateral trade system, the panel also discussed how the broad scope of sanctions against Russia could impact businesses in Hong Kong and around the world.
At a webinar on 3 March, Kelvin Lau, Senior Economist for Greater China of Standard Chartered Bank (Hong Kong), Stanley Ho, Tax Partner at KPMG, and Tony Miller, Chairman of the Chamber’s Economic Policy Committee shared their views on the Government’s latest Budget as the fifth Covid-19 wave took hold.
Kelvin shared analysis on the local financial market in comparison to GBA and worldwide recovering from Covid. Stanley discussed multiple new tax policies adopted in 202, along with impacts would bring to the market. They also discussed Hong Kong’s economic outlook and public finances, as well as the potential impact of a new round of consumption vouchers and other pandemic relief measures.
Two separate developments in the global tax landscape -- the new two-pillar international corporate tax framework known as BEPS 2.0 and the inclusion of Hong Kong on the E.U.’s watchlist on tax cooperation -- will have an impact on Hong Kong and businesses that currently benefit from the city's low and simple corporate tax.
At a webinar on 18 January, Jesse Kavanagh and Cecilia Lee, respectively Tax & Business Advisory Services Partner and Transfer Pricing Partner from PwC Hong Kong, discussed how these developments could potentially affect the tax compliance and planning process for businesses. They also explained their impact on Hong Kong's operating environment as the SAR government was moving forward to implement BEPS 2.0 by such means as establishing an advisory panel and holding focus groups; and to amend corresponding legislation to address E.U.’s concerns by the end of 2022.