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The Chief Executive, Mr Donald Tsang, wrapped up his visit to the UK today (November 4, London time) with a series of meetings at which he briefed business leaders, Parliamentarians, academics and journalists on Hong Kong's status and prospects as the international financial centre of Asia.
Mr Tsang updated them on Hong Kong's broad-based recovery and said that barring unforeseen circumstances which could adversely affect the global economy, Hong Kong was poised for a period of sustained economic growth.
"Hong Kong's economic prospects are exceedingly good," he said. "I'd go further to say that we're likely to see a golden era of Hong Kong emerging."
On the final day of his three-day programme in London, the Chief Executive spoke at a breakfast meeting with Parliamentarians, leading business executives and academics; participated in a round-table session with financial executives; had a lunch meeting with Mr Mervyn King, Governor of the Bank of England; and briefed editors of the Financial Times. He also was interviewed by The Economist and held a briefing for the news media.
His discussions covered a wide range of topics including the economy, political development, air quality, cross-boundary infrastructure, Hong Kong's competitiveness in the Asia-Pacific region, and the Sixth WTO Ministerial Conference to be hosted by Hong Kong next month.
During his meetings, Mr Tsang provided updates on Hong Kong's current broad-based economic recovery, which was marked by strong GDP expansion and trade growth, low inflation, record tourist arrivals, robust consumer consumption and continued inflow of external investment.
The Chief Executive recounted how the Asian financial crisis, the bursting of the property price bubble and the SARS outbreak had disheartened Hong Kong people. But in the past year-and-a-half, their confidence in the future had returned.
"If you've visited Hong Kong, you must have felt the buzz," he said. "The feel-good factor has returned."
Mr Tsang said he was honoured to have become Chief Executive in June, and would do his utmost during the rest of his term to ensure that Hong Kong continued to prosper and grow.
After his meetings Friday, Mr Tsang said his briefings were well received by his interlocutors.
"It has been a very encouraging and stimulating visit to the UK," he said. "The business and government leaders I met were extremely knowledgeable about and interested in Hong Kong. There is a great store of goodwill in the UK towards Hong Kong, stemming from our historical relationship and longstanding business ties. There's a special bond between us stretching back for one and a half centuries.
"Many of those I met make frequent trips to Hong Kong or have been in our city recently, and invariably they concur with my assessment that the buzz has returned."
The Chief Executive said one issue raised a few times during his visit was Hong Kong's air quality. Mr Tsang replied that it was "an issue I am critically concerned about" and assured them that both the Hong Kong SAR Government and the Guangdong authorities recognised the need to address it. In terms of air quality in the Pearl River Delta region, he detailed the ways that Hong Kong officials were co-operating with their Guangdong counterparts, including having set targets for reducing the emission of particulates by half by 2010 and conducting joint air quality monitoring, with 16 stations reporting daily. The SAR Hong Kong Government was also requiring power companies to install effective emission reduction facilities.
During his meetings, Mr Tsang noted that Hong Kong stood out among Asian cities as an international financial, trade and logistics hub, thanks to its unique advantages such as a fully convertible currency, the rule of law, an independent judiciary, a clean administration, the free flow of information, a level playing field for business, excellent corporate governance standards and a highly liquid financial market. "All this indicates that there is no other rival for us in the foreseeable future in the area of international finance and international trade."
Hong Kong would continue to benefit as more Mainland enterprises sought to enter the international market. For example, he said, Mainland enterprises had raised over 67 billion pounds sterling on Hong Kong's stock market. This process would accelerate as the Pan-Pearl River Delta co-operation initiative gained momentum and Mainland enterprises chose to take advantage of Hong Kong's global connections and strong regulatory environment.
The Chief Executive also updated business leaders on the Closer Economic Partnership Arrangement between the Mainland and Hong Kong, which offered foreign companies earlier access to the burgeoning Mainland market.
In the evening, Mr Tsang officiated at a Hong Kong Tourism Board 'Discover Hong Kong 2006' promotion and a Dragon Eye-dotting Ceremony to launch Hong Kong's participation in the Lord Mayor's Show 2005.
The Chief Executive will depart London for Hong Kong tomorrow (November 5, London time).
Ends/Saturday, November 5, 2005
Issued at HKT 11:08
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