Following is the speech by the Financial Secretary, Mr John C Tsang, at the opening ceremony of Global CEO Forum 2007 and Higher Education Management Leadership Forum at Hong Kong Convention and Exhibition Centre this morning (November 9):

Victor (Victor Lo), Professor Poon (Poon Chung-kwong), Mr Chan (Chan Tze-ching), Distinguished Guests, Ladies and Gentlemen,

     Good morning.

     It is a great pleasure to be here today.  A warm welcome to you all, especially those of you who have come a long way from overseas to join us.
     
     Hong Kong has long been known as a good 'value for money' city, and so I am pleased to introduce to you our two-for-one deal.  This year, the Global CEO Forum has joined forces with the Higher Education Management Leadership Forum (HEML).  So you are getting the value of two fora for the price of one!  And it is only natural that education and entrepreneurship should go hand-in-hand.

     The fact that we have with us today so many distinguished CEOs, presidents, executive directors and academics from around the world is testament to the importance of this event, and its importance to Hong Kong.  I would like to make use of the opportunity of your presence to tell you why I believe you are in the right place when it comes to "Bridging China to the World".  

     The robust growth of the Mainland economy in recent years has been drawing overwhelming attention in the global arena.  China is the world's fastest growing large economy, with a huge domestic market and increasingly affluent consumers.  Such development brings opportunities, as well as challenges, not only to Hong Kong, but also to businesses around the world.

     Many international firms operating in China have noticed that its consumer habits, product life cycles and consumption patterns are very different from those in Western economies.  This accentuates the importance of reshaping corporate strategies to tailor them specifically to the China market.  Hong Kong has a great record in this area and also a deep pool of expertise.  After all, no one knows China like Hong Kong does.  We share the same culture, the same language and the same entrepreneurial spirit.  But our history in the last century or so sets Hong Kong apart from other cities in the Mainland.

     This year we are celebrating the 10th Anniversary of the establishment of the Hong Kong Special Administrative Region.  Under the unique concept of "One Country, Two Systems", we have retained our capitalist system, common law legal system, independent judiciary, clean and efficient civil service as well as a raft of freedoms covering speech, the media, religion and assembly.  English, along with Chinese are both our official languages.  I believe these attributes help to make Hong Kong the ideal partner for overseas businessmen and investors wishing to explore the Mainland market.

     Hong Kong is a frictionless two-way springboard.  We are the ideal platform for overseas firms to go into the Mainland and for Mainland enterprises looking to go global.  We have an international financial system, long-established links to all corners of the globe and a well-educated and hard-working labour force.  Our entrepreneurs have an international outlook and considerable experience in terms of branding and coming up with innovative ideas that add value to their products and services.  Our top business brains can play a strategic role by sharing their expertise and innovation in connecting China to the world.

     With little in the way of natural resources, our home-grown talents have been the driving force behind Hong Kong's development.  We are constantly refining and upgrading our education system to ensure that the next generation is up to the challenges in the 21st Century.  We also want to attract more outstanding students from overseas to come and study in Hong Kong.  This will enhance our human capital and give our own students a broader outlook on life, in order to better prepare them for the outside world.  The Government is working on measures to increase the number of non-local students in our tertiary institutions.  We are also looking for ways to make it easier for these students to live and work in Hong Kong after they have finished their studies.

     Academia is playing an ever-increasing role in the business environment.  Fostering an alliance between industry and academia is part of an emerging trend of public-private sector collaboration to sustain business.  With professional knowledge and academic expertise, businesses can turn their ideas and concepts into real products for consumers.  And you know better than I do, how vital research and development is for corporations to get ahead in this highly competitive era.

     I am delighted that Polytechnic University has organised the HEML Forum in tandem with the CEO Forum.  It is a great opportunity for leaders from both fields to exchange ideas and form collaborations that will help not only to boost profits but also to sustain business in Hong Kong, the Mainland and beyond.

     Ladies and Gentlemen, a wise man once said: "If you want to go fast, go alone.  But if you want to go far, travel together".  So, let us travel together and unlock the market potential of China.

     Thank you.

Ends/Friday, November 9, 2007
Issued at HKT 12:45

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