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About 350 distinguished guests, consuls general, senior government officials and business leaders celebrated the Year of the Tiger at the Spring Reception hosted by the Hong Kong Economic and Trade Office at the Asian Art Museum, San Francisco today (February 22, San Francisco time).
Addressing the guests, the Hong Kong Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong said that Hong Kong had an auspicious start to the year as the city was ranked the world's freest economy for the 16th consecutive year by The Heritage Foundation and The Wall Street Journal. The ranking is an acknowledgement of Hong Kong's prudent economic policies, adherence to the rule of law, and resolute commitment to free market principles, particularly during adverse economic times.
"Hong Kong remains the world's seventh largest stock market, enjoying a total market capitalisation of US$2.3 trillion at the end of last year. And we ranked first in the world in terms of IPO funds raised in 2009," Mr Tong said.
"Since last September, two Hong Kong banks have started issuing renminbi bonds in Hong Kong. As the only jurisdiction outside the Mainland of China with a renminbi bond market, we are also undertaking a pilot programme which allows select Mainland companies to settle cross-boundary trade with Hong Kong in renminbi," he added.
Mr Tong said that Hong Kong is also working with its neighbours in the pan-Pearl River Delta to develop a regional transport system which will integrate with the Mainland's high-speed rail link network. The enhanced infrastructure links will allow Hong Kong to fully capitalise on the Mainland's economic growth by facilitating the movement of goods and people.
In his official address at the reception, Director of the Hong Kong Economic and Trade Office, San Francisco, Mr Jeff Leung said connectivity is a very important strength of Hong Kong. "With its global connectivity, Hong Kong is an international hub for financial services, trade, commerce, logistics services and tourism. Locally, Hong Kong is connected with its efficient transport network. Hong Kong people, with world-class communication networks, stay in touch with the world.
"This unique strength in connectivity will be highlighted in the Hong Kong exhibition at the World Expo 2010, which will take place in Shanghai this summer. We will take this excellent opportunity to promote Hong Kong as an interconnected, modern and vibrant metropolis with high quality city life built on creativity and innovation," Mr Leung said.
A set of exhibition panels were also on display to show Hong Kong's connectivity in various aspects.
Hong Kong is also well-connected with California. Among all states, California is the largest exporter to Hong Kong. "We imported nearly US$5.7 billion worth of goods from California in 2008. Hong Kong is California's seventh largest export destination," Mr Leung said.
He also took the opportunity to encourage more wine business connections between California and Hong Kong. "Since the elimination of wine duties in February 2008, we have seen the thriving development of the wine business in Hong Kong. Wine imports into Hong Kong in 2008 amounted to US$367 million, representing a growth of 80% over 2007. The imports grew by another 41% in 2009, amounting to US$517 million", he added.
The reception marked the beginning of a series of Chinese New Year celebrations hosted by the Hong Kong Economic and Trade Office, San Francisco. Similar receptions will be held in Dallas, Texas, and Los Angeles, California, in early March.
Ends/Tuesday, February 23, 2010
Issued at HKT 15:22
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