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Following is the speech by the Financial Secretary, Mr John C Tsang, at the TDC Annual Dinner in London yesterday (October 5, London time):
Jack (So), Your Royal Highness, Secretary of State (Dr Vince Cable), Your Excellencies, My Lords, Distinguished Guests, Ladies and Gentlemen,
Good evening.
It is a great pleasure for me to join you again this year in London.
For many decades, Hong Kong benefited from wise counsel of Governors who had brought with them to Hong Kong their British experience.
I am pleased to note that Britain now has a Prime Minister who has brought with him to Downing Street a little Hong Kong experience.
A summer job in Hong Kong before going to Oxford University seems to have done David Cameron career no harm at all.
Unless, of course, you happen to vote Labour, in which case you may think differently.
Another person with some Hong Kong experience at Downing Street is Edward Llewellyn, the Chief of Staff to the Prime Minister. He was affectionately known as the "Small Turtle" while serving as the adviser to the last Governor, now Lord Pattern, from 1992-97. I know Edward well, and I am sure that he keeps fond memories of the time that he worked in Hong Kong.
It seems there is no escaping the fact that Hong Kong and Britain have a long history of shared experiences, of shared culture, and of sharing our competitive advantages.
Many of us here today have enjoyed the benefits of this close reciprocal relationship. I certainly have fond memories of my time serving at the London Economic and Trade Office right after the reunification. The generosity and kindness shown to me by friends in the city, in the business community, in White Hall, in Parliament, in the Chinese community and even neighbours of our home at Cowley Street remain vivid and warm in our hearts.
Ladies and Gentlemen, now that Hong Kong has a foot ¡V or perhaps, more correctly, a little toe ¡V in 10 Downing Street, I feel I should dispel any fears of undue Hong Kong ambition here.
If you believe what you read in the newspapers, Hong Kong entrepreneurs have many new business interests in this country, including the British networks of EDF Energy, a major high-speed rail company as well as Birmingham City Football Club.
Although, Hong Kong interest in this country's energy, transport infrastructure and even its greatest pastime may be disconcerting to some, I assure you we come in peace!
Seriously though, growing ties between us in business, sports, politics, culture and elsewhere enhance, and, indeed, reinforce the strong bond that already exists between Hong Kong and Britain.
We recently recruited British expertise, as we press ahead with the single largest project under way in Hong Kong ¡V The West Kowloon Cultural District (WKCD).
After a global search, Graham Sheffield, the Barbican Centre's creative director, was appointed Chief Executive of the WKCD Authority in March this year.
We recently entered Phase 2 of the public consultation on the WKCD. Three conceptual plans for the 40-hectare waterfront site are on display in Hong Kong for the public to view and to give their opinions. Please do check out the incredible designs on the Internet and let us know what you think. Or, better still, come to Hong Kong and see for yourselves how this mega project is shaping up.
Our goal is for the WKCD to firmly establish Hong Kong as the premier cultural centre in East Asia. To achieve this aim, the Cultural District will need a world-class master plan, iconic performing arts venues and, perhaps most important, it will have to attract audiences and the very best artistic talent from around the world.
The inspired conceptual plans come from three international firms, led by renowned architects ¡V Hong Kong's Rocco Yim, Dutchman Rem Koolhaas and Britain's Norman Foster.
You may recall that Lord Foster is the architect behind the stunning Hong Kong International Airport building as well as HSBC's headquarters in Central ¡V a landmark in the heart of our city.
Today, Hong Kong continues to provide new opportunities for British firms and entrepreneurs in the post-global financial crisis era. Asia has weathered the financial storm in relatively good shape, and Hong Kong¡¦s economy is doing well. I am forecasting GDP growth of between 5 and 6 per cent for 2010, having revised my forecast earlier this year one percentage point higher. Given our recent economic performance, there are further upside possibilities, given recent performance in our exports as well as domestic consumption
I was encouraged by the visit of Foreign Secretary William Hague to Asia, including China, in July. During his trip, Foreign Secretary Hague spelled out his plans to engage emerging economies and deepen bilateral relations in Asia and around the world.
As British firms look to the strong emerging markets in Asia, Hong Kong remains the location of choice for companies to establish a base in our region.
By expanding our free trade agreement with the Mainland, and launching new infrastructure projects, we are continuing to break down barriers to cross-boundary trade and open up new markets in the Mainland.
Hong Kong has long been known as the gateway to the Mainland. Establishing the Pearl River Delta as one of the most competitive regions in the world, Hong Kong will become more like a multi-laned freeway into and out of the Mainland.
This will be good for Hong Kong, good for Guangdong and good for business ¡V including British businesses based in Hong Kong.
These are just some of the ways that Hong Kong can attract more British business, British entrepreneurs, and perhaps even young, aspiring British politicians, to come to our city.
This brings me rather conveniently back to the subject of politics. As we followed the British General Election with great interest in the early months of summer, Hong Kong too had politics on our mind.
I am pleased to tell you that, at the second time of asking, our constitutional reform package was endorsed by the Legislative Council (LegCo) in June. This paves the way for more democratic elections for both LegCo and the Chief Executive elections in 2012. It also means we can now focus on achieving full universal suffrage for the Chief Executive election in 2017 and LegCo election in 2020.
This gradual and orderly pace of democratic development is stipulated in the Basic Law, our constitution. It is also an example of how the "One Country, Two Systems" principle continues to serve us well, 13 years after our reunification with the Mainland of China.
Ladies and Gentlemen, friends of Hong Kong, it only remains for me to thank you all for being here tonight, and for continuing to spread the word about our city's unique characteristics and for helping to keep the spirit of Hong Kong alive and well here in Britain.
I would also like to thank the Hong Kong Trade Development Council for organising this spectacular dinner for us this evening. And to wish Carson Yeung's Birmingham City Football Club a successful Premier League campaign.
I began my talk by referring to some of the people who, by fate or by design, in politics or business, contribute to the unbreakable links between Britain and Hong Kong.
Part of the joy of this annual TDC Dinner is that it helps us rekindle shared memories and reminds us of the enduring friendship between our communities. We can share stories about the past as well as ideas about how to strengthen our bilateral ties for many years to come.
A few weeks ago, as I was in Hong Kong preparing for this trip, it was impossible to escape news of Pope Benedict's visit to Britain. I was interested to learn that David Cameron brought in my former boss Chris Patten to oversee the arrangements for the Pope's visit. By extension, I would like to think we all have stronger connections in higher places these days.
Thank you very much.
Ends/Wednesday, October 6, 2010
Issued at HKT 09:02
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