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More than 300 distinguished guests, consuls general, senior government officials and business leaders celebrated the Year of the Rabbit at a spring reception hosted by the Hong Kong Economic and Trade Office at the Legion of Honor Museum, San Francisco today (February 7, San Francisco time).
Addressing the guests, the Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong said that Hong Kong enjoyed an auspicious start to the year as the city was ranked the world's freest economy for the 17th consecutive year by the Heritage Foundation and the Wall Street Journal. The findings demonstrate Hong Kong's adherence to free market principles and the rule of law, factors which enabled the city to weather the global economic crisis and preserve its renowned business-friendly environment.
Commenting on the economic development in Hong Kong, Mr Tong said, "For 2010 as a whole, we forecast Hong Kong's GDP growth of around 6.5%."
He added that a noteworthy development has been Hong Kong's emergence as a testing ground for the internationalisation of the Renminbi (RMB).
Mr Tong said that US companies might like to take advantage of the introduction of a pilot program which allows Hong Kong and foreign companies to settle cross-border trade transactions in RMB with eligible enterprises in Mainland China.
The introduction of RMB denominated bonds and other RMB banking services and financial products presents a unique opportunity for Hong Kong to position itself as China's global financial centre.
"Another significant development is Hong Kong's status as an international capital formation centre," he said.
He noted that the wine market in Hong Kong is also booming. Echoing Mr Tong's comments, Director of the Hong Kong Economic and Trade Office, San Francisco, Mr Jeff Leung, said he was happy to see a California-themed wine bar as well as wine exporting and trading companies from California setting up venues and offices in Hong Kong.
Mr Leung encouraged officials from California to visit Hong Kong to further the partnership between the two places.
"Our office will continue to arrange for senior officials from Hong Kong to address the local communities to strengthen the business, trade and cultural ties between Hong Kong and California," he concluded.
While in San Francisco, Mr Tong met with California Lieutenant Governor, Mr Gavin Newsom, California State Senator, Mr Curren Price, and Executive Director, California State Board of Food and Agriculture, Department of Food and Agriculture, Mr Joshua Eddy, to update them about the latest developments in Hong Kong including the booming wine business. They exchanged views on how Hong Kong and California should further strengthen collaboration on the promotion of California wine business in Hong Kong.
Ends/Tuesday, February 8, 2011
Issued at HKT 15:30
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