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Following its spring reception in San Francisco, the Hong Kong Economic and Trade Office (HKETO), San Francisco hosted a second reception to celebrate Chinese New Year in Seattle, Washington, today (February 9, Washington time).
During his welcome remarks, Director of the HKETO, San Francisco, Mr Jeff Leung, reflected on Hong Kong's economic success in recent decades, noting that for the 17th consecutive year Hong Kong was ranked the world's freest economy by the Heritage Foundation.
Mr Leung said that while Hong Kong continues to build on its traditional economic pillars, the city is also a testing ground for the internationalisation of Renminbi (RMB). It is also the only offshore jurisdiction offering an RMB bond market following the introduction of RMB denominated bonds.
"Another significant development is Hong Kong's status as an international capital formation centre. In 2009, Hong Kong ranked first globally for IPO funds. US$31.2 billion was raised through our stock market," he continued.
Mr Leung was pleased to report that a Memorandum of Understanding on Co-operation in Wine-related Business was signed between Hong Kong and Washington and Oregon states in May 2010.
Since Hong Kong scrapped wine duties in 2008, the market has responded positively. US wine exports to Hong Kong increased five-fold in the past three years to US$49 million in 2009-10.
He also noted that the US remains Hong Kong's second largest trading partner. "The city has long valued its bilateral relationship with the US. As the global economy strengthens, Hong Kong will continue to serve as a valuable gateway to Mainland China and Asia," he concluded.
Ends/Thursday, February 10, 2011
Issued at HKT 15:16
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