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The Chief Executive, Mr Donald Tsang, continued the second day of his visit to the US today (November 8, New York time).
He started the day by visiting the New York Stock Exchange (NYSE), the largest stock market in the world in terms of market capitalisation, where he exchanged views with the Chief Executive Officer of NYSE Liffe US, Mr Thomas Callahan, and the Chief Executive Officer of NYSE Technologies, Mr Stanley Young, on the latest developments of the bourses in the two cites and global trends.
In the afternoon, Mr Tsang departed for Boston to address the John F Kennedy Jr Forum at Harvard University's Kennedy School of Government on Hong Kong's development after its reunification with China.
"Hope has taken a hammering so far in this new millennium, not just in Hong Kong but all around the world. The relentless waves of financial turmoil, the dissolution of old patterns of employment and social relations under the influence of technology and globalisation, the evidence of man's mounting impact on the functioning of the planet that sustains us, the spread of terrorism and hatred - these all feed an atmosphere of uncertainty and insecurity," the Chief Executive said.
"In some ways Hong Kong has had an easier time over the past decade than many other economies. Our freedom from public debt, our position beside China's growing economy, our prudent banking supervision - these have all helped to cushion us from some of the shocks that have come our way.
"But, as a small, open economy, our city is open to the rise and fall of financial markets and the swirling changes of the global economy. Patterns of employment and of income distribution have been changing fast. Experiments have become urgent to find new ways of making our living in the world - and as city dwellers we, too, are having to re-learn how to live together successfully amid all the contending rhythms of this strange new world of ours."
Mr Tsang said that much had been made of the billions that Hong Kong was pouring into the infrastructure of railways and road links to the Mainland, the facilities for new industries and the foundations for a new cultural district.
Hong Kong had also been trying to see through reforms in education in the past decade and ensuring that banks and financial markets remained healthy and open.
"Standing in counterpoint to the story of economic uncertainty over the past 14 years is the story of the continued growth of Hong Kong as a unique, remarkable society. It's the story of 'One Country, Two Systems' at work - and working well," the Chief Executive noted.
Mr Tsang departed for Washington, DC, in the evening for the third leg of his US visit.
Ends/Wednesday, November 9, 2011
Issued at HKT 10:55
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