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San Francisco ETO hosts reception to celebrate Year of the Dragon (English only) (with photos)
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     Some 300 distinguished guests, mayors, consuls general, senior government officials and business leaders celebrated the Year of the Dragon at the spring reception hosted by the Hong Kong Economic and Trade Office at the Julia Morgan Ballroom, San Francisco, today (January 31, San Francisco time).

     Addressing the guests, the Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong, said, "The new year marks a significant milestone for Hong Kong as we commemorate the 15th anniversary of the establishment of the Hong Kong Special Administrative Region.

     "Thanks to the successful implementation of the 'One Country, Two Systems' principle as guaranteed under the Basic Law, we have been able to sustain and bolster Hong Kong's vibrancy and economic growth since the changeover in 1997."

     Hong Kong plays a key role in the Mainland's development, he said. "The bridging function was acknowledged in China's National 12th Five-Year Plan.  It supports and enhances Hong Kong's position as China's global financial centre and international trade and shipping centre.  It also boosts our role as an offshore Renminbi (RMB) business centre and an international asset management centre."

     In 2011, there were 87 RMB bond issuances in Hong Kong with a total value of over US$16 billion, about three times the value of such issuances in 2010.  RMB deposits in Hong Kong doubled in 2011 to nearly US$100 billion.  Total RMB trade settlement handled by banks in Hong Kong exceeded US$250 billion last year, amounting to 83 per cent of RMB trade settlement globally.

     On US-Hong Kong trade ties, Mr Tong noted that the US is Hong Kong's second largest trading partner after China. Additionally, the US exported over US$26 billion worth of goods to Hong Kong in 2010, making Hong Kong the 12th largest export destination for the US. "American exports to Hong Kong grew even faster in 2011, exceeding US$33 billion in the first 11 months," he said.

     Echoing Mr Tong's comments, the Director of the Hong Kong Economic and Trade Office, San Francisco, Mr Jeff Leung, said that Hong Kong is California's sixth biggest export destination. In the first nine months of 2011, more than US$5.64 billion of merchandise was exported from California to Hong Kong.

     Regarding wine business, in the first 11 months of 2011, total wine imports into Hong Kong stood at US$1.1 billion. "We are delighted to see that our partnership with the US in wine promotion has strengthened.  The US is now our third largest source of wine imports into Hong Kong.  Wine imports from the US amounted to US$69 million by value in the first 11 months of 2011.  This represents a growth of 65 per cent compared with the same period last year," said Mr Leung.

Ends/Wednesday, February 1, 2012
Issued at HKT 15:24

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