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As part of its celebrations for the Year of the Dragon, the Hong Kong Economic and Trade Office, San Francisco, hosted a series receptions in various cities in the western United States. The Spring Reception in Los Angeles today (February 1, Los Angeles time) was attended by about 150 guests.
In his welcome remarks, the Director of the Hong Kong Economic and Trade Office, San Francisco, Mr Jeff Leung, said that Hong Kong is the sixth biggest export market for California. 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 for the first 11 months of 2011. This represents a growth of 65 per cent compared with the same period last year," said Mr Leung.
He also noted that last December Hong Kong welcomed its 40 millionth visitor of 2011. Of the 41.9 million visits, more than 1.2 million were from the US. "Among US visits to Hong Kong, California accounted for approximately 27 per cent," said Mr Leung.
Also addressing the guests, the Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong, said, "The Year of the Dragon also 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 Mainland China's development. "This 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 as an international asset management centre," he said.
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 said that the US is Hong Kong's second largest trading partner after China. 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," said Mr Tong.
Ends/Thursday, February 2, 2012
Issued at HKT 15:16
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