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Some 300 local government officials and business and community leaders attended a reception in San Francisco on June 21 (San Francisco time) to celebrate the 15th anniversary of the Hong Kong Special Administrative Region. The reception was hosted by the Hong Kong Economic and Trade Office, San Francisco (SFETO) at the Palace Hotel in the city.
In welcoming the guests, the Director of the SFETO, Mr Jeff Leung, said that Hong Kong has made a remarkable and unique journey in the past years. Hong Kong's economy has continued to flourish, consolidating the city's position as an international financial, trade and logistics centre. Hong Kong remains the world's freest economy and offers one of the most vibrant and friendly business environments in the region.
He said that under the "One Country, Two Systems" principle, Hong Kong enjoys a high degree of autonomy as guaranteed by the Basic Law.
Hong Kong is also a wine and dining hub with fantastic food and superb service, Mr Leung said. With a series of measures to support the wine industry since wine duties were eliminated in 2008, Hong Kong has quickly developed into a regional wine trading and distribution hub. The city is also a top wine auction centre.
Mr Leung said that Hong Kong has made many strides on the cultural front. A key milestone is the development of a 40-hectare harbourfront site that will propel Hong Kong to the forefront of the global arts and culture scene.
He also spoke about the city's Kai Tak development. "Just 15 years ago, those of you who visited Hong Kong would have flown into Kai Tak Airport. This site of our old and much loved airport will take on its new role as a terminal for cruise passengers. The new Kai Tak Cruise Terminal will begin operating in the middle of next year and will be able to handle the world's largest liners," he said.
Also addressing the guests at the reception was the Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong. He said that 15 years have come and gone since Hong Kong reverted to Chinese sovereignty. "The distance of time reveals that Hong Kong not only endures, but thrives.
"Over the past 15 years, our GDP went up by 38 per cent to over US$240 billion. The capitalisation of the Hong Kong stock market, the fifth largest in the world, has increased by over four times. The number of non-local companies in Hong Kong increased to nearly 7,000," he said.
"Hong Kong has long enjoyed a close relationship with the US. Thanks to the signing of the 'Pacific Bridge Initiative' between the US Department of Commerce and the Hong Kong Trade Development Council, we are confident that both places will continue to make Hong Kong an important export destination for the US," he continued.
"Hong Kong has also emerged as a platform for offshore business using the Mainland currency, the Renminbi (RMB). Hong Kong at present has the largest liquidity of RMB outside China. Over 90 per cent of total RMB trade settlement with the Mainland last year was conducted through banks in Hong Kong," Mr Tong said.
He also encouraged American companies to consider capitalising on the RMB banking and financial services in Hong Kong.
He said that the anniversary brings into focus Hong Kong's achievements over the past 15 years, when Hong Kong has become, among other things, a Disney city, a Michelin-rated dining centre and a major travel destination.
Exhibition panels highlighting Hong Kong's developments and achievements were on display for the guests to get the latest updates on Asia's world city.
Ends/Friday, June 22, 2012
Issued at HKT 15:18
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