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Hong Kong Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong, told a distinguished gathering today (June 27, New York time) that the ever-growing strong business ties between the US and Hong Kong since the handover had proved the continued appeal of Hong Kong that was grounded on the successful implementation of the "One Country, Two Systems" principle.
Speaking at a reception in New York to celebrate the 15th anniversary of the establishment of the Hong Kong Special Administrative Region, Mr Tong said the US exports to Hong Kong had grown by 140 per cent to over US$36 billion since 1997, making the city the 10th largest export destination for US products.
The US also tops the list of country with regional operations in Hong Kong, he said, with over 1,300 US companies which represents 70 percent more than that of 1997.
Mr Tong highlighted significant progress made by Hong Kong in various areas to showcase the spectacular economic growth in Hong Kong since 1997:
- HK's GDP has grown by 38 percent to over US$240 billion. Per capita GDP has risen by 30 percent to over US$34,000.
- Market capitalisation of the Hong Kong Stock Exchange, increased by over 400 percent to US$2.5 trillion.
- The number of non-local companies in the city has increased by three times to nearly 7,000.
- The cargo throughput handled by our airport has doubled, making Hong Kong the No.1 air cargo hub in the world.
- The container port, the third busiest in the world, is handling 50 percent more cargo traffic than it did 15 years ago.
On the economic and trade links with the Mainland, Mr Tong said they had further strengthened since 1997, making Hong Kong "the only place where the China advantage and the global advantage converge."
He said, "Hong Kong is now the largest external investor in the Mainland, accounting for over 40 percent of Mainland total realised direct investment. In return, Mainland entities provide the largest source of external investment in Hong Kong. Aside from our traditional gateway role to the burgeoning Mainland market, Hong Kong has also been given a vital role in assisting Mainland companies to go global."
In recent years, he said Hong Kong had emerged as a platform for RMB offshore business. At present, Hong Kong has the largest liquidity of RMB outside the Mainland of China. Last year, over 90 percent of total RMB trade settled with the Mainland was conducted through banks in Hong Kong.
Also speaking at the reception, Director of Hong Kong Economic and Trade Office (HKETO), New York, Miss Anita Chan, said that the bustling New York-Hong Kong trade ties and the many New York-based companies, such as luxury retailer Coach Inc. and renowned wine merchant Acker Merrall & Condit, setting up operations in the city since 1997 bore testimony to the strength and advantages of doing business in Hong Kong.
She said New York exported the most to Hong Kong among all 50 states last year. The total export volume jumped by four folds, making Hong Kong the second largest export destination for New York in 2011 compared with 1997 (when Hong Kong occupied the sixth place).
The reception, held by HKETO, New York, was well attended by around 300 leaders and influencers from business, political and academic sectors. Consul General of the People's Republic of China in New York, Mr Sun Guoxiang and Deputy Permanent Representative of the People's Republic of China to the United Nations, Ambassador Wang Min, graced the reception. There were video and photo shows to highlight Hong Kong's development and achievements in the last 15 years.
The Hong Kong Economic and Trade Office in Washington, DC hosted a reception on June 26 to mark the 15th anniversary. Chinese Ambassador to the US, Zhang Ye-sui, graced the reception. Around 300 guests from the Administration and Congress, as well as members of the think-tank, business, diplomatic and media communities were in attendance.
Ends/Thursday, June 28, 2012
Issued at HKT 09:45
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