Speech by FS at New York Chinese Community Luncheon in New York (English only) (with photos)
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Mr Koo (New York City Council Member, Mr Peter Koo), distinguished guests, ladies and gentlemen,
Good afternoon.
It is my great pleasure to be here with you all today.
I arrived in New York last night, coming in from the IMF/World Bank meetings in Washington by train. So this is my first full day in the Big Apple. And I know it is going to be a memorable one.
I came to live in New York City - when I was 13 years old. That was half a century ago. We lived on St Marks Place between Second and Third Avenue, right across from Electric Circus and a couple of blocks away from Fillmore East. I thought then, and even now, that was the coolest place on earth. I used to walk to school every day, when Stuyvesant High School, an all boy school then, was located on 15th Street.
And later I left New York and went on to Massachusetts to study architecture as I told somebody earlier. I am not a very good architect. I am actually a failed architect. I only practised for a very short time. I got a job after I graduated. And I was doing a lot of bathroom details for a few months, and I said that was enough. And I went on and went into the Boston School System and worked in the schools for quite a number of years, developing curriculum and so forth. And then I have found an opportunity. I went back to Hong Kong in 1982. Actually Steve (Director of the Hong Kong Economic and Trade Office, New York, Mr Stephen Barclay) and I were in the same batch of Administrative Officers, and he took up different jobs. And the job that he was referring to that we shared a time together in what then was called the Finance Branch.
But I am sure, with the way that the news has spread around nowadays that you know quite well what is going on in Hong Kong. As you know that since the financial crisis in 2008, everything has slowed down, and even the growth of economy in Hong Kong has slowed down quite substantially. This year we are looking at a growth rate of about 1 to 2 per cent, so it is really not a very fast growth rate. But fortunately, we have been able to keep unemployment at a low level. It is now at 3.4 per cent. And we have been keeping that low level of unemployment for quite a long time. And we are extremely lucky that we have been able to do that.
And looking forward, I think we will need to work harder because competition is becoming keener everywhere. So we look forward to a lot of young people who are educated here with huge expertise to come join us somehow in Hong Kong. As there is plenty opportunity, as the economic centre of gravity has shifted to the East, I think more and more opportunities will be found in the East. And Hong Kong is one of the best platforms that you can find great opportunities.
We are the gateway, not just to the Mainland of China, but also to the rest of Asia. We will be completing Free Trade Agreement with the ASEAN (Association of Southeast Asian Nations) countries. They have 10 countries with 600 million population. So the potential is massive. And now with the vision of President Xi in building up the Belt and Road Initiative, this is another opportunity that we hopefully will be able to grab hold of, and I think that will pose a lot of opportunities.
So I look forward to talking with some of the young people here, some of the professionals here. And perhaps you can find an opportunity to see for yourself what is in Hong Kong, what opportunity is there for you all to see. So I am very glad to have an opportunity to meet everyone, and hope that I will have an opportunity to have a short chat with you later on. So, thank you very much.
Ends/Monday, October 10, 2016
Issued at HKT 4:50
Issued at HKT 4:50
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