The Financial Secretary, Mr Paul Chan, promoted Hong Kong to the political and business community in Washington, DC, today (October 16, Washington, DC, time) during the last day of his visit.

     At a luncheon cum conference on the 20th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) presented by the Carnegie Endowment for International Peace and the Hong Kong Economic and Trade Office, Washington DC, Mr Chan remarked that the "one country, two systems" is the vital foundation for Hong Kong's success over the past 20 years.  He said that the "one country, two systems" gives Hong Kong unique first mover advantages in tapping the massive market of the Mainland, expands Hong Kong's possibilities and helps further consolidate the city's status as an international financial, business and logistics centre.

     He pointed out that the United States (US) is the second largest trading partner of Hong Kong and the two places enjoy close economic and trade ties.  He encouraged US companies and investors to make good use of Hong Kong's platform and connection to explore more business opportunities.  He also introduced to the audience the Guangdong-Hong Kong-Macao Bay Area development and how it can offer enormous opportunities for Hong Kong and overseas companies.

     He added that the open and free market, the rule of law, an independent judiciary, a level playing field and a low and simple tax regime have been attracting overseas enterprises to do business in Hong Kong.  He said the two-tier profits tax system and the additional tax deductions for research and development expenditure recently announced in the Policy Address can further strengthen Hong Kong's competitiveness.

     This morning, Mr Chan held a breakfast meeting with the Director of the Asia and Pacific Department of the International Monetary Fund, Mr Changyong Rhee.  He updated Mr Rhee on the latest economic situation of Hong Kong and discussed with him matters related to global financial development.

     He also had a meeting with the Under Secretary for Political Affairs of the US Department of State, Mr Thomas Shannon, to exchange view on a range of issues. He then paid a courtesy call on Chargé d'affaires of the Chinese Embassy in the US, Ms Wu Xi.

     Having completed his US visit, Mr Chan will return to Hong Kong on Wednesday morning (October 18).

Ends/Tuesday, October 17, 2017
Issued at HKT 6:24

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