FS's duty visit to the US successfully concluded
************************************************ The duty visit of the Financial Secretary, Mr Henry Tang, to the United States successfully concluded today (September 26, US time). He visited New York and Washington DC during the visit.
The last day of the duty visit started with a call on the Chairman of the Federal Reserve Board of the United States, Mr Alan Greenspan, in Washington DC.
During the meeting, Mr Tang gave Mr Greenspan an update on the latest developments in the Hong Kong economy. They discussed the outlook for oil prices, interest rates and US asset prices and how their movements may affect the US, Hong Kong and the world economy. Mr Tang also exchanged views with Mr Greenspan on the potential impact of international hedge funds on open economies like Hong Kong and whether and how their operations could be put under more effective supervision.
During his stay in the US capital, Mr Tang also called on other senior officials of the US Administration including Assistant to the President for Economic Policy and Director of the National Economic Council, Dr Allan Hubbard, and Deputy Secretary of State, Mr Robert Zoellick. Apart from briefing them on Hong Kong's recent strong economic recovery, Mr Tang also took the opportunity to explain to them the important role played by Hong Kong in the further liberalisation and development of the economy in Mainland China, including successful implementation of the Closer Economic Partnership Arrangement (CEPA), the smooth introduction of renminbi banking businesses in Hong Kong and the strategic directions for its further development in future.
A major purpose of this visit was to attend the 2005 Annual Meetings of the World Bank Group and International Monetary Fund (IMF) held in Washington. Mr Tang attended the plenary opening session of the meetings as part of the Chinese delegation on September 24. Mr Tang also called on the Deputy Managing Director of the IMF, Mr Takatoshi Kato, after the meeting to update him on the recent economic developments in Hong Kong and the current situation with regard to the Government's effort in widening our tax base, a topic in which the IMF has shown considerable interest. Mr Kato was pleased to note the substantial improvements in Hong Kong's economic as well as fiscal conditions during the past two years and promised to continue to provide Hong Kong with advice and technical support.
At the margins of the World Bank and IMF meetings, Mr Tang held bilateral meetings with Minister of Finance, Mr Jin Renqing, and Governor of the People's Bank of China, Mr Zhou Xiaochuan. The major topics discussed during these meetings were opportunities for further economic cooperation between Hong Kong and the Mainland including the next step for renminbi banking business in Hong Kong, regional economic cooperation, such as the Asian Bond Fund and further cooperation with regard to anti-money laundering activities.
While Mr Tang was in New York, he called on the President and Chief Executive Officer of the Federal Reserve Bank of New York, Mr Timothy Geithner. Mr Tang exchanged views with Mr Geithner on the outlook for asset price adjustments in the US and their experience and initiatives in preventing and monitoring money laundering activities. Hong Kong and New York face similar challenges in their fight against money laundering as both cities are important international financial centres with a strong presence of major international financial institutions, which are operating large volumes of sophisticated international financial transactions.
Mr Tang attended three roundtable luncheons with the US business community during the visit. During these three luncheon meetings either hosted by or arranged through the Hong Kong Economic and Trade Offices in New York and Washington, Mr Tang highlighted the important role played by Hong Kong in facilitating further economic liberalisation and development on the Mainland. Mr Tang also explained how Hong Kong might add value to its business operations on the Mainland. He encouraged the US business community to make use of Hong Kong as its regional base and partner with Hong Kong companies to trade with or invest in the Mainland.
During the visit, Mr Tang had meetings with two major credit rating agencies, namely Moody's Investor Services and Standard and Poor's, to update them on Hong Kong's continued broad-based economic recovery and impressive improvements in our fiscal positions to ensure that they will take all relevant factors into consideration and arrive at fair and accurate ratings for Hong Kong.
Mr Tang also took the opportunity of the duty visit to familiarise the US media with the latest economic developments in Hong Kong. He attended editorial board meetings and gave briefings on Hong Kong's positioning in the further economic liberalisation of the Mainland, explained the thinking behind some of our major economic policies and what we have been doing to maintain our competitiveness with other cities in the Asia-Pacific region.
Mr Tang will leave Washington tomorrow morning (September 27, US time) and return to Hong Kong tomorrow evening (September 28, HK time).
************************************************ The duty visit of the Financial Secretary, Mr Henry Tang, to the United States successfully concluded today (September 26, US time). He visited New York and Washington DC during the visit.
The last day of the duty visit started with a call on the Chairman of the Federal Reserve Board of the United States, Mr Alan Greenspan, in Washington DC.
During the meeting, Mr Tang gave Mr Greenspan an update on the latest developments in the Hong Kong economy. They discussed the outlook for oil prices, interest rates and US asset prices and how their movements may affect the US, Hong Kong and the world economy. Mr Tang also exchanged views with Mr Greenspan on the potential impact of international hedge funds on open economies like Hong Kong and whether and how their operations could be put under more effective supervision.
During his stay in the US capital, Mr Tang also called on other senior officials of the US Administration including Assistant to the President for Economic Policy and Director of the National Economic Council, Dr Allan Hubbard, and Deputy Secretary of State, Mr Robert Zoellick. Apart from briefing them on Hong Kong's recent strong economic recovery, Mr Tang also took the opportunity to explain to them the important role played by Hong Kong in the further liberalisation and development of the economy in Mainland China, including successful implementation of the Closer Economic Partnership Arrangement (CEPA), the smooth introduction of renminbi banking businesses in Hong Kong and the strategic directions for its further development in future.
A major purpose of this visit was to attend the 2005 Annual Meetings of the World Bank Group and International Monetary Fund (IMF) held in Washington. Mr Tang attended the plenary opening session of the meetings as part of the Chinese delegation on September 24. Mr Tang also called on the Deputy Managing Director of the IMF, Mr Takatoshi Kato, after the meeting to update him on the recent economic developments in Hong Kong and the current situation with regard to the Government's effort in widening our tax base, a topic in which the IMF has shown considerable interest. Mr Kato was pleased to note the substantial improvements in Hong Kong's economic as well as fiscal conditions during the past two years and promised to continue to provide Hong Kong with advice and technical support.
At the margins of the World Bank and IMF meetings, Mr Tang held bilateral meetings with Minister of Finance, Mr Jin Renqing, and Governor of the People's Bank of China, Mr Zhou Xiaochuan. The major topics discussed during these meetings were opportunities for further economic cooperation between Hong Kong and the Mainland including the next step for renminbi banking business in Hong Kong, regional economic cooperation, such as the Asian Bond Fund and further cooperation with regard to anti-money laundering activities.
While Mr Tang was in New York, he called on the President and Chief Executive Officer of the Federal Reserve Bank of New York, Mr Timothy Geithner. Mr Tang exchanged views with Mr Geithner on the outlook for asset price adjustments in the US and their experience and initiatives in preventing and monitoring money laundering activities. Hong Kong and New York face similar challenges in their fight against money laundering as both cities are important international financial centres with a strong presence of major international financial institutions, which are operating large volumes of sophisticated international financial transactions.
Mr Tang attended three roundtable luncheons with the US business community during the visit. During these three luncheon meetings either hosted by or arranged through the Hong Kong Economic and Trade Offices in New York and Washington, Mr Tang highlighted the important role played by Hong Kong in facilitating further economic liberalisation and development on the Mainland. Mr Tang also explained how Hong Kong might add value to its business operations on the Mainland. He encouraged the US business community to make use of Hong Kong as its regional base and partner with Hong Kong companies to trade with or invest in the Mainland.
During the visit, Mr Tang had meetings with two major credit rating agencies, namely Moody's Investor Services and Standard and Poor's, to update them on Hong Kong's continued broad-based economic recovery and impressive improvements in our fiscal positions to ensure that they will take all relevant factors into consideration and arrive at fair and accurate ratings for Hong Kong.
Mr Tang also took the opportunity of the duty visit to familiarise the US media with the latest economic developments in Hong Kong. He attended editorial board meetings and gave briefings on Hong Kong's positioning in the further economic liberalisation of the Mainland, explained the thinking behind some of our major economic policies and what we have been doing to maintain our competitiveness with other cities in the Asia-Pacific region.
Mr Tang will leave Washington tomorrow morning (September 27, US time) and return to Hong Kong tomorrow evening (September 28, HK time).
Ends/Tuesday, September 27, 2005
Issued at HKT 11:59
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