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San Francisco Mayor Gavin Newsom has declared July 1 as "Hong Kong Special Administrative Region Day".
The declaration was made today (June 28, San Francisco time) at a reception hosted by the Hong Kong Economic and Trade Office in San Francisco to celebrate the 10th Anniversary of the establishment of the Hong Kong Special Administration Region.
Mayor Newsom stated that in the past 10 years, the HKSAR had consolidated its position as the world's leading financial, trade and shipping centre. Over the last decade, San Francisco and Hong Kong had successfully established an atmosphere in which economic and community development was implemented and strengthened between the two regions.
Hundreds of guests from the local government, consulates, academic, business and media communities attended the reception.
Hong Kong Commissioner for Economic and Trade Affairs, USA, Miss Margaret Fong, and Director of the Hong Kong Economic and Trade Office in San Francisco Ms Doris Cheung spoke at the reception.
The Commissioner highlighted that the novel idea of "One Country, Two Systems" had come to embody the reality of Hong Kong's high-degree of autonomy and preserve the rights and freedoms cherished by the people of Hong Kong.
She pointed out that Hong Kong's relationship with the United States stood as one of the greatest testaments of confidence in the integrity of Hong Kong's economic, social and legal systems.
"At the end of 2005, US inward direct investment in Hong Kong amounted to US$26.5 billion. In addition, the US maintains the largest number of regional operations in the city among our trading partners," the Commissioner said.
Ms Doris Cheung said Hong Kong's achievements were closely linked to the successful implementation of 'One Country, Two Systems', and Hong Kong people's famous 'can-do' spirit and entrepreneurship. "Our external trade has almost doubled in the past ten years to US$659 billion, and our closer economic partnership with Mainland China has created numerous new business opportunities. Hong Kong's GDP has recorded an average growth of 7.6% in the last three years," Ms Cheung said.
The other three pillars of Hong Kong's economy, financial services, logistics and tourism are also flourishing. Hong Kong is now Asia's second largest stock market, with a market capitalisation four times more than that in 1997. Hong Kong received some 25 million visitors last year and is number one in the world in terms of international air cargo service. The commissioning of the spectacular Hong Kong-Shenzhen Western Corridor on July 1 will greatly enhance Hong Kong's capacity to handle the movement of goods and people across the boundary.
"We are confident that Hong Kong will continue to thrive and prosper as an international center for trade, finance, logistics and tourism, as well as the prime gateway to China," Ms Cheung concluded.
In addition to the ceremony, an exhibition was staged showcasing the major developments in Hong Kong. Guests were also treated to a cultural performance by a face-changing master from Hong Kong, and a preview of a TV series, "Inside Hong Kong", specially produced to mark the 10th anniversary featuring various aspects of Hong Kong. The four-part program will be aired in San Francisco in the next few months.
The evening's event is the second of a series of celebrations held in the western part of United States to commemorate the 10th anniversary of the establishment of HKSAR.
A reception and exhibition was held in Los Angeles on June 21. Similar celebration events will be held in Houston and Dallas, Texas; Seattle, Washington; and San Diego, California.
Ends/Friday, June 29, 2007
Issued at HKT 17:39
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