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Invest Hong Kong and the Shenzhen Bureau of Trade and Industry organised a seminar in New York, the USA, today (June 1, New York time) to promote the business environment and opportunities in the financial services markets of Hong Kong and Shenzhen in a bid to attract businesses to invest in the two cities. About 320 senior executives from Wall Street and other top US companies attended the event.
The objective of the "Hong Kong and Shenzhen: Your Gateway to Success in China's Financial Markets" seminar was to introduce to key US decision-makers the business advantages of Hong Kong and Shenzhen as financial centres. Officials and key market players from the two locations explained to the attendees of the seminar the synergy offered by the two cities, and the business benefits that companies can enjoy under the Closer Economic Partnership Agreement (CEPA).
The seminar began with warm greetings from the representatives of New York, namely the Deputy Mayor for Economic Development, The Honourable Robert C. Lieber; and the Vice President, New York City Economic Development Corporation, Ms Ann Li. On behalf of the Governments of the People's Republic of China (PRC) and the Hong Kong Special Administrative Region (HKSAR), the Commercial Consul, Consulate General of the PRC in New York, Mr Xu Bing, and the Director of Hong Kong Economic and Trade Office (New York), Miss Monica Chen delivered welcome cum opening remarks respectively.
In his keynote address, Director-General of Investment Promotion of Invest Hong Kong, Mr Simon Galpin, highlighted the future potential and opportunities in the financial services sector of Hong Kong. He said "Despite the temporary setback brought about by the global financial environment, the financial services sector continues to be an important pillar of Hong Kong's economic development. The industry contributed nearly one fifth of our GDP last year and employs around 200,000 people. The Hong Kong stock market is the 7th largest in the world and 3rd most capitalised in Asia.
"About 70% of the world's 100 largest banks are based in the city. Banks originating from the USA include Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley and United Commercial Bank," added Mr Galpin.
Deputy Director-General of Invest Shenzhen, Mr Gao Lin, in his speech said, "As the home of one of the two national stock exchanges, the Shenzhen Stock Exchange has a market capitalisation of over US$120 billion, and is already a leading domestic fund management centre. Our city is well positioned to handle investment as well as increasing capital outflows from cash-rich enterprises eager to globalise."
Mr Gao also emphasised the importance of cooperation between Shenzhen and Hong Kong, "The objective of cooperation is to support and reaffirm Hong Kong's position as an international financial centre."
Commenting on the bridging role of Hong Kong, Mr Galpin said, "As Asia's World City, Hong Kong has been serving as a gateway for foreign companies to invest in Mainland China for years, and will continue to excel in this role. US companies looking to capture opportunities in the Mainland should seriously consider setting up their business presence in Hong Kong as a stepping stone into the Mainland market."
To provide the audience with a better understanding of the business environment in Hong Kong and Shenzhen, a panel discussion was held during the seminar. Panelists included the Head of Investment Promotion, Hong Kong Economic and Trade Office (New York), Mr Kelly Jones; the Chief Representative, North American Representative Office of Shenzhen, Mr Andrew Pan; the Regional Director of Americas, Hong Kong Trade Development Council, Mr Stephen Wong; and the Chief Representative, New York Representative Office of Hong Kong Monetary Authority, Mr Brian Lee.
Senior representatives from the financial community in New York, Hong Kong and Shenzhen also took part in the seminar, where they shared their insights at another panel discussion titled "Development of the Financial Markets in Hong Kong and Shenzhen after the Global Economic Downturn". Panelists included the Vice Chairman Global Banking, Citigroup, Mr Jeffrey R. Shafer; the General Manager of New York Branch, China Merchants Bank, Mr Fang Hui; the Vice President of Cross Border Banking, HSBC Bank USA, Ms Manwei Huang; the Partner of Deloitte Tax LLP, Mr Peter Guang Chen; and the Principal of Financial Services Regulatory Practice, KPMG, Mr Hugh C. Kelly.
Ends/Tuesday, June 2, 2009
Issued at HKT 11:18
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