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Hong Kong and Sydney enjoyed a shared bond as leading financial centres within the Asia Pacific Region, the Director of Hong Kong Economic and Trade Office (HKETO), Sydney, Ms Lorna Wong, said today (February 16).
Speaking at the HKETO's Chinese New Year Reception in Sydney today, Ms Wong welcomed the Australian Government's plans to promote the country as a regional financial centre. Australia's Minister for Financial Services, Mr Chris Bowen, also outlined Australia's intention to build stronger relationships with well developed regional financial markets when he attended the Asian Financial Forum in Hong Kong last month.
Ms Wong said she agreed with Mr Bowen that greater co-operation between regional financial centres had the potential to realise substantial mutual benefits.
"Asia is leading the global economic recovery and Hong Kong stands ready to engage Australia in this important area," Ms Wong said.
Ms Wong reiterated that of all Australian states and territories, Hong Kong enjoyed the closest rapport with New South Wales.
New South Wales is home to 72,000 people of Hong Kong origin. More students from Hong Kong choose to study in New South Wales than in any other Australian states," Ms Wong said.
"It is also the State with the largest trade volume with Hong Kong – in 2009 this amounted to more than A$1.1 billion."
Ms Wong said the close ties between Hong Kong and New South Wales had been reinforced with high level visits by senior Hong Kong officials last year.
She said Australia's economy had been one of the world's best performers, growing by 0.5 per cent in the year to September 2009. That made Australia one of only three advanced economies to have recorded positive growth despite the global financial crisis (GFC), she added.
Reinforcing Hong Kong's regional significance, Ms Wong referred to Time magazine's recent review of the performance of three world financial capitals – New York, London and Hong Kong - during the GFC.
"'Time' found that Hong Kong has benefitted at the expense of the other two cities because it stands right at the centre of the Asian-led global recovery," Ms Wong said.
Indeed, leading world bankers see Hong Kong as the springboard to participation in the Asian growth story. Take capital-raising as an example, the total amount raised through IPO listings in Hong Kong in 2009 amounted to more than US$31 billion, more than the markets in New York and London combined.
"As 'Time' pointed out, Hong Kong's biggest advantage is its special relationship with China. Hong Kong remains China's primary international financial centre and that has had its benefits."
The Chinese New Year Reception in Sydney was jointly hosted by the HKETO, the Hong Kong Trade Development Council, the Hong Kong Tourism Board and the Hong Kong-Australia Business Association (New South Wales Chapter). Similar receptions will be held in other major cities in Australia and New Zealand.
Ends/Tuesday, February 16, 2010
Issued at HKT 17:29
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