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Hong Kong is off to an auspicious start in the Year of the Tiger with its ranking as the world's freest economy for the 16th consecutive year by The Heritage Foundation and The Wall Street Journal, said Hong Kong Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong. He was welcoming more than 400 guests to the annual spring reception in New York City hosted by the Hong Kong Economic and Trade Office, New York (HKETONY), on February 23 evening, New York time.
Mr Tong said Hong Kong's robust growth can be attributed to new market opportunities emerging out of developments on the Mainland. He pointed out that Hong Kong is the "only jurisdiction outside the Mainland of China with a renminbi bond market" and Hong Kong is also undertaking a pilot programme which allows select Mainland companies to settle cross-boundary trade with Hong Kong in renminbi.
"This will help develop Hong Kong into an offshore renminbi business hub and elevate its status as an international financial and banking centre," he said.
Mr Tong also noted that Hong Kong remains the world's seventh largest stock market, with total market capitalisation of US$2.3 trillion at the end of 2009. The territory also ranked first in the world in terms of IPO funds raised last year.
"Looking ahead, Hong Kong will continue to reinforce the traditional four pillars of our economy, namely, financial services, tourism, trade and logistics, and professional services," said the Commissioner.
"To maintain our competitiveness, we are also forging ahead to exploit six areas where Hong Kong enjoys competitive advantages: testing and certification, medical services, cultural and creative content, innovation and technology, environmental industry and education services.
"By capitalising on the potential of these industries, we will broaden our economic base, promote sustainable economic growth and cultivate a knowledge-based economy. Hong Kong has long maintained a level playing field and we certainly welcome US investment in these areas," Mr Tong said.
In her welcome address, the Director of the Hong Kong Economic and Trade Office in New York, Miss Monica Chen, said the past year had been an eventful year for the office as it continued to promote Hong Kong through various events in cities in the 31 states across the east coast, ranging from business luncheons to educational symposiums to calls on state governors and city mayors to cultural programmes.
"Hong Kong was put into perspective, with special foci on opportunities for co-operation on all fronts of development," Miss Chen said.
"With our multi-faceted and vibrant art and culture scenes, our office has been introducing Hong Kong home-grown musicians and talent to American audiences over the past years," she said.
Miss Chen also said that Hong Kong films featured prominently in various film festivals, with a total of 25 Hong Kong films anchoring such major US film festivals as the 45th Chicago International Film Festival, the New York Asian Film Festival, the Atlanta Asian Film Festival, and other events, such as the film festival by the Gene Siskel Film Center in Chicago.
Miss Chen said she was anticipating more excitement in 2010 as it will be the 20th anniversary of the Hong Kong Dragon Boat Festival in New York, which was first started by HKETONY, as well as the 15th anniversary of the Hong Kong Dragon Boat Races in Atlanta.
Miss Chen also invited guests at the reception to visit the Hong Kong Pavilion at the upcoming World Expo in Shanghai, where Hong Kong will be taking part under the theme, "Hong Kong – a City with Unlimited Potential". Visitors to the Hong Kong Pavilion will be able to see a well-connected and creative Hong Kong, she said.
The Hong Kong Economic and Trade Office in New York will also be hosting spring receptions in Chicago (February 25), and Atlanta (March 1) for key interlocutors in academia, business and media.
Ends/Wednesday, February 24, 2010
Issued at HKT 14:47
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