Secretary for Financial Services and the Treasury visits U.S.

Hong Kong Secretary for Financial Services and the Treasury K. C. Chan (center) began his U.S. visit May 12 at the New York Mercantile Exchange where he rang the opening bell. Accompanying Professor Chan were the Hong Kong Commissioner for Economic and Trade Affairs, USA, Margaret Fong (second from left) and Director of the Hong Kong Economic and Trade Office in New York Monica Chen (first from right).

Hong Kong Secretary for Financial Services and the Treasury K. C. Chan encouraged U.S. companies to access the immense mainland China market through Hong Kong.

Speaking at a May 12 keynote address at a New York City business seminar jointly organized by the HSBC, USA, Hong Kong Economic and Trade Office in New York and the Hong Kong Association of New York, Professor Chan spoke about Hong Kong’s strengths as an international financial center, saying the territory’s financial services and stock market are growing in tandem with the rapidly expanding Chinese economy. He told the audience that despite Hong Kong’s success, the city is doing everything possible to enhance its competitiveness as an international financial center including upgrading market infrastructure and regulatory programs and reaching out to emerging markets.

Hong Kong Secretary for Financial Services and the Treasury K. C. Chan (right) met with Chief Executive Officer of NYSE-Euronext Duncan Niederauer in New York.

At the business seminar, Professor Chan said, “We are reaching out to tap business opportunities in emerging markets such as Russia, Vietnam, India and the Middle East. Our market infrastructure and regulatory regime are being upgraded to align them with the evolving global market.

“As a new initiative, we are working to put in place an Islamic financial platform to harvest market opportunities in the Middle East.”

On the subprime crisis, Professor Chan said while the crisis was a body blow for the U.S. economy, it had left Hong Kong largely unscathed.

New York City was the first stop of the U.S. visit by Professor Chan, who visited the New York Mercantile Exchange and called on corporate leaders of the New York Stock Exchange and major financial institutions.

Accompanied by Hong Kong Commissioner for Economic and Trade Affairs, USA, Margaret Fong and Director of Hong Kong Economic and Trade Office in New York Monica Chen, Professor Chan was invited to ring the opening bell at the New York Mercantile Exchange. He also toured the trading floor and met senior executives of the exchange.

Hong Kong Secretary for Financial Services and the Treasury K. C. Chan (right) met the Chairman of the Board of Governors of the Federal Reserve System Ben Bernanke in Washington, D.C.

Professor Chan called on the Chief Executive Officer of NYSE-Euronext Duncan Niederauer. At a lunch hosted by the New York Stock Exchange, Professor Chan had a round-table discussion with prominent figures from the financial sectors.

Following New York, Professor Chan visited Washington, D.C., where he called on the Chairman of the Board of Governors of the Federal Reserve System Ben Bernanke, Chairman of the Securities and Exchange Commission Christopher Cox and the Under Secretary of the Treasury for International Affairs David McCormick. Before leaving for San Francisco, Professor Chan addressed a luncheon organized by the Carnegie Endowment for International Peace.

In San Francisco, professor Chan addressed the Hong Kong Financial Summit on “Globalization Through Hong Kong’s Capital Markets.” The summit is hosted jointly by Hong Kong Economic and Trade Office in San Francisco (SFETO) and Hong Kong Exchanges and Clearing Limited and co-organized by Invest Hong Kong and the Santa Clara Chamber of Commerce. Professor Chan also spoke to some 70 faculty members and students at Stanford University before attending a reception co-hosted by the SFETO and the Hong Kong Association of Northern California.