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| Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong noted that Hong Kong and the U.S. cooperate on many fronts, ranging from trade/financial/economic issues to collaboration on public health issues. |
Hong Kong is prepared to work with governments around the world in tackling the challenge of the current financial turmoil.
Addressing 90 business and media guests at the “Taste of Hong Kong” event in New York on October 22, Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong said that as a precautionary measure to reinforce confidence in the banking system, Hong Kong has taken two measures: It has guaranteed the repayment of all customer deposits held in Authorized Institutions in Hong Kong and it has established a Contingent Bank Capital Facility (CBCF) to make available additional capital to locally incorporated licensed banks, on request. Both measures will remain in force until the end of 2010.
“Our Chief Executive also announced last week (October 15) in his Policy Address that Hong Kong will do its utmost to ensure that our financial system remain sound and robust,” said Mr. Tong. “Attaching importance to this issue, the Chief Executive himself will chair a task force to monitor and assess the impact of the crisis on local and global markets and mete out relevant appropriate measures.”
Mr. Tong highlighted the fact that Hong Kong and the U.S. are closely knitted and share a long history.
“This relationship is characterized by cooperation on many fronts, ranging from trade/financial/economic issues to collaboration on public health issues,” said Mr. Tong. “The fact that we have three Economic and Trade Offices (ETOs) in the U.S., namely in Washington, DC; New York and San Francisco - speaks of the importance Hong Kong attach to our bilateral relationship.”
Mr. Tong noted that although Hong Kong is a small economy and has just around 7 million people, the U.S. is the territory’s second-largest trading partner with the value of merchandise trade with the U.S. amounting to US$64 billion, making Hong Kong the 15th largest export market for the U.S.
“We share with the U.S. many of the same attributes and are from time to time put on a par with you in various respects,” said Mr. Tong. “In its January 2008 edition, TIME Magazine coined a new term ‘Ny-Lon-Kong’, suggesting New York, London and Hong Kong were linked by a common economic culture and are ‘exemplars and explanations of globalization’.”
He added that both Hong Kong and the U.S. shared similar core values, including respect for human rights and freedoms; recognition of the importance of the rule of law, underpinned by an independent judiciary; clean and efficient government; free flow of capital, information and people; and a level playing field for all.
“Other than trade, we also work closely with your country on other fronts. We actively participate in World Health Organization’s epidemic monitoring program. Hong Kong is now home to a test laboratory for avian flu for the Asia-Pacific Region. In the U.S., we collaborate with the Center for Disease Control and Prevention in Atlanta in sharing our experience in preparing for an avian flu outbreak,” added Mr. Tong.
Mr. Tong was gratified to note the progress the ETOs had made in furthering U.S.-Hong Kong ties. He said, “I look forward to working with you more closely. Together we will open new turfs and achieve new heights.”
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