Director-General of Investment Promotion at Invest Hong Kong Simon Galpin (right) and Deputy Director-General of Invest Shenzhen Gao Lin spoke on the business environment and opportunities in Hong Kong and Shenzhen to New York movers and shakers.

On June 1, Invest Hong Kong and the Shenzhen Bureau of Trade and Industry held a seminar in New York to promote the business environment and opportunities in the financial services markets of Hong Kong and Shenzhen. More than 320 senior executives from Wall Street and other top U.S. companies attended the event designed to attract businesses to invest in the two cities.

The objective of the “Hong Kong and Shenzhen: Your Gateway to Success in China’s Financial Markets” seminar was to introduce to key U.S. decision-makers the business advantages of Hong Kong and Shenzhen as financial centers. Officials and key market players from the two locations explained to attendees the synergy offered by the two cities and the business benefits that companies can enjoy under the Closer Economic Partnership Arrangement (CEPA).

Honored attendees included New York Deputy Mayor for Economic Development Robert C. Lieber and Vice President of New York City Economic Development Corporation Ann Li. Representing mainland China and Hong Kong were the Commercial Consul, Consulate General of the PRC in New York Xu Bing and Director of Hong Kong Economic and Trade Office, New York Monica Chen.

(From left) Chief Representative, North American Representative Office of Shenzhen Andrew Pan; Head of Investment Promotion, Hong Kong Economic and Trade Office, New York Kelly Jones; Associate Director-General of Investment Promotion at Invest Hong Kong Victoria Tang; Director of Hong Kong Economic and Trade Office, New York Monica Chen; Deputy Director-General of Invest Shenzhen Gao Lin; Commercial Consul, Consulate General of the PRC in New York, Xu Bing; New York Deputy Mayor for Economic Development Robert C. Libber; Director-General of Investment Promotion at Invest Hong Kong Simon Galpin; Deloitte Tax LLP partner Peter Guang Chen; Vice President of Cross Border Banking, HSBC Bank USA Manwei Huang; New York Branch General Manager, China Merchants Bank Fang Hui; Rhodium Group principal Daniel H. Rosen; and Chief Representative, New York Representative Office of the Hong Kong Monetary Authority Brian Lee are pictured at the "Hong Kong and Shenzhen: Your Gateway to Success in China's Financial Markets" investment promotion seminar held in New York on June 1.

In his keynote address, Director-General of Investment Promotion of Invest Hong Kong Simon Galpin highlighted the opportunities and potential in the financial services sector of Hong Kong. “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,” he said. “The industry contributed nearly one-fifth of our GDP last year and employs around 200,000 people. The Hong Kong stock market is the seventh-largest in the world and third-most capitalized in Asia.

“About 70% of the world’s 100 largest banks are based in the city. Banks originating from the U.S.A. include Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley and United Commercial Bank,” Mr. Galpin added.

Deputy Director-General of Invest Shenzhen Gao Lin noted that “as the home of one of the two national stock exchanges, the Shenzhen Stock Exchange has a market capitalization of over US$120 billion and is already a leading domestic fund-management center. Our city is well-positioned to handle investment as well as increasing capital outflows from cash-rich enterprises eager to globalize.”

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 center.”

Commenting on Hong Kong’s role as a bridge, 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. U.S. 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 Head of Investment Promotion, Hong Kong Economic and Trade Office, New York Kelly Jones; Chief Representative, North American Representative Office of Shenzhen Andrew Pan; Regional Director of Americas, Hong Kong Trade Development Council Stephen Wong; and Chief Representative, New York Representative Office of Hong Kong Monetary Authority Brian Lee.

Senior representatives from the financial community also took part in the seminar, where they shared their insights at a panel discussion titled, “Development of the Financial Markets in Hong Kong and Shenzhen after the Global Economic Downturn.” Panelists included Citigroup Vice Chairman, Global Banking Jeffrey R. Shafer; New York Branch General Manager, China Merchants Bank Fang Hui; Vice President of Cross Border Banking, HSBC Bank USA Manwei Huang; Deloitte Tax LLP partner Peter Guang Chen; and Principal of Financial Services Regulatory Practice, KPMG Hugh C. Kelly.