Hong Kong is ‘best-placed’ gateway to Asia

Director of the Hong Kong Economic and Trade Office, New York Monica Chen discusses Hong Kong’s role as the financial gateway to Asia on November 16.

Hong Kong’s sound fundamentals, including its free flow of information and capital, free economy buttressed by the rule of law, strong banking system and high-quality professional services, have helped the city weather the global financial storm, said Director of Hong Kong Economic and Trade Office, New York Monica Chen.

In her opening remarks at the “Hong Kong: Gateway to Asia” event in New York on November 16, Ms. Chen said Hong Kong’s third quarter economy held firm after the second quarter’s rebound.

Hong Kong also reaffirmed its standing as an international financial center, said Ms. Chen. She pointed out that this year’s survey by the City of London Corp.’s “Global Financial Centres Index” placed Hong Kong as the third-ranked global financial center in the world, after London and New York.

“We are best-placed to be the international financial center in the Asia time zone,” she said.

Ms. Chen added that Hong Kong remains a major asset-management center in Asia, where fund managers can enjoy access and proximity to the investment community as well as to investment capital derived from Hong Kong and overseas, as well as to Mainland investors.

Ms. Chen pointed out that, amid the global financial crisis, China has not only provided a strong stabilizing effect on the region, but it also has maintained a strong growth momentum.

She also noted Hong Kong has been the premier international fund-raising center for Mainland enterprises. “With its cultural affinities, robust risk-management systems and close economic ties with the Mainland, we are also best-placed to serve as a testing ground for the development of the renminbi business outside the Mainland.”

“We are also opening a new front in Islamic finance development,” said Ms. Chen. “Hong Kong is well-positioned to bridge the investment needs of Middle East liquidity with the investment opportunities in mainland China.”

Presented by HSBC, the Hong Kong Association of New York and Columbia Business School, “Hong Kong: Gateway to Asia” featured a keynote address by Hong Kong Monetary Authority Chief Representative (New York and London) Brian Lee and a panel discussion on Hong Kong’s role as the gateway to Asia’s dynamic economies.