HKETONY hosts spring receptions to welcome Year of the Tiger

Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong (fourth from right), and Director of the Hong Kong Economic and Trade Office in New York Monica Chen (third left), joined guests in a toast to a happy and prosperous Year of the Tiger in New York City on February 23. Other guests at the toasting ceremony include (from left): Deputy Head, Investment Promotion, Hong Kong Economic and Trade Office in New York Gloria Wong; Chief Representative, New York Representative Office, Hong Kong Monetary Authority Brian Lee; Deputy Director of the Hong Kong Economic and Trade Office in New York, Louisa Yan; Consul General of the People's Republic of China in New York, Ambassador Peng Keyu; Deputy Permanent Representative of the People's Republic of China to the United Nations, Ambassador Liu Zhenmin; Assistant Manager, Marketing - Eastern Region, Hong Kong Tourism Board Linda Ho; and Marketing Manager - Hong Kong Trade Development Council Curtis Louie.

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, Donald Tong, as he welcomed 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.

Mr. Tong said Hong Kong’s robust growth can be attributed to new market opportunities emerging out of developments in mainland China. He pointed out that Hong Kong is the “only jurisdiction outside the Mainland of China with a renminbi bond market” and that Hong Kong is also undertaking a pilot program that 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 center," he said.

Toasting the Year of the Tiger in Chicago are (from left) Deputy Head of Investment Promotion, Hong Kong Economic and Trade Office in New York Douglas Lee; Director of the Hong Kong Trade Development Council's Chicago office Bridget Lee; Deputy Consul General of the People's Republic of China in Chicago, Chu Maoming; Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong; Director of the Hong Kong Economic and Trade Office in New York Monica Chen; and Chicago representative of the Hong Kong Tourism Board Margie Bell.

Mr. Tong also noted that Hong Kong remains the world’s seventh largest stock market, with total market capitalization 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,” the Commissioner said. “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.

Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong (left) calls on Georgia Governor Sonny Perdue and updates him on Hong Kong’s economy.

“By capitalizing 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.

Addressing the global economic crisis, Mr. Tong pointed out that Hong Kong spent more than US$11 billion on economic stimulus measures, an amount equivalent to 5.2% of GDP.  

“We also took steps to guarantee bank deposits, provide additional capital to the banking sector if required, and support small- and medium-sized enterprises,” he said. “These measures, coupled with healthy economic growth in the mainland of China and the gradual recovery of the global economy, cushioned the severity of the crisis.  And since the second quarter of last year, green shoots have emerged.  We witnessed notable growth in our exports and retail sales in the last quarter of 2009, which reflects a degree of optimism.”

Hong Kong Commissioner for Economic and Trade Affairs, USA, Donald Tong gives an update on Hong Kong's latest economic developments at the Chicago spring reception.

In other developments, Hong Kong continues to bolster its soft infrastructure by enhancing its arts, culture and creative industries, as well as spurring urban revitalization.  Among the major programs under planning is the development of the 40-hectare West Kowloon Cultural District, which will comprise concert halls, theaters and a contemporary art museum.  Upon completion, Hong Kong will become Asia's regional arts and cultural hub.

In her welcome address, Director of HKETONY Monica Chen said the past year had been eventful 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, and to calls on state governors and city mayors to cultural programs.

“Hong Kong was put into perspective, with special focus on opportunities for cooperation 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 homegrown musicians and talent to American audiences over the past years.”

Miss Chen also said that Hong Kong films featured prominently in various film festivals last year, 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.

Director of the Hong Kong Economic and Trade Office in New York, Monica Chen, welcomes guests to the Atlanta spring reception.

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 Atlanta Hong Kong Dragon Boat Festival.

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 HKETONY also hosted spring receptions in Chicago and Atlanta on February 25 and March 1, respectively, for key interlocutors in the academic, business and media sectors.

While in Atlanta, Mr. Tong called on Georgia Governor Sonny Perdue and updated him on Hong Kong's economy. He also had a luncheon with members of the Gwinnett Chamber of Commerce.  

On February 26, HKETONY Director Monica Chen attended a Lunar New Year banquet at Emory University, where a “This is Hong Kong” mobile exhibition, produced by the HKETONY, was held.