Remarks by Commissioner Margaret Fong, JP
Chinese New Year Reception
hosted by the Hong Kong Economic & Trade Office, New York
at Woodruff Arts Center, Atlanta
Friday, 2 March 2007

Distinguished Guests, Ladies and Gentlemen,
Kung Hei Fat Choi! Welcome to the Chinese New Year reception to celebrate the Year of the Pig. The Spring Festival offers an occasion for family and friends to renew bonds over sumptuous feasts. My colleagues and I are delighted to celebrate this festive season among friends of Hong Kong in Atlanta.

2. The New Year began with welcome news for Hong Kong. In January, the Heritage Foundation and the Wall Street Journal ranked Hong Kong the freest economy in the world for the 13th consecutive year. Such an auspicious start bodes well as we look forward to the celebration of the 10th anniversary of the establishment of the Hong Kong Special Administrative Region on 1 July this year.

3. Since 1997, from the Asian financial crisis to the onslaught of SARS in 2003, Hong Kong people have withstood many challenges. And every time the Hong Kong community has emerged more resilient and united.

4. Our economy sustained its broad-based upturn, with a 6.8% GDP growth for 2006 as a whole. 2006 also saw phenomenal growth as Hong Kong’s stock exchange raised over US$42 billion in IPOs, placing the exchange second behind London. At the end of the year, total market capitalisation of Hong Kong’s stock market was over US$1.7 trillion making us the second largest stock market in Asia.

5. Since taking up office as the Hong Kong Commissioner to the US, I regularly travel across the country to share the Hong Kong story. These visits allow me to enhance my understanding of the US business community’s diverse needs, extol Hong Kong’s strengths as an investment destination, and illustrate our cooperative role as a guarantor
of international security. It is an enormous responsibility, and one that I happily take up to reinforce the common and close ties between Hong Kong and the US.

6. This is my first visit to Atlanta. It is a vibrant and charming city where business thrives. I hope to be back many times to get to know you and your city more. After the reception, please join us for the screening of “My Name is Fame” 我要成名 by Lau Ching Wan 劉青雲 and Huo Siyan 霍思燕 at the Rich Theater. An upbeat and entertaining story of a girl’s road to stardom. Once again, Kung Hei Fat Choi. I wish you all a safe and prosperous New Year.

Thank you.