Speech by Mr. Donald Tong
Hong Kong Commissioner, USA
at the dinner reception at
“New York Celebrates Hong Kong 2008” Festival
(22 October 2008)

Ladies and Gentlemen,

Thank you, Monica for your kind introduction.

2. It is a great pleasure for me to join you tonight for this grand finale event of this month-long “New York Celebrates Hong Kong” festival that was kicked off in 1 October. I was in New York last week to join some of the programmes, including an international symposium on the vertical urbanism of Hong Kong and New York, a modern dance performance by the Hong Kong City Contemporary Dance Company, and the Kai-yin Lo Distinguished Programme Series discussion on Chinese spirit and global design at the Asia Society. The responses of the participants have been overwhelming. Unfortunately, I was not able to join the Cantonese opera performance by the Ming Chee Sing, and the workshop discussion. I trust all those who have taken part in the Festival would agree with me that the Festival has helped bring the two cities more closely together.

3. Hong Kong has always been named a Paradise for Food and tonight Monica, with the support of the Hong Kong Tourism Board, will end the Hong Kong Festival in the most delicious way

4. I am honored to be returning to the United States of America to take up the appointment as Hong Kong’s most senior representative in the United States. For me, being in the U.S., especially in New York, is like being home.

5. Our unique history has afforded us the privilege of living in an open society and made us receptive to an environment non-typical of our region.

6. Growing up, we are exposed to western culture, particularly the American’s. We watched Sesame Street, Mickey Mouse, Donald Duck, and Peanuts cartoons on TV. We hear songs of Elvis Presley, Prince, Ray Charles, and Hannah Montana playing in our homes across the ocean. Movies playing in Hong Kong theatres are often box buster Hollywood films, and McDonalds, Kentucky Fried Chicken, Ben and Jerry, are the favorites of our youths even up to now.

7. Quite a number of Hong Kong students come to the U.S. to pursue their education, and when they return to Hong Kong, work in U.S. corporations that have established offices in Hong Kong.

8. We live in a mixed community and have the opportunity to integrate with people of all nationalities. Among the many nationals, Americans constitute our largest corporate expatriate community. More than 54,000 Americans resided in Hong Kong as at the end of 2007. And, last year alone, over 1.7 million Americans visited Hong Kong.

9. All these point to the very fact: Hong Kong and the U.S. are closely knitted and have long shared an intimate relationship. This relationship is characterized by cooperation on many fronts, ranging from trade/financial/economic issues to collaboration on public health issues.

10. The fact that we have three Economic and Trade Offices in the U.S., namely in Washington, DC; New York and San Francisco - speaks of the importance Hong Kong attach to our bilateral relationship.

11. Although Hong Kong is a small economy and has just around seven million people, the US is our second largest trading partner. The value of our merchandise trade with the US amounted to $64 billion, qualifying us as your 15th largest export market.

12. Besides being a world-class city, Hong Kong is the gateway to Mainland China and an important hub in Asia. We are home to over 6,600 overseas firms. Of these, nearly 3,900 have established their regional headquarters and operations based in Hong Kong and around 1,300 are US companies e.g. Apple, AT&T, American Express, Citigroup, Coca-cola, Disney, Exxon, FedEx, Microsoft, Mobil, Time Warner Brothers.

13. We share with the US many of the same attributes and are from time to time put on a par with you in various respects. 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”.
14. As a world financial and banking center, we are a responsible international market player and have been contributing our part to the healthy development of the global economy.

15. We recognize the current financial turmoil is a global challenge, and it is imperative that governments around the world work together to ride out the storm. Hong Kong is prepared and ready to shoulder our part of the obligation. As precautionary measures to reinforce confidence in the banking system at a time of continuing stress in the global financial system, Hong Kong has guaranteed the repayment of all customer deposits held in Authorized Institutions in Hong Kong; and 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 in his Policy Address that Hong Kong will do its utmost to ensure that our financial system remain sound and robust. 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. In addition,

16. We also work with the U.S. and other allies to liberalize markets round the world and to fight for equal treatment for all through active participation in World Trade Organization and APEC.

17. All these would not have been possible if we had not held tight to a set of core values. You should find these core values familiar as they mirror those of yours. These include 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 level playing field for all.

18. 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 in Atlanta in sharing our experience in preparing for an avian flu outbreak.

19. I am gratified to note the progress we have made in furthering U.S. -Hong Kong ties. We would not have gone this far without the sterling support from all of you.

20. To be back in the U.S. seems like returning from furlough to continue a mission. I look forward to working with you more closely. Together we will open new turfs and achieve new heights.

21. Last but not least, may I take this opportunity to congratulate Monica and her team for their excellent work in staging this Festival and to thank all the organizations and supporters in New York for their unfailing support and participation in this Festival and to the work of the HKETOs.

I wish you all to have a most enjoyable evening!