San Francisco ETO Celebrates Chinese New Year in Seattle
Following the Spring Reception in San Francisco, the Hong Kong Economic and Trade Office, San Francisco hosted its second reception to celebrate Chinese New Year in Seattle, Washington on February 9, 2011.
In his welcome remarks, Director of the Hong Kong Economic and Trade Office, San Francisco, Mr. Jeff Leung greeted the guests with the success of Hong Kong. For the 17th consecutive year, Hong Kong was ranked the world’s freest economy by The Heritage Foundation, in conjunction with The Wall Street Journal.
Mr. Leung said that while Hong Kong continues to build her traditional economic pillars, Hong Kong is also a testing ground for the internationalization of the Renminbi (RMB). The city is also the only offshore jurisdiction to offer a RMB bond market with the introduction of RMB denominated bonds.
“Another significant development is Hong Kong’s status as an international capital formation center. In 2009, Hong Kong ranked first globally for IPO funds. US$31.2 billion was raised through our stock market,” he continued.
Mr. Leung was pleased to report that a Memorandum of Understanding on Co-operation in Wine-related Business was signed between Hong Kong and Washington and Oregon states in May 2010.
Since Hong Kong scrapped the wine duties in 2008, the market has responded positively. U.S. wine exports to Hong Kong increased five-fold in the past three years to $49 million in 2009-10.
The United States is Hong Kong’s second largest trading partner. “The city has long valued its bilateral relationship with the U.S. As the global economy strengthens, Hong Kong will continue to serve as a valuable gateway to Mainland China and Asia, “ he concluded.
