Remarks of Doris Cheung Director of Hong Kong Economic
and Trade Office in San Francisco at Hong Kong Association
of Washington Annual Gala Dinner

(January 18, 2009)

Lt. Governor Owen, Benjamin, ladies and gentlemen,

Good evening. It is a great pleasure to join you at this Chinese New Year Gala in beautiful Seattle. In less than ten days, we will ring in the “Year of the Ox”. I would like to wish you all good health, happiness and prosperity for the year ahead.

We begin the year of 2009 with encouraging news on Hong Kong. For the 15th consecutive year, Hong Kong was ranked the freest economy in the world by the Heritage Foundation and the Wall Street Journal. They complimented Hong Kong as one of the world’s leading financial centers with transparent and efficient regulation of banking and financial services. Property rights are well protected by an independent and corruption-free judiciary. Our institutional strengths have enabled Hong Kong to achieve high levels of prosperity reinforced by vibrant entrepreneurial activity. Hong Kong’s income and corporate tax rates are very competitive, while business regulation is straightforward, and the labor market is flexible.

Being a free and open economy, Hong Kong is not immune to the current global financial crisis. However, with our sound fundamentals, a production base and market on the Mainland of China, and the resilience of Hong Kong people, Hong Kong is well equipped to turn crisis into opportunity.

We have set up a Task Force on Economic Challenges under the leadership of our Chief Executive to monitor and assess the impact of the financial crisis on Hong Kong’s economy, and to propose specific options to address the challenges.

Various measures have been undertaken to maintain a healthy and stable financial system; to support small and medium-sized enterprises; and to boost employment. We will create 60,000 jobs in 2009 through expediting infrastructure projects, advancing recruitment of civil servants and creating temporary positions.

As quoted in the Wall Street Journal (November 4, 2009), the Chairman of the Hong Kong American Chamber of Commerce, Mr. Steve DeKrey said, “If any city can ride through this (crisis) and come out a winner, it’s Hong Kong”.

Looking back in 2008, Hong Kong proudly joined the rank of Olympic co-host cities by hosting the Olympic and Paralympic Equestrian Events. We also received a record high of 29.5 million visitors from around the world with pleasure. This coming December, Hong Kong will stage another mega international event – we will play host to the East Asian Games.

On another positive note, we are pleased that Hong Kong has become one of the first Michelin cities in China. The first bilingual Michelin guide includes some 200 establishments in Hong Kong with 22 of them receiving one or more Michelin stars. The release of this guide has reinforced Hong Kong’s status as a prime center for gastronomic delights.

In addition to being a center of gastronomy, Hong Kong is also fast developing into a wine trading and distribution hub since the removal of wine duties last February. We have been working on various measures to enhance the development of wine-related businesses, including customs facilitation, trade and investment promotion, manpower training and education, innovative use of heritage buildings for wine-related purposes, and co-operation with great wine countries like France and Spain. Our maiden international wine fair attracted some 240 exhibitors from over 25 countries last August. I am positive that Hong Kong people will be able to enjoy more fine wines from Washington in the years to come.

Be it wine, or other goods and services, Hong Kong is the ideal place for doing business and investments. Hong Kong is also a preferred destination for travelers. Whether you come for business or with your family and friends for leisure, there is plenty to keep everyone busy : from conventions to shopping and fine dining; from trade shows to cultural and sports events; from exhibitions to theme parks and beautiful beaches. There is always something going on in this Asia’s World City and the welcome is warm.

Thank you.