Remarks of Doris Cheung
Director of Hong Kong Economic and Trade Office in San Francisco
At Hong Kong Association of Southern California Annual Gala Dinner
(February 7, 2009)

Raymond, Controller Chiang, Members and Friends of the Hong Kong Association of Southern California,

Chinese New Year is a time for friends and family to renew bonds and foster ties. I am most delighted to be in Los Angeles to celebrate this festive season with you and would like to wish you all good health, happiness and prosperity for the year ahead.

We begin the Year of the Ox 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. We will continue to abide by free market principles and provide a business friendly environment for companies to thrive on a level playing field.

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 and the Government has implemented a full range of measures to deal with the challenges.

As quoted in the Wall Street Journal (November 4, 2008), 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”.

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 202 establishments in Hong Kong with 22 of them receiving one or more Michelin stars. This further reinforces the city’s status as a prime destination for gastronomic delights. Good food always goes hand in hand with fine wine. With the removal of wine duties last February, Hong Kong has become the first free wine port among major economies and is fast developing into a wine storage and trading hub.

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. We received a record high of 29.5 million visitors from around the world last year and look forward to welcoming you to this Asia’s World City for leisure or business as we play host to the East Asian Games this year.

Thank you.