Remarks of Doris Cheung,
Director of Hong Kong Economic and Trade Office in San Francisco
At Chinese New Year Reception in San Francisco
(February 9, 2009)

Commissioner Tong, Distinguished Guests, Ladies and Gentlemen,

On behalf of the Hong Kong Economic and Trade Office in San Francisco, I would like to welcome you all to our Spring Reception. Today is the fifteenth day of the Chinese New Year and is traditionally known as “Yuanxiao Jie” or the Lantern Festival – a time when families get together in joy and children carry lanterns in parade. I would like to wish you all and your families a very happy, healthy and prosperous Year of the Ox.

I am honoured that the new Hong Kong Commissioner for Economic and Trade Affairs in USA, Mr. Donald Tong, has flown in from Washington DC to grace our reception. He will be speaking on Hong Kong’s latest developments and how our Government addresses the current economic challenges shortly.

I am also delighted to have eleven Administrative Officers from Hong Kong joining us this evening. They are now undertaking a public policy programme at UC Berkeley. Back in Hong Kong, they serve in different government policy bureaus including financial services, security, transport, education, etc. I would encourage you to meet with them so that they may update you on the latest policy initiatives under their respective purview.

Being a free and open economy, Hong Kong is not immune to the global economic crisis but Hong Kong remains an ideal place for doing business and the best gateway to China. Our sound fundamentals, preferential access to the China market under the Closer Economic Partnership Arrangement; combined with our simple and low tax regime, free flow of information and capital; and world-class infrastructure, have attracted some 4,000 corporations from around the world to establish regional operations in Hong Kong. The US tops the list with over 920 companies in Hong Kong.

Among the various states, California has the closer bond with Hong Kong on the economic, social and cultural fronts. California has been the largest exporter to Hong Kong among the states for many years. Last year, Californian exports to Hong Kong amounted to about US$5 billion, or one quarter of the total state exports. Many Californian companies have established offices in Hong Kong. They include Walt Disney, Hewlett-Packard, Gap, Charles Schwab, Chevron, United Commercial Bank, to name a few.

On the education front, numerous Hong Kong students are studying in California. There are also 32 student exchange programmes covering 16 colleges in California and six Hong Kong universities.

Like California, Hong Kong has a diverse vibrant culture and there are many cultural exchanges between the two places. The critically acclaimed Hong Kong Ballet, City Contemporary Dance Company and Hong Kong Children Symphony Orchestra are among the many cultural groups from Hong Kong that have performed for the audience in the Bay Area; whereas the San Francisco Symphony, Los Angeles Philharmonic and cultural dance groups from California were well received in Hong Kong.

The close linkage between California and Hong Kong can also be reflected in the large number of official visits and trade delegations. We are pleased that many senior officials from California including the Governor; former and present Lieutenant Governors, Mayors of San Francisco and Los Angeles, business leaders and prominent academics have visited Hong Kong to see firsthand our developments. On the other hand, many of you have helped welcome top officials from Hong Kong. Our Chief Executive, Financial Secretary, Secretary for Justice, Secretary for Commerce and Economic Development, Secretary for Financial Services and the Treasury, Secretary for the Environment have all paid visits to California in recent years.

We deeply treasure these valuable ties and thank you for being great supporters of Hong Kong. We will continue to work closely with our good friends here to enhance the close partnership and friendship between the US and Hong Kong.

Thank you.