Bridging eastern and western markets

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Bridging eastern and western markets

With its vibrant economy, proximity to the Mainland China market, rule of law and welcoming business climate, Hong Kong is recognized as a regional model in which the global business community can come together. Since the 1997 handover, Hong Kong has enjoyed a high degree of autonomy and with over one thousand US firms and over 50,000 American residents in Hong Kong, the United States remains one of Hong Kong’s most important global partners.

As Ambassador Stephen M. Young, Consul General of the United States of America in Hong Kong states ‘Hong Kong has long been a gateway for foreign investment into China — one might say for the past one hundred and seventy years — and that role continues, despite China’s own more recent opening up. Last year, almost two-thirds of the USD 105.7 billion in foreign direct investment in China was conducted through Hong Kong. In the other direction, over half of the USD 59 billion China invested in overseas markets was conducted through Hong Kong’.

Hong Kong’s success in positioning itself as the bridge between east and west has been welcomed by US investors according to Mr. Donald Tong, Hong Kong Commissioner, USA;

Ambassador Stephen M. Young, Consul General of the USA in HK (State Dept.) _thumb

United States of America
Consul General Ambassador
Stephen M. Young

‘Hong Kong and the U.S. have long enjoyed close ties thanks to our commitment to the free market, free flow of information, capital, and ideas, respect for intellectual property and rule of law. U.S. interests in Hong Kong are significant, with substantial inward direct investment in the city’s insurance sector and financial institutions. Today, the U.S. is Hong Kong’s second largest trading partner and U.S. confidence in Hong Kong is illustrated by the increasing number of American firms operating in the city. Not only is Hong Kong a significant market unto itself for the U.S., it is also a vital entrepôt for trade between the U.S. and the Mainland of China’.

Tong continues; ‘Bridging eastern and western markets, Hong Kong relishes its dual roles as a gateway to China for U.S. businesses and a springboard for Mainland Chinese companies to reach out to global markets. Hong Kong’s savvy professionals and core values are integral to maintaining not only the city’s place as an international business and financial center, but as a reliably efficient partner for U.S. businesses’.

Hong Kong’s close ties to mainland China, especially with the Closer Economic Partnership Agreement (CEPA) enables Hong Kong to benefit from the one country, two systems policy while looking towards the future.

‘Hong Kong is a place with a future’, agrees Sir Roger Lobo, founder of the Vision 2047 Foundation. ‘You can land at Hong Kong airport in the morning, meet with a lawyer and establish a business. In the afternoon you can arrange office space and install a telephone; before the end of the day you’re up and running’.

Mr. Arthur Bowring, Managing Director, Hong Kong Ship owners’ Association recognises the geographical importance of Hong Kong;

‘China has always traded through Hong Kong even before colonial times and the shipping industry remains as vital today as it was to the earliest traders with Asia representing fifty per cent of today’s total global shipping fleet’.

Ambassador Stephen M. Young, Consul General of the United States of America in Hong Kong concludes; ‘As Hong Kong and the Mainland continue to build stronger, more extensive ties, for example through the Closer Economic Partnership Arrangement, and Hong Kong and Guangzhou sign more framework agreements, U.S. firms in Hong Kong should be well-positioned to play a role in promoting cross-border services, education, and trade’.

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