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Situated mid-way between London and New York made it possible for trading activities in Hong Kong to be carried out around the clock and around the world, the Secretary for Financial Services and the Treasury, Professor K C Chan, said in San Francisco Bay Area today (May 15 local time).
Addressing about 350 guests at the summit on "Globalisation through Hong Kong's Capital Markets" jointly organised by the Hong Kong Economic and Trade Office in San Francisco (HKETO(SF)) and Hong Kong Exchanges and Clearing Limited, Professor Chan said, "For a partner halfway between Wall Street and London, there is no place more friendly to business than Hong Kong.
"We are a two-level bridge between China, the world's fastest growing mega-economy and the international market. As an international financial centre, Hong Kong is running on parallel tracks - both national and international.
"Hong Kong's role is more than just a facilitator of outward investment for China. Hong Kong is also an efficient platform for inward investment of foreign funds in China," he said.
Professor Chan said Hong Kong could also efficiently help American issuers raise capital by tapping the massive savings on the Chinese mainland.
"While we have been tapping the enormous opportunities in China, we must also give ourselves an international orientation. We have done well with our deep China market penetration. We can do even better with an international balance and participation.
"If you are looking for investment opportunities, just remember that the appetite for capital in the Chinese mainland is insatiable. You will find our financial services expertise and our octopus-like contacts in the Chinese and global markets very much to your advantage.
"It is our official and established policy to attract quality enterprises from around the world to list in Hong Kong," said Professor Chan.
Professor Chan also stressed that Hong Kong wanted to make its listing platform as attractive and competitive as possible. "We will maintain a delicate balance between market regulation and market facilitation. While we want to give our investors an appropriate level of protection, we do not wish to go overboard and burden listing companies with undue compliance costs."
He told the audience that Hong Kong's unique role rested on its special strengths: the much-praised rule of law, clean and efficient civil service, low taxes and zero tolerance for corruption, a transportation and communications infrastructure worthy of the 21st century, and of course, free flow of information and a freely convertible currency.
This afternoon, Professor Chan visited Stanford University where he met faculty members and students. Professor Chan encouraged graduates to come to Hong Kong and explore the enormous opportunities in the city.
Before concluding his visit to the US, Professor Chan attended a reception jointly hosted by HKETO (SF) and the Hong Kong Association of Northern California.
Professor Chan will return to Hong Kong on May 17.
Ends/Friday, May 16, 2008
Issued at HKT 14:53
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