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Following is the speech delivered by the Chief Executive, Mr C Y Leung, at the Hong Kong Summit on Regional Co-operation between Hong Kong and East Asia organised by the Chinese General Chamber of Commerce at the Hong Kong Convention and Exhibition Centre this morning (July 11):
Honourable Ministers, distinguished guests, ladies and gentlemen,
Good morning. I am most delighted to join the Hong Kong Summit on Regional Co-operation between Hong Kong and East Asia today. First of all, I would like to extend a very warm welcome to our friends from around the region.
There's a Chinese saying that "distant relatives are not as good as close neighbours". This probably sums up the importance of today's event in bringing together senior representatives from both the government and business sectors of Mainland China, Japan, Korea, ASEAN countries and Hong Kong to share insights about co-operation and integration in the East Asia region.
It is evident that East Asia has become a powerful engine of global growth over the past decade. Notwithstanding the recent European sovereign debt crisis and slowing US economy, the Asian region will still achieve overall growth of 6.9 per cent this year and 7.3 per cent next year. These promising figures highlight the fact that our region has been successful in weathering the global economic downturn. But the future is not free from challenges. In order to maintain the momentum, we must join hands to strengthen our relations and achieve greater economic growth together.
I am glad that the organiser has chosen to organise this event in Hong Kong, as I believe we do have something to offer. Hong Kong is strategically located in the East Asia region. Our efficient airport and frequent and extensive air services can connect travellers to anywhere within the region in just a few hours. We are one of the freest and most open economies in the world. Not only are we a services hub with particular strength in financial, logistics and information services, but also an important provider and receiver of foreign direct investment.
Under the "One Country, Two Systems" principle, Hong Kong has been actively engaged as a separate customs territory in global trade liberalisation under the World Trade Organisation and regional economic co-operation under the Asia-Pacific Economic Co-operation. Hong Kong stands ready to contribute further as a facilitator of regional economic collaboration and integration.
In 2003, Hong Kong and Mainland China signed a unique free trade agreement, the Closer Economic Partnership Arrangement or CEPA. CEPA is the most preferential FTA signed by the Mainland and we have just signed its Supplement IX, which further enhances the co-operation between the two parts of the country.
Leveraging on the closely integrated economic and cultural links between Hong Kong and the Mainland, we have been creating synergies in promoting intra-regional trade and investment by offering foreign enterprises greater connectivity and accessibility into Mainland China's market. As the largest offshore Renminbi business centre, Hong Kong provides an effective platform for foreign enterprises to raise capital for their Mainland operations and strengthen trade and investment links with Mainland China. On the other hand, the Central People's Government has also given policy support to help enterprises in both the Mainland and Hong Kong to "go global" together. We are in the best position to facilitate more investment from Mainland China to other parts of the region, including ASEAN, Japan and Korea.
A lot of efforts have been made in recent years to strengthen regional co-operation through the negotiation and conclusion of free trade agreements in the region. These include the plurilateral free trade agreements signed by ASEAN with China, Japan and Korea individually, a bilateral free trade agreement negotiation between China and Korea, and talks about a trilateral free trade agreement among China, Japan and Korea. We believe that these agreements are conducive to stimulating further regional co-operation and economic growth. We also believe that Hong Kong's more active participation in these regional integration initiatives can bring benefits to all concerned. I hope this summit will help shed light on how Hong Kong can make more contribution in this respect.
Lastly, I would like to thank the Chinese General Chamber of Commerce for organising this summit. Exchanges such as this will no doubt help promote more engagement, understanding and collaboration amongst our partners in the region. I would also like to encourage more similar events be organised in the future.
I am confident that you will have very fruitful discussions during the Summit and wish you all a very pleasant stay in Hong Kong. Thank you.
Ends/Wednesday, July 11, 2012
Issued at HKT 11:16
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