Hong Kong Best Placed as Gateway to Asia

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November 16, 2009 - Hong Kong’s sound fundamentals, including its free flow of information and capital, its free economy buttressed by the rule of law, a strong banking system and high quality professional services, has helped the city weather through the global financial storm, said Director of Hong Kong Economic and Trade Office, New York, Miss Monica Chen.

In her opening remarks at a special event “Hong Kong: Gateway to Asia” in New York Monday evening (November 16), Miss Chen said Hong Kong’s third quarter economy held firm following the rebound in the second quarter.

Hong Kong also reaffirmed its standing as an international financial center, said Miss Chen. She pointed out that this year’s survey by the City of London Corporation Global Financial Centres Index placed Hong Kong as the third global financial centre in the world, after London and New York.

“We are best-placed to be the international financial centre in the Asia time zone,” she said.

Ms. Chen added that Hong Kong remained a major asset management centre in Asia where fund managers could enjoy the access and proximity to the investment community as well as investment capital that were derived from both Hong Kong as well as overseas and China mainland investors.

Ms. Chen pointed out that, amid the global financial crisis, China had not only provided strong stabilizing effect in the region, but also maintained a strong growth momentum.

Noting that Hong Kong had been the premier international fund-raising centre for China mainland enterprises, she said, “With its cultural affinities, robust risk management systems and close economic ties with the Mainland, we are also best placed to serve as a testing ground for the development of the Renminbi business outside the Mainland.”

“We are also opening a new front in Islamic finance development,” said Miss Chen. “Hong Kong is well-positioned to bridge the investment needs of Middle East liquidity with the investment opportunities in Mainland China.”

Presented by HSBC, the Hong Kong Association of New York and Columbia Business School, “Hong Kong: Gateway to Asia” featured a keynote address by the Chief Representative, New York and London of Hong Kong Monetary Authority, Mr. Brian Lee, and a panel discussion on Hong Kong’s role as the gateway to Asia’s dynamic economies.