A delegation visit to the U.S. by Hong Kong business and government leaders was organized by the Better Hong Kong Foundation, led by Nellie K.M. Fong, the Executive Councillor of the Hong Kong SAR, and Chairperson of the Foundation’s Executive Committee.
According to Mrs. Fong, “there is great interest in what Hong Kong is doing to address the regional economic crisis and widespread recognition that steps we are taking to strengthen our financial markets, develop our information technology capabilities, increase our focus on education, and carry out important reforms in the structure of our civil service will leave Hong Kong well positioned for renewed growth.”
The delegation – which included Andrew Sheng, Chairman of the Securities and Futures Commission; Daniel Fung, former Solicitor General of Hong Kong; Richard Li, Chairman and Chief Executive, Pacific Century Group; Richard Wong, Director, School of Business and Professor of Economics at the University of Hong Kong; and George Yuen, the Chief Executive of the Better Hong Kong Foundation – visited New York City, Boston, and Washington D.C. from March 18 to 24.
Mr. Sheng addressed members of the financial community in both New York and Washington, and there was great interest in the reforms Hong Kong was making in its securities market, particularly in the proposed merger of the Stock and Futures exchanges. The delegation also held meetings with the New York Stock Exchange, the Federal Reserve Bank of New York, Moody’s Investors Service, and Standard & Poor’s, in addition to a number of leading financial firms.
Mr. Li had meetings with a number of business leaders to discuss how the new Cyberport will enable Hong Kong to encourage leading international information technology firms to expand their Hong Kong operations. During his meetings, he revealed that companies such as Microsoft, Intel, IBM, Hewlett Packard, Oracle, Legend, and Yahoo, had already expressed interest in taking part in this major new project.
The members of the delegation also met with political leaders in Washington, including members of the Senate Banking Committee and the House of Representatives Asia-Pacific Subcommittee. Sessions were also held with the Institute of International Finance, the Securities and Exchange Commission, and the Commodities and Futures Trading Commission, the Economic Strategy Institute, the Recording Industry Association of America, the U.S. Information Technology Office, and the Congressional Research Service.
During the visit, Mr. Daniel Fung held discussions with American Bar Association and law professors in leading U.S. universities. In those talks, he was able to review post-handover developments in Hong Kong’s legal system and the continued importance of the rule of law.
Professor Richard Wong joined the delegation in Washington D.C. and contributed significantly to discussions on Hong Kong’s economic outlook and its long-term strategy for economic development.
The Boston leg of the visit enabled the group to meet with members of the academic and business communities at Harvard University, the Massachusetts Institute of Technology, and the Biotechnology Process Engineering Center.
During meetings throughout the visit, the delegation emphasized the importance of the stabilization of the Japanese yen for financial recovery throughout Asia, and that China’s accession to the World Trade Organisation would both serve as the catalyst for a genuine and comprehensive improvement in U.S. – China relations and also help contribute significantly to growth in the global economy.
(From left) Dr. Daniel Fung, Mrs. Nellie Fong, Mr. Andrew Sheng and Prof. Richard Wong
Mr. Andrew Sheng, Chairman of the Securities and Futures Commission, delivered his speech