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Press Release

The Better Hong Kong Foundation Accomplished Its Annual Delegation to the United States in May 2010

2010.06.03

(3 June 2010, Hong Kong) The Better Hong Kong Foundation (“the Foundation”) completed its annual delegation to the United States from 12 to 19 May this year. A press conference was held today to brief members of the local media about the main issues dealt with during their stay in the U.S. Members of the delegation also shared their observations and experiences gained from the trip.

Led by the Foundation’s Executive Committee Chairman and Chairman of Hang Lung Properties Ltd Mr. Ronnie Chan, members of this year’s delegation included three Foundation’s Council Members Dr. Roy Chung, Vice Chairman & Executive Director of Techtronic Industries Co Ltd, Ms. Winnie Ng, Director of the Kowloon Motor Bus Co. Ltd and Mr. Lau Ming Wai, Director of Chinese Estates Holdings Ltd, as well as the Foundation’s Executive Director Ms. Karen Tang.

After introduced the delegates to the media, Ms. Karen Tang briefed the main purpose of the delegation which was to provide an annual update about Hong Kong’s present situation, to share our perspectives on the developments in China, and to exchange views with the interlocutors in the United States and gauge the temperature in the Beltway their views on the developments in Hong Kong, the Mainland China, U.S. and the China-US relationship.

The delegation visited the Executive Branch (U.S. Department of State, U.S. Department of Commerce, U.S. Department of Treasury and National Security Council); the Legislative Branch (Senator Mitch McConnell (the Senate Republican Leader Senator), Congressman and staffers); think tanks inside the Beltway (Brookings Institution, Carnegie Endowment for International Peace, CATO Institute, Heritage Foundation, Peterson Institute for International Economics and US-Asia Institute); the Hong Kong Economic and Trade Office in Washington DC; financial institutions (Morgan Stanley and HSBC); rating agencies (Standard & Poor’s and Moody’s) and think tank in New York (National Committee on US-China Relations); and media (The Nelson Report, the Wall Street Journal, the Economist and the columnist of Forbes).

During the mission in New York, Mr. Ronnie Chan gave a speech entitled “Is the Sky Really Falling in U.S. & China” at the luncheon hosted by the Museum of Chinese in America to share his views on the U.S.-China relation. By the invitation of the Columbia Business School, Mr. Chan gave another speech entitled “Economic Implications of the Property Market Boom in China and Hong Kong” at the Sir Gordon Wu Distinguished Speaker Forum where over hundred people attended. (To view the video of the speech, please visit http://www4.gsb.columbia.edu/chazen/events/wuspeakerseries.) A reception and dinner were hosted by the Hong Kong Association of New York where members of the delegation exchanged views with friends from the local business community.

The delegation were invited to luncheons and dinners hosted by the Permanent Mission of the PRC to the UN (Ambassador Li Baodong), the Embassy of PRC in the US (Minister and Deputy Chief of Mission Xie Fung) and the Consulate-General of the People’s Republic of China in New York (Deputy Consul General Dong Xiaojun).

Mr. Ronnie Chan said the future of Hong Kong is certain under the humongous economic developments in China. The financial sector of Hong Kong will continue to thrive and play a significant role in the economic development of China. Mr. Chan also shared his views on the RMB valuation as it is a hot topic amongst the interlocutors in the U.S. Mr. Chan thought that the RMB might gradually appreciate and a wider range of exchange rate might be allowed. However, it will not be under the pressure of foreign country but rather because of the internal need for a more flexible and convertible currency in the long run. As agreed almost unanimously, the appreciation of RMB will not help narrow the trade deficit between the U.S. and China. Mr. Chan also expressed his confidence in the leadership of China and believed they would take appropriate measures to sustain the growth of the country while putting importance to a cordial China-US relationship.

As a successful manufacturing industrialist with his own company set up in Hong Kong, Dr. Roy Chung used his experience as an example to illustrate the competitiveness of Hong Kong as it is a place where he could efficiently raise capital for the expansion of his company and easily draw talents from around the globe to form an international management team. He also added that its proximity to the Mainland provides Hong Kong with low cost labour and a huge potential internal market. As an international hub, Hong Kong facilitated the expansion of his company into the global market. Dr. Chung concurred that RMB is likely to appreciate gradually. However, it will not impair China’s economic development as China is dedicated to upgrade its industry and to develop its internal market. He thought that trade deficit between China and the U.S. is not a unilateral issue. It should be addressed by both countries.

Ms. Winnie Ng commented that the meetings with leaders from the political and business sectors in U.S. during the mission were fruitful. With the strong economic growth and development, China is getting more attention from the world. Hong Kong with its special geographical advantage, its unique system of “One Country Two Systems” as well as its sound pillars is well positioned to capture the benefits in the course of the development of our nation and to continue to strive. The interlocutors in the U.S. recognized the competitiveness of Hong Kong which attributed to its unique administrative system.

Mr. Lau Ming Wai commented that the Foundation’s delegation to the United States was a resounding success. “Through our dialogues with senior policymakers, think tanks, and other organizations, we learnt that the United States maintains a keen interest in Hong Kong. To them, Hong Kong has always been and continues to be a beacon of economic freedom and prosperity. Needless to say, China is at the forefront of everyone’s mind, especially in the midst of the Strategic and Economic Dialogue (S&ED) between the two countries. Hong Kong should continue to act as a bridge into China and be its showcase to the world. I am very pleased with the constructive dialogues that we have had in Washington, DC and I look forward to a similar trip next year.”

Ms. Karen Tang said Hong Kong is in a good shape in the eyes of most U.S. interlocutors. There was not much concern over Hong Kong while the China-U.S. relation remained the key focus of our dialogues. The valuation of RMB and the indigenous innovation policy of China did create tension between the two countries. However, people are positive in the China-U.S. relationship and the direction that the U.S. Administration is driving at.
 
Ms. Tang expressed her sincere gratitude to the delegates and all organisations visited for their support in making the delegation a great success. The Foundation would continue its dedication in enhancing greater international understanding between East and West by facilitating communications between Hong Kong, China and the international community. The Foundation would endeavour to organise this kind of visits for more exchanges and to promote better understanding to each other.

For detailed itinerary, photos and bios of delegates, please visit the Foundation’s website: www.betterhongkong.org.

For enquiries, please contact Ms. Jimmie Chow, Communications Manager of the Foundation at Tel: (852) 2865 3529 / (852) 6030 6025 or email: jimmie_chow@betterhongkong.org.