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Press Release

The Better Hong Kong Foundation Concludes Its Annual Delegation Visit to the United States in June 2012

2012.07.11

(11 July 2012, Hong Kong) The Better Hong Kong Foundation (“the Foundation”) completed its annual delegation visit to the United States from 20 to 25 June 2012. A press conference was held today to brief members of the local media about the principal issues dealt with during their stay in the U.S. Members of the delegation also shared their observations and experiences gained from the trip.

This year’s delegation was led by the Foundation’s Executive Committee Chairman Mr. Ronnie Chan, Chairman of Hang Lung Properties Ltd, and joined by four Foundation’s Council Members Mr. Philip Ma, Deputy Chairman & CEO of the Sincere Co Ltd; Mr. Sebastian Man, Chairman & CEO of Chung Mei International Holdings Ltd; Ms. Juliana Lam, Director of AML Group Holdings Ltd and Mr. Leung Wai-fung; and Executive Director Ms. Karen Tang. The Foundation also invited Prof. Liu Pak-wai, Professor of Economics of the Chinese University of Hong Kong as the chief commentator on economic affairs of the delegation.

After introducing the delegates to the media, Ms. Karen Tang explained the main purpose of the delegation was not only to foster a better understanding of the political, economic and social developments in both the United States and Hong Kong, but also shared our observations and views with interlocutors in the United States on how Hong Kong business sector looked at the change in the governing philosophy and the business environment in Hong Kong and Mainland China under the new leadership. The potential of Hong Kong as off-shore RMB center was also highlighted.

The delegation visited the Executive Branch (U.S. Department of State and U.S. Department of Commerce); members of the Legislative Branch (Congressional staffers and former Congressmen); think tanks (The Brookings Institution, The Heritage Foundation, National Committee on US-China Relations, Foreign Policy Association and US-Asia Institute); a financial institution (Morgan Stanley); a rating agency (Standard & Poor’s); and a university (George Washington University). The delegation also visited the Hong Kong Economic and Trade Office in Washington DC.

The delegation was invited to luncheons and dinner hosted by the Embassy of the PRC in the U.S. (Ambassador Zhang Yesui and Minister Yang Zigang), the Permanent Mission of the PRC to the UN (Ambassador Li Baodong) and the Consulate-General of the People’s Republic of China in New York (Deputy Consul General Dong Xiaojun).

At a luncheon speech titled “The Business and Economic Environment in Hong Kong and Mainland China under the New Leadership”, Mr. Ronnie Chan talked about his observations on the latest developments in China and the role of Hong Kong. He pointed out that the new leadership of both Mainland China and Hong Kong will be facing a more difficult situation than their predecessors because of the recent international financial crisis, various demands and higher expectations from the society and its people. However, Mr. Chan has confidence on the effort and determination of the new leadership of Mainland China and Hong Kong to address those issues and to sustain a steady growth of economy. Mr. Ronnie Chan asserted that the new leadership of Mainland China would continue its reform and opening up policy, not because of particular personnel but rather because of the “necessity”. Hong Kong under the one country two systems and the gateway to Mainland China will continue to benefit from the growth and development of our motherland. On the other hand, only a healthy and constructive Sino-U.S. relationship will benefit both countries, especially under the volatile international economy. However, it has never been an easy task, especially when the U.S. economy is facing challenges and the President election in November adds to the uncertainty.

On the economic front, Prof. Liu Pak-wai highlighted the economic benefits to the development of Hong Kong into the premier international financial center as the Reminbi becomes an international currency for trading, investment and eventually foreign exchange reserve, a point that is not yet on the radar screen of most of our American host.

Ms. Karen Tang observed the people we met showed considerable interest in the newly-elected Chief Executive of HKSAR, Mr. C Y Leung. In general, they all wished Hong Kong well. The interest on the change in leadership in Beijing later this year was strong. Some of them were concerned with the sociopolitical developments in Mainland China and to a lesser extent the slowdown of its economy.

Prof. Liu Pak-wai commented that the American hosts in the United States Government, NGOs, think tanks and business were very friendly. He felt that there was a lot of goodwill towards Hong Kong in general and the Better Hong Kong Foundation in particular. The hospitality of the Chinese diplomats was overwhelming. Interaction with participants in our numerous sessions and among members of the delegation was very stimulating. He found the visit an intellectually and culturally enriching experience.

Mr. Philip Ma had the impression that Americans enjoyed talking to Hong Kong business people on political and economic developments in Mainland China and Hong Kong; and Hong Kong continued to be seen as the gateway to Mainland China, the world’s second largest economy. Mr. Ma was particularly impressed by the sharing of Ambassador Li Baodong of his works in the United Nation, especially how he handled the complex and complicated international relationship.

The strong message that Ms. Juliana Lam got during the trip was that Hong Kong has been undoubtedly a very advantageous metropolis. Owing to the geographical and historical factors, Hong Kong is not only established to enjoy the One Country Two Systems, but also allowed to enjoy the pioneer position as a bridge between Mainland China and other countries which has led Hong Kong to remain competitive in different areas. She hoped that Hong Kong would treasure these advantages and would continue to thrive.

Although Mr. Sebastian Man and Mr. Leung Wai-fung were out of town and could not attend the press conference. However, they have written their comments earlier. Mr. Sebastian Man was gratified to see that the overseas community has continued to have positive and favorable views on Hong Kong. The general feeling was that 15 years of the One Country Two Systems by and large has worked. Most people felt that Hong Kong will continue to play a vital role in China’s continuous development, whether in the financial sector or because of its rule of law. People are also positive about Hong Kong’s gradual move towards democracy. In fact, public opinion significantly influenced the outcome in this election of the Chief Executive of HKSAR.

Mr. Leung Wai-fung emphasized that gradual milestones and proactive efforts must be maintained to reconcile different understandings and expectations and through constructive communication between Hong Kong, Mainland China and the West. The world is focusing on bigger issues, such as strategic relationship between China and the U.S., the financial crisis in Europe and the U.S. and how they are impacting the world. And yet, the delegation also put forth the strategic role of Hong Kong, and its potential implication to the world’s economic landscape going forward.

Mr. Sebastian Man, Ms. Juliana Lam and Mr. Leung Wai-fung joined the delegation to the U.S. for their first time. They said they benefited from the trip which was fruitful and meaningful. They hope the Foundation will continue this annual dialogue with counterparts in the U.S.

Ms. Tang expressed her sincere gratitude to the delegates and all organizations visited for their support in making the delegation a success. This regular updates and dialogue with the business community in New York and among interlocutors inside the Beltway is important in enhancing greater mutual understanding. The Foundation will endeavor to organize these kinds of visit to promote better understanding and collaboration.

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.