The Better Hong Kong Foundation Concludes Its Annual Delegation Visit to the United States in May 2011

(7 June 2011, Hong Kong) The Better Hong Kong Foundation (“the Foundation”) completed its annual delegation visit to the United States from the 16 to 19 of May. 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.

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 four Foundation Council Members, Mr. Joseph Yu, Chairman of Roseville Group of Companies, Mr. Albert Ip, Independent Non-Executive Director of Eagle Asset Management (CP) Ltd, Mr. Philip Ma, Group Managing Director of The Sincere Co Ltd and Ms. Diana Chou, Managing Director of Sino Private Aviation (HK) Ltd, as well as the Foundation’s Executive Director Ms. Karen Tang.

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

The delegation visited the Executive Branch (U.S. Department of State and U.S. Department of Commerce); the Legislative Branch (Congressional staffers); think tanks (Brookings Institution, Carnegie Endowment for International Peace, CATO Institute, Heritage Foundation, National Committee on US-China Relations and US-Asia Institute); the Hong Kong Economic and Trade Office in Washington DC; a financial institution (Morgan Stanley); rating agencies (Standard & Poor’s and Fitch Ratings); and media (journalists from Barron’s Magazine, New York Post, Bloomberg TV, msnbc.com and NBC news).

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

Mr. Ronnie Chan asserted “the Sino-U.S. relationship has been steering towards a stable and positive direction during this Obama administration. The parties that we met confirmed such observation especially when they saw the positive results of the U.S.-China Strategic and Economic Dialogue which had just been concluded few days before our visit.”

He added that Hong Kong, as an international financial and capital formation center, benefits from growth in the China market on the one hand, and is functional in facilitating China’s progress towards its targets and working with its global partners on the other. People we met also concurred that Hong Kong has been doing very well and has never been better.

At a speech he gave at an open luncheon, entitled “What does China’s 12th Five-Year Plan (12th FYP) mean to Americans – from the perspective of a Hong Kong Businessman”, Mr. Chan shared his observations of the latest developments in China and the role of Hong Kong. He explained the huge potential of the China market, demonstrated by the government’s commitment to economic growth, especially in the shift from an export-oriented economy to a domestic consumption oriented one. In response to the risk of a bubble in the property market, Mr. Chan said that there was no bubble as there was real demand in the market.  He stressed that the effort and determination of the central authority to control the surge in property prices could not be underestimated. Likewise, the targets set forth in the 12th FYP are good indicators for those who want to explore opportunities in China.

Ms. Karen Tang observed that the interest in China is obvious and increasing in both the business community in New York and among interlocutors inside the Beltway. However, it is important to engage them with regular updates and dialogue.

Mr. Joseph Yu commented that the issues of U.S. domestic economic predicament, global strategies and the relationship with China are already so complex and become more complicated when interests of different stakeholders are involved and become ‘politicized’. Mr. Yu is mildly optimistic about the future as the U.S. housing market ‘double dip’ is still hanging in the balance. However, he is confident that the leaders of China and the U.S. will cooperate and work to jointly overcome their differences over matters like RMB valuation, military collaboration and Chinese investment in sensitive areas such as intellectual property.

Mr. Albert Ip said the soundness of Hong Kong’s banking system, the importance of Hong Kong as a conduit for IPO’s of Mainland companies, and its unique platform to capture the exponentially growing RMB trade and bond businesses, as well as the beginning of RMB priced IPO’s were well noted by interlocutors in the U.S. The high quality of universities in the SAR was also highlighted, especially the international orientation in providing exchange programs with overseas universities and the Western educated leadership.                                                                                                    

Mr. Philip Ma was gratified that both China and Hong Kong are highly regarded by the international community, receiving high ratings from renowned rating agencies. Moreover, the discussion and exchange with the Permanent Mission of the PRC to the United Nations and the Consulate General of the PRC in New York on the China-U.S. relationship and other world affairs was insightful. The China diplomats were very appreciative of the work of the Foundation.

Ms. Diana Chou regarded this trip as informative for both sides. Hong Kong can serve as a platform to bridge the understanding between the East and West especially between China and the U.S. Ms. Chou concurred with Mr. Chan that the Chinese have been a peaceful race and that Chinese investment in the U.S. should not be misunderstood as economic aggression but more as a positive force to rejuvenate its economy and to job creation. Although the American government wants to attract overseas investment and promote its exports, there are still established blocks which hinder its attractiveness.

An example was cited by Ms. Chou that ITAR (International Traffic in Arms Regulations) controlled equipment on PSB (Public Security Bureau) and Fire Fighting helicopters are being exported by European manufacturers to China and Hong Kong yet being restricted by its American counterparts.  Ms. Chou suggested to review its export policy.

Both Mr. Philip Ma and Ms. Diana Chou are new Council Members and it was their first time joining the delegation to the U.S. 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 great success. The Foundation will continue its dedication to enhancing greater international understanding between East and West by facilitating communications between Hong Kong, China and the international community. The Foundation will endeavor to organize these kinds of visits for more exchanges and to promote better mutual understanding.

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.

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