The Better Hong Kong Foundation Plays Successful Washington Visit

Hong Kong Stock Exchange Council Chairman Dr Edgar Cheng shared his positive view of the territory’s future with several influential officials during a visit to the US organised by The Better Hong Kong Foundation in September 1996.

Dr Cheng met with Democratic Party Chairman Chris Dodd, officials of the US Treasury Department, Chairman of the Senate Subcommittee on International Finance Christopher Bond, Senate Foreign Relations Committee and Banking Committee member Senator Rod Grams and Senate Commerce member Ron Wyden.

The high-level meetings followed Dr Cheng’s address to the Centre for Strategic and International Studies of the Hong Kong Core Group, during which he reiterated several key points which supported his optimistic view of the territory’s future after it reverts to Chinese sovereignty in mid-1997.

“The accumulated amount of the Hong Kong-based investment in China is more than US$60 billion, which still represents over 50% of all external investment in that country,” Dr Cheng noted. “Hong Kong’s position as an international financial centre is one of the territory’s most valuable aspects to China.”

Dr Cheng also believes that Hong Kong’s future “lies in our own hands” and key financial institutions such as the Hong Kong Monetary Authority, Securities and Futures Commission, Stock Exchange of Hong Kong, Hong Kong Future Exchange and relevant departments of Government were staffed by Hong Kong people who can reasonably be expected to stay on post-1997.

“There is also excellent co-operation between mainland authorities dealing with financial market and those in Hong Kong and the former have shown a thoroughly sophisticated and pragmatic approach in such matters as the development of the “H” share market,” Dr Cheng added. “I therefore see Hong Kong maintaining its role as a leading international financial centre in Asia, while continuing to interact increasingly with mainland financial markets as they evolve.”

Senator Dodd told Dr Cheng, Hong Kong University Professor of Economics and Finance Dr Richard Wong and their delegation that President Clinton intends to focus his foreign policy energy and attention on Asia, especially China.

Senator Bond agreed with the delegation that Hong Kong’s economic freedoms were unsurpassed anywhere in the world and he was confident that the territory would continue its unique role as international financial centre while noting that attention would be paid by the world to developments in Hong Kong in the coming year.

The delegation concluded its visit by discussion plans for naming the new Chief Executive and other changes taking place during the runup to 1997 with Senator Grams. They also invited Senator Wyden to visit Hong Kong in the near future to develop his owns views regarding Hong Kong’s future.