A Better Hong Kong Foundation delegation returned to Hong Kong bringing back the good news that the US Congress had reaffirmed the successful implementation of One Country Two Systems in Hong Kong under the administration of the HKSAR Chief Executive, Mr. C.H. Tung. The Foundation mission came at the heel of the release of the 9th US Congressional Task Force Report on Hong Kong.
The report acknowledged the core values of Hong Kong, including the rule of law, freedom of speech and assembly, and commitment to a free economy as they remain inseparably integrated into Hong Kong’s way of life. The Congressional task force took cognizance of Hong Kong as the freest economy in the world.
At a meeting with the office of Congressman Doug Bereuter, the author of the Hong Kong report, the delegation was heartened to learn that the US Trade Representative commended Hong Kong as a model for other Asian economies attempting to deal with intellectual property rights piracy. The Congress report also praised Hong Kong as the “partner of the US in the anti-terrorist campaign” and expressed well-founded confidence in Hong Kong’s outstanding export control regime, which was regarded one of the world’s best.
The delegation led by the Foundation Chief Executive, George Yuen, made its annual visit to Washington DC between Feb 12 –14, 2002. Among the delegates were Senior Counsel Daniel Fung, Vivien Chou, Director of Windsor Group and Founder of Integrated Medicine Holdings; and Oscar Chow, Director of Chevalier Group and a Foundation Council member.
During the three-day visit in the US capital, the delegation had 16 appointments with important discussions with senators, representatives, staffers, senior US officials, and think tanks, such as the Brookings Institution, John-Hopkins University School of Advanced international Studies and the Citizens for Sound Economy. The delegation capitalized the high-level receptions at the National Economic Council and House International Relations Committee to relate a positive presentation on Hong Kong constitutional development and socio-economic strengths even in times of adversities.
George Yuen noted that the visit was particularly timely as Congressman Bereuter had just released a Congressional report on Hong Kong. In addition, the Committee on International Relations, chaired by Henry J Hyde, was conducting a hearing on US Foreign Policy in East Asia, prior to US President George W Bush’s visit to northeast Asia from February 17 to 22.
Mr. Yuen believed that the trip was an excellent opportunity to have discussions with congressmen and US state department officials on the agenda of President’s visit to China and its impact on Hong Kong. Sources close to the State Department indicated that the President’s visit would have a happy and useful agenda to foster an even closer tie between China and the United States of America. Mr. Yuen also added that the WTO issues would be discussed at the meetings of Chinese and US leaders.
Daniel Fung, S.C., remarked, “In the Foundation’s subsequent meetings with US trade officials, they appreciated the value of regional integration, as it is viewed as a prod to accelerate US efforts to reach free trade agreements and deepen her integration across the Pacific. US officials are supportive of Hong Kong’s discussion to seek free trade agreement (now known as Closer Economic Partnership Arrangement (CEPA) with China as they regard it as a natural evolution of regional integration.”
The group also held discussions with the National Economic Council on US economy. “It is gratifying to note signs of brisk business activities. The exceptional strong retail sales in January reflecting optimism in an early US recovery outweigh the concerns of accounting system weakness in corporation valuations in the market. That could bring positive effects on the global economy. It is hoped that Hong Kong order books would benefit from this turn around. However, we have to be cautious on the continued weakening of the Japanese yen.” Senior Counsel Fung asserted the gist of the discussion on US economy.
The group urged the US Commerce Department to organize trade missions to Hong Kong as WTO had presented more opportunities for US small and medium sized companies to expand business in China through Hong Kong as their partners, because of Hong Kong’s knowledge of the emerging market, its culture and how business being conducted there.
Ms. Vivien Chou welcomed the proposed senior level trade missions to Hong Kong organized by the US Commerce Department. She encouraged bilateral trade and investment, especially in the field of biotechnology and herbal medicine. “We are seeking partnership from the United States as we endeavor to establish world recognized standards for our bio-tech products and upgrade production facilities. Besides, we would like to collaborate with US universities, science and research laboratories on the development of bio-informatics,”
“Definitely. I see more opportunities for US infrastructure corporations to expand their businesses in China with Hong Kong as their springboard,” said Mr. Oscar Chow, an active member of the Hong Kong General Chamber of Commerce and a delegate of HKSAR Go West mission led by Chief Secretary Donald Tsang in May 2001.
After discussion with the US Water Environmental Federation, Mr. Chow expected many opportunities for US companies to market their environmental products and services in Hong Kong, China and South East Asia. “Hong Kong can play a useful facilitator in business development and consultancy services to meet varied market demands. It is my first trip with the Foundation to America. It has been an eye-opening exercise and a useful learning experience for me,” said Mr. Chow.
The Foundation’s Chief Executive George Yuen concluded that this annual mission had again focused US opinion leaders and interlocutors on Hong Kong’s economic strengths, and her pivotal role in market development for US and other multi-national corporations, especially in their investment in China.
For enquiries, please contact Mr. George Yuen of The Better Hong Kong Foundation at 2861 2622 or by fax at 2861 3361.
The Better Hong Kong Foundation is a privately funded, non-profit, non-political organization, formed by leading Hong Kong business people to reinforce Hong Kong’s role as the leading regional, financial, shipping, trading, communication and technology center. The Foundation also serves to enhance greater international understanding between East and West by facilitating communications between Hong Kong, China and the international community.