Remarks by Commissioner Margaret Fong, JP
Chinese New Year Reception
Waldorf - Astoria Hotel, New York
11 February 2008

Ambassador Wang, Ambassador Peng, ladies and gentlemen,

I would like to extend a warm welcome you to everyone here tonight as we usher in the Year of the Rat.

2. It was an auspicious start to the New Year as Hong Kong was ranked the world's freest economy for the 14th consecutive year by The Heritage Foundation and Wall Street Journal.

3. The findings of the 2008 Index of Economic Freedom acknowledge Hong Kong's observance of free-market principles, the rule of law, and Hong Kong people's entrepreneurial zeal.

4. These attributes are very much part of my message as I travel across the country, visiting many of your home states.

5. The visits enhance my understanding of the diverse needs of the U.S. business community and allow me to extol Hong Kong's advantages as an investment destination and trusted business partner.
6. While I work stateside, the Hong Kong government endeavors to augment the city's international appeal.

7. Last year, Hong Kong attracted $42.9billion in foreign direct investment placing us seventh in the world. We are the world’s seventh largest stock market and raised over $37billion in IPOs last year. We are currently home to 6440 overseas firms and our exports of goods and services rose by 10 and 15 percent respectively in 2007. As we move forward, Hong Kong will work to further entrench its positions as an international financial and trading centre, a convention and exhibition hub, and a tourist destination.

8. We are grateful for the strong vote of confidence U.S. companies have given for Hong Kong's business outlook.

9. The American Chamber of Commerce in Hong Kong's December 2007 "Business Outlook Survey," revealed that 97% of its member companies found our business environment very satisfactory with many preparing for growth and further investment in the city.

10. The companies cited Hong Kong's competitiveness, business-friendly environment, geographic location, infrastructure, and free flow of capital as the bases for this positive sentiment.
11. Hon Kong and New York have always been close business partners. We are your state’s sixth largest export destination. Of the 56 Fortune 500 companies that call New York State home, 31 have offices in Hong Kong.

12. While we have done exceptionally well in traditional markets like the U.S., to sustain our competitiveness and build for the future, Hong Kong strives to explore opportunities further afield. We have extended the horizon to include emerging markets such as India, the UAE, Thailand and Vietnam. These markets offer enormous potential – from new financial and banking services to manufacturing and commodities trading.

13. Recently, Hong Kong was honored by CEI Asia Pacific magazine as the best city for convention and exhibition support services. With over 300 international conventions and exhibitions held in Hong Kong each year, the city is determined to build on its strengths.

14. Hong Kong also continues to elevate its status as a tourist destination. Last year, we welcomed a record 28 million visitors.

15. In addition to flagship attractions like Hong Kong Disneyland and Ocean Park, Hong Kong is capitalising on the ecological diversity of its outlying islands and countryside.

16. With the opening of the Wetland Park and the development of green tourism, we aim to attract eco-friendly visitors with our commitment to nature conservation.

17. Increasingly, Hong Kong is becoming a hub for cruise ships. In preparation for sustained growth, Hong Kong is developing a world-class cruise terminal at the former Kai Tak site which is expected to commence operation in February 2012.

18. But this year's celebrated event will be the Beijing 2008 Olympic Games.

19. As part of the 29th Olympiad, Hong Kong will co-host the Equestrian Events. It will be a proud and historic moment for Hong Kong people as the Olympic Torch passes through the territory on its way to Beijing.

20. Following the Olympics, Hong Kong will co-host the 13th Paralympic Equestrian Events. I am proud to announce that Hong Kong rider Nelson Yip will represent the city in the Games.

21. I invite all of you to view the exhibition on display which highlights Hong Kong's co-hosting of the Games and promotes the city as an international sports and racing centre.

22. On the constitutional development front, Hong Kong continues to make significant strides. On December 29 2007, it was announced that the elections of the Chief Executive in 2017 and all members of the Legislative Council in 2020 may be by universal suffrage.

23. With a timetable set, the government is tasked with how to amend the electoral methods for the Chief Executive and Legislative Council in 2012, when the next set of elections will take place.

24. It is our hope that the amendments will lay a solid foundation for attaining universal suffrage as prescribed in the Basic Law.

25. As Chief Executive Donald Tsang said, "Hong Kong is entering a most important chapter in its constitutional history."

26. As we move forward, I know that our friends here this evening will continue to support our efforts in strengthening Hong Kong-U.S. ties.

27. I wish you all a safe and prosperous New Year.

Kung Hei Fat Choi!