Europe Optimistic On Hong Kong Economy

by Mary Swire, Tax-News.com, Honh Kong

15 May 2008

Hong Kong's Chief Secretary for Administration, Henry Tang has stated that European officials and business leaders have strong confidence in the One Country, Two Systems formula being implemented in Hong Kong, and remain optimistic about the city's economic prospects.

Concluding his visit to Europe on 15th May, Mr Tang revealed that his European counterparts were glad to know that the city is moving towards universal suffrage, adding that they showed great interest in what Hong Kong people are doing to improve their quality of living.

During his visit to Paris from the 11th to 14th May, Mr Tang updated a number of ministers on Hong Kong's latest developments, and highlighted the exciting business opportunities promised by the Government in its determination to develop Hong Kong into Asia's wine distribution hub.

"The ministers are keen to develop closer economic links with Hong Kong. They welcome our recent reduction in wine duty and are highly supportive of using Hong Kong as the hub to tap into the Asian wine market," he announced.

"I am glad the French Government has agreed to my proposal of concluding a bilateral arrangement to share with us experience in promoting wine-related trade and tourism, as well as providing training on wine-tasting."

Tang reaffirmed Hong Kong's strong commitment to promoting trade liberalisation through the WTO process. He agreed to take forward French proposals to promote bilateral collaboration between stock exchanges and securities regulators, as well as sharing Hong Kong's experience in maintaining a business-friendly environment.

Speaking at a luncheon during his visit, Mr Tang also appealed to business leaders to make the best use of Hong Kong as a springboard to entering the Asian market.

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