Hong Kong To Promote Finance Centre In North America

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

06 April 2007

Hong Kong Secretary for Financial Services & the Treasury, Frederick Ma, has announced that he will visit the United States and Canada at the end of April to promote the development of Hong Kong's financial services centre.

During his visit to New York, Ma will speak at a luncheon hosted by the Committee of 100, which has also invited US Secretary of the Treasury Henry Paulson to speak. Ma said that he will also take the opportunity to exchange views with Paulson on the successful ingredients of building a world-class financial centre and draw on the US experience.

In an article posted on the bureau's website last week, Ma said that although Hong Kong's competitiveness as an international financial centre was recognised by London and New York, Hong Kong cannot afford to be complacent.

"In the past three years, Hong Kong surpassed Tokyo and ranked first in Asia in terms of IPO funds raised; and our market capitalisation overtook Germany to rank seventh in the world last year," he observed.

"Yet, we must always remember the motto 'One loses by pride and gains by modesty'. There is still a lot that Hong Kong can draw from the experiences of New York and London in financial services," he noted.

Ma added that with the efforts of the government and the community, Hong Kong's inherent advantages and the opportunities arising from the Mainland's rapid economic development in recent years, Hong Kong will definitely be able to enhance its position as an international financial centre.

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