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Hong Kong attains growing roles in global finance

(Xinhua)
Updated: 2008-07-15 00:21

HONG KONG  -- Hong Kong is attaining growing roles as a springboard for Chinese mainland companies to expand globally and as a global financial center for the Asian time zone, the city's Chief Executive Donald Tsang said Monday.

Speaking at a reception of investors, Tsang said investment promotion officials of the Hong Kong Special Administrative Region (HKSAR) government have traditionally marketed Hong Kong as a place to do business in four levels: a market in its own right, a co-ordination center for south China, a base for the whole of China, and a base for the region.

But an emerging trend is that mainland companies have increasingly recognized Hong Kong's strategic role as the springboard to expand regionally and globally, Tsang said.

"Just six years ago, Invest HK did not have any mainland clients. In the first months of this year, mainland companies accounted for 20 percent of our completed investment projects," Tsang said, referring to the work of the invest arm.

Hong Kong has been actively promoting itself as an investment platform.

Tsang said a second emerging trend is Hong Kong's growing role as one of the leading international financial centers, citing NyLonKong, a firm coined by the Time magazine earlier this year toincorporating the names of New York, London and Hong Kong.

Financial giants, including Deutsche Bank, JPMorgan, and CreditSuisse, have planned for major expansion locally and some companies are relocating key personnel with global responsibilities to Hong Kong from New York and London, he said.