Business leaders from Japan and Hong Kong have pledged to work together to boost their economies, and others in the region.
And Japanese committee members have welcomed the way that Hong Kong is maintaining its competitive advantage, as a value-creating business centre.
At their meeting today (2nd December) members of the Hong Kong/Japan and Japan/Hong Kong Business Co-operation Committees, discussed the promising prospects for growth in bi-lateral trade, particularly in the services and technology sectors.
They also considered how Hong Kong and Japanese business could work together to make the most of the opportunities offered by the latest phase of China's economic reforms, as announced at the 15th Party Congress.
In a statement issued after their meeting, Japanese committee members welcomed the smooth progress of Hong Kong's reunification with China, and expressed confidence that Hong Kong economic performance would continue to be strong.
"Members noted that the deeper and stronger links between the SAR and mainland economy combined with Hong Kong's continuing policies of low taxes, free trade and fair and transparent business regulation, had opened up new opportunities for Japanese companies wanting to do business or invest in Hong Kong and China".
"The fundaments of Hong Kong's competitive advantage as a business partner, notably its strength as a financial services, transportation and technology hub, had not been affected by the recent regional economic uncertainty because Hong Kong companies continue to provide a unique, value-adding package of services. Therefore, increasing numbers of Japanese companies would be attracted to the SAR as a regional base, a gateway to China and a centre for sourcing and distribution throughout the region."
Members were briefed by the SAR's Secretary for Financial Services Mr Rafael Hui, on the latest economic trends in Hong Kong and the positive effects of Hong Kong's linked exchange rate mechanism. Professor Justin Lin of Beijing University then gave his analysis of the most recent developments in China's economic reform process, and the opportunities presented for business partnership.
Japanese members gave a presentation on the latest economic developments. Members discussed how these would help Hong Kong business increase exports of goods and services to Japan.
On the Hong Kong side the talks were led by Dr Raymond Ch'ien, Chairman of the Hong Kong/Japan Business Co-operation Committee. The Japan/Hong Kong Business Co-operation Committee was chaired by Mr Tomiichi Akiyama.
Messages of support for the work of the joint Committees were received from Mr Tung Chee Hwa, Chief Executive of the Hong Kong SAR, and Mr Keizo Obuchi, Foreign Minister of Japan. Some of the members of the two Committees attended a luncheon hosted by Mr Tung at the former Government House.
The high-level bilateral committees, which will hold their next plenary session in Japan in 1998, were established in 1979 to foster understanding between the Japanese and Hong Kong business communities, as well as to promote trade, investment and other forms of economic co-operation.
The secretariat for the Japan/Hong Kong Business Co-operation Committee is the Keidanren, and the Hong Kong/Japan Business Co-operation Committee is the Hong Kong Trade Development Council.
Japanese committee members then received a guided tour of Hong Kong's new Chek Lap Kok airport, before leaving for a two-day visit to Guangzhou, organised by the Hong Kong Trade Development Council, to assess the latest developments in the mainland economy, and the opportunities for further expansion of business and trading links.
For press enquiries contact Mr William Cheung of the TDC's Media and Corporate Communications Department on(852) 25844333.