The 21st Plenary Session of the Hong Kong-United States Business Council took place in Hong Kong on 20 March 2008. Before the Plenary session, a welcoming dinner was held at the Chi Lin Nunnery on 19 March. The visit provided a unique cultural experience for the visiting US. participants.

During the Plenary session, the high-ranking Hong Kong delegation briefed senior US businessmen on Hong Kong’s irreplaceable role in helping American companies develop their business in China.

The two Chairmen noted the global economic downturn but made reassuring remarks about Hong Kong’s stability due to its strategic position in the Pearl River Delta (PRD) region and its strengthening trade relations with the Chinese mainland.

“The global economy is in turmoil, but we seem to have a relative calm in Hong Kong, because of our very blessed position in the Pearl River Delta and with China that is developing very rapidly.” said Ms Marjorie Yang, Chairman of the Hong Kong section of the Hong Kong – US Business Council and Chairman of the Esquel Group.

With its well-established financial and economic infrastructure as well as a mature market, Hong Kong will remain the most important financial centre in the Asia-Pacific attracting foreign investment opportunities. However, a common issue facing foreign companies investing in Hong Kong is its pollution and the rising costs of doing business.

Guest speakers highlighted how US and Hong Kong companies are implementing advanced technologies to increase energy efficiency in a move to be more environmentally-friendly. They also offered insight on how alternative investment vehicles can propel new innovation and technologies to meet the growing demand for environmental solutions in the PRD region.

Another subject on the agenda included Hong Kong’s role as China’s premium capital formation centre. Guest speakers provided an expert overview of China’s capital markets and offered new perspectives on the current investment environment in China vis-à-vis energy and the environment.

Ms Chen Xing, Director General, Department of Taiwan, Hong Kong and Macao Affairs, was invited to provide updates on CEPA and its implications for business, with both members of the Hong Kong and US sides welcoming the latest arrangements.

Mr John Tsang, Financial Secretary of the HKSAR Government, hosted a lunch for the Business Council members and briefed them on the latest economic issues on the agenda in Hong Kong.

The particpants then travelled to Guangzhou to meet Mr Wang Yang, Guangdong Party Secretary. Mr Wang introduced the latest economic developments and investment opportunities in the province, which was highly appreciated by the US delegation. The outcome of the two-way exchange was certainly fruitful and promising.