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Hong Kong: Asia's World City
The Chief Executive, the Honourable Tung Chee Hwa, outlines the remarkable attributes that provide a firm base for positioning the Hong Kong Special Administrative
Region as a 'world city'.
ONE of the many reasons I am proud to call Hong Kong home is our people. The ability of Hong Kong people to turn adversity into opportunity has proven time and again that we are able to reinvent ourselves when faced with challenge. In the process, we have created ‘Asia's world city' and an important centre for global business.
When the Asian financial crisis hit in 1997, bringing about one of the worst recessions in memory, it was a difficult time for all. The economic downturn, coupled with the mission of implementing 'one country, two systems', presented Hong Kong with an unprecedented new challenge. In the last four years, Hong Kong has not only proven that our unique form of constitutional government is effective and our commitment to the rule of law is strong, we have gone a step further. We have shown the world that we can prosper as a Special Administrative Region of China and can continue to serve as the international business hub for the Asia-Pacific region.
Hong Kong's economy has recovered. Growth has resumed and unemployment has come down from a peak of 6.4 per cent. We are also welcoming increasing numbers of visitors from around the globe. In 2000, there were more than 13 million visitors, a 15 per cent increase over arrivals in 1999. The number of regional headquarters and offices established by multinational corporations in Hong Kong increased from 2 500 to 3 000, a remarkable 20 per cent increase over 1999. Foreign investment is also on the rise with Hong Kong at the centre of much of the investment for Asia. During 2000, Hong Kong received more than US$64 billion in foreign direct investment (FDI). And since China opened its doors to the world in 1978, over 50 per cent of FDI into the Mainland has been channelled through Hong Kong.
Hong Kong is back on track. As an externally oriented economy, we will always be susceptible to the fortunes of our major trading partners such as Japan and the United States. But the economic restructuring has started, and it will take some time to complete.
Perceptions of Hong Kong internationally are keeping pace with our economic development. Recent research carried out as part of our review on international perceptions of Hong Kong establishes that the HKSAR is considered to be innovative, up-to-date, dynamic, intelligent, energetic, prestigious and distinctive. While heartened by these views of the community we are creating, we recognise that perceptions must be constantly reinforced by positive change. Hong Kong is all about positive change.
Our aspiration is to put Hong Kong in the league of 'world cities' like New York and London. A 'world city' must have a strong internationally oriented business sector and, in particular, vibrant service industries with access to a workforce with
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