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Chief Secretary Matthew Cheung
The US is our second largest trading partner only after the Mainland of China. Last year, Hong Kong bought US$26.5 billion worth of goods made in America including vast quantities of meat and agricultural products. In fact, Hong Kong was the fifth largest market for beef and veal products and the sixth-largest importer for agricultural products of the US.
But, of course, Hong Kong has much more to offer. We are one of the world's most business friendly cities. Free market policies, the rule of law and free flow of information offer a level playing field for all companies. Hong Kong is home to about 1,400 US companies and brands, representing some of the most recognisable names in global business, from Apple and Bank of America to Google, Time Warner and, of course, Yahoo! With so many US companies doing business out of Hong Kong, it is no surprise that the American Chamber of Commerce in Hong Kong is the largest international chamber in this vibrant city, and also one of the biggest American chambers outside the US. No surprise, either, that some 85,000 people of US nationality treat Hong Kong as their home.
Our attractions for business, trade and investment are clear and compelling. The positive recognition of Hong Kong's strengths is also forcefully conveyed by the Washington-based Heritage Foundation which has named Hong Kong the freest economy in the world for the past 23 years in a row. The unique advantages of Hong Kong are guaranteed by the Basic Law and the principle of "one country, two systems". It means that information, capital and people flow freely and confidently in and out of Hong Kong. These are part and parcel of our strengths to be the "super-connector" to bring the Mainland and global business and investment together. And that takes us also to our motherland's far-reaching Belt & Road Initiative, linking up more than 60 nations and 4.4 billion people across three continents that account for 30% of global economic value.
Hong Kong is both China's international financial capital and the world's China financial capital. We have the financial capacity and professional knowhow to help finance and develop Belt & Road projects. Last month, Hong Kong formally joined the Asian Infrastructure Investment Bank. We are all set to contribute to the success of the bank and the Belt & Road projects that it helps drive.
Alongside capital, the Belt & Road will be built on co-operation. President Xi Jinping said in his speech at the opening of the Belt & Road Forum in Beijing this year that the Belt & Road Initiative also opens up to all other countries. All countries, from either Asia, Europe, Africa or the Americas can be international collaboration partners of the Belt & Road Initiative. The pursuit of this initiative is based on extensive consultation, and its benefits will be shared by us all.
In short, the Belt & Road is all about building bridges. Beyond physical links, that means actively seeking ways for nations and peoples, economies and companies, to come together. And Hong Kong looks forward to building bridges with US companies in pursuit of the vast promise that the Belt & Road offers us all. That is why my predecessor and now Chief Executive, Mrs Carrie Lam, visited the US last June.
The Hong Kong SAR Government places great importance and emphasis on protecting human rights and combatting crime in accordance with the Basic Law and the laws of Hong Kong. We are confident and determined that the principle of "one country, two systems" will continue to propel Hong Kong forward and, of course, underpin our stability and prosperity. President Xi made it abundantly clear in his speech at the inaugural ceremony of the fifth term Government of the Hong Kong SAR last Saturday here: "To uphold and implement the principle of 'one country, two systems' meets the interests of the Hong Kong people, responds to the needs of maintaining Hong Kong's prosperity and stability, serves the fundamental interests of the nation, and meets the shared aspiration of all Chinese".
We will unswervingly implement the policy of "one country, two systems" and make sure that it is fully applied in Hong Kong without being bent or distorted. We will ensure that Hong Kong forges ahead and keeps scaling new heights.
Chief Secretary Matthew Cheung gave these remarks at a reception held by the US Consulate General in celebration of US Independence Day and the 20th anniversary of US-Hong Kong relations under the "one country, two systems" framework.
