*World’s financial players gather in Hong Kong for Asian Financial Forum
*Hong Kong and London agree to jointly promote development of offshore Renminbi business
*Hong Kong World’s Freest Economy
*Over 41 million people visited Hong Kong in 2011
*Who Director-General Dr Margaret Chan nominated for second term
World’s financial players gather in Hong Kong for Asian Financial Forum
Over 2,000 influential members of the global financial and business community attended the fifth Asian Financial Forum (AFF) hosted by Hong Kong on 16-17January.
Bankers, institutional investors, fund managers, business leaders, senior executives, government officials and regional policymakers came to Hong Kong to share the latest intelligence and insights. They discussed Asia's role in driving sustainable growth, and developments and opportunities in the dynamic markets, including China.
Keynote speakers included UK Chancellor of the Exchequer, Mr George Osborne, European Commissioner for the Internal Market and Services, Mr Michel Barnier and President of the Asian Development Bank, Mr Haruhiko Kuroda.
The Forum was opened by Hong Kong’s Chief Executive, Mr Donald Tsang, who described Hong Kong's strategies to promote sustainable growth despite the global economic downturn. These included stepping up infrastructure investment, promoting a more diversified business environment, attracting a wider variety of foreign firms to Hong Kong and enhancing Hong Kong's accessibility and potential as a capital-raising platform.
Hong Kong and London agree to jointly promote development of Renminbi business
On 16 January the Hong Kong Monetary Authority and the UK Treasury announced the launch of a joint private-sector forum, to enhance cooperation between Hong Kong and London on the development of offshore renminbi business. The forum was established following a discussion between Chief Executive, Mr Donald Tsang and UK Chancellor of the Exchequer, Mr George Osborne last September to foster closer cooperation.
The forum will focus on exploring synergies by enhancing linkages between Hong Kong and London, specifically regarding clearing and settlement systems, market liquidity and the development of new renminbi-denominated financial products. It will comprise representatives from both Hong Kong and London banks, including HSBC, Standard Chartered, Bank of China, Deutsche Bank and Barclays, and other institutions' representatives as appropriate. The forum will meet twice a year, with the first meeting to be held in Hong Kong in May this year.
Mr Tsang said he was delighted the private sector was taking this important step to foster cooperation between the two financial centres. Noting that with the support of the Central Government, Hong Kong had developed into a global hub for offshore renminbi business, he said banks and financial institutions in London were most welcome to make good use of Hong Kong's offshore renminbi platform.
Hong Kong Monetary Authority Chief Executive Mr Norman Chan said Hong Kong and London were well placed to develop offshore Renminbi business and closer cooperation between the two financial centres would bring about mutual benefits and a win-win situation.
HK World’s Freest Economy
The Heritage Foundation has affirmed that Hong Kong is the world's freest economy, a ranking it has held since the index was first published in 1995.
According to the 2012 Index of Economic Freedom released on 12 January, which ranks the degree of economic freedom of 179 economies around the world, Hong Kong scored 89.9 out of 100, well above the world average of 59.5.
The Heritage Foundation commended Hong Kong's tax system as simple and efficient. It considered monetary stability well maintained in the city. It also noted Hong Kong's economic interaction with the Mainland has become more comprehensive and sophisticated.
Over 41 million people visited Hong Kong in 2011
The Hong Kong Tourism Board (HKTB) announced on 20 January that visitor arrivals to Hong Kong reached an all-time high in 2011 at 41,921,310, representing an increase of 16.4% year-on-year.
Mainland China accounted for the largest number of visitors at 28,100,129 (+23.9%), followed by North Asia with 2,304,683 (+4.4%), South and Southeast Asia with 3,751,149 (+7.1%), Taiwan with 2,148,733 (-0.7%), the Americas with 1,821,096 (+4.1%), Europe, Africa and the Middle East with 2,194,319 (+0.9%) and Australia, New Zealand and the South Pacific with 757,871 (-1.4%)
According to the latest projection, total expenditure associated to inbound tourism for 2011 is expected to exceed HK$253 billion (EUR 25.16 billion), 20.5% more than in 2010. Meanwhile, per capita spending is expected to rise for both overnight visitors and same-day visitors, respectively by 9% to HK$7,333 (EUR 729.52) and by 4.0% to HK$1,920 (EUR 191).
WHO Director-General Margaret Chan nominated for second term
Dr Margaret Chan was nominated by the World Health Organisation (WHO)'s Executive Board on 18 January for a second term as WHO Director-General. Dr Chan is the former Director of Health in Hong Kong.
The nomination will be submitted for approval to the 66th World Health Assembly, scheduled to meet in Geneva in May.