. A Strategic Look At Hong Kong
. It's economic relationship with China.
. EntrePort Trade.
. Re-Export
. Why & How Australian should be interested?
. "massive increase in capital flows through Hong Kong provided "tremendous opportunities for Australian firms to raise capital" there."
. Hong Kong, China's financial Suez canal
Australian mining service companies had established operations in engineering, valuation, education and finance in Hong Kong, he said, in part because of the anticipated opening up of China's mining industry.
Mr Tsang said: "We don't make things any more, but we're part of the action."
Hong Kong remained the top offshore investor in every province in China, and re-exported many of the finished products its companies made in China, reaping revenues from shipping, logistics, financing and other support services.
"We are not complacent or boastful," Mr Tsang said, but Hong Kong wanted to keep ahead of the game: Chinese in every way but unique.
"I am here to make sure Australians understand the unique functions that Hong Kong performs in the national growth of China, and how that can be exploited by your highly resourceful country with its well-educated people." Now, he said, the massive increase in capital flows through Hong Kong provided "tremendous opportunities for Australian firms to raise capital" there.
The entrenchment of Hong Kong as China's hub for international financial engagement, leaving Shanghai as the domestic entrepot, had been confirmed by the market -- "people put their money in Hong Kong" because of the high returns and the familiar legal framework -- and bthe Chinese government, whose new five-year plan devoted a chapter to Hong Kong and its role as a clearance and settlement centre for the yuan.
Because Hong Kong's trade was three times its gross domestic product, the stability of its currency was crucial, he said, and over three decades its US dollar peg had "done us proud" and would remain, whereas a free float could jeopardise such a comparatively small currency.
Since the Hong Kong exchange had introduced new listing rules for miners, he said, "there has been considerable interest from Australian companies" in primary or secondary listings there.
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