September 09, 2011

Chief Executive Donald Tsang has met with European Council President Herman Van Rompuy and encouraged European businesses to capitalise on Hong Kong’s premier position as an international financial centre at the doorstep of Mainland China.
 
Mr Tsang started the first leg of his visit to Europe in Brussels yesterday and called on Mr Van Rompuy, the Minister-President of the Walloon Region and the French Community Rudy Demotte, and Crown Prince Philippe.
 
The Chief Executive exchanged views with Mr Van Rompuy on the global financial situation and the economic developments of China. He also updated him on Hong Kong’s latest situation.
 
Later, in an address at the 25th anniversary gala dinner of the Belgium-Hong Kong Society co-organised by the Hong Kong Economic & Trade Office in Brussels, Mr Tsang encouraged Belgian entrepreneurs to explore ways they could benefit from Hong Kong’s growth sectors.
 
“Mainland China is now the world's second largest economy. As China’s global financial centre, Hong Kong can, and will, take full advantage of this new economic landscape,” he said, citing examples of how closer financial co-operation between Hong Kong and the Mainland is good for the city, the nation and all trading partners such as Belgium.
 
“The establishment of a renminbi bond market in Hong Kong in 2007 gives foreign firms, including Belgian enterprises, an opportunity to raise capital in renminbi,” he said.
 
“In the first half of this year, there were 38 renminbi bond issuances in Hong Kong. The total amount raised was almost RMB43 billion, or about 4.7 billion Euros. That exceeds the total amount for the whole of last year.
 
“Also, companies listing on the Hong Kong stock market, attract investors not only from Hong Kong but also from the Mainland and the rest of the world.”
 
Mr Tsang will attend a working breakfast today with Belgian business leaders and meet Prime Minister Yves Leterme and Minister of Foreign Affairs Steven Vanackere. Mr Tsang will also meet Minister President of the Flemish Government Kris Peeters, Belgian Federal Parliament Chamber of Representatives President Andre Flahaut, and European Commission Commissioner for Trade Karel De Gucht.
 
On September 10, Mr Tsang will officiate at the opening ceremony of the Dragon Boat Festival in Antwerp.
 
The European Union en bloc is Hong Kong's second largest trading partner of Hong Kong. Bilateral trade reached almost US$76 billion last year, with an 18% year-on-year growth in the first five months this year.
 
Belgium is Hong Kong’s sixth largest trading partner among the 27 EU Member States. Bilateral trade last year accounted for US$5 billion. It grew 41% year-on-year in the first five months this year.