Ventures Dialogue

“Hong Kong Trader” – Complimentary e-delivery of business intelligence that matters to you (http://www.hktdc.com/info/mi/hkti/en/index.htm)

Canadian businesses interested in accessing business opportunities in Hong Kong, the Chinese Mainland and the region may be interested to note that the HKTDC e-Hong Kong Trader has recently been revamped into a weekly publication. The new content-enriched Trader features news and insights that matter to businesses, with a focus on dynamic Hong Kong and the rapidly evolving Chinese mainland market. 

In today’s extremely challenging business environment, the HKTDC research and editorial teams have re-engineered the Hong Kong Trader to maximize its information value to China-focused businesses around the world by:

• Enhancing overseas companies’ awareness of Hong Kong’s unique strengths as the gateway to the Chinese mainland and the region.
• Providing information on how HKTDC’s world-class trade fairs are enhancing Hong Kong’s role as Asia’s sourcing centre. HKTDC fairs are becoming the preferred platform for launching products and services into the Asian market, and the Trader will keep its recipients informed on how and when to realize these opportunities. 
• Ensuring that readers are up-to-date on Hong Kong’s growing role as a technology trading platform for Asia, and particularly the mainland. Hong Kong is strengthening its international presence in this area through tech-focused trade fairs and growing technology alliances with overseas partners.

To benefit from the Hong Kong Trader for free, and customize your newsfeed to the industries and areas you want to focus on, please complete the simple subscription at:  http://info.hktdc.com/enews_en/index.asp. For further information, interested parties are also welcome to contact Lily Kam of HKTDC Toronto Office at Tel. No.: (416) 366-3594 or email: lily.kam@hktdc.org.

* * * * * * * *

Question: What retailer in China has over 250 stores in 90 cities and is considered a trusted and upscale retailer?

Answer: Walmart

Surprised?  While Walmart China may not be your first thought, check out this podcast from the Economist as Ed Chan, head of Walmart’s operations in China, discusses how Walmart is viewed in China, the role of the emerging middle class is playing in redifining the chain, and much more. 

Photo by Str1ke

One of the outcomes of Canadian Prime Minister Stephen Harper’s trip to China and Hong Kong is the signing of a Memorandum of Understanding to mark the establishment of a bilateral working holiday arrangement to benefit young people of the two places from March 1, 2010.

The Memorandum was signed Saturday, following a meeting between Prime Minister Harper and Hong Kong’s Chief Executive Donald Tsang, at the Government House by Canada’s Minister of International Trade, Mr Stockwell Day, and Hong Kong’s Secretary for Labour and Welfare, Mr Matthew Cheung.
 
Canada is the sixth country and the first in North America to establish such bilateral arrangement with Hong Kong. The arrangement provides an opportunity for young people to broaden their horizons and to gain first-hand living and working experience while they are travelling.

“It is encouraging that Canada and Hong Kong has entered into this bilateral arrangement,” said Ms Maureen Siu, Director of the Hong Kong Economic & Trade Office, the representative of the Hong Kong SAR Government in Canada. “It will further strengthen our long-standing relations and make Canada a popular destination for our youngsters.”

The MOU will allow qualified young people aged 18 to 30 from Canada and Hong Kong to travel and take up employment in each other’s territory for up to one year.  There are 200 places available on each side for 2010 under the arrangement. Hong Kong established bilateral working holiday schemes with New Zealand and Australia in 2001, Ireland in 2005, and Germany and Japan in 2009.
 
So far, more than 9,450 Hong Kong youngsters have benefited from participating in the schemes while about 1,280 young people from New Zealand, Australia, Ireland and Germany have experienced Hong Kong’s cosmopolitan and vibrant way of life.
 
The Hong Kong Immigration Department or the Consulate General of Canada in Hong Kong will issue a working holiday visa to a successful applicant from Canada or Hong Kong respectively who meets the following eligibility criteria among others:
 
- The applicant must be either a Canadian citizen possessing a valid Canadian passport, or a HKSAR passport or British National (Overseas) passport holder ordinarily residing in Hong Kong, who is aged between 18 and 30 and intends primarily to holiday in Canada or Hong Kong for a specified period of not more than one year;

- The applicant must not be accompanied by dependent family members;

- The applicant must possess a departure ticket or sufficient funds to purchase such a ticket, and sufficient funds for his/her maintenance during the period of initial stay in Canada or Hong Kong; and

 The applicant must hold insurance for medical and health care for the duration of stay.
 
Details on visa application procedures for Hong Kong applicants can be found via the website of the Consulate General of Canada at www.hongkong.gc.ca.

Canadian applicants may contact the Hong Kong Immigration Department by telephone on 2824 6111 or download the necessary information from the Department’s website www.immd.gov.hk.

BoC cautions China on exchange rate movements

 China’s Stocks May Gain 30% on Liquidity, Morgan Stanley Says 

iPhone to attract 10 pct of 3G users by 2012, Unicom says  

China and US ‘to work together’

America, China and climate change

Let’s agree to agree 

Photo by Pat Rioux

A robust legal system has, among other factors, enhanced Hong Kong’s  strength as a strategic springboard to Mainland China and the Asia Pacific, the Secretary for Justice of the Hong Kong Special Administrative Region, Mr Wong Yan Lung, SC, said at a luncheon hosted by the Canadian Club of Toronto and supported by the Hong Kong-Canada Business Association (Toronto).

Addressing some 160 business and community leaders, professionals, academics as well as government officials, Mr Wong said that this strength, together with a deep pool of local and overseas talent, healthy supply of capital, vast international network as well as excellent trading, financial and professional services, had made Hong Kong a platform for China’s integration with the rest of the world.

Elaborating on Hong Kong’s robust legal system, the Secretary for Justice said the rule of law and “One Country, Two Systems” were working well in Hong Kong, as was confirmed by reports prepared by independent outside observers including international rating agencies as well as the governments of the United States, United Kingdom and European Union.

“Common law is not only preserved but is actually enriched by the Basic Law. Since 1997, we have further moved on from the predominantly English basis to attain a more international jurisprudential repertoire, with Canada being one of the contributors.  As guaranteed by the Basic Law, precedents from other common law jurisdictions can be referred to in our courts.

“Hong Kong’s Court of Final Appeal (CFA) is of international acclaim and much trusted by the people of Hong Kong as well as the international business community.  Judgments delivered by our CFA are of high jurisprudential value not just in Hong Kong.  They have been cited in the Supreme Court of Canada, House of Lords in the UK, as well as the Federal Court of Australia, ” Mr Wong said.

He noted that judicial independence, as one of the pillars of Hong Kong’s  success, was guaranteed by the Basic Law.  Protection of fundamental human rights and freedoms was also guaranteed on a constitutional level in the Basic Law.

The legal profession in Hong Kong remained strong and independent, offering a wide spectrum of expertise to a variety of private and corporate clientele, he added.

He also highlighted the Government’s efforts and achievements in protecting intellectual property rights and maintaining a corruption free society to illustrate Hong Kong’s strong respect for the rule of law.

On the promotion of Hong Kong as a leading international dispute resolution centre, the Secretary for Justice said that as large international disputes involving Chinese parties were on the rise, some international arbitration bodies were already moving east into the Asia Pacific region.

“For example, the International Court of Arbitration (ICA) of the International Chamber of Commerce (ICC), which is based in Paris, has opened its first ever branch of Secretariat in Hong Kong.

“This is a significant move by an international arbitration institution of high repute and a show of confidence in Hong Kong’s position as a centre of dispute resolution,”he said.

Turning to Hong Kong’s role as a strategic springboard to China, Mr Wong said the Government would boost Hong Kong’s connectivity with the Mainland further and enhance its role as an off-shore centre for Renminbi.

“Perhaps the biggest advantage for overseas firms is our unique free trade pact with the Mainland, the Closer Economic Partnership Arrangement (CEPA).

“CEPA provides preferential access to Mainland markets and sectors for Hong Kong registered companies, including foreign firms incorporated in Hong Kong.  Under CEPA, all Hong Kong products enjoy zero import tariffs into the Mainland.  And service suppliers in 42 areas can receive preferential treatment in the form of lower barriers to entry for their services in the Mainland,” he said.

Mr Wong also highlighted the increasing cooperation between the courts of Hong Kong and of Mainland China regarding mutual recognition and enforcement of court judgments.

He said a landmark agreement was signed in July 2007 between the Department of Justice and the Supreme People’s Court in Mainland China to facilitate mutual enforcement of judgments in certain commercial disputes.

“We hope this will be the prototype of many others to come, and will provide further incentive for international investors to make use of Hong Kong’s legal services and judicial process,” he added.

The Great Wall of China at “Mutianyu” just north of Beijing under a recent blanket of snow.

RIM to Promote BlackBerry in China, Rivaling iPhone

Chinese mainland vows continued support for Taiwan in economic downturn

China, New Zealand sign labor market agreement

India, China sign 5-yr pact to tackle climate change

Govt buys ticket for Disney Shanghai

China hosts anti-piracy meeting

Photo by Steve Weber 

  Wild Roses seen on Lantau Island HK

Some of the latest news from China/Hong Kong:

China-ASEAN FTA to accelerate RMB regionalization

Canadian exporters shift focus to Asia

Strong start for China’s ‘Nasdaq’

China’s Water Needs Create Opportunities  

PM to visit China, India   

A wary respect
     America and China need each other, but they are a long way from trusting each other

Photo by Andreas

Moving towards developing Hong Kong into a high value-added knowledge-based economy,Chief Executive Donald Tsang(pictured on the left) encourages the public sector and industry to collaborate with one another.  This is especially the case considering the government has just added another six areas of priority to their four pillar industries.  Tsang is quoted in an article from The Standard that if the government, private sector and the public can work together “wholeheartedly, the six industries stand a better chance of success.” 

Part of his 90 minute annual policy address, Tsang reaffirmed dedication to support the four original pillars: financial services, tourism, trading and logistics and professional services.  He also outlined the six new innovation and knowledge based areas: education services, medical series, testing and certification services, environmental industries, innovation and technology, and cultural and creative industries.  Together, these industries represent 67 to 68 per cent of Hong Kong’s GDP.  The newest six represent seven to eight per cent and the original four captures 60 per cent. 

Some of the new initiatives outlined by Tsang include redeveloping more than 1,000 industrial buildings, expanding green procurement, developing a strategy for developing Hong Kong Island’s Central District, and public consultation on health-care financing.

For some, it may not be easy being green, but for others, green is the only way to be.  Take the Hong Kong government for instance.  They recently confirmed that electric vehicles would be coming to Hong Kong as early as next year. In an announcement by Edward Yau, Secretary for the Environment, he said incentives, along with strong policy and government backing will bring electric vehicles to the market.   The variety of vehicles will include vans, minibuses and trucks.

Consumers can expect tax waivers for personal as well as commercial use.  This will be done with the hopes of making Hong Kong desirable not only for additional sales, but also for the manufacturing and development of new technology. 

Infrastructure to support this initiative is needed as well, as the government outlined a plan for two power companies to open charging facilities.   This will further lead to a charging network, which was included in the government’s budget to promote electric vehicles.

Photo by uzvards.

“The decision will usher in a new economic world order that gives rising powers such as China, India, Brazil, South Korea and other emerging nations, more say in steering the global economy. It means the G20 will assume the role long played by the smaller club of wealthy G8 countries that includes the United States, Great Britain, France, Italy, Canada, Japan Germany and Russia.”

This was the main announcement from the G-20 meeting held in Pittsburgh where it was decided that the G-20 will now take on the role as the world’s main economic body, taking over from the G-8 and representing the importance that emerging markets have in the development of global economy.