This past week, leaders from 21 Asia Pacific countries met to discuss “A New Commitment to Asia-Pacific Development”. The Commitment, the theme of this year’s 16th annual Asia-Pacific Economic Cooperation (APEC) Leaders’ summit, focused on closing the gap between developed and developing economies as well as strengthening global trade and investment. Regional economic challenges, addressing the social dimension of globalization, enhancing human security in the region, climate change, energy and clean development were all on the agenda.
This two-day summit, hosted in Lima, Peru, did of course discuss the current economic crisis and members which include Canada, China, Hong Kong, Australia and the US, vowed to “act quickly and decisively” and “take all necessary economic and financial measures”, this from the Leader’s Statement released on Sunday. In a separate statement, the APEC Leaders said they are sure the crisis could be over within 18 months.
As a founding APEC member, Canada’s priorities for this summit were the advancement of its trade policy interests (World Trade Organization negotiations, supporting regional trade and investment promotion and policy objectives, and making the Asia-Pacific region more accessible to Canadian businesses), economic policy (climate change, energy security and economic sustainability) and security (counter-terrorism and health security).
Be sure check out the US fact sheet for a recap of the events in Lima. And don’t forget to visit their video gallery highlighting the special events.
Rita Lau, Hong Kong’s top secretary for commerce, brought a simple message to Vancouver Tuesday: Hong Kong wants to turn a crisis into opportunity. Mrs. Lau emphasized that there are opportunities for Canadian companies to use Hong Kong as a platform into the China market.
At a business luncheon, Mrs. Lau shared Hong Kong’s game plan to sustain its economic development and the opportunities available in the city amid the global financial crisis.
From the Vancouver Sun:
Lau tailored her comments for a Vancouver Board of Trade business lunch where, she said, many listeners were already familiar with Hong Kong as “a preferred base for international companies in Asia: Our low taxes, the rule of law, access to information.” She added insights on two areas of opportunity for B.C. companies: Wine and environmental technologies.
“The value of wine imported into Asia, excluding Japan, is expected to reach up to $1.5 billion US by 2017, with China being the biggest importer,” said Lau.
Foreign suppliers of financial information services in China can look forward to eased regulations in the coming year. This is the outcome of a case formally requested for consultations at the World Trade Organization (WTO) by Canada, the United States, and the European Union, citing that the foreign suppliers of financial information services (e.g. Thomson Reuters, Dow Jones, Bloomberg, etc.) were experiencing market access restrictions and discriminatory requirements.
Among the concerns raised was that Chinese rulings require foreign financial information suppliers to use an agent chosen by the government news agency Xinhua News Agency of the China Economic Information Service (CEIS). CEIS is one of Xinhua’s commercial enterprises and a direct competitor of foreign financial information suppliers. Chinese ruling also indicates that foreign financial information suppliers cannot obtain their own subscribers directly, but must use an intermediary. Furthermore, to renew their licenses, foreign financial information suppliers must give financial information to a regulatory body within Xinhua, and also detailed and confidential information about their services and their customers. Another concern also cited was that China appeared to prevent foreign financial information suppliers from developing a commercial presence in China other than limited representative offices.
Consultations were held in August and September resulting in the signing of Memorandum of Understanding in which China agrees that:
- A new, independent government body will be implemented to regulate the financial information services by January 31, 2009. The new regulator will not be a competitor for suppliers of financial information services.
- The new regulator will only require financial information when it is relevant to matters under the license.
- Foreign suppliers of financial information services will be able to supply those services without using an agent or intermediary.
- Financial information service providers will be treated in a non-discriminatory manner.
For more information about this WTO dispute settlement, please go here.
The re-elected minority government in Canada has put the focus squarely on the economy in the Speech from the Throne. Several issues of importance to the Ontario Chamber of Commerce (OCC) and the Canadian Chamber of Commerce have been given top priority including moving to a common securities regulator and accelerating the rate of infrastructure investment. Other measures will also help to improve Canada’s competitiveness including:
An economic statement is expected next week by Federal Finance Minister Jim Flaherty. The Throne Speech warned of a possible deficit but Flaherty insists the government is still in a surplus position. What’s your feeling on the speech — and on Flaherty’s expected statement?
What’s wrong with this story:
Jason Tempo walks into his first in-person business meeting with Mr. James Tsang, the CEO a Hong Kong firm he had arranged to meet. He initially says, “Sorry, George, for being 10 minutes late, I got lost”. After the apologies, Jason kindly accepts the CEO’s business card, quickly puts it in his pocket and realizes he has left his own cards in his other suit jacket. Jason’s alarm clock was incorrectly set so he woke up late and didn’t have a chance to put on the suit he planned to wear. This, by the way, also contributed to him getting lost. As the conversation progresses, Jason gets the feeling that the meeting is not going to so well. It seems strange to him because the two have been exchanging emails quite frequently for the past few months. This face-to-face meeting could have started and ended much better. What could Jason have done differently? Keep reading to find out what he did wrong and some other tips to ensure you don’t commit any blunders on your next Hong Kong business trip.
- The Handshake. Shaking hands is a common and widely accepted form of greeting, a definite must-do in Hong Kong.
- Business Cards. After the handshake, the exchange of business cards is another important step. Cards are frequently exchanged. If you do not offer yours, it is seen as snub and that you don’t want to do business. Business cards are exchanged in both business as well as social settings, so be prepared at all times. A business card should be given and received with both hands. When giving a card, it should be presented right-side up, facing the receiver. When receiving a card, it is important to look at the card before putting into your pocket, cardholder or placing it on a table.
- Business Card Tip. An added bonus is to have your business card printed so that one side is English and the other in Chinese. Continue reading ‘Do’s and don’ts of Hong Kong business culture’
The world is getting increasingly global. We have to think Canada, think USA and think Asia (in particular Hong Kong, the centre of Asia) – and connect them all together – and build the momentum.
Would you be interested to meet and network with major government trade officials and business contacts from the U.S. State of Maine, share their insights on the Asia-Canada-US trade corridor, find out what the business opportunities that they are offering to Canadian companies in such sectors as clean tech, biotech and medical products, natural resources products as well as transportation and infrastructure?
Our HKCBA Toronto Section incoming President, Bob Armstrong, in his capacity as the President of Supply Chain Logistics Canada, will join Governor John Baldacci of Maine and the Maine delegation to stage an Executive Briefing and Reception in downtown Toronto on November 20, 2008 at 4 p.m.
Below is the invitation from Governor Baldacci to you. Please reserve your seat early and leverage on this opportunity to expand your global business. Continue reading ‘Event Guide: Think south, think east and think global with the Governor of Maine’
In this another addition to Getting to know the neighborhood series, here’s an introduction to the New Territories and Outlying Islands.
The New Territories include the area north of Boundary Street in Kowloon Peninsula and south of the Sham Chun River, on the border of mainland China. It is about 740 square kilometers and mostly rural, but it is growing rapidly. The Outlying Islands encompasses 260 islands, with Lantau Island, Lamma Island, Cheung Chau, and Peng Chau the most well known.
The New Territories were leased to the United Kingdom in 1898 for 99 years along with Hong Kong Island and Kowloon Peninsula in the Convention for the Extension of Hong Kong Territory or the Second Convention of Peking.
The New Territories contain the majority of Hong Kong’s population: about five million people. Upon arriving to Hong Kong, chances are you will first come to Lantau Island, as it where the Hong Kong International Airport (HKIA) is located. Lantou is also the largest island in Hong Kong, encompassing 146 square kilometers. The island is named after its tallest peak, “Lantou”, meaning “ragged head”. The peak, 934 meters high, is the tallest point of the island, second highest in Hong Kong after Tai Mo Shan, and is almost twice the height of Victoria Peak in Central District. Lantau Island is affectionately referred to as “the lungs of Hong Kong” due to its indigenous forest and shortage of high-rise residential developments, very unlike Hong Kong Island and Kowloon Peninsula. In fact, more than 50% of the island is national parks. Continue reading ‘Getting to know the neighborhood: New Territories and Outlying Islands’
In this installment of the Getting to know the neighborhood series, I’ll be focusing on Kowloon Peninsula.
Meet the dragon, enter the dragon…
Home to about one million people (similar to Hong Kong Island, posted yesterday) Kowloon Peninsula lies to the north of Hong Kong Island across Victoria Harbour and east of the Pearl River Delta. Kowloon was the second major area (following Hong Kong Island) established by the British in 1860 with the Treaty of Beijing. The name Kowloon means “nine dragons.” As legend goes, about 800 years ago the then (child) Emperor Ping counted eight hills and said that there must be eight dragons living there (since at the time dragons were thought to live in the hills). In doing this, he also dubbed himself the ninth dragon.
Kowloon was once known as an area with open countryside, but this has given way to shops, restaurants, and new housing and industrial developments. It is also a hot tourist area with hotels, museums, art centers and many of attractions for sightseers. Continue reading ‘Getting to know the neighborhood: Kowloon — Enter the dragon’
In this post, I’ll discuss Hong Kong Island, with particular attention to Central District. Hong Kong Island is home to about 1 million people. Central District, or Central as it is locally known, was first established by the British as a trading post in 1842 by the Tready of Nanking and has since grown into one of most important financial and business districts in Asia. It is also a center for politics as many government and diplomatic headquarters are based here. As you travel through the district, you will notice the modern architecture, hotels, expensive shopping areas with designer shops, restaurants and bars. The expansive office buildings will also stand out. In fact, Hong Kong’s tallest building, the 88 story International Finance Centre (IFC) is in this area. Centrally located, IFC is within walking distance of:
Exchange Square (1 minute)
Central Ferry Pier (2 minutes)
General Post Office (3 minutes)
Star Ferry (5 minutes)
Mandarin Oriental Hotel (5 minutes)
The Landmark (6 minutes)
Lan Kwai Fong (10 minutes)
Soho (10 minutes)
Macau Ferry Pier (10 minutes)
Hong Kong International Airport via Airport Express (23 minutes) Continue reading ‘Getting to know the neighborhood: Hong Kong Island’
When you are doing business in Hong Kong it is just as important to know about Hong Kong itself – the neighborhoods, districts and areas – as it is to know about the business culture. After all, when you close that deal and you want to take your partners out for dinner you need to know where to go. Or, if it is your first time to Hong Kong, you need to do your homework before you go so you can make the most of your trip.
Hong Kong is located off China’s southern coast on the Pearl River Delta with Guangdong Province to the north and the South China Sea in the east, west and south. The United Kingdom first established Hong Kong Island as a trading post under the Treaty of Nanking in 1842. Through the Treaty of Beijing in 1860, the British gained Kowloon Peninsula, and through the Convention of Extension of Hong Kong Territory in 1898, it incorporated the New Territories into what is today known as Hong Kong. These areas, including the Outlying Islands, can be further broken down into 18 geographic districts. The entire Hong Kong territory was later transferred to the People’s Republic of China in 1997 and became a special administrative region (SAR). The relationship between Hong Kong and China is best described as a one country, two systems policy, in which Hong Kong is allowed a great deal of freedom to govern itself.
Hong Kong has a total population of around seven million people and covers 1,104 square kilometers. Its terrain is hilly and mountainous and considered one of the most densely populated areas in the world. Most of the territory’s urban development exists on Kowloon peninsula, along the northern edge of Hong Kong Island and in scattered settlements throughout the New Territories. Less than 25 per cent of Hong Kong is developed, and about 40 per cent of the territory is parks and nature reserves. The official languages are Cantonese and English, but Mandarin is increasing in popularity due to greater integration with mainland China.
Because Hong Kong cannot be summed up in just one post, this is the first in a series of posts strictly dedicated to the culture and history of Hong Kong. If there is anything you think I’ve missed or want to add yourself, just let us know in the comments below.
For more information on Hong Kong visit the CIA’s The World Factbook.
Photo by Stuck in Customs.
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