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| Hong Kong enters into a new
era from July 1 with the introduction of the new Accountability System for Principal
Officials. Mr Alex Fong Chi-wai, Principal Hong Kong Economic and Trade Representative
(Tokyo), told more than 500 prominent guests in Tokyo this (June 27) evening.
Mr Fong was speaking at a reception to celebrate the 5th anniversary of the establishment of the Hong Kong Special Administrative Region. He said: "The new system is designed to make the Hong Kong Special Administrative Region Government more accountable to the people of Hong Kong as we face the new challenges ahead." He told the audience that as the Chief Executive began his second five-year term, Hong Kong also stepped into another wave of economic restructuring in the wake of China's accession to the World Trade Organisation. "This will make China's trade and investment systems more transparent, more business friendly and more aligned with international legal and business practices, an area in which Japan and the international business community attach great importance. "There will be both challenges and opportunities for Hong Kong," he said. He noted that over the past five years, Japan's foreign direct investment to China totalled $43 billion, of which 77 per cent went into manufacturing. "Over the last two years, Japanese regional headquarters and offices in Hong Kong increased by 40 per cent. These companies are making use of Hong Kong's institutional framework of the rule of law, free flow of goods, capital, funds and information, the cluster of service specialists such as financial analysts, accountants, lawyers, and other professionals, together with its low tax structure, to support their business interest in China and the Asia Pacific region. "Increasingly, companies use Hong Kong as a base to integrate their supply chain, logistics and business activities in the mainland and the region," he said. Over the years, Mr Fong said, the Hong Kong-Japan partnership had been helping Japanese companies to reduce risk and increase efficiency and returns in their business with China and the region. Mr Fong said he looked forward to continued cooperation with the Japanese partners to build the Hong Kong-Japan partnership for the betterment of Hong Kong, China and Japan. This evening's reception was one of the largest ever organized by the Hong Kong Economic and Trade Office in Tokyo, with over 500 prominent guests from Japan's political, diplomatic, business and trade, academic and cultural circles. Guests of honour who spoke at the reception included Secretary General of the Japan-Hong Kong Parliamentarian League, the Hon. Shozaburo Jimi, and Minister of Land, Infrastructure and Transport, the Hon. Chikage Ogi. Also, Minister of Justice, the Hon. Mayumi Moriyama, Minister of State for Disaster Management and Chairman of National Public Safety Commission, the Hon. Jin Murai, Minister for Financial Services, the Hon. Hakuo Yanagisawa, Representative of New Komeito, the Hon. Takenori Kanzaki, President of New Conservative Party, the Hon. Takeshi Noda, Executive Committee Chairman of Japanese Communist Party, the Hon. Kazuo Shii, Central Committee Chairman of Japanese Communist Party, the Hon. Tetsuzo Fuwa and Chinese Ambassador to Japan, Mr. Wu Dawai joined the toast. Congratulatory messages to mark the HKSAR 5th Anniversary were sent from three former Japanese Prime Ministers - the Hon. Tsutomu Hata (also Chairman of the Japan-Hong Kong Parliamentarian League), the Hon. Yoshiro Mori and the Hon. Ryutaro Hashimoto - as well as Secretary General of the Japan-Hong Kong Parliamentarian League, the Hon. Shozaburo Jimi, Minister of Justice, the Hon. Mayumi Moriyama; Minister for Foreign Affairs, the Hon. Yoriko Kawaguchi, and Minister of State for Economic and Fiscal Policy, the Hon. Heizo Takenaka. They noted that the "One Country Two Systems" principle had been implemented smoothly in Hong Kong since the handover and looked forward to fostering a closer partnership between Japan and Hong Kong. |
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