Please click on each headline for the latest news on Hong Kong and China:
- HSBC to move chief executive to Hong Kong
- Electric vehicle models to be introduced into Hong Kong next year
- Hong Kong attracts record investment, reaffirming its position as leading city for international business
HSBC to move chief executive to Hong Kong
HSBC has decided to relocate the group's Chief Executive Michael Geoghegan's principal office from London to Hong Kong. The relocation is a significant move for the bank, highlighting Hong Kong's position as the focal point in Asia for global finance.
Hong Kong's Chief Executive Donald Tsang welcomed HSBC's decision, and described it as "a clear and timely 'thumbs-up' for Hong Kong as a stable, reliable and vibrant base for the banking industry in the wake of the global financial tsunami." He said, "I am encouraged by HSBC's commitment to Hong Kong and its confidence in our city as the best platform for tapping opportunities in emerging markets in Asia and, in particular, the Mainland."
"The relocation reflects the focus of HSBC towards emerging markets, and it also strengthens the unique and enduring bond between Hong Kong and HSBC."
Electric vehicle models to be introduced into Hong Kong next year
A variety of electric vehicle (EV) models would be introduced to Hong Kong next year, reflecting the keen interest of overseas vehicle manufacturers in the Hong Kong market.
EV manufacturers have been incentivised by the strong policy push from the Hong Kong Special Administrative Region Government for the promotion of EVs and the setting up of charging infrastructure. They are also encouraged by the favourable physical environment of Hong Kong for the use of electric vehicles. According to Hong Kong's Secretary for the Environment, Mr Edward Yau, many of them have already expressed interest in introducing EVs into the Hong Kong market and have been working on a concrete supply plan.
The Government has been pursuing collaboration with various EV manufacturers including Mitsubishi, Nissan and BYD. "We also began the trial on Mitsubishi's EV 'i MiEV' in May," said Secretary Yau. "The first batch supply of 'i MiEV' will be launched progressively before April 2010. The Government will procure 10 units in this batch for deployment in different bureaus and departments."
Hong Kong is the first market in Asia, other than Japan, where 'i MiEVs' will be sold before April 2010. The supply will enable the extension of testing to the private sector. It will also help expose a wider section of the community to the EV driving experience.
Hong Kong attracts record investment, reaffirming its position as leading city for international business
Hong Kong's status as one of the world's and Asia Pacific's leading destinations for foreign direct investment (FDI) has been reaffirmed by the World Investment Report 2009 released recently by the United Nations Conference on Trade and Development (UNCTAD).
Hong Kong continues to be Asia's second largest and the world's seventh largest FDI recipient, attracting US$63 billion inward investment in 2008. This amount represented a 15.9% increase year-on-year in spite of the global financial and economic crisis that has caused FDI inflows to some developed economies to half. Hong Kong also continues to have the highest FDI stock in the region, amounting to nearly US$835.8 billion.
Mainland China still ranked first in Asia Pacific in FDI inflows and has moved up four places to be the world's third largest FDI recipient, attracting US$108.3 billion FDI in 2008, an increase of 29.7% compared to 2007.
