3,000 International Companies Set up Regional Headquarters in HK

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Last updated at: (Beijing Time) Thursday, April 25, 2002

3,000 International Companies Set up Regional Headquarters in HK

The number of regional headquarters and offices set up by international companies in Hong Kong in 2001 increased 7.9 percent over 2000 , totaling 3,237, a governmental spokesman for the Hong Kong Special Administrative Region (HKSAR) said Wednesday.

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The number of regional headquarters and offices set up by international companies in Hong Kong in 2001 increased 7.9 percent over the previous year, totaling 3,237, a governmental spokesman for the Hong Kong Special Administrative Region (HKSAR) said Wednesday.

Foreign direct investment in Hong Kong had maintained a strong momentum in recent years, the spokesman said.

At the end of 2000, the stock of Hong Kong's inward direct investment amounted to 3, 551.3 billion H.K. dollars at market value.

HK's role as an entrepot for trade not diminishing

The spokesman made the remarks in response to the Economist Intelligence Unit's (EIU) latest Business Environment Rankings report released here Wednesday.

Refuting EIU's allegation that Hong Kong's role as an entrepot for trade was diminishing, the spokesman said: "Hong Kong has moved forward substantially from a mere entrepot for years. Indeed Hong Kong's unrivaled geographical location and first-class physical infrastructure means that we will remain as the prime financial, logistics and commercial center for the region, in particular the Mainland of China."

HKSAR government introduced accountability system

In addition, the spokesman pointed out that the new accountability system for principal officials in the HKSAR Government would improve Hong Kong's governance, as well as preserve the integrity of Hong Kong's civil service system.

"The purpose of introducing the accountability system is to enable the HKSAR government to enhance understanding of community sentiments and to strengthen liaison and communication with the Legislative Council, the media, different functional groups and the wider community", the spokesman stressed.

HK's civil service more effective, efficient and responsive

Moreover, the spokesman refuted the EIU's allegation on the morale of Hong Kong's civil service, noting that it was not based on any survey or objective evidence.

He said that, according to a survey report published in February this year by the Political & Economic Risk Consultancy Ltd., Hong Kong's civil service had been viewed as more effective, efficient and responsive in 2002 than in 2001.

On the tax structure, the spokesman underlined the fact that despite record budget deficit, the Government chose not to increase tax or to introduce a consumption tax in this year's Budget. "As a result, we still have a very simple tax regime as well as one of the lowest tax rates throughout the region, even taking into account any possible changes in the tax regime of Singapore," he noted.

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