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Donald Tsang Highlights HK's Services Sector
Financial Secretary of the Hong Kong Special Administrative Region (SAR) Donald Tsang said Wednesday that service sector is a great resource for overseas companies wishing to do business in China's mainland, according to report from Melbourne.
Tsang is currently on a visit to Australia. Services accounted for about 85 percent of Hong Kong's gross domestic product (GDP) but only 40 percent of China's GDP came from services, said Tsang in a keynote luncheon speech at a seminar on opportunities arising from China's accession to the World Trade Organization during his visit to Australia.
"There will obviously be a large shortfall of skilled professionals and services staff in China," he said.
Hong Kong has flexible, well-educated and bilingual workforce to make up the shortfall, he said.
"We have a robust and respected legal system, a level playing field for business, and a free flow of information," said Tsang.
The financial secretary said Hong Kong would also be able to leverage its position as an international financial center as the mainland market became more open.
"Foreign direct investment in China is estimated to increase from its current level of about US$ 40 billion to as much as US$ 100 billion annually by 2005," he said.
"This huge increase will undoubtedly create opportunities for funds to be raised in Hong Kong which is already an established and sophisticated international financial center," he said.
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