{"id":84627,"date":"2017-09-20T20:52:44","date_gmt":"2017-09-20T20:52:44","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=427487eff4c36db29d9d1c1eca4b89dd"},"modified":"2017-09-20T20:52:44","modified_gmt":"2017-09-20T20:52:44","slug":"speech-hong-kong-trade-development-council-dinner-chancellors-speech","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=84627","title":{"rendered":"Speech: Hong Kong Trade Development Council Dinner: Chancellor’s speech"},"content":{"rendered":"
\n

Chief Executive, distinguished guests, Lords, Ladies and Gentlemen.<\/p>\n

It is an honour to be here this evening.<\/p>\n

As everyone in this room knows, this year\u2019s annual dinner marks a very special anniversary.<\/p>\n

On 1st July 1997, Prince Charles and Lord Patten sailed away on the Royal Yacht Britannia\u2026<\/p>\n

\u2026having marked the transfer of Hong Kong\u2019s sovereignty to China.<\/p>\n

And 20 years later, I am delighted, on behalf of the British Government, to warmly welcome Mrs Carrie Lam, the first female Chief Executive of Hong Kong, for her first official visit to London in that role.<\/p>\n

A lot of predictions were made two decades ago about Hong Kong\u2019s future\u2026<\/p>\n

\u2026and the future of British-Hong Kong relations.<\/p>\n

Some predicted Hong Kong\u2019s economic downfall\u2026<\/p>\n

\u2026that under Chinese sovereignty, it would become a highly regulated and stifled economy and society.<\/p>\n

But those people got it wrong.<\/p>\n

Because during the past two decades, Hong Kong has prospered\u2026<\/p>\n

\u2026and today stands as one of the most thriving, exciting, dynamic cities in the world\u2026<\/p>\n

\u2026serving as an international gateway to one of the biggest and fastest-growing markets in the world.<\/p>\n

And that has not happened by accident.<\/p>\n

Hong Kong\u2019s success is underpinned by its high degree of autonomy\u2026<\/p>\n

\u2026its stable government, and its strong legal system\u2026<\/p>\n

\u2026and by its rights and freedoms as underpinned by the Joint Declaration made twenty years ago\u2026<\/p>\n

\u2026which was designed to protect Hong Kong\u2019s strengths, security and prosperity.<\/p>\n

\u2018One Country, Two Systems\u2019, has protected Hong Kong\u2019s success\u2026<\/p>\n

\u2026and, going forward, must continue to do so.<\/p>\n

A success that has been marked by another feature.<\/p>\n

The enduring, deep and strong relationship between Britain and Hong Kong.<\/p>\n

This is based on much more than just our historic ties.<\/p>\n

It\u2019s about our shared values.<\/p>\n

It\u2019s about the influence Hong Kong culture has had on British life\u2026<\/p>\n

\u2026and that British culture has had in Hong Kong.<\/p>\n

It is based on the tens of thousands of Hong Kongers who study in Britain\u2026<\/p>\n

\u2026and the tens of thousands of alumni from British institutions who live and work in Hong Kong.<\/p>\n

And of course, it is also about our inextricably intertwined economies.<\/p>\n

Which are two of the most open, free-trading, financially connected places on the planet.<\/p>\n

But there is, even more, we can do together\u2026<\/p>\n

\u2026in trade and investment, finance, and cultural exchange\u2026<\/p>\n

\u2026because as Chancellor of the Exchequer, I am clear that to succeed in a fast-paced, ever-changing world\u2026<\/p>\n

\u2026particularly as we transition out of the European Union\u2026<\/p>\n

\u2026Britain must build ever stronger connections to the fast-growing economies of the east\u2026<\/p>\n

\u2026and go out and win more business, and attract more investment\u2026<\/p>\n

\u2026because that is the only way that we\u2019ll stay ahead, and sustain prosperity, jobs, and living standards for people up and down this country.<\/p>\n

The deep historical, economic, and cultural ties between our people and societies, mean the UK and Hong Kong are natural partners.<\/p>\n

Take trade and investment.<\/p>\n

Hong Kong is already the UK\u2019s second largest export market for goods in the Asia-Pacific\u2026<\/p>\n

\u2026investment from Hong Kong into the UK has increased by 35% since 2010\u2026<\/p>\n

\u2026and Hong Kong serves as a base for 630 British companies, and over a third of all British investment in Asia\u2026<\/p>\n

This relationship brings jobs and prosperity to both our economies.<\/p>\n

Companies like CK Hutchinson, who have become the single largest investor in the UK since they first invested here over 30 years ago\u2026<\/p>\n

\u2026are responsible for around 40,000 jobs here in the UK;<\/p>\n

And just this year we\u2019ve seen new investments, such as Far East Consortium\u2019s \u00a31bn investment this year into the Northern Gateway site in Manchester;<\/p>\n

In Hong Kong, British firms are working to deliver Hong Kong\u2019s ambitious infrastructure plans\u2026<\/p>\n

\u2026from Atkins and Mott MacDonald\u2019s design of Hong Kong Airport\u2019s third runway (something I wish I could say we were collaborating on in London)\u2026<\/p>\n

\u2026to the new West Kowloon Cultural District.<\/p>\n

And there are many opportunities for further collaboration to come as China drives forward plans for the Belt and Road initiative\u2026<\/p>\n

\u2026plans which I heard first-hand when I attended the Belt and Road Forum in Beijing earlier this year.<\/p>\n

But it is not just about large global players, in traditional areas such as housing and infrastructure.<\/p>\n

It\u2019s in tech and start-ups too.<\/p>\n

From artificial intelligence company \u2013 like Kami Intelligence \u2013 who have recently set-up offices in London and Belfast.<\/p>\n

And just today – the TNG FinTech Group have announced a \u00a320m investment to launch their e-wallet platform in the UK.<\/p>\n

When these companies chose to expand, they chose to come to the UK, because we have the best environment for start-ups, one of the most open and competitive economies in the world, and a world-class financial centre.<\/p>\n

And I want to see more of this two-way flow of investment.<\/p>\n

Because where London has experience that Hong Kong can learn from, we want to share it.<\/p>\n

And where Hong Kong has the know-how, we want to listen.<\/p>\n

And that brings me onto the second aspect of our collaboration.<\/p>\n

London and Hong Kong are two of the world\u2019s leading financial centres.<\/p>\n

And we are two of the most connected financial markets in the world.<\/p>\n

But we\u2019re not in competition. We\u2019re in collaboration.<\/p>\n

While London sleeps, Hong Kong traders are responsible for over $400bn of daily forex trading.<\/p>\n

And when Hong Kong slumbers, the City of London and Canary Wharf fire into life and take over the mantle of world-leading forex markets.<\/p>\n

And over the past few years London and Hong Kong have collaborated on one of the most important developments in financial markets:<\/p>\n

The increasing international use of China\u2019s currency, the Renminbi.<\/p>\n

Hong Kong is the largest offshore centre for RMB in the world.<\/p>\n

This is not a position that London feels competitive about \u2013 it is a position we actively support.<\/p>\n

As the Western Hub for RMB trading, London has gone from next to no trading five years ago\u2026<\/p>\n

\u2026to almost 50 billion RMB trading a day\u2026<\/p>\n

\u2026over 20% of all UK-China goods trade was settled in RMB in the first half of this year\u2026<\/p>\n

\u2026and there are now over 100 RMB-denominated bonds listed on the LSE.<\/p>\n

This is a development that has been actively supported by this government\u2026<\/p>\n

\u2026because, as the RMB is used more and more as a currency of choice around the world\u2026<\/p>\n

\u2026we want London to be the natural western partner for Hong Kong and China in supporting this development.<\/p>\n

This is just one example of the growing links between our financial sectors.<\/p>\n

This evening the Chief Executive and I witnessed a new and very exciting initiative\u2026<\/p>\n

\u2026the landmark UK-Hong Kong FinTech Bridge\u2026<\/p>\n

\u2026that will pool British and Hong Kong expertise to collaborate in the financial industry\u2019s most innovative sectors\u2026<\/p>\n

\u2026allowing our firms to access the capital, talent, accelerators, and start-up facilities needed to succeed in both the UK and in Hong Kong.<\/p>\n

These developments will bring Britain and Hong Kong closer together and will promote jobs and prosperity in both.<\/p>\n

But I also want to promote further the exchange of ideas, culture, and people.<\/p>\n

We start from a very strong base.<\/p>\n

I mentioned the thousands of our people who study, live and work in our respective societies.<\/p>\n

Of course there is an economic benefit to that\u2026<\/p>\n

\u2026the 22,000 students from Hong Kong in the UK contribute more than \u00a3540m to the British economy every year.
\nBut the benefit is broader than that.<\/p>\n

And from the Royal Shakespeare Company\u2019s tour of Hong Kong last year, to mark the 400th anniversary of Shakespeare\u2019s death\u2026<\/p>\n

\u2026to Sir Antony Gormley\u2019s 31 life-size figures that recently graced Hong Kong\u2019s skyline\u2026<\/p>\n

\u2026or the University of Sunderland opening its first overseas campus in Hong Kong later this year\u2026<\/p>\n

\u2026our shared interest in each other\u2019s people and culture adds unique depth to our relationship.<\/p>\n

And these things are important, because the relationship between Britain and Hong Kong has, and will always be,
\nabout more than just economics and trade.<\/p>\n

It is about our shared view of the world, and our shared outlook on the challenges and opportunities ahead.<\/p>\n

There are still some who view the rise of China, the growth of emerging markets, as a challenge to the West.<\/p>\n

They see globalisation as a threat to job security, and even national security.<\/p>\n

Britain has benefitted over the centuries from being a proud, open, free-trading nation.<\/p>\n

We have benefitted in the last twenty years from our relationship with Hong Kong and from our openness to investment from countries like China\u2026<\/p>\n

\u2026and our willingness to seize the potential of investment in countries like China.<\/p>\n

And it is only by harnessing the markets that look to shape the world in the next twenty years that Britain can go
\non succeeding.<\/p>\n

I am clear that we should view the rise of China, and the fast-growing economies in Asia, as an opportunity, not a threat.<\/p>\n

If we seize it, then it means more, better jobs with higher living standards here in Britain.<\/p>\n

If we shut ourselves off from the world, pull up the drawbridge, then we\u2019ll miss out, and we\u2019ll fall behind as a country and as an economy.<\/p>\n

The people in this room understand that.<\/p>\n

We must seize the opportunity;<\/p>\n

Harness the potential;<\/p>\n

And in this anniversary year\u2026<\/p>\n

\u2026 re-commit to deepen our ties in trade, in finance, in culture\u2026<\/p>\n

\u2026and to work together to create jobs, and security for all of our citizens\u2026<\/p>\n

\u2026in Britain, in Hong Kong, and around the world.<\/p>\n

Thank you.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Chancellor’s speech at the Hong Kong Trade Development Council Dinner.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/84627"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=84627"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/84627\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=84627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=84627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=84627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}