Business Travel: Hong Kong
When I was in grade school, I had a social studies project researching (albeit in encyclopedia NOT on the internet) a country and presenting it to the class. I chose Hong Kong and all these years later, all I remember is that the old airport was right on the water in the middle of the city and it was the place on earth with the highest population density.
Hong Kong has been long used by multinational companies as a regional base to manage their businesses in the Asia Pacific, particularly in the Chinese mainland. Based on a government survey in Hong Kong in June 2009, there were 3,580 regional operations of overseas companies in Hong Kong, an increase of 44% from the previous decade. Of these regional operations, 83% have operations related to mainland China. Nowadays, Hong Kong also provides an international gateway for mainland companies wishing to explore financing opportunities, within or outside Asia.
There are many reasons for this success, but probably the main reasons are as follows:
- A stable government dedicated to the encouragement of free enterprise and opposed to regulation or intervention unless deemed absolutely essential.
- A respected, independent, legal system based on transparent Anglo-Saxon principles.
- A free press that is widely-owned, independent, and vocal.
- A good blend of entrepreneurial skills and a stable, talented, adaptable and hard-working labor force.
- A complete absence of foreign exchange controls and only minor import duties on a small number of items.
- Very low levels of taxation by international non-tax haven standards.
- No restrictions on foreign investment.
- Superb communications and banking facilities.
- A location at the geographical center of Asia.
- The willingness of its businesses to diversify according to international market demands and react quickly to changing trends.
- The complete range of high quality professional services.
Hong Kong is more than just Hong Kong Island and Kowloon. It is a series of XX islands and since July 1, 1997 is a “Special Administrative Region” within China. Having only a morning to “see” Hong Kong, I got only the highlights — beginning with Victoria Peak. The morning was somewhat overcast, so the pictures are hazy and not the brilliant sun and sparkling harbor as in the postcards.
