英语演讲-中国与WTO

Speech by Mr David Eldon, Chairman, the Hongkong and Shanghai Banking Corporation Limited

纽约香港协会早餐会
Hong Kong Association of New York breakfast meeting

2002年4月25日

Mr David Eldon:

Good morning Ladies and Gentlemen,

I stand before you today with a confession to make.

It relates to something that I did recently.

Exactly one month ago, I delivered a speech to another American audience. It was a gathering of the American Chamber of Commerce in Hong Kong. I talked about Hong Kong's changing role. And about how Hong Kong can compete as it becomes increasingly easier for foreign companies to do business in China.

On that day in March, I made several suggestions. One of which was that when travelling overseas, government officials and business people from Hong Kong should spend more time selling Hong Kong to the sceptics. And less time speaking to the converted.

Consequently I am here today, in front of a decidedly Hong Kong-friendly crowd, in direct violation of my own advice. That said, I plan to redeem myself by not devoting too much time talking about Hong Kong - a topic that is well known to this audience. Rather I intend to concentrate on the less known. In particular, the implications of China's entry into the WTO. The implications for Hong Kong and the implications for foreign companies.

In doing so, I am going to focus my talk on three distinct areas of knowledge:

what we know we know;
what we know we do not know; and
what we do not know we know.

Common knowledge

First, what we know we know. We know that China means different things to different people.

To overseas manufacturing firms or trading companies it is "the land of a billion buyers of shoes, cars and computers." To foreign companies already in China it is a place that warrants expansion. In fact, a recent survey found that nine out every 10 foreign companies operating in China plan to expand their investment in the next three years. To foreign financial institutions - particularly those interested in the provision of wealth management services - China is a market with enormous potential. After all it is a country with the highest rate of savings in the world. A country where reportedly more than 80 per cent of the bank deposits are held in 20 per cent of the accounts. To my Bank it is our birthplace. To your President it is a 'strategic competitor.'

Another thing we know we know and this audience in particular knows is that China's entry into the WTO means the role of Hong Kong will inevitably change.

Hong Kong was once the only gateway to the Mainland market. A vital link between East and West. Between developed and less-developed nations. Between capitalist and reforming economies. Between China and everywhere else. Today, Hong Kong no longer holds this privileged position. The reality is that Hong Kong hasn't held it for quite some time. Long before the ink was dry on China's WTO aGREement, companies were choosing to bypass Hong Kong and go directly to Beijing, Shanghai and elsewhere in the Mainland. Of course, a significant number of companies were also still coming to Hong Kong to take advantage of the city's close geographic, economic, political and cultural ties to the Mainland. And as you are aware they continue to come.

We also know that China is in the midst of two transitions at one time: from a command to a market economy and from a rural to an urban society. And we know that the country faces a number of challenges: allocating incoming capital effectively; reforming state-owned enterprises; creating more jobs; spreading wealth more evenly; reducing bureaucracy; and eliminating corruption. And now, living up to the commitments and the expectations of WTO membership can be added to this list.

Finally, we know that China has changed a GREat deal in a relatively short period of time. Thirty years ago US President Richard Nixon and his national security adviser Henry Kissinger made a historic journey to China. their seven-day trip concluded with the signing of the Shanghai Communiqu¨| inside the Grand Hall of the Jinjiang Hotel in Shanghai. A couple of weeks ago, Dr Kissinger returned to the Jinjiang to deliver a speech commemorating the events of 1972.

I do not know if Dr Kissinger took the time to explore the surrounding area. If he did, he would have possibly seen the nearby theatre that regularly plays the latest offering from Hollywood. He would have probably come across the American fast food outlets or the Italian designer clothing store just down the block. Before crossing the street, he would have likely had to wait for a line of Japanese cars to pass and perhaps even the bus emblazoned with a larger-than-life Winnie the Pooh. And if he stayed out late enough, he would have undoubtedly been able to stroll back to the hotel under the colorful neon lights advertising Ger