Upcoming Events

PBEC Calendar Events for 2014

19 Sept 2014: PBEC Member Meet-up (Hong Kong)
29-30 Sept 2014: PBEC Tech Talks (Hokkaido, Japan)

Get involved

PBEC membership is comprised of senior business leaders with interests in Asia Pacific.

Engaged and committed to expanding trade and investment in the region, PBEC members forge business relationships and address emerging issues most likely to affect the development of our globalized economies.

PBEC’s multinational membership includes senior executives from Australia, Brunei Darussalam, Canada, Chile, People’s Republic of China, Colombia, Ecuador, Hong Kong, China, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Peru, The Philippines, Russian Federation, Singapore, Chinese Taipei, Thailand, and the United States.

Advocacy

To best service our members’ interests, PBEC has identified cross-sector issues and developed policy recommendations in:
 

  • Trade, Finance, and Economic Development
  • Human Capital Development
  • Environment and Sustainable Development
  • Infrastructure Development and Maintenance

Hong Kong 10th anniversary initiatives

An element of economic and political realism was unveiled last week in the lead up to the Hong Kong SAR’s 10th anniversary in further refining the “one country, two systems principle.

Two initiatives were especially noteworthy: (1) the decision to float US$200 billion in RMB treasury bonds with a ten year maturity to finance a sovereign wealth management fund with the aim of bolstering earnings on foreign exchange reserves, much of which is expected to be channeled through Hong Kong-based banks and brokerage houses, and; (2) the expansion of Hong Kong-mainland economic ties through the Closer Economic Partnership Arrangement, or CEPA.

While the former is currently awaiting the approval of a committee of the National People’s Congress and is expected to be approved shortly, providing a short-term boon to Hong Kong’s economy, the latter covers a broad range of sectors, including banking, securities, conventions and exhibitions, medical and dental services, tourism and culture. Some of the new provisions include lowering the minimum asset requirement for Hong Kong banks to acquire holdings in mainland banks from US$10 billion to US$6 billion, extending the time period for mainland fund management companies to set up operations in Hong Kong from six months to one year, lowering the amount required to fund a mainland medical institution, clinic or joint venture from 20 million to 10 million yuan and lowering the amount for Hong Kong companies to invest in joint ventures and wholly owned travel agencies on the mainland to US$8 million and US$15 million respectively. In addition, Hong Kong performing arts agencies will be permitted to operate on the mainland and organize commercial performance on a limited basis.

Chief Executive, Donald Tsang, called CEPA “a mutually beneficial arrangement,” the latest version of which is expected to generate an estimated HK$2.6 billion annually in additional revenues for the city. More broadly, Charles Li Kui-wai, a professor of economics and finance at City University, predicted that: “CEPA will ultimately open all of [mainland] China to Hong Kong, except for military-related and other sensitive areas, according to the South China Morning Post. Over the last three years, it has resulted in US$5.1 billion in increased capital investment and brought approximately 36,000 additional jobs in Hong Kong.

Links

 
Asia-Pacific Economic Cooperation

APEC Business Advisory Council

APEC-HK Trade Policy Group

Pacific Economic Cooperation Council
 
Horasis
 
 
Asian Development Bank - ADB

Organisation for Economic Co-operation and Development  - OECD

Association of Southeast Asian Nations (ASEAN)
 

United Nations Global Compact

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