City helps ensure regional stability
US hopes to make most of HK's role as conduit to the mainland, writes Nazvi Careem
Hong Kong has an important part to play in overall relations between the United States and the mainland, a role that not only has broad economic implications but is crucial to maintaining regional stability.
This is the view of Peter Levesque, chairman of the American Chamber of Commerce in Hong Kong, the largest international chamber in the city. "AmCham HK is bullish about the trade and economic relations between the United States and China," Levesque says. "The relations have developed to a commendable level of maturity and sophistication, and continue to be robust.
"The active collaboration between the two parties is not only essential for the well-being of the bilateral relations, but also paramount to the stability and prosperity of the Asia-Pacific region. Hong Kong, with its strategic position, solid foundation of rule of law and adherence to free-market principles, remains a critical conduit in the two-way investment traffic."
The mainland was the US' third-largest goods export market last year, according to the Office of the United States Trade Department. US goods exports to the mainland last year were worth US$122.1 billion, an increase of 10.4 per cent (US$11.5 billion) from 2012, and up 330 per cent from 2003.
Since China entered the WTO in 2001, exports from the US has risen 536 per cent. Exports to China account for 7.7 per cent of overall US goods leaving its shores last year.
China was the US' largest supplier last year, accounting for 19.4 per cent of the country's overall imports and valued at more than US$440 billion, a 3.5 per cent increase from 2012.
