Hong Kong official talks on year one under China

When the city of Hong Kong became a Chinese territory in 1997 after 156 years of British rule, many wondered what effects the transition would have on the island. On Tuesday, Hong Kong's Commissioner to the U. S., Kenneth Pang, traveled from Washington, D.C., to Penn's campus to try to answer that question in his presentation on Hong Kong's current economic situation, entitled "Hong Kong: Steering Towards Economic Recovery." The speech was attended by a crowd of about 100 people, most of whom were students. Pang spoke with optimism about Hong Kong's future. He began by showing a video briefly overviewing Hong Kong after its first year of return to Chinese control. China's Communist government has promised to give Hong Kong political, economic and social autonomy for at least the first 50 years of its rule. Pang proceeded to emphasize the degree of freedom that Hong Kong's markets exhibit and the effectiveness of the "one country, two systems" principle. During the recent regional economic crisis in Asia, for example, China demonstrated its commitment to its policy by not interfering with Hong Kong's handling of the situation, thereby allowing the city to face the challenges on its own. Pang stressed that Hong Kong has the one of the most open economies in the world. Due to the flexibility of economic markets, he expressed confidence that the city will be among the first to bounce back from the Asian financial crisis --Ea prediction shared by the World Trade Organization. "Already the signs of recovery are visible; interest rates have fallen, real estate has stabilized, rent has lowered and hotel occupancy has been on the rise," Pang said. He added that "the impact of the economic turmoil is well within the means to be managed." Looking ahead, Pang reported that Hong Kong's aspirations are to "further enhance economic capabilities, to become the international telecommunications hub" and to revive its once-booming tourist industry. Long-term hopes include the unification of Asian currencies -- following in the footsteps of the European Union's euro -- and even building a Walt Disney theme park in Hong Kong. Audience members said they found the presentation informative and worthwhile, as evidenced by a lively question-and-answer session which followed the speech. Several spectators echoed Pang's optimistic views. "I have strong confidence in Hong Kong's recovery," said Hosun Lam, a 1998 Engineering and College graduate. "Because of the recent crisis, Hong Kong seems to have drawbacks. I am pleased with China's support for Hong Kong's autonomy and am impressed that [Pang] brought out good points about Hong Kong to the outsiders." Wharton freshman Xiang Hua said that the presentation was "objective." "[Pang] had the official tone, but also the personal view," he said. "Overall, it was a balanced presentation." Pang is also the head of the Hong Kong Economic Trade Office, in which he directed the city's economic development and trade policy in the U. S. He holds a master's degree in Public Administration from Harvard University and previously served as Hong Kong's land registrar. This talk was sponsored by the Global Chinese Business Initiative, which was formed through the Wharton School under the leadership of Management Professor Ming Jer Chen. Pang's visit was the third installment in the Initiative's speaker series, in which experts come to Penn to voice their thoughts on the Chinese community