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Momentous Year for Hong Kong and Chamber Came to a Close

The Chamber can rightly be proud of its long list of achievements in 2003, but a number of pressing issues remain to be resolved in the Year of the Monkey

I hope all of you had a good holiday season and a Happy New Year.  But as our Chairman, Anthony Nightingale, said at the Business Summit on December 10, "2003 was quite a year for Hong Kong!"  The same statement can apply to the Hong Kong General Chamber of Commerce.  Not only did we provide much needed support and advice to our members during the dark days of SARS, we were and still are at the forefront of information-provision on every single aspect of CEPA. We have now sold over 1,100 copies of the Chamber CEPA Report in both English and Chinese, and CEPA workshops are still going on as I write. 

During SARS, we gave deep discounts to members on both CO services and programmes, and that was much welcomed.  But overall, diligent management of resources, even with increased services, allows the Chamber to come in again with a good surplus this year.  You can rest assured that the Chamber is financially sound.

But other than monitoring CEPA, several tasks from 2003 are not finished. The Chamber's Economic Policy Committee, the Taxation Committee, and the newly formed Manpower Committee all are looking into the critical budget deficit issue.  The Chamber has long felt that this problem must be tackled on three fronts -- improving our economy, cutting government expenditure, and broadening the tax base. You can be sure that the Chamber, based on members' input and these three committees' work, will come forth with suggestions and be vocal on all three fronts. 

CEPA has helped improve our economy to a certain extent, but civil service restructuring and reform is sorely needed to cut government expenditures. The government must start looking into ways of broadening the tax base for both deficit and social reasons, with a goods and services tax a prime target of study.

I might add at this point that over 75 percent of members who responded to our Business Prospects Survey late last year believe that constitutional reform consultation should start early in 2004.   This is an important and sensitive matter for Hong Kong, and the business community as citizens of Hong Kong naturally has its own views that it wants to put forth.  The Chamber will help our members do that.  

Finally, the task of getting our members to renew their Chamber membership is not finished.  The renewal rate thus far is running ahead of the rate in previous years, reflecting both an appreciation of the members to the Chamber's services and to an improved economic sentiment.  But there are still over 40 percent who have not sent in a renewal cheque, and we await patiently their renewal -- even though technically the renewal due date of December 31, 2003, has passed. Therefore, I hope that, before the Chinese New Year, which comes early this year on January 22, you will renew your Chamber membership.   And of course, let me take this opportunity to wish you a Happy Year of the Monkey!!

Eden Woon
CEO
HKGCC