USC Marshall hosts Hong Kong financial secretary

Originally published by USC News on November 28, 2011. Written by Rachel Will. 

Financial secretary of Hong Kong John C. Tsang spoke on Nov. 8 about the burgeoning opportunities for his city and Los Angeles at an event hosted by the USC Marshall School of Business.

“I hope to deepen the understanding between the USC Marshall School of Business and my home of Hong Kong,” Tsang said. “This connectivity will become increasingly pronounced in the coming years – the best way to do that is to better understand the business world.”

Hong Kong serves as a base for more than 7,000 Mainland China and overseas companies, including some 800 U.S. firms. It strives to maintain open business practices and attract foreign investment, according to Tsang.

“As a city in China but outside the mainland, Hong Kong enjoys the best of both worlds,” he said. “We have our own unique style of capitalism and the Hong Kong dollar, which is pegged to the U.S. dollar.”

Hong Kong also follows the common law system, which is based on the English system and underpinned by an independent judiciary.

“By aligning our rules and regulations to international standards and codes of best practice and maintaining a level playing field for business, Hong Kong has become the premier international gateway into and out of Mainland China. We also are a reliable and efficient platform to do business throughout Asia,” Tsang said.

A frequent topic of discussion at the event centered on the opportunities for students seeking employment after graduation.

Citing low income tax and ease of conducting business,Tsang was optimistic and enthusiastic about the benefits of living and working in Hong Kong. However, he cautioned those seeking to engage in the world of global business.

“The world is changing quickly. What you are learning today, you cannot do in 10 years time,” he said. “You need to [keep] learning new things to continue adapting to the world we live in.”