HSBC Chairman highlights Hong Kong advantages

Hong Kong should stop knocking itself and instead accentuate the positive, advised the Chairman of the second largest bank in the world.

'During the month of January New York City recorded over 2,200 burglaries. We managed a paltry 463. There were 40 murders in New York during the first month of 2005. Hong Kong, meanwhile, recorded only three homicides.'

He also noted that in Transparency International's latest anti-corruption index only Singapore scored higher than Hong Kong in Asia. The only other places in the region to score better than five out of 10 were Japan, Taiwan and Malaysia.

'Another thing that other cities have which Hong Kong clear lacks - at least so far - is a complex tax regime. The United States, Europe, Australia and even Asia are all considering or in the process of reducing their tax rates; In some cases, even migrating to a flat tax like Hong Kong's.'

Mr. Eldon also alluded to the superior airport infrastructure of the territory, and contrasted it with some of its international competitors such as London, recently named by one travel newsletter as the world's worst international airport and ridiculed as a 'dark, confusing maze blocked with security checkpoints staffed by humorless bureaucrats.'

Meanwhile, he noted that Hong Kong's lack of culture was being addressed by a wave on concerts and exhibitions such as the French Impressionists being sponsored by HSBC at the Modern Art Gallery.

'For the record I have long been an advocate of better boasting from Hong Kong,' he said. 'And shedding some light on why so many places want to be just like us; From Dalian wanting to be the Hong Kong of northern China to Dubai's desire to be the Hong Kong of the Middle East.'