US to advance ties with China: diplomat

HONG KONG - The United States will continue to advance US-China relations and the world will benefit from a "stable and prosperous" China, a senior US diplomat said in Hong Kong Wednesday.

During a luncheon speech, Stephen M Young, the US Consul General in Hong Kong, denied that US rebalance to Asia is to contain a rising China. "China is a key partner for all of us, and we all have a stake in its success. When China is stable and prosperous, we all benefit," he said.

Young said enhanced engagement with China is critical to expanding opportunities for US companies, and that the two nations have had closer cooperation on crucial issues such as the protection of intellectual property rights and trade secrets.

In recent years, the phenomenal growth of China's economy has produced great prosperity, lifting hundreds of millions out of poverty and fueling global growth.

"Hong Kong will profit from the mainland's meteoric rise, whether it is from the continued development of the offshore renminbi market, from Hong Kong's role as the preeminent gateway to and from the mainland, or from the growth of the mainland's middle class," Young said, adding that American companies are well positioned to profit from Hong Kong's role.

Data showed that nearly 1,400 US companies have offices in Hong Kong and more than half of those companies have chosen to locate their regional offices in the city.

Over the past three years, US exports to Hong Kong have increased by an average of 20 percent per year. Currently, Hong Kong is the tenth-largest market for US goods exports, and the sixth-largest market for US agricultural products.

"Hong Kong will continue to matter to the US," Young said, citing its proximity to Southeast Asia, a fast-growing emerging market, and its role as a gateway to and from the Chinese mainland.

Young said he is optimistic about Hong Kong's future as the people of Hong Kong have always shown a remarkable ability to adapt to their circumstances, along with a "natural entrepreneurial spirit" that will enable them to continue to exploit the new opportunities presented by changes on the mainland and throughout the region.