2002 - Hong Kong General Chamber of Commerce

Hong Kong General Chamber of Commerce

The Hong Kong General Chamber of Commerce is the oldest-founded in 1861 -and

largest-around 4,000 corporate members- business organization in Hong Kong. The

Chamber is international in character, with membership comprising of multi-national

companies, Chinese mainland companies, and Hong Kong companies. lt is a self-funding,

nonprofit organization, and as such, is a truly independent body representing the entire

scope of trade, service and industry in the Hong Kong Special Administrative Region.

The Chamber acts as the members' voice in advising the SAR Government on matters

affecting businesses and the economy. lt provides members with business information

and opportunities, and facilitating networking through a variety of Chamber activities.

The Chamber acts as an international bridge, connecting Hong Kong business with the

Chinese mainland and the rest of the world.

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CONTENTS§�

Hong Kong General Chamber of Commerce Annual Report 2002

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Report of the General Committee !lltff¥&E General Committee !lltff Chamber Council ��Wf Chairman's Committee ±%�� Chairman's Review ±%¥&E1i CEO's Report #,�,�¥&·'* Divisional Reports S�P�I 1i=¥&E International Business Division fiJl Mf iffj !§ ff$ Business Policy Division I. iffj jfj Jff {f$ Economic and Legal Affairs Division i!Jf 1V?o'i ft � !§ {f$ Certification Division ��.tz$ )!�!Ill p

Business Development Division iffj !§ !ff. {f$ Human Resources Division A. ;/] ii j!fff {f$ Operations Division �jff1$ Chamber Services Limited #� iffj if Jjfi !§ 1'f �11 f) tf] Hong Kong Progress ��¥.«<�*�&� "W:/A

Financial Statements M�¥&* Committee Chairmen ��W!±fft Committees �§� :><:: , ' Fl

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3

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38

40

43

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48

61

63

GENERAL COMMITIEE

REPORT OF THE GENERAL COMMITTEE Jl*-if¥& i!t (FOR THE YEAR ENDED 37 DECEMBER, 2002 If� 20021F 12.1131 r:Jlt!FJft)

The G eneral Committee has pleasure in presenting its report together with the financial statements for the year ended 31'1 December, 2002.

PRINCIPAL ACTIVITIES The role of the Chamber is to promote, represent and safeguard the interests of the Hong Kong business community.

ACCOUNTS The state of the Chamber's affairs at 3151 December, 2002 and the result for the year ended are set out in the financial statements on pages 48-60.

ASSETS Details of the movements i n assets are show n in notes 2-7 to the financial statements.

GENERAL COMMITTEE MEMBERS The General Committee Members who held of fice during the year are set out on Page 3. No Member of the General Committee, or any other Members of the Chamber, received any form of remuneration in return for their services, other than normal professional or similar fees paid for services or supplies rendered to the Chamber and no portion of the income or property of the Chamber was paid or transferred directly or indirectly by way of dividend, bonus or otherwise to Members of the Chamber.

INTEREST IN CONTRACTS No contract of significance to w hich the Chamber was a party and in which a General Committee Member had a material interest subsisted at the end of the year nor at any time during the year.

AUDITORS A resolution for the re-appointment of KPMG as auditors of the Chamber is to be proposed at the forthcoming Annual G eneral Meeting.

By Order of the General Committee,

2 HKGC@ Annual Report 2002

Mr Chrislopher Cheng Chairman

on 20 March, 2003

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GENERAL COMMITTEE !I$�

Mr Christopher W C Cheng, JP �Jlf&Lt7t� (Chairman) (± !Jt) Mr Anthony Nightingale �;E;1i)tj:: (Deputy Chairman) ( 'l!Wff liif ± !Jt J Or Lily Chiang lf�K:MitWl± (Vice Chairman) ( filj:£ /Jt) Mr David Eldon, JP X: i!!H>:: 7t $ (Vice Chairman) ( filj:£ !Jt) The Hon James Tien, Gss. JP EE:it1�M!� (Legco Representative) ( sL.Hf'i!ft�J Mr Andrew Brandler 8.sLH:1c$ Mr Graham Brant r.Ml!r�7t$ Mr Chan Wing Kee, GBS. JP �5km:tc� Mr Linus Cheung, JP ��5l<�7'C� Mr Manohar Chugh :z�m7t�

CHAMBER COUNCIL ms � �

Mr Christopher W C Cheng, JP (Chairman)

Mr Anthony Nightingale (Deputy Chairman) O r Lily Chiang (Vice Chairman)

Mr David Eldon, JP (Vice Chairman) The Hon James Tien, Gss. JP (Legco Representative)

Mr Andrew Brandler Mr Graham Brant Mr Chan Wing Kee, GBS. JP Mr Paul M F Cheng, JP Mr Linus Cheung, JP Mr Manohar Chugh Mr Tony Fung Mr William Fung, JP Sir Sidney Gordon, JP Or H N Harilela, Gss. osE. JP

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CHAIRMAN'S COMMITTEE .:EfflPJ� � �

Mr Christopher W C Cheng, JP �Mt 0 :1c :'±. M r Anthony Nightingale � J:E ¥ 7t � Or Lily Chiang jf�JIJ'<(Jtt!J:± M r David El don, JP X: � ¥>:: Jlt � The Hon James P C Tien, Gss. JP EE :it{� Mt � Or Eden Woon � J;).1HW¥ ±

Mr Tony Fung O r H N Harilela, Gss. osE. JP Mr James Hughes-Hallett Or Raymond Kwok Mr Jeff rey K F Lam, MBE. JP Mr Victor Li Mr J B M Litmaath Mr Liu Guoyuan Dr Liu Jinbao Mr Stephen T H Ng Mr Patrick Wang Mr Anthony Wu Mr Alex L F Ye Mr K K Yeung Mr Andrew Yuen

Mr James Hughes-Hallett Mr Daniel Koo Dr Raymond Kwok Mr Jeffrey K F Lam, MBE, JP Mr Alien Lee, JP Mr Victor Li Mr J B M Litmaath Mr Liu Guoyuan Or Liu Jinbao Mr Vincent H S Lo Mr Stephen T H Ng Mr G R Ross, JP Or H Sohmen Mr Jack C Tang Mr C C Tung, JP Mr Patrick Wang Mr Anlhony W u M r Alex L F Ye Mr K K Yeung Mr Andrew Yuen

(Chairman ± !Jt)

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Christopher Cheng, Chamber Chairman .&!llifli'*.i_rgtl\�l�

IT IS WITH PLEASURE THAT I AM ABLE TO REPORT

to members on developments in your Chamber i n

2002. The year was one of adj ustmen t for Hong Kong

and for the world at large. While the challenges of

doing business never seemed larger than the rewards,

it was the difficulties that rose to the fore. In response,

the Chamber presented businesses' concerns to the

Government and community and brought to members

a host of programmes on critical i ssues. These

opportunities to examine pressing topics hit the right

note with members, leading to very strong attendance

at conferences, rou ndtables. committee meetings and

delegations abroad.

Top of the agenda during the year was the rapidly

deteriorating fiscal situation. A s 2002 rolled on, it

became i ncreasingly apparent that the sharp divide

between revenue and spending - contraction in one

and growth in the other - needed urgent attention.

To address this and other issues of civi l service

employment. the Chamber in late 2002 commissioned

a professional comparison stu dy of pay levels in the

public and private sector. The results show that it is

far past time for the civil service unions to agree to a

detailed comparative study, and to accept greater

flexi bility i n their terms of em ployment.

The Chamber has been a strong advocate of

restructuring government to better reflect the rapidly


changing role H ong Kon g plays in the Asian and

Chinese econ omies. In public and in private, we have

time and again stressed the need for a more bu siness

like approach to civi l ser vice employment and

remuneration system, further progress in out-sourcing

non-critical government function s and a shared

commitment to bringing the SAR back to fiscal health.

On a wider scale, the on-going threats to world

peace were brought home i n a number of ways during

the year, most tragically in the Bali nightclub bombing

t hat cost so many lives, among them our colleagues,

friends and relatives. For much of the year, the world

held its collective breath, waiting for a repeat of the

September 11 tragedy, that thankfully never came.

When seen in this context, the urgen cy with which

the authorities here and abroad stepped up security

measures is entirely appropriate. Still, consumer

confidence in the U.S. , the world's largest economy.

has recently f allen to levels not seen in over nine years,

although other indicators such as imports an d

productivity gains are showing r enewed strength.

Amid slower global economic activity, Mainland

China tu rned in yet another year of strong, 8 per cent

growth. lt was a year in which many milestones were

passed, and one that seemed at times to defy the

sluggish, uncertain conditions in the rest of the world.

Throughout the year, newspapers. magazines, the

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The Chamber in late 2002 commissioned a professional comparison study of pay levels in the public and private sector. The results show that it is far past time for the civil service unions to agree to a detailed comparative study ...

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The Chairman releases the

results of the Chamber's study

on pay levels in the public and

private sector.

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CHAIRMAN'S REVIEW

electronic media and renowned commentators pressed

forward the theme of China's emer gence as the most

important new manufacturing site in the world .

As the rest of the world caught on to the enormous

output flowing down the P ear l River, Hong Kong's

services were crucial to facilitating business between

the "world's factory" and the world's markets. Some

56 milllon twenty-foot equivalent container units (TEUs)

passed through China's ports

Guangdong nexus has to offer, and we look forward

to progress on the Closer Economic Partnership

Arrangement (CEPA).

As the rest of the world

caught on to the

enormous output flowing

down the Pearl River,

Hong Kong's services

were crucial to

facilitating business

between the "world's

factory" and the world's

markets.

in 2002, and Hong Kong's

throughput comprised more

than one-third of the total,

reaffirming the SAR's role as

the national trade hub. Our air

Beyond sluggish economic growth and threats of

war, the international business community faced

intense scrutiny during the year, as major corporations

and accounting firms were found to have misstated

accounts to an unprecedented extent. The Chamber

responded with meetings on corporate governance

and good corporate citizenship, as well as through

direct submissions to government on specif ic aspects

of regulatory change. In the end, honest accounting

is one of the most crucial factors differentiating us

from competitors, and we will continue to champion

and river traff ic r ecorded this issue.

dou ble-dig i t growth over Not all members are concerned with rules for

2001 . Further, as facilit ator of listing on the stock exchange or oth er "big business"

more than one-quarter of topics. So, to better serve the interests of the

two-way container traffic Chamber ' s diverse membership base, programmes

between East Asia and the focused on the needs of small- and medium-sized

United States, Hong Kong enterprises (SMEs). women executives and on the

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also solidified its position as i nteraction between business and information

Asia's trading center. technology were initiated or carried f orward during

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In combination with the the year. P roviding such a broad range of services

successful implementation of sometimes challenges the capabil it ies of the

n e w d e re g u l a t i o n a n d Chamber's excellent staff , but i s vital t o the future

l i b e r a l i s a t i o n m e a s u r es development of Hong Kong's largest and most

outl ined in China's World international business chamber.

Trade Organisation accession

agreement, the Mainland market stepped forward i n

2002 t o provide critical support t o Asian companies

and economies at a time of deep uncert ainty elsewhere

in the world. As that sense of global unease persists,

our close relations with provinces to the north and west

is a comfort.

China has never been an easy business

environment, but the unique skills available in Hong

Kong allow companies to put together teams that can

build successf u l ventures anywhere i n the world.

Responding to the many difficulties companies have

operating in Mainland China, the Chamber ' s June

Pearl River Delta Conference shed new l ight on the

chal lenges and opportu n it ies the H o n g Kong-


Among the speakers members hear each year are

the Chief Executive, Financial Secretary and numerous

other policy of f icials who keep us up-to-date and listen

to our opinions. The HKSAR Gover nment's new

accountability system, initiated in mid-2002, brings

authority and responsibility closer together at a time

of deepening structural adjustments. The dramatic

decline in fiscal revenues and resulting deep budget

deficit makes it all the more imperative that those

managlrrg public affairs have the full support of the

community that comes with accountability.

Continued u ncertainty in the major world markets

underscores the importance of Hong Kong's unique

r ole as Asia's international business, trade and f inance

center. The SA R also has an unusual role within China,

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These two years witnessed the first simultaneous slow-down in the U.S. and European economies that has been seen in over two decades.

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CHAIRMAN'S REVIEW

While prices continue to fall, there are clear signs that

deflation is easing.

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one that benefits our city and demands our attention.

In this light, the Chamber recognised the constitutional

n ecessity for legislation on issues of national security,

as required by Arti cl e 23 of the Basic Law.

Business and the Economy

In many ways, 2002 was better than expected,

although a longer term perspective would identify

200 1 -2002 as the trough in the first business cycle

of the 21 st centur y. More importantly, these two years

witnessed the first simultaneous slow-down in the U.S.

and European economies that has been seen in over

two decades. As a result, the up-swing in 2003-2005

is l ikely to be more widespread than is usual ,

increasing demand for capital, talent and commodities

at a faster pace than otherwise might be the case.

Although the major OECD economies may not

stay on cycle for long, the near-term promises to

provide the sort of external demand Hong Kong needs

to put an end to five years of deflation, find a floor for

property prices and cap off unemployment. The

mathematics of prices and economic activity will

dampen the final figures for this year simply because

less deflation translates into slower real growth.

Nevertheless, the trend is clear and we now see a far

brighter future for the SAR economy.

Part and parcel of t hat future is the strong, persistent

growth in the rest of China. The first full year of WTO

reforms proceeded smoothly, as did the historic political

transition between last autumn's par ty congress and

National People's Congress this spring. The latter,

perhaps the most predictable political transition in

modern Chinese history, is a milestone of political

maturity that bodes very well for Hong Kong's future.

To h i g h l i g ht just a few of t h e year's major

economic achievements:

• Foreign direct investment utilisation rose above

US$50 billion for the first time;

In trade, China's role as the key consumer of Hong

Kong's services was never more important, and so

the astonishing rise in 2002 bodes well for the SAR.

The Main land's one-third increase in exports

accounted for more than half of the rise for all of East

Asia. According to some estimates, by the end of the

decade China will surpass both Japan and the U.S.

in total exports. Under such conditions, Hong Kong

cannot help but thrive.

China's rising dependence on imported oil, which

grew 1 5 per cent in the year, increases the risks

associated with prolonged high world fuel prices.

World prices are higher than in recent years, and

bigger energy bills will begin to take their toll on Asia's

more vulnerable economies. Sti l l , many analysts

believe China and the SAR are among the best

positioned economies in the region to withstand a

short-term price spike.

The·SAR's own trade continued apace, rising 4 .3

per cent, while that with Mainland China grew at nearly

twice that pace. Hong Kong ranks 1Oth in the world

in merchandise trade and in trade in services. Within

the total, services - comprising about 15 per cent of

two-way trade - is likely to have reached a new record

high, as did re-exports. In this regard, we are rightly

proud of the WTO naming Hong Kong one of the most

open economies in the world, and one which other

members should seek to emulate.

Hong Kong emerged from recession in the second

quarter of 2002 on t h e strength of exports -

particularly re-exports across the boundary - and

government consumption expenditure. While prices

continue to fall as our economy adjusts to the Asian

Financial Crisis under our currency board exchange

rate regime, there are clear signs that deflation is

easing. Indeed, if housing costs are excluded from

the Composite Consumer Price Index, the level of

deflation falls by half in 2002, from -3 per cent to -1.5

• Retail sales, a key indicator of the massive potential per cent.

of the mainland consumer market, rose 8.8 per cent; Still, the property market is a concern, and one

Industrial production passed 3 trillion renmi nbi on

double-digit growth; and

that is undermining consumer and business sentiment.

Although reports of negative homeowner equity are • Household savings set a new, US$ 1 trillion record. commonplace now, we should remember that the


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It was a year for deepening and expanding our relations with the rest of China.

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The annual high-level Hong

Kong Business Delegation

visited Beijing in June and

met with Vice Premier Li

Lanqing and other senior

oHicials.

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CHAIRMAN1S REVIEW

HKSAR Chief Secretary for

Administration visits the

Chamber to hear the views of the

Hong Kong business community.

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absolute numbers of families so affected is small, that

record-low i nterest rates have reduced mortgage

payments for all owners, that half of the people of

Hong Kong live in public or subsidised housing and

that those who lease their flats are benefiting from

lower monthly rents.

U nemployment rose in 2002 to levels not seen

in a very long time, largely due to the strong growth

i n people coming to the SAR to live and work. The

Chamber's "One Company, One Job" Campaign,

t o alleviate some of the painful adjustments ou r

open economy must endure, played a part i n

pushing total employment t o a n e w h i g h i n the

f inal q uarter, a testimony to the excellent business

opportunities here.

At the same time, job creation expanded to new

heights, the f inancial markets contracted in turnover

and capitalisation for the third year running, an on-going

reaction to the collapse of the dot-com bubble since

2000. Still, at US$460-odd billion dollars, the stock

market is the second largest in Asia, after Japan.

Savings deposit interest rates, now a mere one-tenth

of 1 per cent, are so low that a return to equities seems

likely after the Middle East uncertainties pass.

i t is in our public f inances that we feel the most

unease. According to the f igures available at this

writing, revenues are down more than 20 per cent

year-on-year in A pril-December while spending

continues to r ise. Obviously, this cannot continue

remain f inancially sound, expand our membership and

services and upgrade operations. it was a year for

deepening and expanding ou r relations with the rest

of China, and with the local business community and

government. To this end, we have remained true to

our overall mission of safeguarding, representing and

promoting the interests of the Hong Kong business

community, both in the HKSAR and abroad. These

efforts are outlined in greater detail in the Chamber

CEO's Report and in the Divisional Reports.

In closing, I would like to extend my personal

thanks to my Deputy, Anthony Nightingale, for his

work d u ring the year, as well as my two Vice

Chairmen, Or Li ly Chiang and O avid Eldon. Our

Legislative Council Representative in the Commercial

(First) f unctional constituency, The Honourable James

Tien, continued his di l igent work on behalf of the

Chamber, its members, and the entire business

commu'nity. I would also like to thank the many

members of Chamber committees, and particularly

the officers of those committees. Without them, much

of the detailed work that separates this chamber from

all others simply would not get done.

Finally, I would like to express my appreciation to

the Chamber CEO, Or Eden Woon, and his staff for

the hard work they put in during the year. They can

be justifiably proud of the successful events staged

in 2002. Please j o i n me in working to ensure the

Chamber continues to grow and prosper, continues

without undermining the "low tax" and "balanced to make a positive contribution to Hong Kong, and

budget" requirements of the Basic Law. continues to represent the view of the entire business

The long struggle with deflation is likely to come to community.

an end before our 2004 Annual General Meeting. In

conjunction with the lowest interest rates in over 40 years

and continued solid job creation, Hong Kong's unique

position in the world suggests that the next economic ,

u pswing may, with a bit of luck, be surprisingly strong.

Concluding Remarks

Despite the challenges facing Hong Kong and the

world, the Chamber is proud to remain the clear voice

of reason within the SA R's business community. By

remaining relevant to your needs, we are able to

Christopher Cheng

Chairman

1 0 HKGC@. Annual Report 2002

The property market is a concern, and one that is undermining consumer and business sentiment.

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Eden Woon, Chamber CEO !I iii * laHUH:t �

YEAR 2002 WAS ANOTHER VERY BUSY YEAR FOR

the Hong Kong General Chamber of Commerce. it was

a year when several major policy i n itiatives of your

Chamber took flight. Thi s prov es that the Chamber is

by far the most influential business organisation in town,

able to provide timely and substantive new thinking to

the government and to the public. Let me go over

what the major initiatives are:

Closer Economic Partnership

Arrangement (CEPA)

This idea of a free trade agreement with China

was first submitted by the Chamber to the government

in 2000. However, only at the end of 200 1 , when we

re-surfaced this issue, was this formally proposed to

the Central Government by the SAR Government.

Therefore, in the first part of 2002 we spent a great

deal of time researching the views of our members i n

Throughout 2002, we presented input t o the SAR

Government, and we gave our views to the Central

Government. As a result, much progress was made

in the consultations between the two governments

during the year under review. At the end of the year,

both sides announced that they understood the

obstacles and the problems they face in getting an

agreement. Then in December 2002, the Chief

Executive announced that he had obtained Central

Government support to conclude an agreement by

the end of June 2003.

If an agreement can be reached by that time, then

businessmen who ship "Made-in Hong Kong' goods

to China will, hopefully, enjoy zero-tariff import duty.

Those who are in the serv ice sectors hopefully will

enjoy an earlier market opening in China. In addition,

both sides are looking into ways to facilitate Hong

Kong i nvestments in the Mainland by cutting red tape

different business sectors to compile a 70-page and providing channels for Hong Kong firms to deal

submission to the government on what the business with business obstacles in China.

community would like to see if a Closer Economic The Chamber also d i d some research and

Partnership Arrangement were to be negotiated estimated that employment numbers here should rise

successfully wi th the Mainland. We ran several by up to 10,000 if 'zero tariff' is approved as foreign

seminars for our members on th is issue, and and local investors may take adv antage of that by

conducted a workshop for about 90 journalists to expanding production here in otherwise high-tariff

provide them with the basics on WTO and free trade goods. Service prov iders will increase investment here

agreements. and hire more Hong Kong people to cope with the


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We ran several seminars for our members on CEPA, and conducted a workshop for about 90 journalists to provide them with the basics on WTO and free trade agreements.

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The CEO exchanges business

cards with the press.

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CEO'S REPORT

increased business in China. Overall, CEPA would

give Hong Kong a major new role and new co

operation method with the rapidly developing China.

plan ready to help our members understand more

about the problems of doing business in the Pearl

River Delta, to point out to the policy makers the

obstacles in front of us before there can be true

Pearl River Delta (PRO) Integration integration, and to match business people from the

This idea was raised by the Chamber a couple of other side of the border with our own members.

years ago, when it argued for 24-hour border crossing

and the removal of obstacles for Hong Kong to Civi l Service Reform

develop as a logistics hub in the region. In July 2002, The Chamber has been very vocal in calling on the

the Chamber eo-organised a major conference with government to cut expenditures before contemplating

the South China Morning Post on the Pearl River any revenue increase to balance t h e budget.

The Chamber has drawn up an action plan ready to help our members understand more about the problems of doing business in the Pearl River Delta.

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Ort•�•urt

South China Morning Post HKGC@. ·.�: .;�· .:·;,;,',';;; ... . . . ... ..... .

D o m i n a t i n g o u r g o v e r n m e n t ' s

expend i t u res i s c i v i l service pay.

Therefore, in late in 2002, the Chamber

commissioned Watson Wyatt to do a

comparison study of civil service pay and

private sector pay. Though the results

were not to be released until early in 2003 ,

indications are that the gap is large and

that civil service pay reduction must take

place. But in the long run, based on the

belief that our excellent civil service is not

structured for the 21st century, the

Chamber submitted ideas to the media

and to the government on what a new,

flexible civil service should look like. The

Chamber believes that only then would The Chamber's Pearl

River Delta Conference

attracted a full house and

high calibre speakers.

*1!�n=: fii i:ll! ttiii:� ��i�f�HlH&lW� · EIH!l� � f.t •

Delta, which attracted almost 500 attendees from

Hong Kong, Taiwan, the Mainland, and overseas.

Vice-mayors from five cities mingled with all the

delegates and debated roles for their cities and for

the whole region. That conference made a great

impact on furthering the concept of Pearl River Delta

t h ere be s i g n if icant savi n g s on c iv i l service

expenditures, and with performance linked to pay,

"agency-tizing" many functions, and more flexible hiring

and firing policies, we would have a modern and smaller

civil service serving Hong Kong. In 2003, the Chamber

would put a strong effort on getting the community to

Integration. The Chamber is pleased to be able to be aware of this important initiative.

play an important role in finally getting the community

behind this concept, formally announced by the Chief Article 23 Executive C H T ung immediately after the new year. There is no doubt that this is an issue which affects

For 2003, the Chamber has drawn up an action every Hong Kong citizen, including the business


community. Because of our belief that civil liberties

are linked to Hong Kong's role as an international

business center, we made constructive comments to

the government late in 2002 on what the new Bill should

contain and what the government should watch out

for. We told the government that while we supported

legislation to i m plement Article 23, we did have a

number of concerns which we listed in our submission,

and we called for an inclusive and patient consultation,

to include letting the public view a draft legislation. Our

November 2002 submission can be viewed on our Web

site at www.chamber.org.hk. In the first part of 2003,

we will use our committee system to give a final set of

comments to the government as the debate shifts to

the Legislative Council.

Other than these policy init iatives, thanks once

again to the support of our members, the Chamber

had t h e usual busy year with numerous policy

consultations, programmes, and missions. Our

economic analysis has expanded to include regular

macro and micro economic analysis on China. Our

Distinguished Speakers' Series is well known and

attracts an average of 550 attendees each time. Our

workshops, missions, and training courses are well

attended. This year, we spent a great deal of effort

providing networking opportunities for our members

through fellowship-building dinners and cocktails. We

paid special attention to our SME members in all the

work and activities above. If you take all the above

together with the pollcy initiatives, you will agree that

members get their money's worth by belonging to

the Chamber. And members will be glad to know that

your dues to us were well managed in that we were

able to provide all this service to our members while

maintaining a good surplus in our finances. You can

find the details of our full slate of activities and services

in the divisional reports that follow.

Eden Y Woon

CEO

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Businessmen who ship "Made-in

Hong Kong" goods to China will, hopefully, enjoy zero-tariff import duty under CEPA.

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DIVISIONAL REPORTS

Eva Chow,

Director, International

Business.

I!.V � iffiffi�l:i }8J �:jf

INTERNATIONAL BUSINESS DIVISION

The International Business Division is responsible for developing and promoting

global business connections and the provision of services to Chamber members

interested in establishing business contacts outside of Hong Kong. lt is

responsible for collecting the views of members on China and international related

business and trade issues, making these views known to the relevant authorities

and organising timely e vents for members to better understand these

developments. lt organises outgoing missions and hosts meetings for incoming

delegations and visitors from abroad. lt also provides secretarial support to trade

area committees and other special interest committees of the Chamber.

WTO and CEPA

The 2002 calendar year was another eventful and

productive one for the International Business Division.

Last year, in addition to studying the implications of

China's WTO membership for China and Hong Kong,

the Chamber continued to pursue and closely monitor

the consultations of the 'Mainland I Hong Kong Closer

Economic Partnership Arrangement" (CEPA). A

successfully concluded CEPA would bring numerous

benefits to Hong Kong businesses. We were glad

to hear the Chief Executive say in his Policy

Address that he is committed to concluding

the CEPA consultation in June 2003.

To collect the business sectors' views

on CEPA, the Chamber conducted several

focus group meetings in early 2002, and

a Hong Kong business community's

wish list based on these meetings was

submitted to the government i n

March of the same year.

To educate the media on the

concept of a regional trade

agreement, the Division organised

a free media workshop on the WTO

and RTA. A series of WTO training

courses were also organised last year

for members to learn more about the

WTO, China's legal system and the subsequent

changes in the system following China's accession

to the world trade body.

Other China Activities

In 2002 the Division organised the biggest ever

HKGCC annual China Committee working mission to

Beijing, wherein 50 members met Central Government

officials and the Beijing 2008 Olympics Committee.

Delegates were excited to learn about new business

opportunit ies brought about by C h i n a ' s WTO

membership and the Beijing Olympics. The annual

h igh-level Hong Kong Business Delegation visited

Beijing from June 6 to 7 and met with Vice Premier Li

Lanqing and other senior officials. Led by the

Chamber Chairman, the 42-member delegation,

including chairmen of 13 international chambers in

Hong Kong truly represented the international

business community in Hong Kong. They had fruitful

exchanges with senior leaders in Beijing and the

concerns that members reflected were seriously taken

by the Central Government.

The Division organised more trips to other

M a i nland cities for members to gain a better

understanding of their market potential. These

i n c l u d e d tr ips t o : A n h u i and Henan in A p r i l ,

Guangzhou and Shenzhen i n J u n e , to Tibet in July,


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Events on various China topics organised by the Division in 2002 were some of the most popular events in the Chamber.

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A panel session at the China

Business Conference 2002

held on November 5.

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DIVISIONAL REPORTS

(From top) CCPIT Chairman Yu Xiaosong,

at JBLC's first annual meeting,

China's (then) Minster of

Finance Xiang Huaicheng

(centre), Beijing Vice Mayor

Zhang Mao (left), and

Bangladeshi Commerce

Minister Amir Khosru M

Chowdhury.

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Xiamen for the 6th China's International Fair for

Investment and Trade in September, and to Shanghai

and Zhejiang in December. During these visits,

delegates were received by top-level officials, which

allowed them to establish important contacts with

local government officials and businesses.

The Division continued to maintain very good

relations with Chinese officials in Hong Kong and

received many important visitors from Mainland China.

Dai Xianglong, then Governor of the People's Bank

of China, and Xiang Huaicheng, Minister of Finance,

spoke at Chamber Distinguished Speakers Series

luncheons. Other distinguished Mainland visitors

included Jing Shuping, Chairman of the All-China

Federation of Industry and Commerce; leaders from

various Central Government ministries and party

secretaries, governors and mayors from various

provinces and municipalities.

Roundtable luncheons on various China topics

organised by the Division in year 2002 were some of

the most popular events in the Chamber. The Division

also launched a luncheon programme called the China

Business Series, at which working-level Mainland

officials brief members on China-related topics. In

addition, to provide updated business information to

members, the Chamber also eo-organised China trade

fairs and forums in Hong Kong, jointly organised with

the South China Morning Post a very productive

conference on the PRO entitled, "Pearl River Delta:

Forging a New Force" in July, and organised the third

biennial China Business Conference on November 5 .

More and more Mainland companies are "going

out" to the global market through Hong Kong. The

Division arranged several business matching meetings

for members to meet with these Mainland enterprises,

as well as organised training courses for Mainland

entrepreneurs and officials.

Lastly, being the first Secretariat of the Hong

Kong-Mainland Joint Business Liaison Committee

(JBLC) - a Committee jointly established in 2001 by

the China Council for the Promotion of International

Trade (CCPIT), HKGCC, HKCMA, HKCGCC and FHKI

- the Chamber successfully set up and launched the

1 8 HKGC@ Annual Report 2002

Committee and passed the Chairmanship and

Secretariat role to CMA at the JBLC first Annual

Meeting in April 2002.

International Business

Last year, the Division organised an outgoing

mission to the Czech Republic, Poland and Hungary

in September, and a mission to Taipei in November.

The Div is ion organised various seminars,

workshops, roundtable discussions and luncheons in

2002 to provide members with expert opinions on topical

business issues. lt also put a lot of effort into organising

more business matching meetings for members. Over

1 5 such meetings were organised with incoming

businessmen from Hungary, Spain, Italy, France,

Sweden, Mexico, Peru, India, the United States, Czech

Republic, Russia, Poland, and Slovak Republic.

Besides business groups, the Division also

received a number of important overseas visitors.

These included: Ukraine's Minister for Foreign Affairs;

Denmark ' s State Secretary for Foreign Affairs;

Bangladesh's Commerce Minister; India's President

of the Federation of Industries and Commerce;

Malaysia's Minister of International Trade and Industry;

Singapore's Minister of State for Foreign Affairs, Trade

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The Chamber organised a number of study missions in 2002, which included trips to Tibet and Central Europe.

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DIVISIONAL REPORTS

Then Chairman of the All-China

Federation of Industry and Commerce Jing Shuping (left) visited the Chamber on

January 1 0.

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and Industry; and Mongolia's Vice Chairman of

Foreign Investment & Foreign Trade Agency.

The Division also organised more functions to help

members network and socialise. These included cocktail

receptions in honour of Consuls General and Trade

Commissioners in Hong Kong, a boat trip and a fellowship

David Eldon, Chairman of PBEC Hong Kong, China

Committee, accepted the invitation to become Vice

Chairman of PBEC International.

In May, over 400 delegates attended PBEC's 35th

International General Meeting in Kuala Lumpur. Then

in October, PBEC's 2002 Mid-term Meeting PBEC

racing evening for trade committees' members. was held i n Los Cabos, Mexico, i m m ediately

preceding the APEC CEO Summit. In Hong Kong,

Pacific Basin Economic Counci l (PBEC) PBEC maintained a busy schedule of meetings.

The year under review was a year of reform for events and cocktail receptions.

PBEC. The Council 's Board of Directors and the

Implementation Committee met in Hong Kong several International Connections

times to discuss and formulate a 'New PBEC" Plan The Division continued to promote the Chamber's

which would enable the organisation to increase its

relevance, focus, voice and influence. The Committee

suggested creating an ' International Patron Circle'

to bring in a small group of top CEOs or Chairmen to

make PBEC financially stronger, and to expand its

corporate influence on policy issues. The new PBEC

President, Dalton Tanonaka, took up his post in 2002.

Associate Membership to Mainland and overseas

companies. During the year under review, the

Chamber signed memorandums of understanding

with the Foreign Enterprises Association in China, the

China Council for the Promotion of International Trade

Wuhan Sub-Council, and the China Council for the

Promotion of International Trade Hubei Sub-Council.


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The Chamber signed a

Memorandum of Co-operation

with Hubei CCPIT on May 8.

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The Division continued to maintain very good relations with Chinese officials in Hong Kong and received many important visitors from Mainland China.

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The People's Bank of China

(then) Governor Dai Xianglong

(3rd from right) inaugurated the

Chamber's 2002 Distinguished

Speakers Series at a dinner

reception on February 18.

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DIVISIONAL REPORTS

DrWK Chan, Senior Director,

Business Policy

Division.

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BUSINESS POLICY DIVISION

The Business Policy Division is responsible for formulating the Chamber's views

on public policies affecting business, especially on issues relating to small

and medium-sized enterprises, environment, industry and technology, and

service industries.

General Overview • Promoting responsible corporate citizenship;

The range and diversity of policy issues taken up • Discussion with Oxfam on fair trade and corporate

by the Division can be i l lustrated by the following responsibility;

submissions to consultations: • Deliberation on arts and business with the then Arts

• Copyright Amendment Bill;

• Electronic Transaction Ordinance review;

• Telecommunications numbering plan;

• Non-agricultural market access negotiations of

the WTO;

• Use of smart ID cards in relation to the Registration

of Persons Bill;

Development Council Chairman Or Patrick Ho;

• Submission on Hong Kong's culture and heritage

policy;

• "Pearl for Youth" - a project to promote career

opportunities in the PRO for Hong Kong youth, jointly

witli Standard Chartered Bank and with support

from the Hong Kong Federation of Youth Groups.

• Abolition of corporate directors; Small- and Medium-Sized Enterprises • Sharing of positive credit data; The Spring Dinner on March 2 saw 35 tables full of

• Draft Code of Practice on Workplace Surveillance; members enjoy the traditional festive event. The Chamber

• New framework on differential reporting i n "SME Night" cocktail on April 9, on government

accounting; procurement, was equally popular. The smaller-scale

• Government's Helping Business Programme. roundtable series of events focused on practical issues

such as accounting software, commercial crime,

Some of the most important submissions by the computer-aided design, SME financing for China

Chamber were those of the Closer Economic

Partnership Arrangement (CEPA) between the

Mainland and Hong Kong. The Division was involved

in the ongoing studies throughout 2002. The studies

covered the impact of CEPA on Hong Kong service

sectors, analysis of the rules of origin, and the

impact of zero-tariff between Hong Kong and the

Mainland, especially on job creation.

A notable feature of the Chamber's 2002

programme was the emphasis on the social

dimension of business. Besides the One

Company One Job Campaign undertaken by

the Human Resources Division, the Chamber

was also involved in the following:

business, and entrepreneurship experience from

overseas. Our SME training programme attracted 276

attendees in 36 training courses.

The Chamber's SME work is characterised by our

strong policy focus, for example, a meeting of SME

Committee Chairman KK Yeung and leaders of the

seven "SME industry groups" with then Trade and

Industry Director General Joshua Law to share views

on S M E problems. Other exam ples included

discussion on measures to promote "local industry'

and debate on Consumer Credit Reference Agency.

One ongoing issue pursued by the Chamber was

the rationalisation of various award schemes to

promote SMEs. As a supporter of the government's


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Members ot the

Chamber's April 1 1

environmental field trip at

Green Island Cement.

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DIVISIONAL REPORTS

I n October the Chamber

organised a subscription luncheon for BCE with Dr Sarah

Liao, Secretary for Environment,

Transport and Works, to further

promote the Business

Environment Partnership.

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Mentorship Programme for SMEs, the Chamber also Industry and Technology

made submissions on improving the programme. We The Industry & Technology Committee's activities

provided substantive input into the government's included, besides policy roundtables on development

review of the funding schemes for SMEs. of Nansha Technology Park and Hong Kong's Science

Park, a site visit to the Hong Kong University to tour

Environment the ongoing research projects there. The Chamber

T h r o u g h m e e t i n g s a n d r o u n d t a b l e s , t h e also acted a s eo-organiser o f the 4th Asian Industrial

Environment Committee del iberated on a wide range Technology Congress.

of subjects, well beyond regular issues such as

environmental impact assessment and air pollution.

A Chamber position paper in support of landfill

charging was submitted to the government. The

Environment Committee also held several discussions

with the government and the Waste Reduction

Committee on the Waste Reduction Framework Plan

and the policy on integrated waste treatment facilities.

A popular one-day tour was organised to inspect

environmental and waste management facilities, such

as the WENT landfill . A programme to encourage

The Industry & Technology Committee continued

to oversee the Innovation Award of the Hong Kong

Awards for Services, of which the Chamber is the

leading organiser. The award attracted 29 applications

i n 2002. In addition , a new Business I nnovation

Contest for University Students was introduced into

the awards. More than 200 students responded to

the contest, from where n ine teams of sixteen

university students were selected as winners.

Service Industries and the HKCSI

waste management was also developed. The Hong Kong Coalition of Service Industries is

The Chamber was a supporting organisation of the Chamber's service policy think tank. As a

t h e Internat ional Symposium on Susta inable

Development. Chamber representatives attended the The Chamber "SME Night " cocktail World Summit on Sustainable Development held in very popular. PJ i!fij{f}JIV!IiJ� 11! tig Johannesburg, following w h i ch a seminar was

organised by the Chamber to promote Sustainable

Development Reporting.

The Chamber eo-organised the Eco-Business

Award together with the Environment Campaign

Committee, the Chinese General Chamber of

Commerce and the Hong Kong Productivity Council.

After the 2001/02 Award concluded in January, the

Chamber submitted comments to the Organising

Committee on ways that the scheme could be improved.

Upon the suggestion by the Chamber, a new SME

category was introduced in the new round which began

in June, to encourage green practices among SMEs.

The Chamber continued to chair and provide the

secretariat for the Business Coalition on the Environment

(BCE). In October the Chamber organised a subscription

luncheon for BCE with Or Sarah Liao, Secretary for

Environment, Transport and Works, to further promote

the Business-Environment Partnership.


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At the Chamber's mini-seminar

on November 12, experts from

various industry sectors shared

their experiences in sustainable

development reporting.

�Hmfr�a9 •n � � 1 1 � 1 2 B *

1i ,J, !iHJf !lf 1f tp · tt RJ �\!f-�Ji tll15-*llrilll!@ o

�� =oo.= HKGC®. 25

DIVISIONAL REPORTS

I n July a 12-member

delegation led by HKCSI

Chairman Stanley Ko was

received by Vice Minister

Wang Yang of the State

Development Planning

Commission.

w it �ll :ffl :!l� M .:t fft Nli Ut��

-t:; Fl l¥i �Ji 1 2 A. f\::� 1!1 ID'i fi{ • Hi rm * tt�aUifi.I�tlffl o

champion of services promotion, the HKCSI makes the Shanghai Association of International Services

regular contributions to the Financial Secretary on Trade in September.

policies to promote the service industries. A major • The HKCSI was also represented in a seminar

event during the year under review was the 'Servicing organised by MOFTEC in September on "Opening

Economy Penta Forum' in January, attended by more up of the Service Industry to Foreign Investors" in

than 1 00 leaders of the Hong Kong community from Xiamen.

the academia, government, business, community and

legislators, and media. The forum was an occasion

to brainstorm ideas on policies in logistics, social and

community services, healthcare, and promotion of

services to the Mainland.

The HKCSI continued to represent the Hong Kong

private sector's views on liberalisation of trade in

services under the Doha Development Agenda, through

regular dialogue and consultation with the government,

WTO, and CSI counterparts in Australia, Europe and

the U.S. The following work is noteworthy:

• A position paper on the GATS negotiations on

movement of personnel was submitted in January;

• HKCSI supported the Global Dimensions Lecture at

the Hong Kong University by then WTO Director

General Designate Dr Supachai Panitchpakdi in May;

• We provided input into the WTO's Trade Policy

Review of Hong Kong;

HKCSI expanded its Mainland China programme

considerably in 2002. In July a 1 2-member delegation

led by HKCSI Chairman Stanley Ko was received by

Vice Minister Wang Yang of the State Development

Planning Commission. The delegation also called on

the State Economic and Trade Commission, the

Ministry of Information Industry, the Ministry of Foreign

Trade and Economic Cooperation, and the Development

Research Centre of the State Council. Besides the

annual missions, other activities included:

• The HKCSI, with an 1 1 - member delegation,

hosted a Service Industries Forum in May as part

of the "Shandong-Hong Kong Week" presented

by the HKSAR Government and the Shandong

government in Jinan.

• The HKCSI was a supporting organisation of the

"Modern Service Sector" Exhibition organised by

In support of the Chamber's Pearl River Delta

programme, an HKCSI study group on HK/PRD

integration was established. After a series of focus

group meetings, a survey and a visit to Guangzhou,

the study group compiled a 'blueprint" on HK/PRD

integration. The report became a significant source

of policy thinking on HK/PRD integration for the

Chamber as well as the government.

Committees & Activities

The Division was involved in a number of service

sector activities, such as conferences on mobile

multimedia applications, and service management

courses, and organised a seminar on Hong Kong's

housing market in December. Through the HKCSI

committees a variety of subjects were deliberated.

These included:

• Financial Services Committee: progress of Growth

Enterprise Market;

• Information Services Committee: e-government,

third generation mobile telecom services;

• Real Estate Services Committee: Hong Kong

residents purchasing properties in the Mainland,

role of Hong Kong Mortgage Corporation;

Professional Services Committee: promotion of

professional services;

• Travel/Tourism Committee: Hong Kong's tourism

strategy, heritage tourism.

Retail and Distribution Committee

The new Retail and Distribution Committee held

two meetings to discuss pedestrianisation and

promotion of shopping, among other things. The

Chamber also contributed to the promotion of

franchising, as well as eo-organising a conference on

customer services.

26 HKGC@: Annual Report 2002

•

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The Chamber organized more functions to help members network and socialize, including cocktail receptions in honor of Consuls

General in Hong Kong. ;zfr11f#f)��$1f§jj;jljJll11f!JA!l!if ' 1/J)�!ffltM ' tfro/§Mi.Q�Jff!)ff1#it%'llf!Jlfi!if1!1flf1M11! o

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�¥& =oo= HKGC@ 27

DIVISIONAL REPORTS

•

ECONOMIC AND LEGAL AFFAIRS DIVISION

The Economic and Legal Affairs Division is responsible for economic policy

and research, as well as taxation and legal issues, and some other matters.

There are five committees within the Division: Economic Policy, Legal, Taxation,

Shipping & Transport and Real Estate & Infrastructure.

The year under review was another active one tor presented at the Ninth Annual Business Summit,

the Economic and Legal Affairs Division. For the third which also saw the handover from veteran Chief

year running the Division supervised the Hong Kong Economist !an K Perkin to David O'Rear, formerly

sect ion of t h e G l o b a l Executive Survey o n Asia-Pacific Regional Economist for The Economist

competitiveness conducted by the World Economic Group and an 1 8-year resident of Hong Kong. Mr

Perkin presented the results of the

The Division again drafted the Chamber 's annual submission to the SAR Chief Executive ahead of his annual Policy Address in January.

�M&�W¥M��*�M�A M�#�h�

� �!Jixi¥J (jjfg�¥flf#} �ffili6 o

Chamber's survey, pointing out the

broad expectation of little change

between 2002 and 2003. The survey,

comprising seven sections (Economic

Conditions; Business Conditions; the

Hong Kong SAR's Competitiveness;

Forum (WEF)-famous for its annual Davos Summit-and

Harvard University in the US. The results were included

in 'The Global Competitiveness Report," published later

in the year. The Hong Kong SAR figured prominently

as a highly competitive economy in the global sense.

At year's end, the Chamber' s own annual

Business Prospects Survey of members was


the SAR Government Role; Hong

Kong's Situation; Mainland Economic

R e l a t i o n s ; a n d B a c k g r o u n d

Information), showed members were

cautiously optimistic about the

prospects for this year, but much more

bullish in the medium term.

The Chamber's Chief Economist,

as Head of the Division, presents the

Chamber's economic views and policy

positions to a broader community

audience, as well as acting as

S e c r e t a ry t o t h e D i v i s i o n ' s

committees. The role incl udes

representing the Chamber on various

external bodies, preparing a number of important

submissions to government and other organisations,

dealing with a broad range of inquiries from Chamber

members and the media and speeches to outside

organisations on various aspects of the local economy.

The Division again drafted the Chamber's annual

submission to the SAR Chief Executive ahead of his

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�� t!i � lli i! � � Jt o � � - � � .JSJ �Ji m- � � 'fH'Hi h *El �m r.,, � o

David O'Rear,

Chief Economist.

�tU!l!�Mi §::kl$i

DIVISIONAL REPORTS

Record-low interest rates have

reduced mortgage payments

for homeowners.

,g $fi�IJWiif-t ' il£�7jt±ti<J ni tlHH!l o

annual Policy Address in January (delayed from

October to allow time for the new accountability

system to settle into place), in conjunction with the

key committees. lt also completed the Chamber's

annual submission on the government's Budget for

the 2003-2004 fiscal year, just now under way. lt

supported the Chamber's Annual Business Summit

and conducted the Annual Business Prospects Survey

Its seven meetings during the year also looked at

issues such as the need for a population policy, health

care financing reform and local economic initiatives.

The committee continued to examine a range of

subjects related to the Closer Economic Partnership

Arrangement (CEPA), housing policy and efforts to

stimulate the economy.

of members, for presentation to the summit. lt Legal Committee

prepared the Chamber's pay review recommendation The Legal Committee had an active year, with

for the 2003 year in co-operation with the Employers' seven meetings and submissions being made to

Federation of Hong Kong. l t drafted Chamber government on a range of issues of business and

submissions to government and other bodies on key commercial law. Among the most important of these

issues of interest to business. were submissions on the reciprocal enforcement of

judgements, Article 23, arbitration law, the Policy

Committee Work Address and Budget submissions, and the U.S.

All committees within the Division met regularly Sarbanes-Oxley Acts. The committee monitored the

during the year to discuss key issues and provide

important input on Chamber policies, submissions and

recommendations to government. When necessary, the

respective committee chairmen outlined specific policy

proposals to the General Committee of the Chamber.

The Division thanks committee chairmen and all

committee members for their work during the year on

behalf of the Chamber and the broader Hong Kong SAR

business community. Without their efforts, the Chamber

would have been without the expertise and valuable

advice necessary to do its work and make decisions

important to the advancement of the SAR business

community.

Economic Policy Committee

During the year under review, the committee made

s u bstant ia l c o n t r i b u t i o n s to t h e C h a m b e r ' s

submissions t o government o n the Chief Executive's

annual Policy Address and the Financial Secretary's

annual Budget. The committee received briefings from

government officials and other experts on topical

issues. Among the guests were Deputy Treasury

Secretary Martin Glass (on the 2002-03 Budget) and

Government ·Economist KY Tang (on the economic

situation). A major issue of concern remains the state

of public finances.

progress of government legislation through the

Legisl;ltive Council throughout the year, including

parallel imports, intellectual property rights, corporate

governance, listing and delisting rules and CEPA. lt

also looked at a number of technical legal matters.

One of the most important tasks allocated to the

committee was examination of the consultation paper

on legislation required by Article 23 of the Basic Law.

The committee submitted to the General Committee

recommendations relating to the consultation paper,

including the constitutional requirement for legislation,

the inherent need to see specific language and details,

and concerns related to extraterritorial ity and

extraordinary powers.

Taxation Committee

Many of the committee's seven meetings were

involved in recommendations for the annual Budget

submission. Key points of the submission was the

need for a comprehensive and credible plan to

reduce recurrent spending before looking to new or

expanded sources of revenue; the need to promote

and enhance Hong Kong's role as an international

financial center; and support for small- and medium

sized enterprises (SMEs). As part of this work, the

prospects, details and timing of a possible goods and

30 HKGC® Annual Report 2002

:rH :o& *: � '@[ services tax were discussed. Other issues raised during 'I'lL 111 � .-. �

the year include CEPA, international tax treaties, fR. � � � wnl''$-� pg frn *' -t /� · :$ !:J:l '6! i§i f-t Singapore's annual budget, and the Joint Liaison � � !Vt i& t!'[ � � � }t� · :i;��Bt5iE�R'f� 5t *tJ

Committee on Taxation. � if' 1Iil QJ 11 � H l!ttJ · �5Z: )Ji!Z 1i! .t.!£ '* trn Y: · �� ;::t

Shipping and Transport Committee

The introduction of new security measures by the

United States to combat terrorism in the transport

trade provided the main focus for the committee in

2002. Discussions were organised with experts and

U.S. officials on ramifications of the Customs-Trade

Partnership Against Terrorism (CT-PAT) and Container

Security Initiative (CSI). The committee has also been

active through its two workings groups on Port Affairs

and Air Transport, the latter being created in 2002

and the former from the previous Tariff Standing Sub

Committee. The Port Affairs Working Group met a

number of times with the Pilots' Association and the

M ar ine Department to d iscuss enhancement

measures for the shipping trade. Following a number

of meetings, the Air Transport Working Group has

drawn up a shortlist of issues for consideration.

Real Estate & I nfrastructure Committee

To assist the committee in understanding the

issues surrounding urban redevelopment and land

policies for the two railway corporations, meetings

were held with representatives from the Urban

Renewal Authority, KCRC and MTRC. Submissions

to Government were made subsequently on possible

improvements to existing processes and procedures.

The committee also had a discussion on the proposal

for a Hong Kong-Macau-Zhuhai bridge that was a

subject of extensive debate.

The introduction of new security

measures by the United States to

combat terrorism in the transport trade

provided the main locus for the Shipping

and Transport Committee in 2002.

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DIVISIONAL REPORTS

W S Chan,

Senior Director,

Certification.

a m ;1J�1&

J!l:t.l�

CERTIFICATION DIVISION

The Certification Division provides quality and efficient certificate of origin (CO) and electronic trade documentation services a t various rates to Chamber

members and non-members. lt operates six offices throughout the Hong Kong

SAR to ensure easy access to its services by all prospective clients.

Good Result

The year under review was a busy year for the

division. During the year, the Chamber processed and

issued 752,060 trade documents, which included

21 5,802 certificates of origin, 529,784 import and export

trade declarations (TDEC), 5,255 restrained textile

licences (RTEL) and 1 ,219 production notifications (PN).

The total number of documents processed showed an

increase of 2 per cent over 2001 's total of 737,872.

Despite this increase in workload, the headcount of the

division further reduced its headcount during the year

from 83 to 75 by raising staff's productivity.

The Chamber's smartcard payment system has

represented by M r WS Chan, Senior Director,

Certification Division. During the year. the committee

did not call a meeting, but important certification

matters were circulated for information and decisions.

Investigation

To uphold the integrity of the certification system,

over 3,679 consignment checks on certificate

applications were made. As a result, 1 0 applications

were refused and 1 0 applications were referred to the

Trade Investigation Bureau of the Customs and Excise

Department for further investigation and prosecution.

been well received as a substitute for cumbersome cash AT A Carnet

payment. As of the end of December 2002, 8 1 8 The Chamber is the sole approved body in Hong

smartcards had been issued. Over 30 per cent of all Kong for the issue of ATA carnets. These are

CO transactions were conducted through the smartcard international customs documents which permit trade

payment system. CO processing time, including the time samples , exhibit ion g o o d s a n d professional

required for CO correction process. has also been further equipment to be taken across national frontiers

reduced and the Chamber now provides an expeditious without payment of duty. In 2002, 3,234 carnets were

service in all its certification branch offices which are issued, a drop of 1 per cent over the figure for 2001 .

strategically located in Hong Kong, Kowloon and the These covered goods totalling HK$3,263 mil l ion.

New Territories. Certification Division staff members During the year, 538 disputes arising out of the

worked hard to make themselves more cost- functioning of the carnet system were settled. Among

effective while continuing to provide a superior these disputes, 28 cases resulted in payment of

service to all members and non-members. customs duties of about HK$1 ,236,460.

They deserve congratulations for the long

hours and good work they put in throughout

the year.

Certification Co-ordination

Certification policy and issues are mainly

dealt with by the Certification Co-ordination

C o m m i tt e e on w h i c h t h e C h a m b e r i s

Incoming Trade Missions

In 2002, useful discussions were held with four

incoming study missions on EDI certification. These

missions were organised by the China Council for the

Promotion of International Trade covering Beijing,

Guangzhou and Shenzhen and the Ministry of Foreign

Trade and Economic Co-operation.

32 HKG05 Annual Report 2002

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In 2002, useful discussions were held with four incoming study missions on EDI certification.

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Wang Liaoping (centre), Director

General, Department of Taiwan,

Hong Kong & Macao Affairs for

MOFTEC, together with other

MOFTEC and Hong Kong

Government officials visited the

Chamber's Mongkok CO Office on

February 23 to learn more about

the Chamber's EDI services.

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!VISIONAL REPORTS

BUSINESS DEVELOPMENT DIVISION

The Business Development Division was set up in June 2000 to improve the

Chamber's understanding of members' needs, and to enhance services and

programmes provided to members. it is also responsible for handling all services

and initiatives relating to membership and members' benefits.

Membership retention was a key issue for the

Division in 2002, which hit 83 per cent in the beginning

of the year. Regarding the recruitment of new

m e m b ers, the Chamber s i g n ed up 350 new

companies in 2002, surpassing the previous year's

record by 1 5 per cent. The Member-get-Member

Contest initiated by the Division resulted in 38 new

members joining the Chamber.

To boost the range and number of special deals

offered to members through the Chamber discount

programme, the Division created a new Member

Benefits Programme, which received a tremendous

response from both members taking advantage of the

discounts, as well as the 60 providers who are using

the programme to promote their products and

services.

Some member companies were interested in

using the Chamber as a forum to directly market their

products and services to a target audience. To this

end, the Division arranged for eight member

companies to sponsor roundtable luncheons, each

of which attracted about 60 guests. The Chamber

will continue to help members increase their visibility

by providing sponsorship or partnership opportunities

through various functions and events.

Trade Inquiries

To help members develop their business network

with overseas buyers and suppliers, we further

enhanced our trade inquiry services and packaged it

with carefully chosen trade news based o n

geographical area. A total of 1 1 3 members have

asked to receive this fortnightly news service. In

addition, all members now receive our weekly business

The Dinner Club, launched on Septe Division is building a sense of cama·

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opportunities email alert. Other business development

programmes included 16 business-matching meetings

that were arranged for members to meet with

overseas delegations.

In order to better understand our members' needs

and effectively match their expectations, the Division

conducted telephone interviews with over 800


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Director,

Business Development.

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DIVISIONAL REPORTS

members and visited 65 companies last year. • Samsung Electronics CEO Jong-yong Yun;

Members said that they appreciated the visits because • PRC Minister of Finance Xiang Huaicheng.

it gave them the opportunity to express their views

on a one-to-one basis and at the same time learn Other major functions included a Post-Budget

more about which Chamber services are the most luncheon with HKSAR Financial Secretary Antony

relevant and useful to their businesses. Leung, and a cocktail evening for the Beijing 2008

Olympic Games Organising Committee with Beijing

Programmes Vice Mayor Zhang Mao as the guest of honour. The

To bui ld a sense of camaraderie within the Division again eo-organised the Venture Capital I

Chamber, the Division organised a number of fellowship Private Equity Partnership Conference, under the

programmes during the year under review. These

included the Chamber Dinner Club (a quarterly dinner

for members to get together and a forum for SME

members to present their business to participants);

Chamber Golf Day; and cocktail evenings.

On the public relations and programmes side, the

Division organised six Distinguished Speakers Series

luncheons in 2002, with each attracting an average

of 550 guests. The Distinguished Speakers were:

banner 'Riding the Dragon - The Impact of China &

VC's Role in Bui lding Business" in association with

the Hong Kong Venture Capital Association. it also

eo-organised the 9th Hong Kong Annual Business

Summit, " Keeping Hong Kong Competitive - 2003

and Beyond," in association with the Asian Wall Street

Journal. All these large conferences were extremely

successful and attracted high calibre speakers and

full houses.

The Chamber Women Executives Club (WEC)

• HKSAR Chief Executive C H Tung; organised over 20 programmes throughout the year,

• People's Bank of China Governor Dai Xianglong; ranging from serious business topics. such as financial

Forbes President and CEO Steve Forbes; management for women, to more casual and informal

• Standard Chartered Bank CEO Mervyn Davies; networking function, such as cocktails and fashion shows.

The Chamber Women Executives Club organised over 20 programmes throughout the year.

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llVISIONAL REPORTS

Students visit Sony's R&D

centre, as part of the English in the Workplace Programme.

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HUMAN R ESOURCES DIVISION

The Human Resources Division's three principal functions are to manage the

Chamber's corporate h uman resources, serve the Human Resources

Committee, and to provide ski/Is-related training services to members.

The Division carefully monitored the Chamber s k i l l s , f inance, language (Engl ish, Mandarin,

headcount and payroll throughout the year to control Japanese, Korean) and e-learning.

costs. The additional workloads and responsibilities that

staff have taken up may have increased job stress, but

the quality and variety of services offered to members

has not fallen. Moreover, we have a stable and dedicated

workforce. The headcount at the end of 2002 was 134,

compared to 1 42 as of the end of December 2001 .

Human Resources Committee

The Human Resources Committee continued to

express the Chamber's views to the Labour Advisory

Board on various labour related consultations that have

important implications on our members. Issues

addressed included: employees' compensation,

insolvency, occupational safety and health, construction

industry levy, and voluntary rehabilitation.

Training

The Division encourages staff to participate in

training courses - particularly language and computer

programmes - to upgrade their knowledge skills. Tailor

made Mandarin classes were organised for CO

executives, and customer services skill enhancement

Programmes

The Division continued to participate in community

programmes during the year. These included "The

Good Citizen Award, · 'The Hong Kong Occupational

Safety & Health Award, " and "The Caring Company

Award." The Division also helped promote the Blood

Donation Campaign for the Hong Kong Red Cross,

and Dress Casual Day for the Community Chest.

A major programme for the Division in 2002 was

the "One Company One Job Campaign ," which was

spearheaded by the Chamber. Launched in August

2002 together with five other major local business

associations, and backed by the Labour Department,

the campaign encouraged companies to provide at

least one 1 2-month trainee position at a minimum of

HK$6,000 per month to new college graduates or

higher diploma recipients. The campaign aimed to

give new graduates valuable work experience to

enhance their job prospects in the sluggish economy.

The programme created thousands of new posts for

fresh Hong Kong graduates, and the Chamber accounted

classes were arranged for frontline head office staff. for over half of the total number of vacancies created.

With regard to training services for members, the Our statistics show that the average salary offered by

Division continues to expand the variety of programmes companies registered through us is HK$6, 792 with the

that it offers to meet members' needs. During the year highest reaching HK$1 5,000. The campaign officially

under review, the Division organised 1 25 courses for

1 ,21 0 participants, in addition to eight roundtabfe luncheons

or seminars which attracted 460 participants. Turnover

from the courses was approximately HK$1 ,546,000 in

ended in December 2002 but a number of companies

continue to offer vacancies through us.

The Division also eo-organised the Employment

I nformation Post with the Labour Department. The

2002, which generated a surplus of about HK$743,360. Chamber again eo-organised the "Co-operation

The Division now organises tailor-made courses Program me on Workplace E n g l i s h " with t h e

upon members' requests. Training programmes Association of English Medium Secondary Schools

offered by the Division have also been expanded to in 2002. The Division also supported the mentor-

cover: general skills, human resources, management trainee programmes organised by local universities.


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2002 � · * § �f¥ W � � ml k0 � 1 ,546,000 � & :��J�*!ffi7:�$m¥ � � l�J-8'

7L · lfll' 31Z �1 743,360 � 7L ?Ei � o �1 ! 8Hl1J o

Emma Ho,

Director, Human

Resources.

A. f.J �irn!�� iiiJJ!�

�¥& =oo= HKGC@ 39

DIVISIONAL REPORTS

Members pose for a group

photo with Hac!l management

during the Chamber's tour of

air cargo facilities at Hong

Kong International Airport in July 2002.

* .fU�2002$7 .fl �l.l!l!fiii!XI 111J..t�.t�tl<l�iln»tn · �H!fii�

ii�Mtl<JftJI .A. .R �flR o

OPERATIONS DIVISION

The Operations Division is responsible for the Information Technology,

Administration & Finances and the a-Committee of the Chamber.

I nformation Technology

The Chamber's IT Unit consists of five staff who

are responsible for keeping the internal local area

network running smoothly, as well as the updating

and upgrading of the Chamber Web site.

One of the Unit's major accomplishments during

t h e year u n d e r rev iew was t h e successf u l

development and introduction o f the Central Booking

System, which has streamlined the work process of

event management via the Intranet. The system allows

all staff to manage the chain of work related to their

events on one unified platform. These include venue

booking, registration management and monitoring,

accounting and customer data mining.

The Chamber Web site continues to expand in

depth and in breadth. In 2002, the site had an average

of 500,000 page views per month, up 66 per cent

from the previous year. Visitors were from 1 90

countries and economies, of which Hong Kong, the

United States and China accounted for over 70 per

cent of the total page views.

During the year under review, we introduced the

Member Company Record Online Updating System

which allows all Chamber members to update their

information stored on the very popular Chamber

Membership Directory as and when they like. More

than half of our members have so far updated their

records online, which indicates that a high proportion

of Chamber members are comfortable using IT.

For the One Company One Job campaign launched

in August, the IT Unit developed an on line job posting

service. Based on the experience learned from this

exercise, the Unit developed a Job Vacancies and HR

Corner Web page to help members recruit staff. The

new service was launched in February 2003.

Administration & Finances

The Chamber's income from trade documentation

services performed better than expected during the

year under review, registering a 1 .7 per cent increase

over 2001 , while membership income dropped by 6. 7

per cent. The figures indirectly reflect the good

The e-Committee organised a visit to the air cargo terminal at Hong Kong International Airport.

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� o ��31 � ��2003� !ff9 m �rft*:

�5%� · tJ��mfH1itm�.:r

- - � JJ!l! � o

Or Y S Cheung,

Senior Director,

Operations.

�iiiliiJ��

�UlliOCtili±

:¥� =oo= HKGC@ 41

liVISIONAL REPORTS

performance of Hong Kong's trade in general in 2002,

and a harsher operating environment for companies

here - hence the drop in membership.

Due to further reduction in staff costs and a steady

income from events and programmes, the Chamber

generated an operating surplus of HK$6.4 mil l ion

before tax in 2002, up 12 per cent from the previous

year. Members should be pleased with this result

because the Chamber is facing fierce competition

from other trade associations in an economically

difficult environment.

However, th ings were not so good for the

Chamber General Fund which performed poorly

throughout the year, resulting in an unrealised loss of

about HK$2.6 million. The contraction of the General

Fund, which is managed by an external assets

management company, marks the third consecutive

year that it made a loss. As a result, the General

Committee decided to maintain the current size of

the General Fund while putting more cash from the

accumulated surplus in COs and term deposits.

As a cost saving measure, an in-house accounting

system was put in place in 2002 to reduce the out

sourcing work to our Treasurer. it is expected that

accounting work will be done in-house in 2003.

Members may have noticed that the Chamber

Conference Room in the Head Office underwent a

facelift in 2002 without causing too much disruption

to daily operations. The renovations were carried out

under a limited budget and the results have been

greatly appreciated by members.

The Conference Room has become extremely

popular for roundtable luncheons, training courses,

press conferences and cocktails. At times, we even

rent it out to members if they need such a venue.

e-Committee

The main objective of the e-Committee, which is

served by the IT Unit, is to promote IT applications in

business and to connect IT members with members at

large. Apart from the bi-monthly committee meetings,

the a-Committee held 1 6 roundtab!e luncheons during

the year under review, organised a visit the air cargo

terminal at Hong Kong International Airport, and

conducted a half-day workshop on e-logistics.

Also under the auspices of the e-Committee, the

Chamber secured some funding from the government's

SME Development Fund for an "E-commerce Adoption

Campaign " . This project aims to raise the awareness

of e-commerce among SMEs - as well as to encourage

the effective adoption of e-commerce in Hong Kong -

to enhance SMEs' overall competitiveness. A number

of large-scale activities to provoke public interest in

using e-commerce will be launched in 2003.

The Chamber Conference Room renovations were carried out under a limited budget and the results have been greatly appreciated by members.

*��L�M�NH�m ' M�� X o


CHAMBER SERVICES LIMITED fli&i.DIBfiPI�'il

The company is a wholly-owned subsidiary of the Chamber. lt concentrates

on developing services and providing commercial opportunities for the business

community of Hong Kong. During the year under review, the company focused

on three main areas.

��w�� 0 �� m•s� � �� Nmi��•w�

& ��S o �� · �0 �� *��-� r :

Event Management

The company was very active organising a diverse

range of seminars, luncheons and workshops on

information technology, shipping, communications

and branding, knowledge economy and client

management. A very successful large-scale

symposium was organised with China Light & Power

on "Best Practices in Customer Services. "

it also arranged visits and training programs for

senior PRC officials and senior executives from private

Mainland corporations. CSL again promoted the Eco

Business Awards, now in its fourth year, and

organised the Award Presentation Ceremony. The

event attracted over 450 attendees and was widely

covered in the media.

Mandatory Provident Fund (MPF)

Throughout the year, the company maintained a

key role in serving members through its alliance with

the Australian-owned financial services group CMG

Asia Ltd. A series of seminars were organised during

the year to update members on the performance of

the fund and new MPF regulations.

Business Promotion Services

The company continues to provide business

promotion service to the International Business

Organisation of Osaka, I nc . , which is under the

umbrella of the Osaka Prefecture Government.

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31H1 i�giHi� Q

Connie Kwok,

General Manager,

Chamber Services

Limited.

� ifjj an� m :f;f �HHiJ

��!.US JliH� �

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lJ z 0 �

lJ z 0 I

POPULATION

Population (millions)

ECONOMY

Gross Domestic Product (GDP) HK$ billion Current Prices Percent Change Percent Real Change

GDP Components (percent real change) Private Consumption Expenditure Government Consumption Expenditure Gross Fixed Capital Formation Export of Goods and Services Import of Goods and Services

GDP Per Capita (HK$) Current Prices Percent Change Percent Real Change

LABOR AND EMPLOYMENT

Labor Force (thousands) Percent Change

Labor Force Participation Rate (percent) Total Employment (thousands)

Percent Change Sectoral Employment (thousands)

- Mining and Quarrying - Manufacturing - Utilities - Construction - Wholesale, Retail, etc - Transport - Financial Services - Community and Social Services - Civil Service

Unemployment (thousands) Unemployment Rate (percent)

Under-employment (thousands) Under-employment rate (percent)

Average Wage (percent change) All Industries Manufacturing Services

l4 HKGC& Annual Report 2002

1 998 6.54

1 998

1 ,259.3 -4.9 -5.3

-7.4 0.7

-7.6 -3.8 -6.3

1 92,446 -5.7 -6.1

1 998 3,276.1

1 .28 6 1 .3

3,122.0 - 1 .31

0.4 263.7

9.2 79.0

948.9 1 7 1 .4 394.9 320.6 1 87.8

1 54.1 4.70 81 .8

2.5

3.7 2.1 5.0

1 999 6.61

1 999

1 ,226.9 -2.6 3.0

0.6 3.1

-1 7.4 4.2

-0.4

1 85,7 1 2 -3.5 2.0

1 999 3,319.6

1 .33 6 1 .3

3,1 1 2.1 -0.32

0.4 247.8

8.9 70.9

985.7 1 74.7 407.3 337.8 1 88.3

207.5 6.25 96.9

2.9

-0.4 0.1

-0.7

2000 6.67

2000

1 ,288.3 5.0

10.4

5.4 2.0 9.8

1 6.4 1 6.6

1 93,299 4.1 9.4

2000 3,374.2

1 .64 61 .4

3,207.3 3.06

0.2 232.0

8.4 79.6

1 ,031 .7 1 79.2 428.8 348.6 1 84.2

1 66.9 4.95 93.5

2.8

0.5 2.0

-0.4

2001 6.73

2001

1 ,279.0 -0.7 0.6

1 .4 6.0 2.9

- 1 .8 - 1 .7

1 90, 1 88 - 1 .6 -0.3

2001 3,427.1

1 .57 61 .4

3,252.3 1 .40

0.2 21 2.0

8.2 80.3

1 ,019.0 183.4 435.6 373.8 1 77.7

174.8 5 . 10 85.5

2.5

0.8 2.2 0.4

2002 6.77

2002

1 ,271 . 1 -0.6 2.3

-1 .3 3.0

-5.2 8.8 6.4

1 87,034 - 1 .3 1 .5

2002 3,481 .5

1 .59 6 1 .4

3,222.1 -0.93

0.1 195.9

8.3 75.5

999.4 1 81 .6 426.1 393.8 1 7 1 .8

259.5 7.45

1 05.5 3.0

-0.9 - 1 .3 -0.6

-----------------------------�-;�-�-·�-)�-�-J�_J I

PRICE CHANGES (percent change)

1 998 1 999 Consumer Price Index

Composite CPI 2.8 -4.0 CPI A 2.6 -3.2 CPI B 2.8 -4.7 CPI C 3.2 -3.7

GDP Deflator 0.4 -5.4 Private Consumption Deflator 3.1 -4.5 Import Price Deflator -4.3 -2.4 Export Price Deflator -3.6 -3.5

NUMBER OF BUSINESS ESTABLISHMENTS

1 998 1 999 Mining and Quarrying 7 5 Manufacturing 23,679 23,702 Utilities 22 21 Construction 1 .083 990 Wholesale, Retail, etc 1 68,730 1 80,008 Transport and Communications 9,088 10 , 141 Financial Services 44,937 49,768 Community and Social Services 24,806 27,124

STOCK MAR KET

1 998 1 999 Market Indices

Hang Seng 1 0,048.58 1 6,962 . 1 0 - Finance 1 3,91 5.86 22,388.88 - Utilities 1 1 ,441.96 1 8,999.25 - Properties 1 4,21 4.4 1 9,839.94 - Commerce & Industry 5,791 .36 1 0,753.03 Growth Enterprise Market N.A. N.A.

Percent Change Hang Seng -6.3 68.8 - Finance - 1 .7 60.9 - Utilities -6.9 66.0 - Properties -4.2 39.6 - Commerce & Industry - 1 0.7 85.7 Growth Enterprise Market Index

Monthly Average Turnover (HK$ billion) 1 41 .8 1 59.7 Market Capitalization (US$ billion) 343.3 606.1

MONEY

1 998 1 999 Number of Licensed Banks 1 72 1 56 Number of Restricted Licensed Banks 60 58 Number of Deposit-taking Companies 101 71

Money Supply (HK$ billion) M-1 1 97.7 225.2 - Percent Change -5.0 13.9 M-2 3,1 1 1 .9 3,386.2 - Percent Change 1 1 .8 8.8 M-3 3 , 1 68.2 3,434.5 - Percent Change 1 3.7 8.4

2000 2001 2002

- 1 .8 -2.2 -3.0 -2.9 - 1 .7 -3.2 -3.9 - 1 .7 -3.1 -4.4 - 1 .5 -2.8 -4.9 - 1 .4 -2.8 -3.6 - 1 .3 -3.1 0.7 -3.2 -2.9

-0.2 -2.8 -3.8

2000 2001 2002 5 7 6

21 ,861 20,337 1 9,310 19 1 9 20

987 970 966 1 88,487 1 86,379 1 90, 1 1 7

1 0,572 1 0,583 1 0,935 5 1 ,223 50,972 52,716 28,545 30,390 32,634

2000 2001 2002

1 5 ,095.53 1 1 ,397.21 9,321 .29 24,041 .66 1 9,497.67 18,23 1 . 1 6 21 ,704.53 20,498.86 21 ,970.53 1 8,362.44 1 5,554.75 1 1 ' 1 03.88

8, 1 5 1 .69 5,508.82 4,043.95 309.42 1 99.42 1 1 0.4

- 1 1 .0 -24.5 -1 8.2 7.4 - 1 8.9 -6.5

1 4.2 -5.6 7.2 -7.4 - 1 5.3 -28.6

-24.2 -32.4 -26.6 -35.6 -44.6

284.0 1 62.5 1 33.3 614.8 498.1 463.0

2000 2001 2002 1 5 1 1 47 1 33

48 49 46 61 54 45

243.8 258.1 295.7 8.3 5.8 1 4.6

3,649.5 3,550.1 3,518.6 7.8 -2.7 -0.9

3,692.8 3,594.1 3,562.1 7.5 -2.7 -0.9

'¥� =oo= HKGC@ 45

.ONG KONG PROGRESS

' BANKING

1 998 1 999 Total Bank Deposits (HK$ billion, year-end) 2,954.0 3,209.8

Demand Deposits 1 1 4 . 1 1 35.6 Savings Deposits 576.3 657.7 Time Deposits 2,277.8 2,381 .3

Total Loans and Advances 1 ,609.4 2,812.9 For Hong Kong Visible Trade 132.6 1 02.7 For Merchandising Trade Not Touching HK 1 6.6 10.9 Other Loans for Use in HK 1 ,960.4 1 ,819.8 Other Loans for Use Outside HK 1 ' 167.4 837.1

INTER EST AND EXCHANGE RATES

1 998 1 999 Hong Kong Inter-Bank Offer Rate (HIBOR)

1 Month (percent per annum) 7.82 5.61 1 2 Month (percent per annum) 8.47 7 . 13

Best Lending Rate (percent per annum) 9.94 8.50 Savings Deposit Rate 5 . 19 3.75

EXCHANGE RATE INDEX (January 2000 = 100)

Trade-weighted Real Effective Exchange Rate Nominal Exchange Rate (HK$:US$1)

1 998 98.7

1 00.1 7.75

1 9.99 98.2

1 00.1 7.76

2000 3,490.7

1 40.2 706.8

2,615.6

2,461 .5 93.8 10 .1

1 ,861 .5 477.2

2000

6.05 6.83 9.22 4.47

2000 1 0 1 . 7 100.1

7.79

FISCAL INDICATORS (HK$ billion, fiscal year ends March 31) 1 998 1 999

Operating Revenues 1 78.4 1 75.3 Capital Revenues 34.4 54.0 Other Non-recurrent Revenues 22.0 37.1 Total Public Revenues 234.8 266.4 Operating Expenditure 187.9 1 95.3 Captial Expenditure 62.0 47.1 Subventions and Other Spending 1 6.6 27.1 Total Public Expenditure 266.5 269.5 Government Spending as a Percent of GDP 2 1 .5 22.3

Operating Balance (9.5) (20.0) Balance as a Percent of GDP (1 .9) 0.8

TELEPHONE LINES (millions)

1 998 1 999 Residential 2 . 16 2 . 19 Business 1 .55 1 .65 Internet customers -0.50 1 .73

Dial-up Access -0.50 1 .73 Broadband Access N.A. N.A.

Internet Service Providers (number) 133 1 59

MOTOR VEHICLE REGISTRATION (thousands)

Total Licenses - New Registrations

Private Cars - New Registrations

46 HKGC@: Annual Report 2002

1 998 1 999 500.7 504.0

49.4 42.5 31 8.3 321 .6

33.5 29.4

2000 173.8

39.0 56.7

269.5 198.6

46.2 22.7

267.5 2 1 .6

(24.8) (0.6)

2000 2.21 1 .74 2.68 2.28 0.39 235

2000 51 6.8

52.4 332

34.6

2001 3,366.6

1 58.4 846.1

2,330.9

2 , 1 85.0 80.7

8.0 1 ,790.1

296.7

2001

3.71 3.90 7.00 2 . 1 7

2001 1 04.7 1 00.0

7.80

2001 1 50.7

22.8 1 04.9 278.4 21 0.5

40.1 1 8.8

269.4 2 1 .4

(59.8) (5.2)

2001 2 . 16 1 .76 2.64 2.02 0.62 258

2001 525.4

57.9 340.6

34.9

2002 3,276.0

1 82.4 946.5

2 , 147 . 1

2,076.9 8 1 .8

9 . 1 1 ,743.0

232.8

2002

1 .82 2.37 5. 1 1 0.14

2002 1 04.1

96.1 7.80

2002 1 35.1 22.3 75.5

232.9 202.6

37.8 32.7

273.1 21 .5

(67.6) (5.5)

2002 2 . 14 1 .71 2.36 1 .37 0.99 234

2002 518.6

28.2 340.7

30.0

I I I ,

FOREIGN TRADE (HK$ Billion)

1 998 1 999 Exports 1 ,619.8 1 ,628.2

Goods 1 ,347.6 1 ,349.0 - Domestic Exports 188.5 1 70.6 - Re-exports 1 , 1 59.2 1 ' 1 78.4 Services 272.1 279.2

Imports 1 ,601.9 1 ,557.6 Goods 1 ,429.1 1 ,392.7 Services 1 93.6 1 84 . 1

Trade Balance 1 7.9 70.6 Goods -81 .4 -43.7 Services 78.6 95.1 Goods Balance as a Percent of Imports -5.7 -3.1

Domestic Exports by Market (HK$ billion) The Mainland 56.1 50.4 USA 54.8 51 .4 UK 1 0. 1 1 0.4 Germany 9.8 8.5 Taiwan 6.5 5 . 1 Netherlands 4.7 4 . 1 Japan 6.4 5.5

Re-Exports by Destination The Mainland 407.4 399.2 USA 259.9 269.4 UK 42.3 45.5 Germany 42.2 44.1 Taiwan 27.4 27.9 Netherlands 20.3 1 9.4 Japan 64.2 67.5

Imports by Source The Mainland 580.6 607.5 Japan 180.0 1 62.7 Taiwan 104.1 1 00.4 USA 1 06.5 98.6 Singapore 6 1 .5 60.0 Korea 68.8 65.4 Germany 32.6 28.1 UK 29.7 27.0

Services Exports (percent share) Transportation 31 .3 32.0 Travel 21 .6 20.2 Trade-related 28.2 29.2 Other 1 8.9 1 8.6

Services Imports (percent share) Transportation 22.1 21 .3 Travel 53.9 55.4 Trade-related 4.4 5.7 Other 19.5 1 7.6

Electricity Consumption (Terajoule) 1 27,643 1 27,566 Domestic 32,793 31 ,400 Commercial 73,857 76,028 Industrial 1 8,489 17 ,547 Other (including exports) 2,504 2,591

N.A. Not Available or Not Applicable

2000 2001 1 ,890.3 1 ,804.1 1 ,572.7 1 ,481 .0

1 8 1 .0 1 53.5 1 ,391.7 1 ,327.5

31 7.6 323.1 1 ,828.3 1 ,738.8 1 ,658.0 1 ,568.2

1 9 1 .5 1 89.6

62.0 65.2 -85.3 -87.2 1 26.0 133.5

-5.1 -5.6

54.2 49.5 54.4 47.6 1 0.7 8.6

9.3 5.8 6.1 5.3 3.9 4.6 5.1 4.1

488.8 496.6 31 1 .0 282.2

52.4 46.8 50.6 45.8 33.7 30.0 20.4 20.7 82.1 83.6

715.0 682.0 199.0 1 76.6 1 24.2 1 07.9 1 1 2.8 1 04.9

75.0 72.9 80.6 70.8 32.2 33.3 30.8 28.9

31 .3 31 .5 1 9.5 20.0 25.1 30.7 1 8.5 1 7.8

25.4 26.0 50.9 50.7

5.8 5.5 1 7.9 1 7.8

1 34,928 1 39,830 32,234 32,799 80,347 84,21 4 1 7 ,769 16,759

4,578 6,058

2002 1 ,913.7 1 ,561.5

1 3 1 .0 1 ,430.5

352.2 1 ,790.3 1 ,603.5

1 88.8

1 23.4 -40.0 1 63.4

-2.5

4 1 .4 41 .9

7.6 4.3 4.4 3.5 3.0

571 .9 291 .0

46.6 44.6 30.2 22.8 80.7

71 7.1 1 82.6 1 1 5.9

91 .5 75.7 76.0 33.0 26.1

31 .2 22.2 31 .0 1 5.7

26.5 50.3

5.5 1 7.8

1 44,942 33,394 87,241 1 6,1 1 2

8,195

�� =oo= HKGC@ 47

NANCIAL STATEMENTS

18 HKGC& Annual Report 2002

Financial Statements

�Jj �� ¥� �

Auditors' report to the members of The Hong Kong General Chamber of Commerce ("the Chamber") (Incorporated in Hong Kong and limited by guarantee)

We have audited the financial statements on pages 50 to 60 which have been prepared in accordance with accounting principles generally accepted in Hong Kong.

Respective responsibi li ties of the General Committee and auditors The Hong Kong Companies Ordinance requires the General Committee to prepare financial statements which give a true and fair view. In preparing financial statements which give a true and fair view it is fundamental that appropriate accounting policies are selected and applied consistently, that judgements and estimates are made which are prudent and reasonable and that the reasons for any significant departure from applicable accounting standards are stated.

it is our responsibility to form an independent opinion, based on our audit, on those financial statements and to report our opinion to you.

Basis of opinion We conducted our audit in accordance with Statements of Auditing Standards issued by the Hong Kong Society of Accountants. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. it also includes an assessment of the significant estimates and judgements made by the General Committee in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Chamber's and the group's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material m isstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Opinion In our opinion, the financial statements give a true and fair view of the state of affairs of the Chamber and of the group as at 31 December 2002 and of the group's surplus and cash flows for the year then ended and have been properly prepared in accordance with the Hong Kong Companies Ordinance.

kPMil Signed KPMG Certified Public Accountants, Hong Kong 20 March 2003

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if.� .=.oo.=. HKGC@ 49

NANCIAL STATEMENTS

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Consolidated income and expenditure statement for the year ended 31 December 2002 (Expressed in Hong Kong dollars)

Note 2002 2001 Nt tt $'000 $'000

Income Members' subscriptions 12,717 13,625 Fees 9 4 1 ,534 40,850 Interest and dividends 1 0 1 ,969 919 Publications and promotion 1 1 4,175 5,719 Commission income 229 1 ,4 1 1 Rental income 2,076 2,850 Surplus on disposal of property 506 Exchange difference 1 1 1 �

---��_.?_1_� ... ??_.?_7_� Expenditure

Staff 12 (42,125) (44 , 1 37) Office 13 (6,465) (6,512) Services 1 4 (2,71 1 ) (3,097) Depreciation and deficit on disposal 1 5 (4,528) (5.226)

of fixed assets Deficit on disposal of non-trading securities (953) (461) Subscriptions and donations 1 6 � �

_(?� .. �-�?) J?.�·-��9} Surplus before impairment loss and _taxation 6,420 5,721

Impairment loss 2(d) (2,000) (35,000)

Surplus/( deficit) from ordinary activities 4,420 (29,279) before taxation

Taxation 8(a) (280) � Surplus/( deficit) after taxation 1 7 4,140 (29,612)

General fund brought forward 178,729 208,341

General fund carried forward 1 82,869 178.729

The notes on pages 53 to 60 form part of these linancial statements.

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Consolidated balance sheet as at 31 December 2002 (Expressed in Hong Kong dollars)

Fixed assets

Unlisted non-trading investments

Non-trading securities managed by investment manager

Staff housing loans

Current assets Accounts with investment manager Debtors and prepayments Dividend receivable from unlisted

non-trading investment Tax recoverable Cash at bank and in hand

Current liabilities Creditors and accruals Subscriptions received in advance

General fund Investment revaluation reserve

Note NI a!

2(a)

4

5

6

7

8(b)

1 8

2002

$'000 1 02,060

750

45,902

6,000

3,278 4,271

999

41 38,682

47,271

.. ?Q!!��-�

... .?.�!��-� 1 78,998

1 82,869

� 1 78,998

Approved and atJthorised for issue by the General Committee on 20 March 2003

Christopher W C Cheng

Anthony Nightingale

Eden Woon PricewaterhouseCoopers (Certified Public Accountants)

Chairman

Deputy Chairman

CEO

Treasurers

The notes on pages 53 to 60 form part of these financial statements.

2001

$'000 1 12,801

48,323

6,000

3,502 6,580

92 24,252

34,426

_ _ ?Q!!�?.Q

24,700 . · � � - - - - - - -1 76,850

1 78,729 (1 ,879)

1 76,850

·.,

---------------------------------------------------------------------------------------------------------------.,

�� =oo= HKGC@ 51

' INANCIAL STATEMENTS

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Balance sheet as at 31 December 2002 (Expressed in Hong Kong dollars)

Note 2002

m tt $'000 Fixed assets 2(b) 1 02,029

Interest in a subsidiary 3 1 ,221

Unlisted non-trading investment 4 750

Non-trading securities managed 5 45,902 by investment manager

Starr housing loans 6 6,000

Current assets Accounts with investment manager 7 3,278 Debtors and prepayments 4,224 Dividend receivable from unlisted

non-trading investment 999 Tax recoverable B(b) 41 Cash at bank and in hand 37,108

45,650

_?Q!l§?_� Current liabilities

Creditors and accruals Subscriptions received in advance

__ .?_�!§�-� 1 78,960

General fund 1 82,831 Investment revaluation reserve 1 8 �

178,960

Approved and authonsed for issue by the General Committee on 20 March 2003

Christopher W C Cheng

Anthony Nightingale

Eden Woon

PricewaterhouseCoopers (Certified Public Accountants)

Chairman

Deputy Chairman

CEO

Treasurers


Consolidated statement of changes in equity for the year ended 31 December 2002 (Expressed in Hong Kong dollars)

Note 2002

ffl tt $'000 Total equity at 1 January - -�?�,??_Q Deficit on revaluation

Investments in non-trading securities 1 8 � Net losses not recognised in the income (1 ,992)

and expenditure statement ----------

Net surplus/( deficit) for the year - - - -�'1:4.Q

Total equity at 31 December 1 78,998


2001 $'000

1 1 2,757

1 ,747

48,323

6.000

3,502 5,217

92 23,085

31 ,896

.?9.Q:??�

_ _ ?M?.� 1 76,850

1 78,729 �

1 76,850

2001

$'000

- -�! !,�� (5.206)

(5,206)

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1 76,850

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Consolidated cash flow statement for the year ended 31 December 2002 (Expressed in Hong Kong dollars)

Operating activities Surplus/(deficit) from ordinary acf1vities before taxation Adjustments for: - Depreciation on fixed assets - Impairment loss - (Surp lus)/deficit on disposal of fixed assets - Deficit on disposal of non-trading securities - Interest and dividends received

Operating surplus before changes in working capital Increase in dividend receivable from unlisted

non-trading investment Increase in staff housing loans Decrease/(increase) in accounts with investment manager Decrease/(increase) in debtors and prepayments (Decrease)/increase in creditors and accruals Increase/( decrease) in subscriptions received in advance

Cash generated from operations Hong Kong profits tax paid

Net cash from operating activities

Investing activities Payment for purchase of fixed assets Proceeds from sale of fixed assets Payment for purchase of non-trading securities Proceeds from sale of non-trading securities Interest and dividends received

Net cash from investing activities

Increase in cash and cash equivalents

Cash and cash equivalents at 1 January

Cash and cash equivalents at 31 December

Notes to the financial statements (Expressed in Hong Kong dollars)

1 Significant accounting policies

(a) Basis of preparation

2002 2001

$'000 $'000

4,420

4,528 2,000 (506)

953 (1 ,969)

9,426 (999)

224 2,309

(2,764) 299

8,495

�

(1 ,336) 6,055

(9,621) 9,097

� ----�'!?.�

1 4,430

24,252

38,682

(29,279)

5,159 35,000

67 461

� 1 0,489

(3,000) (2,1 07) (1 ,319)

1 ,394 (1 ,648)

3 ,809

� ----��?-�

(1 , 1 1 0) 1 4

(25,682) 27.745

9 1 9

- - - -�'�?-� 5,274

1 8 ,978

24,252

These financial statements have been prepared in accordance with generally accepted accounting principles in Hong Kong and comply with all applicable Statements of Standard Accounting Practice and Interpretations issued by the Hong Kong Society of Accountants ("HKSA"). The financial statements are prepared under the historical cost convention. modified by the revaluation of nontrading securities as explained in note 1 (e) to the financial statements.

(b) Subsidiary A subsidiary, in accordance with the Hong Kong Companies Ordinance, is a company in which the Chamber, directly or indirectly, holds more than half of the issued share capital. or controls more than half the voting power, or controls the composition of the board of directors. An investment in a subsidiary is consolidated into the consolidated financial statements and intra-group balances and transactions are e liminated in full in preparing the consolidated financial statements. In the Chamber's balance sheet, investment in a subsidiary is stated at cost less any impairment losses (see note 1(g)).

:¥� .=oo.= HKGC@ 53

INANCIAL STATEMENTS

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(c) Income recognition Provided it is probable that the economic benefits will flow to the Chamber and the income and costs, if applicable, can be measured reliably, income is recognised in the income and expenditure statement as follows: (i) Members ' subscriptions

Members' subscriptions are recognised on an accrual basis. (ii) Fees and commission income

Fees and commission income are recognised as income when the services are rendered.

(iii) Rental income from operating /eases Rental income receivable under operating leases is recognised in the 1ncome and expenditure statement in equal instalments over the accounting period covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives granted are recognised in the income and expenditure statement as an integral part of the aggregate net lease payments receivable.

(iv) Dividends Dividend income from unlisted investments is recognised when the shareholder's right to receive payment is established. Dividend income from listed investments is recognised when the share price of the investment goes ex-dividend.

(v) Interest income Interest income from bank deposits is accrued on a time-apportioned bas1s by reference to the principal outstanding and the rate applicable.

(d) Fixed assets and depreciation (ij Leasehold investment properties are stated in the balance sheet at cost less

accumulated depreciation and impairment losses (see note 1 (g)). Other fixed assets are stated in the balance sheet at cost less accumulated depreciation. Leasehold land is depreciated on a straight-line basis over the remaining periods of the respective leases. Buildings are depreciated on a straight-line basis over a period of forty years from the date of acquisition. Computer system is depreciated on a straight-line basis over the estimated economic life of the system of three years starting from the time the economic benefits begin to accrue. Other fixed assets are depreciated at the following annual rates on a straightline basis:

Furniture, fittings and office equipment 1 0% to 20% Motor vehicle 20%

(iij Subsequent expenditure relating to a fixed asset that has already been recognised is added to the carrying amount of the asset when it is probable that future econom1c benefits, in excess of the originally assessed standard of performance of the existing asset, will flow to the Chamber. All other subsequent expenditure is recognised as an expense in the period in which it is incurred.

(iii) Surpluses or deficits arising from the retirement or disposal of a fixed asset are determined as the difference between the estimated net disposal proceeds and the carrying amount of the asset and are recognised in the income and expenditure statement on the date of retirement or disposal.

(e) Non-trading securities Investments which are held for non-trading purposes are stated at fair value at the balance sheet date. Changes in the fair value of individual securities are credited or debited to the investment revaluation reserve until the security is sold, collected, or otherwise disposed of, or until there is objective evidence that the security is impaired, at which time the relevant cumulative surplus or deficit is transferred from the investment revaluation reserve to the income and expenditure statement. Transfers from the investment revaluation reserve to the income and expenditure statement as a result of impairments are reversed when the circumstances and events leading to the impairment cease to exist and there is persuasive evidence that the new circumstances and events will persist for the foreseeable future. Surplus or deficits on disposal of non-trading securities are accounted for in the income and expenditure statement as they arise. The surplus or deficit includes any amount previously held in the investment revaluation reserve in respect of that security.

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��e�••mam�mlli�� · �� mtt��•ftaam• · ��m�•�� · ·��l!ll!�ttt 1 (d) 101�.\i!i'ililtfifiHt n��Wfi�� · ••m•m••�� tt 1 (cl M9tf�!!illitf*l\Difm��l\� •

(ii) ffJI/JJJfl/fJ(' �i'ili�••m��m �� · m��•m� �ti��H�� · �·�B��A•t an& · ·��E��UI�ffiftffi •••••� · ffiMG$��,m•••t g;n:.jl{l\!!!f •

(g) Jlil�l! &¥@!Raaaans�tfia&��$&*

$IR · �•��••e•m · leA& ;�mli\me!12ii'l!iXilllf!!: ' - l�!IWJ� ; &

· &1itl%�i'il�N� • •��m�� · �-��u��• �w · �·��m�w�•�•u · �• h�lfl · (iJ Q]l/ff§J:&!NttJHJt

�il��-��hlil��m&�mm m��BI · n��mmm� · � m&��mmffi•��m�1fi�

• · rem�� * *� ��m fim•� � m m · • � � * •a�n•x••��•� � · ·��Rl\ · X�•�•�••an �n112m�••��-��il¥��• ' � �-ffl.·l\� rllli:) •

(ii) )it Jfl tt;@ Jil •�•�•��m•� · �m�� ll · �R��•••m�m�w• · �m•�m R�•�h��••• · •m�m••• �m��iiti\•:Jt� 1H� ·

(hl li!Ui!fi�flt ��•�eft��mftL��m� nff · ��-��ffiaa�ftmm® · � ftfi��ftffffi��H�Ma� · �ft.RM

Wlein�m� • -��MW&�MM��-tt�• · •WM89

�•�a�� · fi��ff�•n••�•• · m

·�Ui'!Wf;.ll�;fi)��li�tt�f!!: · JIIJI-j;)ll)il.lJ • �•*••***•�•�Nm��•an

ff · �•n••� am · ••m�Nw•�M� ��iE111ii!t . !!1)(-j;Jl!JIF.ll .

(i) ��lli· ��#M��-�� s ��•fina•� · � M��&�ffl��·��m��ns�m��• fina•� - ��fi•��e�l\•t• n� ·

(j) .lllUJtl'll •l!l•t��H��m��m� · �m �� m�aft�W�� · i&�•*� · �•m �91\��i�Wa · ��•m�MBM�eme� · �m•m ·

(f) Leased assets Leases of assets under which the lessor has not transferred all the risks and benefits of ownership are classified as operating leases. (i) Assets held for use in operating lease

Where the Chamber leases out assets under operating leases, the assets are included in the balance sheet according to their nature and, where applicable, are depreciated in accordance with the Chamber's depreciation policies, as set out in note 1(d). Income arising from operating leases is recognised in accordance with the Chamber's income recognition policies, as set out in note 1 (c).

(iij Operating lease charges Where the Chamber has the use of assets under operating leases, payments made under the leases are charged to the income and expenditure statement in equal instalments over the accounting periods covered by the lease term, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in the income and expenditure statement as an integral part of the aggregate net lease payments made.

(g) Impairment of assets Internal and external sources of information are reviewed at each balance sheet date to identify indications that the following assets may be impaired or an impairment loss previously recognised no longer exists or may have decreased:

investment properties; and investment in a subsidiary.

If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. (i) Calculation of recoverable amount

The recoverable amount of an asset is the greater of its net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit).

(ii) Reversals of impairment losses An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. A reversal of impairment losses is limited to the asset's carrying amount that would have been determined had no impairment loss been recognised in prior years. Reversals of impairment losses are credited to the income and expenditure statement in the year in which the reversals are recognised.

{h) Provisions and contingent liabilities Provisions are recognised for liabilities of uncertain timing or amount when the Chamber or the group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

(i) Translation of foreign currencies Foreign currency transactions during the year are translated into Hong Kong dollars at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Hong Kong dollars at the exchange rates ruling at the balance sheet date. Exchange gains and losses are dealt with in the income and expenditure statement.

Ul Deferred taxation Deferred taxation is provided using the liability method in respect of the taxation effect arising from all material timing differences between the accounting and tax treatment of income and expenditure, which are expected with reasonable probability to crystallise in the foreseeable future. Future deferred tax benefits are not recognised unless their realisation is assured beyond reasonable doubt.

INANCIAL STATEMENTS

(k) J.!ii:$iR!IPJ aa &aaw••&MWfi�···� · �R Wfi"X�--�m��-�- · �&R�A •�rn� ��nq��-��•aaa"mm ��00��-· - �-��mB ·

(I) 1!111)) �� · ��*��nfi�� - � - - 1J · -�-1JW�MB&��-� fiRm*BW n · •am&M��•m ' x� ��&-1J��A��-A��*�W · ��1J�aaaRg�efi � · M�1l��-@}...Xft!!fi!JG ·

2 �:EiU

(a) ��

�(if : • 2002 !f 1 � 1 8 ;;)'l �1!1

R 2002 !f 1 2 � 31 8

llttl!fW : R 2002 !f 1 fl 1 8 !fp'glfi'f! i'iilll (Ff/!.f 2(d))

�m

• 2002 !f- 12 � 31 8

Jfll ililfl fB. : R 2002 !f 12 � 31 8

R 2001 !f 1 2 � 31 S

(b) !!11it

�fB : R 2002 !f 1 fl 1 8 �fl .tl!l

R 2002 !f 1 2 � 31 8

J/?:tl!ilf : • 2002 !f 1 Jl 1 8 'i'I*Jlfi{g 2tllt (Ff/112(d))

.tl!!

R 2002 !f 1 2 fl 31 8

fflliliiflfB. : R 2002 !f 1 2 � 31 S

• 2001 !f 12 � 31 8


(k)

(I)

2

(a)

(b)

Cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other financial institutions, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition.

Related parties For the purposes of these financial statements, parties are considered to be related to the Chamber if the Chamber has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Chamber and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.

Fixed assets § !fjf!!Jt tu:m.11 {if,m · � i'tll!- fU:l!Mt !.tat

�t 'lmt i"i&itA� :ntifil

Consolidated Leasehold Furniture, properties Leasehold fittings

held for investment and office Motor Computer own use property equipment vehicle system Total

$'000 $'000 $'000 $'000 $'000 $'000

Cost: At 1 January 2002 90,151 71 ,767 1 7,338 503 1 1 ,333 191 ,092 Additions 5 1 1 825 1,336 Disposals (6,684) � (6,720)

At 31 December 2002 -�9�!§_� -�?�9�� _1?&1_� 503 _g!�� 1_�?�?��

Accumulated depreciation: At 1 January 2002 1 1 ,747 42,454 13,316 109 10,665 78,291 Charge for the year 1 ,573 1 , 1 23 1 ,156 1 01 575 4,528 Impairment loss 2,000 2,000

(note 2(d)) Disposals ( 1 , 1 35) � (1 , 17 1 )

At 31 December 2002 -��'�.?_Q -��!�i� -��,�� 2 10 -�!,?�_Q -��,��-�

Net book value: At 31 December 2002 76,831 20,641 3,377 293 918 102,060 -- --

At 3 1 December 2001 78,404 29,313 4,022 394 668 1 12.801 -- -- -- -- -- --

The Chamber

Cost: At 1 January 2002 90,151 71 ,767 16,978 503 1 1 ,333 190,732 Additions 5 1 1 825 1 ,336 Disposals (6,684) � (6,720)

At 31 December 2002 -�9JJ�� -�?,9�� _}?,�� 503 _!?,!§_� ��?,�i� Accumulated depreciation: At 1 January 2002 1 1 ,747 42,454 1 3,000 109 1 0,665 77,975 Charge for the year 1 ,573 1 , 123 1 ,1 43 101 575 4,515 Impairment loss 2,000 2,000

(note 2(d)) Disposals (1,135) � (1 , 171)

At 31 December 2002 -��,��-Q -��,�� -��,!PX 210 _}! ,?�Q -��1�-1-�

Net book value: At 31 December 2002 76.831 20,641 3,346 293 918 102,029 -- -- --

At 31 December 2001 78,404 29,313 3,978 394 668 1 12,757

� 8 ffi fflH*M&mft*M�a·� · ·� * � ffl�"Jiiil.iHr ·

(d) it{!iUii!rt�H�'Jff�f/;iR\J (ff1it'i'l:J'li��.IJ) rl\ 31 • r•••mJ m� · ••a•�xmnm �*MR\J;r.tlll � 200 1-&li: (2001 4 : 3,500 W. li:J · •m��•�*•a��mm�Mm� ITlli'ill�l&Rr •

� BBt�W�ffift/ii\&W ffi ft * M · &� � m�� · � � � • 3• � · Mfimft��s 12i�1iffii: '

--��--R\J ft.&HM�**•�&i:B l\lHQ"f :

-"Ff'.JI!Jl� -"F i!tillli"F!XJWlilli

lti m! fiHt � R\1 �F 1: 1li' l!%l r1i�NlR\J?\.f;l:

�n•fi��m�a•�ttm�n�•• 8Dfflfi-� m · "F !XJ �R�8&m�RffiE • · • • • � a � � � f'.l � � rt.J � � � · � • M � � m - � M m m � * fi tt � t & R\J M

iEH J& ·

Em!m�n�••••Baaca�•�m ('iUD) !Riii'

.fi'ilUl

••••a · a fi M D rt.J ffi ft � W ��•mn 'itl'iR\J!l.l:i! . iU2002if- 1 2 Yl 3 1 B ii:"Fffi. · l't1tll.l£iHlti5 E GACOLink Limited rt.Ji£ i!t • !f � B lit · tit l:Jil£i!tEiil!1fil!ltili=:!:i •

ill1i .tlli'ffii'r

- ·� - j!j:��

(c) The leasehold properties held for own use and investment properties are situated in Hong Kong and held under long leases.

(d) In accordance with Statement of Standard Accounting Practice 31 "Impairment of assets" issued by the HKSA, the Chamber has recognised an impairment loss of $2,000,000 (2001 : $35,000,000) in respect of its leasehold investment properties. This impairment loss was based on the estimated market value determined by reference to comparable recent market transactions.

(e) The Chamber leases out investment properties under operating leases. The leases typically run for an initial period of three years, with an option to renew the lease after that date at which time all terms are renegotiated. None of the leases includes contingent rentals. Total future lease payments receivable under non-cancellable operating leases are as follows:

Within 1 year After l year but within 5 years

3 Interest in a subsidiary

Unlisted shares, at cost Amount due from subsidiary

Less: Provision

tf.fiJ)H.��-Consolidated and /he Chamber

2002 2001 $'000 $'000 1 ,982 1 ,940 1 ,627 2,588 --- ---3,609 4,528

2002 $'000

1 0 5,1 93

5,203 (3,982)

��iiii� The Chamber

2001 $'000

1 0 5,719

5,729 (3,982)

1 ,221 1 ,747

The wholly owned subsidiary is Chamber Services Limited ("CSL'), incorporated in Hong Kong, whose principal activity during the year was the provision of business related services. The Chamber has issued a letter of support which was in force during the year for an unspecified amount to provide financial assistance as is necessary to maintain CSL as a going concern.

4 Unl isted non-trading investments �&R�if#tt Consolidated and the Chamber

Shares in Tradelink Electronic Document Services Limited ("Tradelink"), at cost

Provision for impairment

Other investment

2002 2001 $'000 $'000 5,875 5,875

750 750

The General Committee considers it prudent to provide fully against the investment in Tradelink. Other investment represents investment in GACOiink Limited during the year ended 31 December 2002. Subsequent to the year end, this investment was disposed of to a third party at cost.

5 Non-trading securities managed by investment manager Consolidated and the Chamber

At market value Listed investments - Hong Kong - Overseas

Unlisted investments

2002 2001 $'000 $'000 7,905 9,648

1 2,305 13,933 --- ---20,210 25,692

45,902

23,581 24,742

48,323

Unlisted investments comprise bonds and other marketable instruments.

if$& .=oo= HKGC® 57

FINANCIAL STATEMENTS

6 Q�mli1t� 6 Staff housing loans

�JUHiHHl:�H��1HtJIII3EI'f.!�A H�f'i'l't\J These comprise two secured housing loans with the following terms:

3,000,000 7t :if.\'!. 5% 3,000,000 7t 2005 :if 7 Fl 31 s illi

�.� . . Jtfit!f.�. 5% ��M• · �� m � · �� m)jJ:t� · �;�_ttJ!dl'�ilt •

7 lU!iJU!P SMM&tt·��l't\J-�M� · ��= · � a�m�•��Ma�i!��a · � � m n

�lfrrl! · ��r '

tt*-R&� i!�t 'f!J.'i!.&Ei ��.2.

8 fll.ll( (a) 1*��3!iJtOii& fll �ll(€!!�:

ltiw.lJti.:ifJir;�;�t��.Jmatf'l�f!i$ 1 6%Hn� ;,!};j!'f!Jr.IV!$11il (2001 :iff!i<ll : 16%)

�l: -!ff!i!lllt!.l!lllillil

!!F.liffftft&iib.li!Jl(A.�M��;,S!Itt.iil�IPl.t'l� • · ��n:ifm�m�m��*•• mUI't\Ji!�&�M · ��MMif!i ·

*"ff.tt!i'il!i1H.:ltl!Jiffl E.f<!ffl�.f1JI.!Jt!i

iiJ 1Jl( @ltl1,.f;\:

(� ••�ma · ECJRa•�-•@lm�•�• ffll't\J��* · �*��f!ill(��mllil · * �mllill't\J�E�m� ��r��§�• '

��:f;ff!ll�Watl�N�V!lm:

9 iUI!Jt

�H!&'!&Mmtl!Jtffi @l/i!i'.!fil!ii&WI

�r��$�ffl*ffi · §M��WM · t.nllc?a�!m�Cl l!!

@]�fi�i!l § !UH!ii&WI

;ll; jl!\


Principal $3,000,000 $3,000,000

Interest

interest bearing at 5% per annum interest-free until 31 July 2005 at 5% per annum thereafter

The housing loans are repayable upon the staff members' resignation or retirement or on the sale of the properties, whichever occurs earlier.

7 Accounts with investment manager These comprise cash balances in interest-bearing current accounts and fixed deposits together with accrued interest and dividend receivable on marketable securities, managed by the investment manager as follows: ;,Tt}IJ!.�i!ftt

Current accounts Accrued interest and dividend receivable

Consolidated and the Chamber

2002 2001 $'000 $'000 3,278 3,501

1

3,278 3,502

8 Taxation (a) Taxation in the consolidated income and expenditure statement represents:

Provision for Hong Kong profits tax at 16% (2001 : 1 6%) on the estimated assessable profit for the year

Underprovision in respect of prior year

2002 2001 $'000 $'000

280

280

322 1 1

333

The Chamber is liable to profits tax on net surplus earned other than the amount arising from subscriptions and fee income. The subsidiary is not liable to profits tax as the amount of accumulated tax losses brought forward from previous years exceeds the estimated assessable profits for the year.

(b) Taxation in the balance sheets represents: liJi: fi &.'NJJft Consolidated and the Chamber

Provision for Hong Kong profits tax for the year Provisional profits tax paid

Tax recoverable

2002 2001 $'000 $'000

280 322

� � � (92)

(c) No provision for deferred taxation has been made as the General Committee considers that no liability would be likely to arise as a result of the reversal of timing differences in the foreseeable future. The major components of the unprovided potential liabilities are:

2002 2001 $'000 $'000

Depreciation allowances in excess of related depreciation � 3,039

9 Fees 2002 2001 $'000 $'000

Certificate and GSP fees 27,124 26,851 Reimbursement to Hong Kong Government __ (_2) __ (_7)

27,122 26,844

EDI fees, including trade declaration and textile quota 55,806 56,755 licence fees

Reimbursement to Tradelink (40, 1 26) (41,332) Reimbursement to Hong Kong Government (1 ,303) (1 ,465)

1 4,377 13 ,958

Others 35 48 ---41,534 40,850

1 0 �J.\Utii.U. 1 0

)E !!!lf.J .f;'C5l. � ! HUH'L'i!. fiJ.@. &IIlt.@. - l:m!lti'i - �l'l:m · �Fx�!ltlii

1 1 tllJ\UllUf 1 1 !&A - tllJ:!l - .iJ):illfl� - #!f;;l1f

� tll - tllJ:!l - � �&ii!i!PJJJU'i - JiQjS&�"'<#��§ - tJH1fi

i¥l&A

1 2 l U 1 2

fU · lf� !ll!i&;f�li �nm��·�-��&-�tt�ffliH�

(iiiftl 20) lHl m �iU&ffil!ll'll'l!l !l§lff.W Nll'HUif�Jl !fl�III &Hl&l'l �Jj:i

13 1h!11ill 1 3

fU& i U� lirJI' liii�Jl' E[lJ$1J&X:� �JJ: t¥:i . !jflj5&_;j1j� i1I¥ll ��xjgjJJ: i'U!Uir1� ffj!J):ilffl�

14 nunt 1 4

lHHf iillil!W ;:1;/f&��!.\' �Hill' tlti'i��l&W ffMW

15 fliiUUil 1!i �:@it !I �li ill.tHft 1 5

�>Ei'iiillflll" (Pf1t12(a)) tlli!f�)Eji{�,PJij��

Interest and dividends

Interest on time deposits and staff loans I nterest and dividends - listed investments - unlisted non-trading investments

Publications and promotion Income from - publications - sundry services - seminars

Expenditure on - publications - trade and programme promotion - advertising and public relations - seminars

Net income

Staff

Salaries. bonus and allowances Contribution to staff retirement benefit scheme and

mandatory provident fund scheme (note 20) Staff quarters rental and related expenses Medical expenses Passage and leave allowances Training and recruiting Sundries

Office

Rent and rates Light and power Telephone Printing and stationery Postage Maintenance, repairs and cleaning Books and newspapers Local travelling Motor car expenses Sundry expenses

Services

Audit fees Treasurers' fees Legal and professional fees Computing fees Investment manager's fees Insurance

Depreciation and deficit on disposal of fixed assets

Depreciation on fixed assets (note 2(a)) Deficit on disposal of fixed assets

2002 $'000

658

312 999

1 ,969

2002 $'000 1 , 1 61 9,814 2,486

13,461

1 ,283 7,234

39 730 ---

9,286

4 , 1 75

2002 $'000

36,323 3,412

1 ,436 370

57 483

44

42,125

2002 $'000 3,097

347 2 1 5

1 ,2 1 7 533 535

84 83 41

313 6,465

2002 $'000

1 98 744 159 747 280 583

2,7 1 1

2002 $'000 4,528

4,528

2001 $'000

651

268

91 9 ---

2001 $'000 1 , 1 8 1

10,927 3,048

--�-�!}_?_� 1 ,291 7 , 1 1 7

6 1 9 410

----�!��2 5 , 7 1 9

2001 $'000

37,546

3,802

1 ,872 571

78 268

44,137

2001 $'000 3 , 1 98

306 241

1 , 1 60 490 593

56 86 50

332

� 2001 $'000

206 984 1 2 7

1 ,0 1 0

225 545

3,097

2001 $'000 5 , 1 59

67

5,226

:If� :::00-= HKGC@ 59

FINANCIAL STATEMENTS

� 8.111mft� �Jl bU!l�li/13tltWJ

17 �inl�/(�!fl) §tii�tt 4 , 102,0007L (2001 lf�til . 29,612,000 7L) ftJ:6t!!Hi'lM:/(�!ll) clrH'!illi�(!IJI!HMil�Ailll •

Hl' U l 1 8 !fiWifi!i!Rif\11:1 Hl' 1 2 fl 31 8

1 9 ir:tlt tt2002 lf 1 2 fl 31 8 · IHJ!Fl'iiJlfiltJ!!ft-Jg.lnl ttlf.l*!ltllf'lf!li:l.!li'liP!lr ·

- lf pq !IJijffi -lflUL li lf pq!IJI;il\

�•e�•�m•��mwt�ma*• · m a!lllm�=��lf · !lll�iiJ illimm� · Mwm Jtlll El l';J1'§l2isxWf!li: •

20 tifHii'flJ N �� · lfR�� · WBlf·-�illi�BBM

m�•�e••a•�mM�M�t.JlfmP<J�

FW � ffl ,\� · (if) �.U.lit/:&�F'<&fft�.Z:PlP<lffiW�fllMiH1

•�-!ll•m�Btt*lt.l�a��H� · ��pqlf.lft�$&na•�n•� · * a •••m�att•ttJ� a•��H�

ttJ�� · •�<•�tt.z:m��•�>• A•�tt.z:m�� · · � � • - �•m �•tt•ft-J� n �� · $ � n �t.JI !tA'B'� · t � · lf � B E 6 lf (!IJ � � · U a l\ � (Piut 12) .

21 Rlllli1 1ift.J t �B� �

tt2001lf · l!illi8:&Dlir-1ll:Nii�::RR-@

�m�nma�• · ��•�E•�m�t.J�n :kft .tlilll!l!. -&AAli • f!ltt!lll$2001 lf 9 il 1 BM: · �WI�if · !SM!f!l�a 129.375 7L •

22 t�f.Ut* � M a � m • z ft & � M 7 < e H �ffi•M> M 1 s � rm•RQaJ �t.Jm�J\� · � P<l � El (!1)��-BBE��& · • � m� • & ft @ � (!IJ•t2Q� El B B��•••amala · •eMJ\!!t � ·-�·ftlmt��ftm • �fi��·�lf.J�� · tt��E�!fi� B::rt •


1 6 Subscriptions and donations

Trade organisations' subscriptions Educational and economic research sponsorship

1 7 Surplus/( deficit) after taxation

2002 $'000

1 1 5

1 1 5

2001 $'000

101 1 6

1 1 7

The surplus/(deficit) after taxation includes a surplus of $4 , 1 02,000 (2001 : a deficit of $29,612,000) which has been dealt with in the financial statements of the Chamber.

1 8 Investment revaluation reserve

At 1 January Revaluation deficit

At 31 December

1 9 Commitments

Consolidated and the Chamber 2002 $'000

(1 ,879) (1 ,992}

(3,871 }

2001 $'000 3,327

(5,206)

(1 ,879)

At 31 December 2002, the total future minimum lease payments under non-cancellable operating leases in respect of properties are payable as follows: M. IS&. �.t1! tt

Within 1 year After 1 year but within 5 years

Consolidated and the Chamber 2002 2001 $'000 $'000 1 ,726 2,610

143 1 ,503 --- ---� 4, 1 1 3

The Chamber leases a number of properties under operating leases. The leases typically run for an initial period of two to three years, with an option to renew the lease when all terms are renegotiated. None of the leases includes contingent rentals.

20 Employee benefits

(ij Salaries, annual bonuses, paid annual leave and the cost to the Chamber of non-monetary benefits are accrued in the year in which the associated services are rendered by employees of the Chamber.

(ii) The Chamber operates a def1ned contribution staff retirement benefit scheme for the qualifying staff of the Chamber and its subsidiary. The assets of the scheme are held separately by an investment manager. Employees not previously covered by the defined contribution staff retirement benefit scheme are covered by a Mandatory Provident Fund Scheme ("MFP" Scheme) under the Hong Kong Mandatory Provident Fund Scheme Ordinance. The MPF Scheme is a defined contribution retirement scheme administered by independent trustees. Contributions applicable to each year are charged to the income and expenditure statement for the year (note 12).

21 Material related party transactions During 2001, the Chamber renewed a lease agreement for one of its Investment properties with an association in which it has the only voting right at the association's general meetings. The lease term was for three years from 1 September 2001 onwards at an agreed monthly rental of $129,375.

22 Comparative figures The presentation and classi fication of items in the consolidated cash flow statement have been changed due to the adoption of the requirements of SSAP 1 5 (revised 2001) "Cash flow statements". As a result, cash flow items from taxation and returns on investments have been classified into operating and Investing activities respectively and a detailed breakdown of cash flows from operating activities has been included on the face of the consolidated cash flow statement. Comparative figures have been reclassified to conform with the current year's presentation.

COMMITIEE CHAIRMEI\1

AMERICAS COMMITTEE ENVIRONMENT REAL ESTATE & Mr H Y Hung COMMITTEE IN FRASTRUCTURE (Chairman) Mr James Graham COMMITTEE Mr Gary Ahuja (Chairman) Mr Victor Li (Vice Chairman) (Chairman) Mr Steve Wong Mr Peter Churchouse (Vice Chairman) EUROPE COMMITTEE (Chairman)

Mr David Rimmer Mr Joop Litmaath

(Chairman) (Vice Chairman) ASIA & AFRICA Mr Paul Clerc-Renaud Mr Michael Green

COMMITTEE (Vice Chairman) (Vice Chairman) Mr Barrie Cook Mr Michael Lintern-Smith (Chairman) (Vice Chairman) Mr Manohar Chugh RETAIL & DISTRIBUTION (Vice Chairman) COMMITTEE Mr K L Tam HUMAN RESOURCES (Established September 12, 2001) (Vice Chairman) COMMITTEE Mr Anthony Nightingale Mr N S Shroff Mr Eddie Ng (Chairman) (Vice Chairman) (Chairman) Mr Roy Ng

(Vice Chairman)

CHINA COMMITTEE INDUSTRIAL & Mr Stanley Hui TECHNOLOGY SHIPPING & TRANSPORT (Chairman)

COMMITTEE COMMITTEE Mr Jeffrey Lam

Mr Patrick Pun Mr Nell Russell (Vice Chairman) (Chairman) (Chairman) Mr David TC Lie (Vice Chairman) Mr Oscar Chow Mr Stuart Dobie

(Vice Chairman) (Vice Chairman) Mr Wang Lu-Yen (Vice Chairman)

LEGAL COMMITTEE SMALL & MEDIUM

E-COMMITTEE Mr Kenneth Ng ENTERPRISES

Ms Elizabeth Quat (Chairman) COMMITTEE

(Chairman) Mr R T Gallie Mr K K Yeung

Mr Jonathan Cheng (Vice Chairman) (Chairman)

(Vice Chairman) Mr Emil Yu

Mr Graham Brant (Vice Chairman) (Vice Chairman) MEMBERSHIP Mr Gerry Ma

COMMITTEE (Vice Chairman) Mr David Eldon

ECONOMIC POLICY (Chairman) COMMITTEE Mr Alexander Wan TAXATION COMMITTEE

Mr George Leung (Vice Chairman) Mr Kaushal Tikku

(Chairman) Mr Louis Pong (Chairman) Mr Terry Grose

(Vice Chairman) Mr Marcellus Wong

(Vice Chairman) (Vice Chairman) M r Andrew Brandler

(Vice Chairman)

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HONG KONG COALITION

OF SERVICE INDUSTRIES

EXECUTIVE COMMITTEE

Mr Stanley Ko

(Chairman)

Mr Anthony Griffiths (retired 912002)

(Vice Chairman)

Mr K C Kwok

(Vice Chairman)

Mr Tony Au

Mr Charles Nicholas Brooks

Mr Marshal! Byres

Mr Garmen Chan

Dr W K Chan

Mrs Cindy Cheng

Mr Stuart Z Chiron

Mr lan Christie (retired 4/2002)

Mr Denis Wing Kwan Lee

Or Jane Lee

Mr George Leung

Mr James Lu

Mr Richard Pyvis

Mr lan Robinson

Mr David Ruan

Mr Michael Lintern-Smith

Mr Paul Tang

Mrs Grace Lee

Mr Alan Wong

Ms Eva Wong

Mr Kelly Wong

Prof Richard Wong

Dr Eden Woon

Mr Eric lp

The Hon Howard Young, JP

FINANCIAL SERVICES

COMMITTEE

Mr David Ruan

(Chairman)

M r David Dodwell

(Vice Chairman)

INFORMATION

SERVICES COMMITTEE

Mrs Cindy Cheng

(Chairman)

PROFESSIONAL

SERVICES COMMITTEE

Mr lan Robinson

(Chairman)

Mr Bernard Hui

(Vice Chairman)

REAL ESTATE

SERVICES COMMITTEE

Mr Charles Nicholas Brooke

(Chairman)

TOURISM COMMITTEE

Mr Alan Wong

(Chairman)

OVERSEAS

SPEAKERS GROUP

Mr David Rimmer

(Chairman)

COMMITIEES

PACIFIC BASIN

ECONOMIC COUNCIL -

HONG KONG, CHINA

MEMBER COMMITTEE

EXECUTIVE COMMITTEE

Mr David G Eldon

(Chairman)

Mr D W M Fergusson

(Vice Chairman)

Mr Allan Aw

(Treasurer)

Mr John E Strickland

(Immediate Past Chairman)

Dr Eden Woon

(Director General)

Mr Horst F Geicke

Mr Markus Jebsen

Mr Leo Kung

Mr Lester Kwok

Mr Edward Kwong

Mr Sebastian Man

Mr Richard Tang

Ms Annie S C Wu

Ms Marjorie Yang

Mr Allan Zeman, JP

HONG KONG-TAIPEI

BUSINESS

COOPERATION

COMMITTEE

Dr Li ly Chiang

(Chairman)

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Hong Kong General Chamber of Commerce 22/F United Centre, 95 Queensway, Hong kong

T el 2529 9229 Fax 2527 9843 E-mail [email protected]

www.chamber.org.hk

., • ��I 2529 9229 i' i X'f 2527 9843

. ,. ::•\ chamber•g challlber.org .hk

2002 - Hong Kong General Chamber of Commerce

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