| Uncorking Asia‘s Wine Market |
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Late this spring, JOHN C. TSANG told guests at the “Hong Kong – Asia’s Wine and Gourmet Centre” luncheon in Napa Valley, California, that Hong Kong aims to be one of the world’s great wine trading and distribution centers. Mr. Tsang, who is Hong Kong Financial Secretary, explains why and how.
不久前，在加州著名的酒乡纳帕，香港特别行政区财政司司长曾俊华与当地葡萄酒商的午宴上，以“香港——亚洲葡萄酒和美食中心”发表演说。曾俊华认为，香港作为全世界葡萄酒市场增长最快的地区之一，商机无限。
HONG KONG IS THE FIRST free wine port among major economies with unparalleled connectivity in Asia. We are one of the world's fastest growing markets for wine, and we aim to be one of the world's great wine trading and distribution centers.
Allow me to begin my talk with a few facts and figures that I hope will whet your appetite for our city's wine aspirations.
In my Budget in February last year, I reduced wine duties to zero.
In the 10 months that followed this move, i.e. from March to December 2008, Hong Kong’s global wine imports increased more than 80 percent year-on-year at the tune of some US$350 million.
In the same period, US wine exports to Hong Kong reached US$18 million, more than double that in 2007.
In the past year, we have hosted 10 wine auctions – the first such sales in the city in more than a decade. These included two sales each by the US auction houses Zachys Wine & Liquor Store and Acker Merrall & Condit. One of the Acker sales set a new Asian record by fetching US$8.2 million.
We have signed Memoranda of Understanding on wine with France, Spain and Australia, and we are close to signing one with the US as well.
A Nose for Opportunity
HONG KONG MAY APPEAR to be an unlikely partner for legendary wine regions such as Napa Valley. After all, we don’t have a large population and we don’t actually produce any wine. Indeed, our city is better known for our culinary creations, and we do have a nose for opportunity. The premise is fairly straightforward. The wine industry predicts the Asia market to boom in the next decade. In the Mainland of China alone, wine imports are estimated to reach US$870 million by 2017. This would account for 58 percent of the projected market for wine in Asia, excluding Japan
In China alone, wine imports are estimated to reach US$870 million by 2017 – or 58 percent of the project-ed market for wine in Asia, excluding Japan
仅中国大陆，葡萄酒进口中国内地来讲，预计到2017年的葡萄酒进口总额将达到8亿7000万美元。这将占到除日本以外亚洲葡萄酒市场总额的58%
Hong Kong is well placed to facilitate the growth of the wine market in our region. We are situated on the southeastern tip of China with modern infrastructure and world-class services. Decades of experience have also furnished us with the contacts and know- how to crack the Mainland market.
For wine traders and collectors of fine wine, maintaining quality and value is paramount.
In the past year, we have tailored our customs procedures to suit the industry. Customs inspections for wine may now be done at the storage facilities in a temperature and humidity controlled environment instead of at the point of entry.
Hong Kong Financial Secretary John C. Tsang
addressing a luncheon hosted by the Napa Valley Vint-
ners and Wine Institute at the Culinary Institute of
America
香港特别行政区财政司司长曾俊华与
加州纳帕山谷酿酒人协会及葡萄酒协会
在美国烹饪学院共进午宴
To tackle the threat of fake wine, Hong Kong Customs has teamed up with the industry as well as overseas enforcement ag encies to exchang e infor mation on counterfeiting. No cases of counterfeit wine have been recorded in Hong Kong in recent years and we are determined to maintain a clean record.
For storing fine wine, we have some state-of-the-art facilities and more are being built. At the same time we are working to introduce an accreditation system for cellars to establish standards for storage. This would be a world first for the industry.
Local and US entrepreneurs have been quick to see Hong Kong's potential as a wine hub. Several US wine fir ms have set up offices in Hong Kong in the past year. They include wine trading [California Grape International, Vinx Asia, Zachys and Vinfolio] and wine storage companies [Vinfolio].
One local firm owned by an American national has conver ted a historic underground munitions depot into the premier storage facility for fine wine in Hong Kong. Aboveground at the venue is a fine dining restaurant where visitors can enjoy a meal and take part in wine tastings. The site was declared a UNESCO Heritage Site in 2007, and it was the host of a successful wine auction last May. The Hong Kong Government is keen to identify more venues of historic and cultural significance that may be suitable for wine- related activities. Developing the wine sector fits neatly with our ongoing program of rejuvenating heritage sites across Hong Kong for people to enjoy.
One such venue – Haw Par Mansion on Hong Kong Island – will be put on the market this year. Uses could include a wine museum, a venue for auctions and wine appreciation as well as fine dining.
Training wine specialists including wine stewards and frontline sales people as well as industry specialists in logistics and warehousing is under way.
The Financial Secretary walking through the
cellars in the Palmaz Vineyards in Napa Valley,
California
曾司长漫步于加州纳帕山谷的Palmaz
Vineyards葡萄酒园的酒窖
Here, cooperation with training institutions in wine-savvy countries is part and parcel for developing our wine sector. We welcome oenophiles from the US to visit Hong Kong and join our wine promotion efforts.
At the inter-g over nment level, Memoranda of Understanding provide for greater cooperation on wine education and appreciation. These bilateral agreements also support collaboration on wine promotion, tourism, investment, conventions and exhibitions.
Continuing to Lay the Foundations
OUR WINE INDUSTRY HAS come a long way in a short time. The results so far have been encouraging, but there is still much work to be done.
US entrepreneur Stephen Bachmann summed up nicely the impact of our elimination of wine duties. He said, and I quote: “It is a bit like New York City suddenly coming online overnight.”
I could not agree more regarding the wine industry. Looking at the broader picture, Hong Kong has been online and open for business for many years. We are determined to rise to the challenge of adapting our tried and trusted business-friendly formula to match the specific needs of the wine industry.
Hong Kong already has a low and simple tax system. Salaries are taxed at the top rate of 15 percent and profits tax is 16.5 percent. In Hong Kong, there is no inheritance tax, no capital gains tax and only income sourced in Hong is taxable.
Our economy has been rated as the freest in the world for each of the past 15 years by the Heritage Foundation based here in the US. Providing a sound platform for business also requires a robust banking sector – especially in these fragile economic times. Hong Kong is a well-established international financial center with some 70 of the world’s largest 100 banks operating in the city. Our stock market is the seventh largest in the world and third largest in Asia by market capitalization.
In a world first for the industry, Hong Kong is working to introduce an accreditation system for wine cellars to establish standards for storage
面对世界第一的产业，香港正在努力引入酒窖认证制度，设立葡萄酒存储标准
Hong Kong's location in the heart of East Asia, places the city within five hours f lying time of half the world's population. We are also on the doorstep of the world’s fastest growing large economy – the Mainland of China.
The Financial Secretary walking through the
cellars in the Palmaz Vineyards in Napa Valley,
California
曾司长漫步于加州纳帕山谷的Palmaz
Vineyards葡萄酒园的酒窖
Whetting Appetites for More
ONE OF THE WAYS WE CONNECT overseas markets to the Mainland is by staging large-scale events that bring together buyers and suppliers in a business-friendly environment.
Each year, there are some 300 international events in Hong Kong - allow me to tell you about a couple of new ones that are relevant to our topic today.
Last year, our Trade Development Council organized the inaugural Hong Kong International Wine and Spirits Fair with seminars, tastings and workshops. The Fair helped to promote our new status as a free wine port. It was a great success and we have decided to turn it into an annual event. Please mark your diaries because this year’s Fair is set for the first week in November. I hope you will be able to come to Hong Kong for the Fair and experience the atmosphere for yourselves. I’m sure you won’t be disappointed. Last year, there were 240 exhibitors and almost 9 000 visitors from around the world. This year we expect the Fair to be even bigger.
Another important event this year is our first “Wine and Dine Festival” kicking off at the end of October. As the title suggests, it combines fine wine with great food. It is a key event for us this year because we have designated 2009 as “Hong Kong Food and Wine Year”.
The highlight of the Festival will be a three-day outdoor carnival along our harbor front where you will be able to sip fine wine, enjoy exquisite cuisine and take in the sights of our world famous skyline. It promises to be a treat for our isitors. Last year, we welcomed almost 30 million visitors to Hong Kong. Shopping in the city center, hiking through our country parks and sightseeing are some of the things our visitors enjoy doing most. Wine tours are catching on fast.
On the culinary front, a wide variety of cuisine reflects Hong Kong’s multi-cultural community. Naturally, Cantonese food is the home favorite. But with some 12 000 restaurants to choose from there is something for all tastes from Thai, Indian and Japanese dishes to European, South American and of course US specialties.
Mr. Tsang tasting wine from the barrel at the Pal-
maz Vineyards
曾司长品尝Palmaz Vineyards葡萄酒园
木桶中的葡萄酒
For the more discerning eater, there are now Michelin starred restaurants to try. The first Michelin Guide for Hong Kong was published last year –- two years after the first “little red book” covering the San Francisco Bay Area & Wine Country. The Guide includes more than 200 establishments in Hong Kong and awards coveted Michelin stars to 22 of them. Most important, it recognizes the global importance of Hong Kong cuisine.
I promised to whet your appetite for Hong Kong … [and] sample our world famous gastronomic delights during Hong Kong’s “Food and Wine Year”.
International events in Hong Kong such as the recent HOFEX are venues to select glassware for wines as well as sample wines
国际性的活动，如不久前举办的HOFEX展会，是选择葡萄酒器及品尝葡萄酒的良好平台
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