ON SITE COVERAGE: China In Background Of WOCCU Conference
HONG KONG -- Even though the World Council of Credit Unions reports that only three of the attendees at this year's World Credit Union Conference are from the People's Republic of China, the bulk of the economic giant rested high in the mind of other attendees.
John Tsang, Financial Secretary for the government of the Hong Kong Special Administrative Region keyed his welcome to conference attendees off the 2008 Olympic Games which begin Aug. 8 in Beijing. Reminding the attendees that Hong Kong will welcome the Olympics' equestrian events as part of the games, Tsang outlined the strengths that make Hong Kong a strong competitor for financial services in China.
Charles Yip Wai-kwong, President of the Board of the Credit Union League of Hong Kong, reminded attendees that although Hong Kong's 41 credit unions have only 1% of the Region's population, the League has been working hard to promote the credit union philosophy in what Yip called "mainland China.""Mainland China is undoubtedly the base of what is potentially the largest credit union movement not only in Asia, but also the world," Yip said, explaining that several Hong Kong credit unions have entered into different development projects with communities in China to help introduce residents to financial cooperatives.