Hong Kong has become a supercharged turbine for international finance, commerce and trade, Hong Kong Chief Executive Donald Tsang said, urging American business and finance chiefs to use the city as their Asian base.

Addressing 350 luncheon guests in New York on Tuesday, Tsang stressed "Today Hong Kong clearly emerges as the services hub for business in Asia. All kinds of businesses, from entrepreneurs making the most of our lifestyle and world-class infrastructure, to multinational corporations serving the region concentrate in Hong Kong," said a government press release reaching here Wednesday.

"There are now nearly 3,800 overseas companies with regional operations in Hong Kong, which is a record high, and American firms are the largest group among them, with 868," he said.

"Since 1997, the number of overseas companies with regional operations has grown by over 50 percent, confirming Hong Kong as the most popular place in Asia to establish a base. These companies recognize Hong Kong's value as the best platform for doing business, not only in the Chinese mainland, but in the Asia- Pacific region as a whole."

Tsang also highlighted Hong Kong's role as the principal services hub for Chinese companies looking to expand their customer base on the world stage.

The Chinese mainland enterprises have raised over 120 billion US dollars on the Hong Kong stock exchange, and are increasingly using Hong Kong and its international know-how to venture into global markets.

During a meeting with the Federal Reserve Bank of New York, Tsang updated US bankers and financiers on Hong Kong's latest developments. He also outlined plans to enhance links between Hong Kong and the Pearl River Delta, and explained the huge market potential of the Pan-PRD economic grouping.

Tsang later left for Washington for a three-day visit. He will meet US political leaders and business leaders there.

Source: Xinhua