U.S. and Hong Kong (2007)

The Department of the Treasury

November 13, 2007
HP-677

Under Secretary for Domestic Finance
Robert K. Steel
Remarks before the American Enterprise Institute

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Globalization's Impact on Competitiveness

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In addition to dollar volume, other IPO statistics also indicate this globalizing trend: Many foreign economies have been rapidly transforming to market-based economies. Of the largest 20 IPOs in 2006, 19 were foreign companies listing in foreign jurisdictions, five of which were privatizations of Chinese state-owned companies listing in Hong Kong or Shanghai. Only one--a U.S. company--of the 20 largest IPOs listed on a U.S. exchange.

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