LA County Supervisor Michael Antonovich Links Local and Pacific Rim Economic Development (May 05)

As Hong Kong and China continue on a path of rapid economic growth, major developments and growth trends in Los Angeles are bolstering its status as the financial gateway to the Pacific Rim. At a May 19 HKASC Breakfast Briefing at the Jonathan Club, Los Angeles County Supervisor Michael Antonovich addressed issues concerning economic and political development in Southern California and how they will affect the expansion of the local economy.

Born and educated in Los Angeles, with BA and MA degrees from California State University at Los Angeles, Antonovich taught in the Los Angeles Unified School District and served as a California state assemblyman for a number of years before being elected to his first term as County Supervisor in 1980. Chairman of the Board of Supervisors in 1983, 1987 and 1991, and Mayor in 1983, 1987, 1991, and 2001, Antonovich currently serves the Fifth District of Los Angeles, which comprises the Antelope, Crescenta, Pomona, San Fernando, San Gabriel, and Santa Clarita valleys. Antonovich is also involved in a wide variety of community organizations throughout Los Angeles, and has been a frequent guest of the Association's Speaker Series.

The U.S. economy has been experiencing parallel economic growth and unemployment decline in the past four quarters, stated Antonovich, and California's state economy has remained similarly solid. Despite recent calls from media outlets for tax increases, the state administration has followed its platform of fiscal responsibility by curbing budget spending and promoting policies such as budget and workers' compensation reforms. Recently passed legislation such as Proposition A will safeguard local funds by allowing revenues generated by cities and counties to remain within those areas for transportation projects and other vital services.

The state economy also stands to benefit from increased overseas trade. Antonovich cited statistics by the Los Angeles County Economic Development Corporation that projects international trade activity in Southern California to reach record levels in 2005. Besides being the gateway to the Pacific, Los Angeles leads the way for financial growth with its "entrepreneurial spirit, academic institutions, climate and infrastructure." Moreover, the county's traditional economy of aerospace, entertainment and tourism has evolved into a "cutting-edge economic engine with unparalleled access to world markets."

While often mistaken for being "one large city," Antonovich explained that Los Angeles is really a dynamic county of 88 unique cities, 134 unincorporated communities and 10 million people. The Los Angeles County Board of Supervisors acts as mayors and city councils, regulates growth, oversees commercial and residential development, as well as the planning and undertaking of major infrastructure projects. The county also contracts public services to half of its cities, maintaining a public workforce of over 90,000.

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