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| No.7 July, 2010 |
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Two cities can co-operate to mutual benefit |
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 Hong Kong's financial services sector can take advantage of the 'One country, two systems' principle, to help China open up while helping Hong Kong become a global financial hub, according to the Secretary for Financial Services & the Treasury, Prof KC Chan.
Prof Chan made his remarks on July 21 in Shanghai at the Hong Kong SAR Finance Forum: "Strong Markets: Hong Kong, the Mainland and the World”. The forum was also a HKSAR programme for Expo 2010 Shanghai China.
Prof Chan said the forum looked at new regulations and financial environments given the rapidly changing global financial markets; financial reforms in China and opportunities presented by the internationalisation of the Renminbi.
"Under the unique 'One country, two systems' environment, we can help enterprises in China to go global and participate in international financial services,” Prof Chan said.
"Hong Kong provides a good environment for financing, and some very good capital management services to enterprises in China.
"On the one hand, we help the continuous opening up of China, on the other we help ourselves to become an international financial centre."
Prof Chan said the forum would also address the positioning of Shanghai and Hong Kong as well as opportunities for financial co-operation between the two cities.
"Following China's gradual internationalisation, the internationalisation of Shanghai as a financial centre will increase," he said.
"Shanghai and Hong Kong should be complementary to each other. Hong Kong is a fully internationalised market, and can work together with Shanghai in the gradual internationalisation of China."
A broadcast of Prof Chan’s remarks can be accessed via Hong Kong's Expo website, www.hkexpo2010.gov.hk, Shanghai Expo’s YouTube channel, www.youtube.com/hkexpo2010, and the Youku channel http://u.youku.com/hkexpo2010. |
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