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HK to enhance competitiveness as global financial center

(Xinhua)
Updated: 2009-10-14 15:03

HONG KONG: Hong Kong Special Administrative Region (HKSAR) Chief Executive Donald Tsang on Wednesday pledged to take a series of measures to enhance Hong Kong's competitiveness as a global financial center.

"We should fully grasp the opportunities presented by 'One Country, Two Systems'," said Tsang when delivering his annual policy address at the Legislative Council.

Hong Kong Chief Executive Donald Tsang addresses the Legislative Council during his annual policy speech in Hong Kong October 14, 2009. [Agencies]

"We will continue to develop Hong Kong as a global financial center, asset management center and offshore RMB business center attracting capital and talent from within and outside the country," he said.

In the process, Hong Kong will endeavor to meet the overall development needs of the country and achieve a win-win situation, and contribute to the country's financial security.

As a prime global financial center in the Asian time zone, Hong Kong enjoys many advantages, including a highly open and internationalized market, a regulatory regime aligned with major overseas markets, the rule of law, and the free flow of information and capital.

Tsang said that the Financial Secretary of the HKSAR government will formulate specific plans along the following direction:

-- To build on Hong Kong's strength as an international market and enhance the quality and competitiveness of its market to attract international talent, capital, financial institutions and products;

--To strengthen Hong Kong's role as the testing ground for the liberalization of China's capital account and the regionalisation and internationalization of the RMB, and to build a market offering a broad range of RMB products and services;

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--To leverage on the "early and pilot implementation" policy to enhance the two-way flow of financial institutions, financial products, capital and talent between Hong Kong and the Pearl River Delta (PRD) region;

-- To serve as Mainland enterprises' preferred capital raising center outside the Mainland, providing equity listing, bond issuance, international asset management and hedging services. In this regard, Hong Kong can act as the bridgehead for Mainland enterprises to go international; and

--To strengthen the links between the Mainland and Hong Kong financial markets in the areas of financial market infrastructure, information sharing, and regulatory co-operation to enhance the financial security of cross-border capital flows.