Hong Kong officials believe the establishment of mutual access between the stock markets of Shanghai and Hong Kong will enhance the city's position as an international financial center and an offshore yuan hub.

"We welcome and are encouraged by Premier Li Keqiang's remarks endorsing mutual market access between the stock markets of Shanghai and Hong Kong," Hong Kong Exchanges and Clearing Ltd Chairman Chow Chung-kong said in a statement on Thursday.

"The program is not only a major breakthrough for the opening up of the mainland's capital markets but also a great milestone for the development of Hong Kong as an international financial center. Hong Kong will again act as a bridge connecting the Chinese mainland economy and the rest of the world," Chow added.