日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Donald Tsang: inclusion in 5-yr plan shows the city's importance

Updated: 2011-03-08 07:04

By Oswald Chen(HK Edition)

  Print Mail Large Medium  Small

 Donald Tsang: inclusion in 5-yr plan shows the city's importance

A bird's eye view of residential and commercial property in Central. The chief executive said Shanghai is not in direct competition with Hong Kong. Mike Clarke / AFP

CE: HK's position as a financial center not threatened by Shanghai

Hong Kong's inclusion in the mainland's 12th Five-Year Plan indicates that the city's role as an international financial center is not being threatened by Shanghai, Chief Executive Donald Tsang said in a speech at Beijing University on Monday.

The plan "clearly mentions that the central government will strengthen Hong Kong's position as an offshore yuan financial center," Tsang said. "The onshore yuan business is Shanghai's strength and it is not in direct competition with Hong Kong. Rather, this is a mutually beneficial relationship."

"The yuan internationalization process can reduce the mainland's reliance on the US dollar, as well as elevate the mainland's status in international finance. Nevertheless this process can also lead to more market volatility due to the capital inflows brought by the country's capital account liberalization," Tsang added.

"By leveraging on extensive international business experience and connections, the financial institutions in Hong Kong can act as a buffer for mainland enterprises during the yuan internationalization process," Tsang said.

Hong Kong is vowing to grow as an offshore center for yuan trading as Premier Wen Jiabao allows the currency to become more readily available beyond the mainland's borders to reduce reliance on US dollars in trade and finance. Shanghai, whose economy exceeded the size of Hong Kong's, has pledged to become a world financial center by 2020.

"Yuan internationalization needs the cooperation of the onshore yuan market in Shanghai as well as the extensive business networks from the Hong Kong offshore market. Both cities need to enhance their cooperation to foster the depth and breadth of the yuan internationalization process," Tsang said.

Shanghai will focus on onshore financing activities, while Hong Kong is developing offshore yuan business with help from Shanghai, Tsang said, adding that currently there are more than 150 local banks are participating in the local yuan business.

The mainland's plan includes "international use of renminbi and Hong Kong will play an integral role" in it, economists led by Kevin Lai at Daiwa Capital Markets wrote in a March 2 report, referring to the yuan. "We expect the yuan business to expand significantly in Hong Kong over the next three years and benefit the city's economy," they said.

Sales in the city of yuan-denominated debt, known as dim sum bonds, totaled 13.3 billion yuan in the first two months of 2011 compared with zero in the same period of 2010. The amount of local-currency debt issued in Shanghai rose 13 percent to 267.5 billion yuan.

Meanwhile, Tsang reiterated in his speech that the city will not abolish the current currency peg with the US dollar.

"As Hong Kong is a small and open economy, any currency fluctuation will be detrimental to our economic development. Hong Kong's currency needs to be linked to a strong currency in international finance and that is the US dollar," Tsang said.

Bloomberg contributed to this story.

China Daily

(HK Edition 03/08/2011 page2)

主站蜘蛛池模板: 久久久成人免费视频 | 在线观看国产一区 | 天天天操| 伊人综合影院 | 男人天堂视频网 | 麻豆av网| 国产一区二区三区视频在线 | 午夜国产免费 | 日韩在线观看免费网站 | 午夜av免费| 一区二区国产在线 | 成人午夜大片 | 天天干天天上 | 国产精品久久一区 | 国产丰满美女做爰 | 日韩免费视频一区二区视频在线观看 | 久久久精品中文字幕 | 亚洲第一在线 | 日韩欧美无 | 亚洲一二三四在线 | 亚洲第一免费网站 | 亚洲精品一二区 | 黄色2级片| 九九精品在线播放 | 成人在线亚洲 | 超碰在线网址 | 日本少妇喂奶 | 日韩精品中文字幕在线 | 国产成人8x视频一区二区 | 我要看一级黄色录像 | 超碰人人人人人人 | 91福利在线播放 | 日韩在线视频免费播放 | 欧美日韩在线视频播放 | 日本天堂中文字幕 | 色欧美日韩| 黄色大片91 | 超碰成人在线观看 | 国产精品永久免费视频 | 免费天堂av| 亚洲69av |