While on a visit to Shanghai, Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, said that the two cities should strengthen financial cooperation.
Professor Chan was of the opinion that the two cities enjoyed a mutually beneficial relationship. Hong Kong, he felt, should adopt an international outlook and boost national advantages together with Shanghai. "As a highly international, liberal and institutionalized international financial center,” he said, “Hong Kong has relatively more experience and advantages in facilitating mainland financial institutions to go international step by step, attracting foreign capital and introducing financial innovation."
"Hong Kong and Shanghai,” he continued, “can bring their own strengths into play and capitalize on different cooperation platforms to promote the development of the financial industry in the two places."
While he was in Shanghai, Professor Chan said that he hoped to explore ways in which the two cities could jointly facilitate financial development, reform, and innovation. Possible measures could include the introduction of an exchange-traded fund of Hong Kong stocks into the mainland.
In the meanwhile, the Shanghai government has proposed its own five-year program to expand financial services within the city. It plans to restructure and re-launch the local state-owned financial businesses, advancing each institution in specific sectors of the financial market.
Measures to improve their efficiency through mergers and to impose stricter risk controls are specified, together with improvements to their capitalization by means of investments from both domestic and international sources.
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