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Today’s Top Headlines

Hong Kong Welcomes Launch Of Shanghai FTZ

by Mary Swire,, Hong Kong

03 October 2013

The Hong Kong Government has welcomed the launch of China's first pilot free trade zone (FTZ) in Shanghai on September 29, and has said that it is looking forward to enhancing further its co-operation with the city.

The plan for the Shanghai FTZ will ease restrictions on RMB convertibility, financial and insurance services, trade and investment, and has been seen by some as developing significant competition for the offshore services provided by Hong Kong.

Others consider, however, that it could actually provide more opportunities for Hong Kong. Its Chief Executive, C Y Leung, has said that "the Shanghai pilot free trade zone has great significance in deepening the economic reform and liberalization of our country. Hong Kong is looking forward to further enhancing co-operation with Shanghai."

"We hope," he added, "to contribute to the economic development of our nation through sharing our experiences on various fronts, including administrative management, free trade and the legal system."

Financial Secretary, John C Tsang, said that the Shanghai pilot free trade zone would further liberalize various service industries and would bring more business opportunities to related industries in Hong Kong.

"Hong Kong enterprises and professionals are more familiar with the Mainland market than their counterparts in other countries and regions are," he confirmed. "They should capitalize on the opportunities for further strengthening their first-mover advantage."

TAGS: investment | business | insurance | China | offshore | Hong Kong | currency | trade | free trade zone | services | Other

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