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K.R. Srivats

Hong Kong, Sept. 21 Hong Kong has chalked out a strategy to strengthen its role as a global financial centre for China as a whole. Besides looking to boost its interface with mainland’s developing market and systems, Hong Kong also wants to reach out to the rest of the world for promoting its financial services.

“It is important that we explore business opportunities in other economies as well as the mainland China market. This, we will earnestly do. And this, too, will help enhance our access to international investment opportunities,” Mr John C Tsang, Financial Secretary, Hong Kong Special Administrative Region (HKSAR), said at the Asian Financial Forum here on Friday.

Stating that Hong Kong had in the 1980s played an important role in bridging the mainland with the world trade market, Mr Tsang said there was an historic opportunity today for it to help bridge the mainland with the global financial market.

He outlined the five broad areas where a “mutually assisting, complementary and interactive relationship “between the financial systems of Hong Kong and the mainland could be developed."

First, Hong Kong wants to expand the presence of its financial institutions in the mainland. Hong Kong also wants to increase its role in the outward mobility of funds from the mainland. A pilot scheme was announced last month that would allow individuals in the mainland to directly buy Hong Kong stocks.

Thirdly, Hong Kong wants to offer its financial instruments in the mainland.

The fourth part of the strategy involves currency and Hong Kong wants to continue to develop its handling of renminbi-denominated transactions.

Currently, there are 38 banks that are offering renminbi services to their customers under the Renminbi Business Scheme in Hong Kong. Since June this year, Hong Kong has been the first place outside the mainland to operate the renminbi bond market.

The final part of the strategy is to dovetail the infrastructure of the two financial systems. “We are looking at encouraging the mainland to settle its foreign currency transactions through Hong Kong,” Mr Tsang said.

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