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The Expert Group on Hong Kong/Guangdong Financial Co-operation today (November 12) held its first meeting in Guangzhou.
Co-chaired by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Miss Au King-chi, and the Director General of the Financial Affairs Office, People's Government of Guangdong Province, Mr Zhou Gaoxiong, the meeting was also attended by representatives from the Guangdong provincial and HKSAR governments; regulators of the securities, insurance and banking industries, and Hong Kong Exchanges and Clearing Limited and the Shenzhen Stock Exchange.
During the meeting, the Expert Group exchanged views on the strengthening of co-operation in areas including the securities, banking, renminbi and insurance businesses. The representatives also discussed proposals for more policies and measures that would be mutually beneficial to the development of financial industries in Hong Kong and Guangdong, by leveraging on CEPA, the model of early and pilot implementation and other channels.
A spokesman for the Government said: "One of the focuses of the discussion is how to leverage on the model of early and pilot implementation to achieve mutually beneficial results. We want to facilitate the 'going out' of the Mainland's financial industry while ensuring national financial security, by playing a role as a testing ground of the Mainland's financial reform. We also want to advance financial industry development and the structural change in the economy of Guangdong Province through the framework of Hong Kong/Guangdong financial co-operation.
"The representatives of both sides also discussed the way forward of the Expert Group. Financial regulators of both sides will follow up the discussion and formulate plans on various areas of co-operation in due course".
Since the announcement of the "Outline of the Plan for the Reform and Development of the Pearl River Delta" by the National Development and Reform Commission in January this year, Hong Kong and Guangdong have rolled out co-operation in various financial areas. Both sides signed an agreement in the Hong Kong/Guangdong Co-operation Joint Conference in August to form an expert group for the study and promotion of co-operation in areas including financial institutions, markets, business and talent, with the aim of facilitating a more convenient flow of financial resources in the region.
Ends/Thursday, November 12, 2009
Issued at HKT 18:21
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