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Hong Kong Exchanges and Clearing Limited (HKEx) chairman, Mr Ronald Arculli, today (July 19) underscored Hong Kong's key role in the post-financial crisis economic order.
Speaking ahead of a high-level HKSAR Finance Forum in Shanghai on Wednesday (July 21), Mr Arculli said the recent economic shift from the West towards Asia had presented Hong Kong with unique opportunities.
"We are part of China, we are in the heart of Asia, and therefore we believe that Hong Kong has an important role to play, both in terms of the economic development and growth of China, as well as her role in the greater global order," said Mr Arculli, who will moderate one of the panel discussions at the Finance Forum.
"I imagine the panel members will deal with some of the opportunities, some of the challenges, some of the concerns, new concerns about inflation, stimulus packages, whether there is going to be a double dip (recession), etc."
Mr Arculli also discussed the impact on Hong Kong of Shanghai's rise as an international financial centre.
"We have so many (Mainland) companies, over 500, that are listed on our Exchange here, including some of the biggest financial institutions in the world," he said.
"It's been much more a co-operative approach than a competitive approach.
"Currently of course Shanghai does a wonderful job serving the domestic market, and we serve the international and the local Hong Kong market in terms of investor access.
"But as things develop, we will count Shanghai as another New York, another London, another Hong Kong, but having said that, competition is obviously healthy."
Forum participants are also expected to address issues related to the internationalisation of the renminbi.
"Now the policy is to internationalise the renminbi, clearly preparations have to be made as soon as possible," Mr Arculli said.
"We are in discussion with the Monetary Authority, other regulators, and other market players to see how Hong Kong, and the Hong Kong Exchange in particular, can play a very important role in this exercise."
The interview with Mr Arculli is part of a series of reports in the buildup to the Finance Forum which is themed "Stronger Links, Strong Markets: Hong Kong, the Mainland and the World". The forum is a HKSAR programme for Expo 2010 Shanghai China (Shanghai Expo).
The full interview with Mr Arculli as well as other high-profile interviews related to the Finance Forum can be accessed via Hong Kong's Expo website, www.hkexpo2010.gov.hk, Shanghai Expo Youtube channel, www.youtube.com/hkexpo2010, and Youku channel, u.youku.com/hkexpo2010.
The Finance Forum, co-organised by HKEx, the Financial Services and the Treasury Bureau and Invest Hong Kong will be held at Pudong Shangri-La Hotel on Wednesday (July 21).
About 400 prominent financial services professionals, government officials and policy makers will attend the forum.
For more details about the event, please visit Hong Kong's Expo website, www.hkexpo2010.gov.hk.
Ends/Monday, July 19, 2010
Issued at HKT 17:35
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