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The Chief Executive, Mr C Y Leung, is continuing his official visit to Europe in Brussels, Belgium, today (May 15, Brussels time).
Mr Leung started the day by addressing a breakfast meeting with business leaders attending the European Business Summit.
Mr Leung said that Hong Kong is Europe's best connector to the Mainland of China and highlighted Hong Kong's strengths as the leading centre for offshore Renminbi business.
"We have accumulated the largest pool of Renminbi liquidity outside the Mainland of China, amounting to more than RMB1 trillion in deposits and certificates of deposit; more than 380 Renminbi-denominated bonds have been issued in Hong Kong with a cumulative outstanding amount of about RMB350 billion. Banks in Hong Kong handle about 70 per cent of the total global offshore Renminbi deposits and payment transactions.
"The internationalisation of the Renminbi is a dominant trend in global finance and Hong Kong is the most effective partner to give European firms a competitive edge," Mr Leung added.
The Chief Executive held meetings with the President of the European Commission, Mr José Manuel Barroso, and the President of the European Council, Mr Herman Van Rompuy. Mr Leung exchanged views with Mr Barroso and Mr Van Rompuy on issues of mutual interest, including further strengthening of the ties between Hong Kong and the European Union (EU) and how EU companies can capitalise on the role of Hong Kong as China's global trade and financial centre.
Speaking at a luncheon with representatives of the Belgium-Hong Kong Society and other business leaders in Belgium, Mr Leung highlighted Hong Kong's role as a global financial centre in the Asian time zone, connecting Chinese and international financial markets.
"Hong Kong's versatility as a city in China but outside the Mainland is one of the great strengths of our city. This makes Hong Kong a familiar and highly efficient location for international entrepreneurs and investors to plug into the business networks in Mainland China, to reach Chinese investors and to access the vast Mainland Chinese markets.
"A recent financial initiative announced by the Chinese Central Government last month is to establish a link between the Hong Kong and Shanghai stock exchanges. The so-called Shanghai-Hong Kong Stock Connect enables investors in Hong Kong and Shanghai to trade shares in each other's market. This is a highly significant development that benefits Hong Kong and the Mainland," he said.
Mr Leung invited the participants to make the best use of Hong Kong's advantages and familiar environment for businesses to seize the huge opportunities in the Mainland of China and across Asia.
The Chief Executive will call on the King of the Belgians, HM King Philippe, as well as the Deputy Prime Minister and Minister of Foreign Affairs, Foreign Trade and European Affairs of Belgium, Mr Didier Reynders, later this afternoon. He will conclude his trip by attending a tea gathering with Hong Kong people living in Brussels to learn about their everyday lives.
Mr Leung will depart Brussels in the evening. He will arrive in Hong Kong tomorrow afternoon (May 16).
Ends/Thursday, May 15, 2014
Issued at HKT 19:37
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