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The Expert Group on Hong Kong-Guangdong Financial Co-operation held its sixth meeting in Hong Kong today (August 27) to discuss ways to enhance financial co-operation between the two places.
The meeting was 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 of the People's Government of Guangdong Province, Mr Liu Wentong.
The Expert Group comprises representatives from the Guangdong provincial and Hong Kong Special Administrative Region (HKSAR) governments; regulators of the securities, insurance and banking industries; and the exchanges of the two places.
During the meeting, both sides exchanged views on ways to reinforce various financial co-operation initiatives, including further promoting cross-border Renminbi business and the two-way opening up of both sides' capital markets; exploring innovative ways for co-operation in the insurance industries; and intensifying co-operation between the two places through promoting co-ordinated development in the financial platforms of Nansha in Guangzhou, Qianhai in Shenzhen and Hengqin in Zhuhai.
Speaking at the meeting, Miss Au said that as our nation has deepened its reform and opening up policies, Hong Kong has been playing the role of a springboard for many Mainland enterprises to "go global", thereby enhancing their corporate governance and international branding. The financial co-operation between Hong Kong and the Mainland has all along been pursued under the "mutually beneficial" principle. Given its proximity to Guangdong Province, Hong Kong has established close financial co-operation with Guangdong Province and acted as a bridge for Guangdong enterprises to "go global". The HKSAR Government welcomes Guangdong enterprises to fully leverage the advantages of Hong Kong and manage cross-border and foreign capital via the Hong Kong platform. This would not only increase the efficiency of use of capital, but also enhance the flexibility of capital flow, which would be conducive to corporate risk management in the long run.
Hong Kong and Guangdong signed an agreement to establish the Expert Group on Hong Kong-Guangdong Financial Co-operation at the 12th Plenary of the Hong Kong/Guangdong Co-operation Joint Conference in August 2009. The Expert Group holds regular meetings every year for financial services departments, regulators and exchanges of both places to explore measures to further financial co-operation.
Ends/Wednesday, August 27, 2014
Issued at HKT 16:42
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