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The Expert Group on Hong Kong-Guangdong Financial Co-operation held its seventh meeting in Nansha, Guangdong, today (November 19) 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), Mr Andrew Wong, and the Deputy Director-General of the Financial Affairs Office of the People's Government of Guangdong Province, Mr Zhang Xiaoshan. The Expert Group comprises representatives from the Guangdong provincial and Hong Kong Special Administrative Region 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 of further promoting cross-border Renminbi (RMB) business; encouraging the two-way opening up of both sides' capital markets; exploring co-operation initiatives in insurance industries; and pursuing the opportunities arising from the development of the Guangdong Free Trade Zone to enhance co-operation with areas such as Nansha in Guangzhou, Qianhai in Shenzhen and Hengqin in Zhuhai. The Hong Kong representatives also toured the Nansha section of the Guangdong Free Trade Zone, the Pearl Bay Start-up Cluster and the exhibition hall of the Nansha District Administration Center, with a view to understanding the latest developments of the area.
Speaking at the meeting, Mr Wong said that Hong Kong has been maintaining close partnership with Guangdong, and has acted as a springboard to help many Guangdong enterprises to "go global". In the past year, the two places have made significant achievements in financial co-operation, he said. The Agreement between the Mainland and Hong Kong on Achieving Basic Liberalization of Trade in Services in Guangdong was signed last December, signifying that the scope for business of Hong Kong's financial industry in Guangdong will grow deeper and broader. Meanwhile, the establishment of the Guangdong Free Trade Zone in April provided further impetus to co-operation between the two places. Looking ahead, the internationalisation of RMB, especially across the "Belt and Road" economies, will further boost the demand for RMB financial services in international markets. Mr Wong added that Hong Kong should grasp the opportunity to deepen financial co-operation with Guangdong, with a view to enhancing Hong Kong's status as a premier offshore RMB centre, which would result in mutual benefits.
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/Thursday, November 19, 2015
Issued at HKT 17:00
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