FS visits Kuala Lumpur (with photos)

     The Financial Secretary, Mr John C Tsang, today (April 25) started his visit to Kuala Lumpur, during which he aims to forge even stronger links with Malaysia.

     Mr Tsang first called on the Governor of Bank Negara Malaysia, Tan Sri Dato' Sri Dr Zeti Akhtar Aziz. The two sides exchanged views on monetary and financial issues of mutual concern.

     This was followed by a meeting with Political Counsellor and Deputy Chief of Mission of the Chinese Embassy in Malaysia, Mr Chen Dehai.

     Later, at a luncheon jointly hosted by the Hong Kong Economic and Trade Office in Singapore and the Asian Strategy & Leadership Institute, Mr Tsang updated the local business community on Hong Kong's development as an international financial centre in the Asian time zone, especially its rapid development of offshore renminbi business.

     "We are playing a leading role in the liberalisation of the renminbi. This is the most significant recent development in Hong Kong's role as China's global financial centre.

     "The development of offshore renminbi business is not limited to Hong Kong. We encourage financial institutions elsewhere, including here in Malaysia, to use Hong Kong as a platform to develop their own renminbi portfolios," he said.

     In the afternoon, Mr Tsang held a meeting with the Malaysian Prime Minister, Dato' Sri Mohd Najib, and the Minister of Finance II, Dato' Haji Ahmad Husni Mohamad Hanadzlah, prior to the signing ceremony for a Comprehensive Agreement for the Avoidance of Double Taxation between Hong Kong and Malaysia.

     Mr Tsang also held a meeting with the Malaysian Minister of International Trade and Industry, Dato' Sri Mustapa Mohamed.

     Having concluded the second leg of his visit, Mr Tsang will leave for Bangkok early tomorrow morning (April 26) to continue his three-nation tour of Vietnam, Malaysia and Thailand, which runs from April 22 to 28.

Ends/Wednesday, April 25, 2012
Issued at HKT 18:44