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The Financial Secretary, Mr John C Tsang, started his three-day visit to Sydney yesterday (November 17, Sydney time) to strengthen economic and financial ties between Hong Kong and Australia.
Mr Tsang started the day by attending the Sydney China Business Forum organised by the China Studies Centre of the University of Sydney. The forum is one of the leading events focusing on business interactions between Australia and China.
In his keynote address, Mr Tsang updated the Australian business sector on Hong Kong's advantages as a springboard for Australian businesses eager to access Mainland China.
"Thanks to our unparalleled location, our longstanding business connections, our professional knowledge and our deep cultural ties, Hong Kong naturally serves as the bridge between the Mainland of China and the world. We are the single biggest foreign investor in each and every province of China. No other population in the world knows the China markets better than the business people in Hong Kong," he said.
Mr Tsang mentioned the newly launched Shanghai-Hong Kong Stock Connect, which will accelerate the development of offshore Renminbi business. It is perhaps the most vivid illustration of financial co-operation between Mainland China and Hong Kong.
"This brand-new initiative brings unprecedented opportunities to the financial world. One senior Western banker recently describes it as the single most important development in China's intention to internationalise this market.
"The lifting of the daily conversion limit of 20,000 yuan for Hong Kong residents today will facilitate the development of even more Renminbi investment and wealth management products," he added.
Mr Tsang said he welcomed the development of Renminbi business in Australia. The Hong Kong-Australia Renminbi Trade and Investment Dialogue was established two years ago to promote closer collaboration between Hong Kong and Australia on Renminbi trade settlement and investment, the development of Renminbi banking products and closer Renminbi banking and financial links.
The meeting with the Treasurer of New South Wales, Mr Andrew Constance, came after the forum. They shared experience in public finance of the two places.
In the afternoon, Mr Tsang held a meeting with the New South Wales Deputy Premier, Mr Troy Grant.
This was followed by a meeting with the Chairman of the Financial System Inquiry of the Australian Government, Mr David Murray. Both sides looked forward to promoting closer collaboration between the two places.
Mr Tsang concluded the day by having a meeting with the Chairman of the Australian Securities and Investment Commission, Mr Greg Medcraft.
Ends/Monday, November 17, 2014
Issued at HKT 21:40
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