The Hong Kong Special Administrative Region (HKSAR) government will continue to strengthen cooperation with the Shenzhen municipal government on financial services, said a HKSAR government official on Thursday.

The two governments have set up special working groups to promote financial connectivity, thus making greater contribution to the high-quality development of the Greater Bay Area and deepening the reform of the country's financial market, said Lee Ka-chiu, chief secretary for administration of the HKSAR government, at a press conference.

"The financial cooperation between Hong Kong and Shenzhen has always been close and fruitful," Lee said.

The cumulative turnover of northbound transactions has exceeded 28 trillion yuan (about 4.3 trillion U.S. dollars) from the launch of the Shenzhen-Hong Kong stock connect program in December 2016 to the end of July, while the cumulative turnover of southbound transactions has exceeded 8.3 trillion Hong Kong dollars.

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