HK's advantages as int'l financial center unchanged

0 CommentsPrint E-mail Xinhua, March 14, 2011
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Chinese Premier Wen Jiabao met the press 

Hong Kong's advantaged position as an international financial center has not changed, Chinese Premier Wen Jiabao said Monday.

The central government will continue to render strong support for the long-term stability and prosperity in Hong Kong and Macao, Wen said at a press conference after the closing meeting of the national legislature's annual session. [More about Premier Wen's press conference]

The central government will support Hong Kong in developing itself into an offshore RMB center and international assets management center, a move that has been mapped out in the national 12th Five-Year Plan, said Wen.

Many of the pilot programs the mainland has taken in the reform of its financial sector has been firstly conducted in Hong Kong, Wen said.

He said that the RMB deposits in Hong Kong have exceeded 300 billion, and the country has also conducted pilot programs of settling cross-border trade with RMB in Hong Kong, particularly in trade of goods.

Moreover, the cooperation between Hong Kong and the mainland, in particular the Pearl River Delta, has been enhanced, and fast progress has been made in developing Hong Kong's infrastructure projects which link the mainland, Wen said.

He said that all these steps have facilitated the freer flow of goods and personnel between Hong Kong and the mainland, and thus will help consolidate and develop Hong Kong's status as an international financial center.

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