Hong Kong and China bolster business relationship

China unveils a set of measures to strengthen its ties with Hong Kong.

The measures, made public on the eve of the 15th anniversary of Hong Kong's return to China yesterday, cover six areas: trade and economy, finance, science and technology, education, tourism and cooperation between Guangdong and Hong Kong.

Zhang Xiaoqiang, deputy director of the National Development and Reform Commission, said more efforts will be made to boost infrastructure connections and promote two-way investment between the mainland and Hong Kong.

NDRC will also speed-up the formulation of a guideline for the development of the Nansha New District in Guangzhou to facilitate cooperation between the province and Hong Kong.

Hu Xiaolian, vice governor of the People’s Bank of China, the central bank, will encourage the use of the yuan or renminbi in more financial transactions. These will include cross-border trade settlements; yuan-denominated bond issuance by mainland financial institutions and enterprises; offshore yuan trading of foreign direct investment and RMB Qualified Foreign Institutional Investor scheme, and Hong Kong-share exchange-traded funds.

Jiang Yaoping, vice minister of commerce, said the ministry will further liberalize service trade between the mainland and Hong Kong, and encouraging qualified mainland enterprises to invest in Hong Kong or team up with Hong Kong partners to go overseas.

Trade between the mainland and Hong Kong reached US$284 billion in 2011, an almost 600% jump from 1996, Jiang said.

Yao Gang, vice chairman of China Securities Regulatory Commission, said the commission will continue to support qualified mainland enterprises to go public at the Hong Kong stock exchange. The commission will allow Hong Kong financial institutions to open joint venture brokerages, fund management companies and futures firms on the mainland.

Vice Minister of Finance Li Yong said his ministry will also act to boost cooperation and exchanges between the mainland and Hong Kong.

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