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Representatives of government, financial regulators and exchanges of Hong Kong and Shanghai held the second Working Meeting on Hong Kong-Shanghai Financial Co-operation in Shanghai today (January 6) to enhance financial co-operation between the two places.
The Permanent Secretary for Financial Services and the Treasury (Financial Services) of the Hong Kong Special Administrative Region Government, Miss Au King-chi, and the Vice-Director of the Shanghai Municipal Government Financial Services Office, Mr Fan Yongjin, gave an account of the latest financial developments in Hong Kong and Shanghai respectively. Representatives of the two places discussed financial issues of mutual concern, including ways to foster links in financial services and products, enhance training and exchange of financial talents, as well as strengthen co-operation between financial institutions in Hong Kong and Shanghai.
Miss Au briefly introduced to the Shanghai representatives the development focus of the financial services industry in Hong Kong, including promoting international capital formation functions, fostering offshore Renminbi business, serving as the preferred platform for Mainland financial enterprises and institutions to go overseas, and strengthening asset management business.
On financial services and products, the two sides considered the joint promotion of investment in Shanghai's equity market through the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme. They also discussed the listing of ETFs (Exchange-Traded Funds) tracking Hong Kong stocks on the Shanghai Stock Exchange and explored the possibility of rolling out more ETF products.
The two sides had exchanges on topics such as the issue of H shares and Renminbi bonds by Shanghai financial institutions and enterprises in Hong Kong; information, personnel and comprehensive business co-operation between Shanghai Futures Exchange and Hong Kong Exchanges and Clearing Limited; as well as collaboration in the development of marine insurance.
Reviewing the roadshow jointly staged by Hong Kong and Shanghai in South East Asia last year, the two sides noted that joint roadshows were conducive to promoting financial services of the two places. Not only enhancing understanding of the development of cross-border Renminbi business by overseas markets, they also foster complementary development, mutual co-operation and interaction between Hong Kong and Shanghai.
Regarding the training and exchange of financial talents, the two sides discussed a pilot scheme for a cross-border exchange programme for university undergraduates studying financial business in Hong Kong and Shanghai to enhance understanding of the monetary systems and financial markets of the two places. On the Hong Kong side, the scheme will be rolled out by the Advisory Committee on Human Resources Development in the Financial Services Sector. The pilot scheme would include both internship programmes in private financial institutions and visits to government bodies, regulators and exchanges, thus enriching the young participants' experience, especially in cross-border work.
"We believe that the pilot scheme would help broaden the horizons of the participants and deepen their understanding of the operation of the financial industry of Shanghai and Hong Kong," Miss Au said. "This would help pave the way for their pursuing cross-border careers after graduation, and promote interaction and exchange between the future financial talents of both places."
The Financial Services and the Treasury Bureau of Hong Kong and the Shanghai Municipal Government Financial Services Office signed a Memorandum of Understanding Concerning Advancing Hong Kong-Shanghai Financial Co-operation (MOU) in 2010. Under the MOU, financial representatives of the two places hold bilateral meetings regularly with a view to improving mutual dialogue and exchanges. The first working meeting was held in July 2010.
Ends/Friday, January 6, 2012
Issued at HKT 13:17
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