Mu­tual ac­cess for bourses ‘good for Hong Kong’

China Daily (Canada) - - BUSINESS - By SOPHIE HE in Hong Kong so­phiehe@chi­nadai­lyhk.com

Hong Kong of­fi­cials be­lieve the es­tab­lish­ment of mu­tual ac­cess be­tween the stock mar­kets of Shang­hai and Hong Kong will en­hance the city’s po­si­tion as an in­ter­na­tional fi­nan­cial cen­ter and an off­shore yuan hub.

“We wel­come and are en­cour­aged by Pre­mier Li Ke­qiang’s re­marks en­dors­ing mu­tual mar­ket ac­cess be­tween the stock mar­kets of Shang­hai and Hong Kong,” Hong Kong Ex­changes and Clear­ing Ltd Chair­man Chow Chung-kong said in a state­ment on Thurs­day.

“The pro­gram is not only a ma­jor break­through for the open­ing up of the main­land’s cap­i­tal mar­kets but also a great mile­stone for the de­vel­op­ment of Hong Kong as an in­ter­na­tional fi­nan­cial cen­ter. Hong Kong will again act as a bridge con­nect­ing theChi­nese main­land econ­omy and the rest of the world,” Chow added.

HKEx Chief Ex­ec­u­tive Charles Li said: “We be­lieve this de­vel­op­ment will pave the way for the fur­ther open­ing up of the Chi­nese main­land cap­i­tal mar­kets and help pro­mote the in­ter­na­tion­al­iza­tion of the yuan. We also be­lieve this de­vel­op­ment will pro­vide a new op­por­tu­nity and cre­ate mo­men­tum for the fur­ther de­vel­op­mentof theHongKong­cap­i­tal­mar­ket.”

Chief Ex­ec­u­tive Le­ung Chun-ying said at the Boao Fo­rum on Thurs­day that the mu­tual mar­ket ac­cess be­tween the stock mar­kets of Shang­hai and Hong Kong will pro­mote a healthy de­vel­op­ment of the cap­i­tal mar­ket in­Hong Kong and on the main­land.

Le­ung said Pre­mier Li told him that the re­lated de­part­ments will step up mo­men­tum for the im­ple­men­ta­tion of the mu­tual mar­ket dur­ing the next few months. Le­ung ex­pressed ap­pre­ci­a­tion for the cen­tral govern­ment’s sup­port of Hong Kong’s fi­nan­cial in­dus­tries.

The chief ex­ec­u­tive pointed out fi­nan­cial in­dus­tries, in­clud­ing the stock mar­ket, are very im­por­tant to Hong Kong’s econ­omy. Al­though only 6 per­cent of the city’s work­force is em­ployed by these in­dus­tries, they ac­count for 16 per­cent of Hong KongsKong’s to­tal GDP.

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