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HK can contribute more to mainland reform: HKMA chief

(Xinhua)
Updated: 2007-05-08 21:29

HONG KONG -- Hong Kong Monetary Authority (HKMA) Chief Executive Joseph Yam on Tuesday urged Hong Kong financial institutions to expand presence on Chinese mainland, saying the metropolis can make greater contribution to the country's financial reform and liberalization.

Yam made the remarks at the Hong Kong Economic and Trade Office Seminar in Tokyo on Tuesday, according to a press release by HKMA acquired by Xinhua here Tuesday.

Yam said it is unique for China to have two financial systems in Hong Kong and the Chinese mainland with pronounced differences, and there is increasing recognition of the need for strengthening the cooperative relationship between the two.

He outlined strategies for Hong Kong to contribute more to the Chinese mainland's reform and liberalization and maintain the city 's status as an international financial center, including facilitating the expanded presence of Hong Kong financial institutions on the Chinese mainland.

While calling for strengthening Hong Kong's ability to handle yuan-dominated financial transactions, Yam also proposed to let investors on the Chinese mainland have access to Hong Kong financial instruments, including H-shares enterprises issues in Hong Kong.

Yam promised to work with authorities on Chinese mainland to increase the outward mobility of mainland investors and fund raisers, and the associated funds, and of financial institutions and instruments.

"The two financial systems in cooperation will serve sustainable and rapid economic growth of China well, in turn benefiting our neighbors in the region and the global economy from a regional and a global dimension," he said.