The Hong Kong General Chamber of Commerce welcomes the signing of Framework Agreement on Hong Kong/Guangdong Co-operation (Agreement) between the HKSAR Government and the Guangdong Provincial Government. The Chamber believes that closer and deeper cooperation between Hong Kong and Guangdong can foster long-term development of Hong Kong. The Agreement lays down solid foundation of closer cooperation on issues mutually beneficial to both places.
“We must make use of our competitive advantage in financial services industry to enhance Hong Kong's position as an international financial centre,” says Mr. Andrew Brandler, chairman of the Chamber. The signing of the Agreement also signified the importance of Hong Kong’s role in the strategic planning in China. “It is a historical opportunity when Hong Kong is designated to take the lead, with its financial systems supported by resources and services in the PRD cities, to build an international financial centre,” added Mr. Brandler.
“We are glad that the Chamber’s urge for more supportive measures in strengthening Hong Kong’s operation as an offshore RMB-related business hub has been taken on board. This will benefit Hong Kong while facilitating the RMB’s internationalization by providing a testing ground for new measures,” added Mr. Brandler. The Chamber believes the initiatives such as expanding RMB cross-border trade settlement pilot scheme to include more regions, banks and industries; and the establishment of cross-boundary subsidiaries for financial institutions from Hong Kong and Guangdong will bring Hong Kong-Guangdong cooperation to new heights.
The Chamber also welcomes the arrangements relating to the listing of more Guangdong enterprises in Hong Kong, bank financing and issuance of RMB bonds in Hong Kong outlined in the Agreement.
“Our professional services can help Mainland companies based in Hong Kong to manage the risks entailed in going public. Mainland companies pursuing IPOs in Hong Kong are effectively paving the way for setting up their regional or global operations in an international business environment,” said Mr. Alex Fong, CEO of the Chamber.
The Chamber believes that it will be a big boost for Hong Kong if the Agreement can be included in the 12th Five Year Plan for the Mainland’s development. We look forward to the early implementation of the Agreement which facilitates the flow of people, goods, information and capital across the boundary to build a world-class modern economic circulation sphere.
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