HK-Guangdong Financial Co-operation Export Group meeting held

The Expert Group on Hong Kong-Guangdong Financial Co-operation held its sixth meeting in Hong Kong on Wednesday to discuss ways to enhance financial co- operation between the two places.

The meeting was co-chaired by Hong Kong's Permanent Secretary for Financial Services and the Treasury (Financial Services) Au King-chi, and Director General of the Financial Affairs Office of the People's Government of Guangdong Province Liu Wentong.

The Expert Group comprises representatives from the governments, regulators of the securities, insurance and banking industries, of Guangdong province and Hong Kong Special Administrative Region ( HKSAR).

During the meeting, both sides exchanged views on ways to reinforce various financial co-operation initiatives, including further promoting cross-border renminbi business and the two-way opening up of both sides' capital markets; exploring innovative ways for co-operation in the insurance industries; and intensifying co-operation between the two places through promoting co-ordinated development in the financial platforms of Nansha in Guangzhou, Qianhai in Shenzhen and Hengqin in Zhuhai.

Speaking at the meeting, Au said that as the Chinese nation has deepened its reform and opening up policies, Hong Kong has been playing the role of a springboard for many Mainland enterprises to "go global," thereby enhancing their corporate governance and international branding.

Given its proximity to Guangdong, Hong Kong has established close financial cooperation with Guangdong Province and acted as a bridge for Guangdong enterprises to "go global," she added.

Hong Kong and Guangdong signed an agreement to establish an Expert Group on Hong Kong-Guangdong Financial Co-operation at the 12th Plenary of the Hong Kong/Guangdong Co-operation Joint Conference in August 2009.

The Expert Group holds regular meetings every year for financial services departments, regulators and exchanges of both places to explore measures to further financial co-operation.