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NEWS

Shanghai, HK Agree Financial Services Collaboration


07/04/2014

Representatives of the Governments, financial regulators and stock exchanges of Hong Kong and Shanghai recently held the fourth Hong Kong-Shanghai Financial Co-operation Working Meeting in Shanghai, and discussed financial issues of mutual concern, including ways to strengthen links in financial services and products.

At the meeting, Hong Kong's Secretary for Financial Services and the Treasury, Professor K C Chan, and the Director-General of the Shanghai Municipal Government's Financial Services Office, Zheng Yang, gave accounts of the latest financial developments in Hong Kong and Shanghai

Shanghai's representatives updated the meeting on the progress of implementing the planned financial measures in its pilot free trade zone (FTZ). Both sides exchanged views on financial co-operation opportunities arising from the establishment of the FTZ, especially on ways to enhance co-operation between the zone and Hong Kong on cross-border renminbi (RMB) business, and measures to improve Hong Kong financial institutions' access to the zone.

With regard to bolstering co-operation in financial services and products, both sides agreed to encourage Hong Kong subsidiaries of Shanghai financial institutions to take part in China's RMB Qualified Foreign Institutional Investor and the Qualified Foreign Institutional Investors programs, and to launch more diversified investment products with a view to expanding their asset management operations.

In addition, the two sides agreed to encourage qualified financial institutions and enterprises in Shanghai to issue negotiable securities in Hong Kong, such as RMB bonds and H-shares. Agreement was also reached on encouraging Shanghai's financial institutions in the securities sector to set up branches in Hong Kong, with a view to fully utilizing Hong Kong as a financing platform, and to foster international business.

On insurance, both sides are to boost co-operation in cross-border RMB reinsurance business, and encourage the development of Hong Kong's RMB insurance business.
The two sides 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. The first three working meetings were held in July 2010, January 2012, and March 2013.


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