Hong Kong Must Evolve to Maintain Status 

The Chief Executive of the Hong Kong Monetary Authority, Mr. Joseph Yam, has unveiled a five-pronged strategy for maintaining Hong Kong’s role as an international financial centre.

Mr. Yam was speaking at the Pan-Pearl River Delta Financial Services Forum. He outlined his recommendations:
1. Hong Kong financial institutions to go into the Mainland to provide services.
2. Hong Kong to serve as a gateway for Mainland funds to come out.
3. Financial instruments issued in Hong Kong, particularly those issued by Mainland enterprises, to be made available on the Mainland.
4. Enhanced capability of Hong Kong's financial system to handle renminbi-denominated transactions
5. To strengthen financial-infrastructure linkages between Hong Kong and the Mainland. 

Mr. Yam warned against complacency, saying that Hong Kong must move with the times or risk being marginalized as financial reform on the Mainland gathers pace and financial markets become increasingly globalized.

Financial co-operation between Hong Kong and the Mainland, if pursued along this five-pronged strategy, he explained, would make financial intermediation on the Mainland more efficient, while meeting the requirement of Article 109 of the Basic Law on the maintenance of the status of Hong Kong as an international financial centre. 

Top