Hong Kong to maintain global financial status: CE

16:21, October 14, 2009      

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Hong Kong Chief Executive Donald Tsang Wednesday said in his policy address that Hong Kong's new challenge is to maintain its status as a global financial center.

Tsang said the economic crisis has changed the landscape of the global economy. The Chinese mainland has been less affected than others, and has emerged as a prominent economic power. While Hong Kong is relatively stable, its competitive environment has changed.

Hong Kong can support Chinese mainland in promoting the regionalization and internationalization of the Renminbi (RMB). In the process, Hong Kong can help Chinese mainland enhance financial security and develop offshore RMB business, he said.

Another new challenge stems from the significant breakthrough in cross-Straits relations over the past year. Hong Kong has been acting as a bridge between the Chinese mainland and Taiwan in the trade and economic spheres.

However, the chief executive said, the opening of the "three links" this year has put pressure on this traditional role. Hong Kong's trade, financial services and logistics may face greater challenges as cross-Straits economic and trade relations deepen. It is imperative for Hong Kong to formulate an overall response strategy.

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