Hong Kong to intensify co-op with emerging markets

Hong Kong Chief Executive Donald Tsang Wednesday said the government will enhance financial co-operation with emerging markets.

When dealing with the economic development session in his 2010-11 policy address at the Legislative Council on Wednesday, Tsang said, apart from Islamic finance, Hong Kong will also tap into business opportunities in Russia, Central Asia, India, South America and other emerging markets.

This move aims to attract more large enterprises from these regions to list in Hong Kong and make use of Hong Kong's well- established financial and trading platform to expand their international business, he said.

On air transport, the city's chief said the Hong Kong Airport Authority is implementing a midfield expansion project to provide additional aircraft stands and apron facilities and a new passenger concourse. Phase 1 works are expected to begin in the third quarter of next year for completion in mid-2015.

In addition, the new air cargo terminal project is expected to be completed in early 2013, which will increase the airport's cargo handling capacity by 50 percent. Tsang expected more competition in the industry upon completion of this new terminal, which will help enhance the airport's competitiveness.

Tsang also mentioned that tourism industry has performed impressively this year. In the first eight months, visitor arrivals topped 23 million.

However, he said, several incidents concerning unscrupulous practices relating to Mainland tour groups came to light this year. The government is determined to step up regulation and to promote the healthy and sustainable development of the tourism industry.

Source: Xinhua