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Chinese Vice Premier Li announces supportive measures for Hong Kong (2)


14:48, August 17, 2011

As Hong Kong aspires to build itself into an offshore RMB center, the vice premier also brought encouraging news for the city this time.

Li said the central government will "actively support the growth of the RMB market in Hong Kong", expand RMB circulation channels between Hong Kong and the mainland, and support the innovation and development of offshore RMB financial products in Hong Kong.

He said "cross-border trade settlement in RMB should be extended to cover the whole country. Pilot projects for foreign banks to replenish capital with RMB will be launched and support will be given to Hong Kong enterprises in making direct investment on the mainland in RMB."

The RMB Qualified Foreign Institutional Investors (RQFIIs) will be allowed to invest in mainland securities markets with an initial size of 20 billion RMB yuan, the vice premier said.

In addition, the amount of RMB bonds issued by mainland institutions in Hong Kong will also be raised. "We will gradually increase the size of issuance and work for the development and improvement of the RMB bond market in Hong Kong," Li said.

Hong Kong is also expected to have closer interactions with other economies within the framework of international and regional organizations as the Chinese central government will support Hong Kong in its participation in such cooperation mechanism.

The vice premier also pledged to give more policy support to help enterprises in both the mainland and Hong Kong to "go global" together.

Li noted at the end of his speech that the policies and measures announced on the day is a testament to the central government's firm resolve to support Hong Kong's development and he promised the central government will exert its utmost to do everything that contribute to prosperity and stability of Hong Kong and to the common development of Hong Kong and the mainland.

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