HKSAR gov't welcomes deeper financial cooperation with mainland

HONG KONG, Jan. 25 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) government welcomed the announcement by the People's Bank of China (PBOC) on Wednesday on a series of measures which deepen the financial cooperation between the mainland and Hong Kong.

The HKSAR government also expressed gratitude for the central government's continuous support towards consolidating and strengthening Hong Kong's position as an international financial center.

The announcement covers six new measures, including promoting the use of mainland bonds as eligible collaterals and allowing foreign investors to participate in the mainland bond repurchase business.

John Lee, chief executive of the HKSAR, said that the six new measures deepened the mutual access between the financial markets of the mainland and Hong Kong and will better serve international investors' need for liquidity management of investments in the mainland bond market, which are conducive to giving full play to Hong Kong's role as an international financial center. The new measures also meet the demands for cross-boundary financial services of the residents and businesses of the mainland and Hong Kong.

Paul Chan, financial secretary of the HKSAR government, said the new measures enhanced the existing Bond Connect and Cross-boundary Wealth Management Connect mechanisms and enriched their content. These measures can strengthen Hong Kong's unique role and function in connecting the mainland with the international markets and support the orderly opening up of national financial market.

Christopher Hui, secretary for financial services and the treasury of the HKSAR government, said the new measures bring new opportunities for Hong Kong's financial sector. The HKSAR government and financial regulators will continue to maintain close communication with the PBOC and relevant mainland authorities to implement the various policy measures on enhancing financial cooperation between the mainland and Hong Kong.

Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), said the measures will promote further opening up of the mainland's financial market, and strengthen Hong Kong's status as an international financial center. The HKMA will continue to work closely with relevant financial regulatory authorities and the industry to ensure timely and smooth implementation of these measures and explore further enhancements.