Hong Kong and Shanghai government officials, financial regulators and trade representatives met in Shanghai today to discuss financial co-operation between the two places.
Secretary for Financial Services & the Treasury Prof KC Chan and Shanghai Financial Services Office Director-General Zheng Yang gave accounts of the latest financial developments in the two cities at the meeting.
Shanghai representatives also gave an update on financial measures in the Shanghai pilot free trade zone. Opportunities arising from the zone's establishment, especially ways to enhance cross-boundary renminbi business and facilitative measures for Hong Kong financial institutions were explored.
Both sides agreed to encourage the Hong Kong subsidiaries of Shanghai financial institutions to take part in the RMB Qualified Foreign Institutional Investor (RQFII) scheme and the Qualified Foreign Institutional Investors (QFII) programme.
The Hong Kong representatives also met with Shanghai Vice Mayor Tu Guangshao. They will visit the free trade zone tomorrow before returning to Hong Kong.
