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Hong Kong and Shanghai have important roles to play in China's financial development, Financial Secretary John Tsang says, adding co-operation between the two cities will propel China's emergence as a global financial powerhouse.
Speaking at the high-level Hong Kong SAR Finance Forum in Shanghai today, Mr Tsang said China will soon be the main focus on the world stage and it will be a unique advantage for the country to have two international financial centres.
"Hong Kong and Shanghai will show our respective strengths and complement each other in contributing to the economic development of the country and the globalisation of the Mainland's financial markets."
Mr Tsang said Hong Kong's greatest advantage was its international outlook and experience.
"This is evident in our highly open financial system, free flow of capital and information, and internationally connected regulatory systems, which attract capital and talent from all over the world to Hong Kong."
The city will continue strengthening its role as a testing ground for the internationalisation of the renminbi. As an established global financial centre it can promote the internationalisation of the renminbi and the development of the renminbi asset market.
"This process will definitely make the onshore capital market more open. During this process Hong Kong and Shanghai will act like two engines of the same airplane. They will run together to push forward the internationalisation of the renminbi."
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