November 10, 2011

Chief Executive Donald Tsang says Hong Kong has been given a spearhead role in the renminbi's internationalisation which will help China continue opening up its banking and financial services sectors to help address some of the imbalances in the US and Europe.
 
Mr Tsang was speaking at a luncheon hosted by the Brookings Institution and the Hong Kong Economic & Trade Office in Washington DC, emphasising Hong Kong’s unique strengths and the continuing growth of China’s economy will present enormous opportunities in the years ahead.
 
He said the 12th Five-year Plan, China’s blueprint and action agenda for economic and social development for the 2011-15 period, supported Hong Kong’s ongoing role as an international financial, trade and shipping centre, adding it will elevate the city’s position in these areas, and boost its role as an international asset-management centre and an offshore renminbi business centre.
 
“That is actually pretty good news for US companies too, because US investment in Hong Kong is strong in the areas of banking, insurance, securities and futures trading, manufacturing, wholesale and retail as well as import and export trades,” he said.
 
“Looking ahead, Hong Kong will consolidate its role as a global centre of finance and banking, logistics, business services and tourism.
 
“We have been given a spearhead role in the internationalisation of the renminbi, which in turn will help our country to continue with the reforms and opening up of its banking and financial services sectors.
 
“Hopefully, over time, it will provide an additional monetary resource that will help address some of the imbalances that have surfaced here in the US, and more lately in Europe.”