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| No.1 January, 2010 |
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Hong Kong and Shanghai sign MOU to advance financial co-operation |
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 Hong Kong and Shanghai will work closely together to achieve closer financial sector cooperation following the signing of a new agreement.
The Memorandum of Understanding Concerning Advancing Hong Kong-Shanghai Financial Co-operation (MOU) was signed by dignitaries from both cities on January 19, marking a new era for relations between the two. |
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Hong Kong’s Secretary for Financial Services & the Treasury, Professor KC Chan, said Hong Kong and Shanghai should enhance co-operation for the country’s financial development.
"The agreement will also strengthen the international competitiveness of our country's financial services industry," he said.
"As a highly international, liberal and institutionalised international financial centre, Hong Kong has rich experience and advantages in facilitating Mainland financial institutions to go international step by step, attracting foreign capital and introducing financial innovation.
"Shanghai enjoys a prestigious position in mobilising capital, talent and financial institutions on the Mainland."
Priority areas include enhancing co-operation in the development of financial markets, encouraging and supporting mutual establishment of financial institutions, and stepping up training and exchange of financial talent.
The MOU also encourages the Shanghai Stock Exchange and Hong Kong Exchanges & Clearing to foster closer links over the listing of enterprises, development and collaboration of products as well as sharing of information.
Hong Kong's Financial Services and the Treasury Bureau and the Shanghai Municipal Government Financial Services Office will take turns to host annual meetings for representatives of government departments, financial regulators and financial market organisations of the two cities.
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