New yuan biz measures coming: FS

John Tsang meets key central govt offcials during 3-day mainland trip

Financial Secretary John Tsang said that the mainland and Hong Kong government are exploring ways to further develop Hong Kong's offshore yuan business and will announce the measures when they are ready.

Financial Secretary John Tsang (right) meets Huang Danhua, vice-chairman of the State-owned Assets Supervision and Administration Commission of the State Council in Beijing on Wednesday. GIS

Related reading: HK will still be offshore yuan center: US offcial

"Many relevant mainland government departments are concerned with Hong Kong's offshore yuan business development because it is vital toward the yuan internationalization process. Both sides are contemplating further measures to enhance the city's offshore yuan business and will unveil the measures when they are ready," Tsang said at a Beijing press briefing on Wednesday.

"Both sides agree that further financial cooperation is crucial in promoting Hong Kong as the offshore yuan financing center and consolidating the city's position as an international financial center. The city can also contribute more toward the country's economic reform and development," Tsang added.

Tsang, who conducted various meetings with mainland officials in charge of financial and monetary affairs on his three-day mainland business trip, also met the Minister of Finance Xie Xuren, People's Bank of China's Governor Zhou Xiaochuan, China Insurance Regulatory Commission's Chairman Xiang Junbo and Minister of Commerce Chen Deming.

Tsang also met Wang Guangya, the director of the Hong Kong and Macao Affairs Office of the State Council.

Tsang also visited the Tianjin Planning Exhibition Hall and attended a Tianjin Municipal People's Government seminar to learn about Tianjin's financial, logistics, high-tech and modern service industries.

"Tianjin wants to elevate the proportion of services industries contribution toward its gross domestic products from the current 46 percent to 50 percent. This is attractive for Hong Kong services industries providers and our enterprises can contribute in this aspect," Tsang said.

Tsang started his three-day visit on Monday and he will be back to Hong Kong on Thursday morning.

oswald@chinadailyhk.com