Measures elaborated to cement mainland-HK ties

HONG KONG -- Five senior Chinese economic and financial officials on Saturday elaborated on an array of supportive measures just unveiled by the central government to enhance cooperation and exchanges between the mainland and Hong Kong.

The measures, announced before Sunday's celebrations for the 15th anniversary of Hong Kong's return to China, covered six broad areas, namely trade and economy, finance, education, science and technology, tourism and cooperation between Guangdong Province and Hong Kong.

More efforts will be made to boost infrastructure connections and promote two-way investment between the mainland and Hong Kong, Zhang Xiaoqiang, deputy director of the National Development and Reform Commission, said at a joint press conference with senior officials from the central bank and three other agencies.

The NDRC will also accelerate the formulation of a guideline for the development of Nansha New District in Guangzhou to facilitate cooperation between the province and Hong Kong, Zhang said.

Jiang Yaoping, vice-minister of commerce, said the ministry will implement all policies under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement and its supplementary agreements, by further liberating service trade between the mainland and Hong Kong, while encouraging qualified mainland enterprises to invest in Hong Kong or team up with Hong Kong partners to "go overseas".

Trade between the mainland and Hong Kong reached $283.52 billion in 2011, a hefty 596-percent surge from 1996, Jiang added.

Meanwhile, the central bank will encourage the use of the Chinese currency known as "yuan" or "renminbi" in cross-border trade settlement, yuan-denominated bond issuance by mainland financial institutions and enterprises, offshore yuan trading of foreign direct investment and RMB Qualified Foreign Institutional Investor scheme, and Hong Kong-share ETFs (exchange-traded funds), said Hu Xiaolian, vice-governor of the People's Bank of China.

Yao Gang, vice chairman of China Securities Regulatory Commission, told the press conference the commission will continue to support qualified mainland enterprises to go public at the Hong Kong bourse while allowing Hong Kong financial institutions to open joint venture brokerages, fund management companies and futures firms on the mainland.

Vice Minister of Finance Li Yong pledged the ministry will also act to boost cooperation and exchanges between the mainland and Hong Kong.