Date
12 December 2017
Leung Chun-ying says the government will make the most of opportunities arising from the setting up of a new Guangdong free trade zone. Photo: HKEJ
Leung Chun-ying says the government will make the most of opportunities arising from the setting up of a new Guangdong free trade zone. Photo: HKEJ

HK to grasp opportunities Guangdong FTZ presents

The Hong Kong government will seek to maximize business opportunities for local enterprises emerging from the establishment of a new Guangdong free trade zone (FTZ), Chief Executive Leung Chun-ying said in his policy address Wednesday.

The government will “actively pursue new modes of cooperation, the most favourable treatment and the biggest development opportunity for Hong Kong people and enterprises,” Leung said.

It will maintain close collaboration with its counterparts in the province when the new FTZ comprising Qianhai, Nansha and Hengqin is established in March, he said.

The central government announced in December that, in addition to the pilot FTZ in Shanghai, three pilot FTZs – in Guangdong and Fujian provinces and Tianjin – will be established on March 1.

In other comments, Leung said Shanghai-Hong Kong Stock Connect, the cross-border share trading scheme that started in November, has enhanced Hong Kong’s role as a financial link to the mainland.

“By increasing liquidity in the offshore renminbi market and by providing a wider choice of RMB investment products in Hong Kong, Stock Connect contributes to the continuous growth of our financial sector,” he said.

Leung said Hong Kong is a “super-connector” between the mainland and the rest of the world, and the city should place an emphasis on building economic ties with the mainland and countries overseas.

“The HKSAR government will continue to assist Hong Kong enterprises to develop the mainland market by brand building, upgrading and restructuring operations, and exploring domestic sales, through the US$1 billion dedicated fund,” he said.

As to promoting international trade, the Hong Kong government will actively participate in the World Trade Organization’s multilateral and plurilateral negotiations and seeks to conclude free trade agreements with individual countries or regions, he said.

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The Hong Kong government will seek to maximize business opportunities for local enterprises emerged from the establishment of a new Guangdong free trade zone, according to the Policy Address unveiled on Wednesday.

The government will “actively pursue new modes of co-operation, the most favourable treatment and the biggest development opportunity for Hong Kong people and enterprises”, chief executive Leung Chun-ying said.

It will maintain close collaboration with the Guangdong counterparts as a new free trade zone comprising Qianhai, Nansha and Hengqin will be established in March.
He also said that the Guangdong Pilot FTZ can leverage Hong Kong’s edge to promote indepth co-operation between Guangdong and Hong Kong.

The central government announced last December that, in addition to the Shanghai Pilot Free Trade Zone (FTZ), three more pilot FTZs – in Guangdong, Tianjin and Fujian provinces – will be established on 1 March 2015.

In other comments, Leung also said that the Shanghai-Hong Kong Stock Connect started in November last year has enhanced Hong Kong’s role as a connector on the financial front.

“By increasing liquidity in the offshore Renminbi (RMB) market and by providing a wider choice of RMB investment products in Hong Kong, the Stock Connect contributes to the continuous growth of our financial sector,” he said.

Leung also said that Hong Kong is a“super-connector” between the Mainland and the rest of the world, and Hong Kong should put emphasis on building economic ties with both the mainland and overseas countries.

“The HKSAR Government will continue to assist Hong Kong enterprises to develop the Mainland market by brand building, upgrading and restructuring operations, and exploring domestic sales, through the $1 billion dedicated fund,” he said.

As to promoting international trade, the Hong Kong government will actively participate in the World Trade Organization’s multilateral and plurilateral negotiations, and seeks to conclude free trade agreements with individual countries or regions, he said.

EJ Insight reporter

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