Closer Hong Kong-Beijing ties encouraged

Hong Kong and Beijing can make more money together.

Gou Zhongwen, vice-mayor of the People's Government of Beijing Municipality, said Hong Kong is the international financial center with strong niches in fund-raising, asset management and financial talent supply.

“Both cities can share their distinct advantages and complementary qualities that can provide abundant cooperation opportunities for both cities' financial industry players.”

Together, Beijing and Hong Kong have enough room for cooperation in financial services and promoting yuan internationalization since they share complementary qualities in the financial industry.

Hong Kong Undersecretary for Financial Services and the Treasury Julia Leung said both cities are corporate headquarter-orientated centers.

“Enterprises in Beijing can utilize their subsidiaries in Hong Kong for overseas development while the Hong Kong counterparts can leverage on Beijing's advantage of being the economic information center in the country.”

In addition to financial services cooperation, both cities can take advantage of the complementary qualities in the finance industry to further consolidate the offshore yuan business in Hong Kong.

Leung said mainland enterprises in the Beijing can utilize the Hong Kong offshore yuan financing platform to raise funds and hedge their financial risks.