Hong Kong and Shanghai to enhance financial ties

The two cities will leverage on their competitive advantage to boost their financial cooperation.

Representatives from Hong Kong and Shanghai recently conducted the ninth Working Meeting of Hong Kong-Shanghai Financial Cooperation, where they identified areas of cooperation to fuel the two cities’ financial ties.

During the conference, Hong Kong Secretary for Financial Services & the Treasury Christopher Hui emphasised the need to strengthen Shanghai’s competitiveness and influence as an international financial centre and consolidate and enhance Hong Kong’s position as an international financial hub. 

Hui said he expects closer financial cooperation between the cities on various fronts and the joint implementation of the measures for further expanding mutual access between the capital markets of the Mainland and Hong Kong.

Meanwhile, Shanghai Office for Advancing International Financial Center Development Director-General Zhou Xiaoquan said developments must be coordinated and that both should implement efforts to build the financial core competitiveness of the Mainland.

He noted that Shanghai and Hong Kong should realise capital and resource connections to create joint forces in serving national strategies. 

Both parties also agreed to work on improving mutual market access programmes and conducting exchanges and cooperation in the insurance industry.

They plan to build stronger cooperation on product development, services, and innovation relating to green finance, whilst also encouraging enterprises to conduct green and sustainable financing, investment and certification, and develop diversified financial products, among others.

The participants also agreed to enhance cooperation among Hong Kong and Shanghai fintech enterprises.