think global think hong kong advantages of pearl river delta plus: leveraging hong kong service...
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think GLOBAL think HONG KONGAdvantages of Pearl River Delta Plus:Leveraging Hong Kong Service Platformto Support Cross-border Business Operation
Hong Kong’s Role in International Co-operations
Dr. Jonathan Choi
Chairman, Hong Kong – Japan Business Co-operation Committee
15 May 2012
HK-PRD: Inseparable Relations
Pearl River Delta (PRD)– The first economically liberalized region since China’s Refo
rm and Opening Up in 1979
Investment of HK based companies– Foreign direct investment– Skilled workforce
HK-PRD China's economic growth hub
Guangdong-Mainland’s economic growth hub
Guangdong has strong manufacturing industry and export capabilities
Guangdong is in the critical stage of upgrading and transformation
Gradual shift of global economic focus to the East PRD enterprises grow rapidly and develop high value-added industries HK’s prominent superiority: Infrastructure, Finance, Professional services, etc. Continuous policies in strengthening HK-PRD co-operation
− The National 12th Five-Year Plan
More specific and focused separate chapter for HK for the first time
Specifies development of new district zones (Qianhai, Nansha and Hengqin)
closer ties among Guangdong, HK and Macau
− Vice Premier Li Keqiang’s 36 new policy measures HK and Mainland co-operations
− Supplement VIII to CEPA:
Further enhance economic, trade and financial co-operations between Mainland and HK
Helps accelerate HK’s professional services in entering Mainland market
Acts as key platform in further promoting the HK-Guangdong economic integration
− Outline of Plan for Reform and Development of the PRD 2008-2020
Framework Agreement on Guangdong-Hong Kong Co-operation Regional Co-operation Plan on Building a Quality Living Area
HK-PRD's Role between China and Overseas: Increasingly important
HK-PRD Region: Integration of Infrastructure Network
Promote co-operation of aviation industry– Improve coordination mechanism – Perform airspace management mechanism
Strengthen HK-PRD transport networks – Increase frequency of HK-PRD shipping routes– Provide efficient and private services: yachts and aircrafts– Provide speedy commercial aircraft and helicopter services
Strengthen the role of HK as a hub of transportation – HK-Zhuhai-Macau Bridge (3-hour radius)– Guangzhou-Shenzhen-HK Express Rail Link (“1-hour living
circle”)
Enhance electronic clearance technologies
HK as the Logistic Gateway
World-class cross-boundary infrastructure
Highly efficient customs services and competitive advantages in – Handling high value goods – Providing high value-added services
Satisfy needs of foreign sales and domestic distribution of PRD-based factories
Integrate HK’s professional business services with Guangdong’s strong export capabilities
Seize the development opportunities arising from the rapid growth of Mainland and Asian economy
HK’s roles as Offshore RMB Centre and Asset Management Centre
CEPA VIIICEPA VIII Support Mainland banks to make use of HK's international
financial platform to develop international businesses
Support HK insurance companies to enter the market through setting up business institutions or capital participation
HK’s AdvantagesHK’s Advantages World’s largest offshore RMB centre – continue to expand and
reach new milestones, increase liquidity and maturity
Free capital flow
Market-determined RMB exchange rates
Important entrepôt of Mainland China
Further advantages
- Extend settlement periods cover trading hours in Europe and the U.S.
HK as a Financial Centre - Further Strengthened Role and Functions
Expansion of the RMB trade settlement scheme to entire country
Support HK enterprises’ use of RMB for direct investment in the Mainland
Introduction of a RMB QFII scheme for investing in the Mainland’s securities markets
Expansion of number of enterprises issuing RMB bonds in HK and scale of their bond issuanceSource: CEIC
Hong Kong’s RMB Deposits, Remittances and Clearing Transactions
Third Quarter of 2011 – HK handles 90.1% of the world’s RMB trade settlement
Enhance Regional IntegrationHK as platform for East Asian Economic Co-operations
Economic relations with its neighboring economies, including Japan, have deepened with time
Perfect platform for Japanese companies esp. SMEs entering the southern China market− Mainland enterprises HK-PRD connections
Japanese market− HK-PRD: Japan’s economic interaction with China
and the neighboring regions
A more important role in promoting East Asian regional economic co-operation
A platform in the future financial development in East Asia
Enhance Regional IntegrationHK as platform for East Asian Economic Co-operations
HK Government has conveyed the wish to join the ASEAN-China Free Trade Agreement (ACFTA)
Central government also supports HK to join ACFTA Make good use of HK’s connections with Asian countries HK can strengthen economic ties between China and
ASEAN HK plays a strategic role to the region as
– International financial centre– International business centre – Trading hub
CGCC will organize a forum on East Asian Regional Co-operation in July 2012
– 10 + 1 (ASEAN + CHINA)– 10 + 3 (ASEAN + CHINA, JAPAN, S. KOREA)
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