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- Official: HK, Mainland financial market integration takes time
Date: 5-Nov-2007 Sources: (Xinhua Online)
As there are regulatory and operational differences between Hong Kong and Mainland financial markets, further integration of them will take time, a financial official of the Hong Kong Special Administrative Region government said here Saturday.
Speaking on a radio talk show, Secretary for Financial Services and the Treasury KC Chan said that the Government will facilitate co-operation between the two markets, adding the two jurisdictions' stock exchanges may consider joining forces to develop new markets.
He said Hong Kong should continue to attract Mainland enterprises to do business in Hong Kong and should further strengthen its asset management center by assisting Mainland investors to invest in overseas markets.
To enhance Hong Kong financial market competitiveness the Government will organize overseas promotions to attract more overseas companies to list on the city's exchange, said Chan.
When asked if the Government will do something to prevent local stock and property markets from overheating, Chan said the Government will explore ways to ensure Hong Kong's economic stability and help the public overcome inflation problems. He also urged investors to make proper risk assessments.
Noting the U.S. sub-prime mortgage crisis may affect Hong Kong's economy in the short term, he said the city should make long-term investment in infrastructure.
On anti-poverty measures, Chan said the Financial Secretary will start consulting the public on his coming Budget next week and will explore ways to alleviate poverty.
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