Ventures Dialogue

With an aim to actively promote dual development and co-operation between financial services in Hong Kong and Shanghai, Hong Kong and Shanghai signed a Memorandum of Understanding Concerning Advancing Hong Kong-Shanghai Financial Co-operation (MOU).  The MOU allows both places to capitalize on their respective strengths to contribute to financial reform on the Mainland China.

The signing of the  MOU was witnessed by the Financial Secretary of the Hong Kong Special Administrative Region Government, Mr John C Tsang, the Vice-Mayor of Shanghai, Mr Tu Guangshao, and other guests, Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, and the Director of the Shanghai Municipal Government Financial Services Office, Mr Fang Xinghai.

Speaking at the signing ceremony on January 19th, Professor Chan said: “Hong Kong and Shanghai should step up co-operation for the country’s financial development.  As a highly international, liberal and institutionalized international financial centre, Hong Kong has relatively rich experience and advantages in facilitating Mainland financial institutions to go international step by step, attracting foreign capital and introducing financial innovation. On the other hand, Shanghai enjoys a prestigious position in mobilizing capital, talent and financial institutions on the Mainland.”

According to the MOU, the two cities would strengthen financial co-operation under the framework of the Hong Kong/Shanghai Economic and Trade Co-operation Conference and with the advice and support of the state’s financial authorities. 

The  MOU outlines three directions for advancing co-operation. Firstly, the MOU set out the overall objectives for advancing financial co-operation between Hong Kong and Shanghai, which would strengthen the international competitiveness of China’s financial services industry.  Secondly, the MOU sets out priority areas for advancing financial co-operation between Hong Kong and Shanghai, which would strengthen ties between their financial organizations under their respective regulatory frameworks.  Thirdly, the MOU advances co-operation concerned improving the dialogue and exchanges between the financial services of Hong Kong and Shanghai. 

With the signing of the MOU between Hong Kong and Shanghai, Professor Chan hoped both places could make joint efforts, advance exchanges, further complement each others’ competitive edges and advance strategic collaboration, to promote the development of the country’s financial services industry.