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HK, Shanghai to advance financial cooperation

(Xinhua)
Updated: 2010-01-20 11:09

Hong Kong and Shanghai signed on Tuesday a Memorandum of Understanding (MOU) to promote development and cooperation between the two cities' financial services sectors.

KC Chan, Hong Kong's secretary for financial services and the treasury and Fang Xinghai, head of Shanghai municipal government's financial services office signed the document Tuesday.

Chan said Hong Kong and Shanghai should enhance cooperation for the country's financial development.

"As a highly international, liberal and institutionalized international financial center, Hong Kong has rich experience and advantages in facilitating the mainland financial institutions to go international step by step, attracting foreign capital and introducing financial innovation," he said.

On the other side, Shanghai enjoys a prestigious position in mobilizing capital, talent and financial institutions in the Chinese mainland, added Chan.

The two cities will strengthen financial cooperation under the framework of the Hong Kong-Shanghai Economic Trade Cooperation Conference and with the advice and support of the state's financial authorities, he said.

"This would also strengthen the international competitiveness of our country's financial services industry," he said.