Vice Premier's policies progressing: FS

October 21, 2011

Financial Secretary John Tsang said today in Beijing he has had solid discussions with relevant Mainland bodies to follow up on the policies and measures Vice Premier Li Keqiang set out to support Hong Kong.
 
Mr Tsang was concluding his trip to Beijing saying all bureaus and departments have been actively studying the Vice Premier’s policies and he believes they will be implemented soon.
 
During Mr Tsang’s meeting with China Securities Regulatory Commission Chairman Shang Fulin, both parties discussed the progress in launching a Hong Kong stocks exchange-traded fund, or ETF, on the Mainland market.
 
As the Mainland authority has entered the final stage of establishing ETF trading methods and management, Mr Tsang hopes the details will be announced soon.
 
Mr Tsang said the Mainland counterpart has been finalising technical details to allow renminbi qualified foreign institutional investors to invest in the Mainland securities market.
 
He also said he received positive feedback from the State Council’s State-owned Assets Supervision & Administration Commission in encouraging state-owned enterprises to set up listed branches in Hong Kong.
 
Hong Kong will work closely with the Ministry of Commerce and the People’s Bank of China to ensure smooth implementation of managing foreign direct investment from Hong Kong enterprises on the Mainland. Officials from the ministry and the bank will be invited to Hong Kong to promote the initiative.
 
Mr Tsang added he will meet with the Ministry’s officials on the Closer Economic Partnership Arrangement Supplement VIII in a bid to come to an agreement by the end of the year.