Secretary for Financial Services & the Treasury James Lau attended the 8th Working Meeting of Hong Kong-Shanghai Financial Co-operation in Hong Kong today.

He co-hosted the meeting with Director-General of the Shanghai Municipal Government Financial Services Office Zheng Yang.

They gave an account of the latest market situation and financial services developments in Hong Kong and Shanghai.

Mr Lau said the country had entered a new phase of reform and opening up, and was dedicated to enhancing the competitiveness of its financial sector and the sustainable and sound development of the capital markets.

The daily quotas under the Shanghai-Hong Kong Stock Connect were quadrupled in May this year, providing further facilitation to international and Mainland investors.

Mr Lau added that he looked forward to closer financial co-operation on various fronts and to seeing Hong Kong and Shanghai play more significant roles in the two-way opening-up of the Mainland.

Representatives of the governments, financial regulators and exchanges of both places discussed the progress made in financial services in the Mainland (Shanghai) Pilot Free Trade Zone and the co-operation in cross-boundary renminbi business.

They also discussed developments in securities, futures and insurance sectors, green finance, and initiatives on the exchange of financial talent.