Summit summary: Financial Secretary Henry Tang and Chief Executive Donald Tsang brief the press on recommendations made by panelists at the Economic Summit on China's 11th Five-Year Plan & Hong Kong's Development.

Chief Executive Donald Tsang says Hong Kong should bring its unique advantage of One Country, Two Systems into play more effectively to meet future challenges and make substantial contributions to the Mainland's economic reform and its integration with the international economy.

Concluding the Economic Summit on China's 11th Five-Year Plan & Hong Kong's Development, Mr Tsang said panelists have agreed Hong Kong has to sharpen its competitive edge as a leading international city and reinforce its status as the bridge between the Mainland and overseas markets.

Noting panelists agreed the directive to bolster Hong Kong's international status in three areas - finance, trade and shipping, Mr Tsang said it is important to explore ways to achieve the directive so as to make Hong Kong rank top of the world. He called on people to capitalise on the city's strengthens so as to maintain its role at the international, national and Pearl River Delta regional levels.

Unique brand

Financial Secretary Henry Tang said the flow of information, passengers and goods between Hong Kong and the Mainland should be expedited and exchanges fostered. Training and pooling of talent should be strengthened and development of Hong Kong as a unique brand should be enhanced.

In response to the challenges and opportunities brought about by the Mainland's financial reform and liberalisation, Mr Tang said panelists agreed Hong Kong's financial development should proceed with the following five-pronged strategy:

* Hong Kong financial institutions to go into the Mainland;

* Hong Kong to serve as a gateway for Mainland funds and Mainland financial institutions to come out;

* financial instruments issued in Hong Kong to be made available on the Mainland;

* enhance the capability of Hong Kong's financial system in handling renminbi-denominated transactions; and,

* strengthen financial infrastructural linkages between the Mainland and Hong Kong.

Better co-operation

Mr Tsang said communication, co-operation and integration of Hong Kong with the Mainland has to be bolstered to maintain the city's advantages and surpass its competitors.

The four focus groups - trade and business; financial services; maritime, logistics and infrastructure; and professional services, tourism, innovation and technology - will develop, study and discuss strategic recommendations come up at the summit.

Mr Tsang said an interim report may be ready at the end of October the soonest while a practicable, workable action agenda will be rolled out by the end of this year.