HK's Financial Center Beefed up by Mainland Development: Tung

Home>>Business

Last updated at: (Beijing Time) Friday, October 11, 2002

HK's Financial Center Beefed up by Mainland Development: Tung

Hong Kong, as an international financial center, has been beefed up with the fast economic expansion in China's mainland, Chief Executive Tung Chee Hwa said Thursday.

DISCUSSION

CHINESE

SEND TO FRIEND

Hong Kong, as an international financial center, has been beefed up with the fast economic expansion in China's mainland, Chief Executive Tung Chee Hwa said Thursday.

Tung told a question and answer session at the Legislative Council that despite the impact of the Asian financial crisis and the current economic restructuring, Hong Kong's international financial center has grown stronger backed by the mainland's development.

Over the past years, nine of the mainland's ten largest listed companies are in Hong Kong, and among the 100 listed companies in the Hong Kong stock market this year, 60 are related to the mainland, Tung said.

"Whether at present or in the future, Hong Kong will certainly be a very important international financial center to China and to Asia," Tung said. Of the total foreign investment in China, about 55 percent comes directly from Hong Kong or from other places through Hong Kong, according to Tung.

Tung also stressed the importance of Hong Kong as a world business center, saying that the number of the foreign companies stationed in Hong Kong has increased yearly, with the total number up to 3,200 in 2002.

So far, China's mainland has become the world's largest production base and the largest potential consumer market. With its particular history and geographical position, Hong Kong fits well to a new trade center between China's mainland and the world, Tung said, adding that the government is considering to work out such a plan.

Questions?Comments? Click here

HK Gov't will not Interfere with Property Market, Tung

Fewer Slogans, More Practical, Reflect Social Changes in China ( 16 Messages)

Jiang Expects In-depth Discussion with US President ( 4 Messages)

China Slaps US Religious Freedom Report ( 2 Messages)

China Opposes US Congress Committee's Interference in China's Internal Affairs ( 9 Messages)

Multinationals Fight for Chinese Markets ( 27 Messages)