The Hong Kong Special Administrative Region(HKSAR) has opened an economic and trade office in Shanghai to promote the financial cooperation between the two business hubs.

The office aims to promote economic and trade relations between Hong Kong and Shanghai, east China's Jiangsu, Zhejiang and Anhui provinces and central China's Hubei province.

It will help the tertiary industry of Hong Kong to enter the mainland market and provide support to Hong Kong people and companies on the mainland.

"China's finance industry is pretty weak compared with its soaring national power. It's essential for the two different financial systems to make use of their respective advantages and cooperate," said Henry Tang, financial secretary of the HKSAR on the opening ceremony.

Shanghai was willing to deepen the cooperation with Hong Kong on finance, trade, city planning and management and expertise exchanges in accordance with the mainland's Closer Economic Partnership Arrangement (CEPA) with Hong Kong, said Han Zheng, mayor of Shanghai.

Besides Shanghai, the HKSAR has set up economic and trade offices in Beijing, Guangzhou and Chengdu.

Source: Xinhua