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  • Aug 1, 2014
  • Updated: 5:23pm

Leung Chun-ying

Leung Chun-ying, also known as CY Leung, is the chief executive of Hong Kong. He was born in 1954 and assumed office on July 1, 2012. During the controversial 2012 chief executive election, underdog Leung unexpectedly beat Henry Tang, the early favourite to win, after Tang was discredited in a scandal over an illegal structure at his home.

NewsHong Kong

Hong Kong not threatened by Shanghai free-trade zone, says Leung Chun-ying

PUBLISHED : Friday, 27 September, 2013, 3:50pm
UPDATED : Friday, 27 September, 2013, 4:58pm

The mainland’s first free-trade zone to be opened in Shanghai would not threaten Hong Kong’s position as a financial hub, Chief Executive Leung Chun-ying said on Friday.

Leung commented on the impact of the landmark plan at the end of his visit to the central mainland city of Chongqing.

Some business leaders and economists in Hong Kong have expressed concerns that Shanghai’s free-trade area will draw foreign capital away from Hong Kong and hit its economy.

Hong Kong is a hub for top-notch financial professionals from both China and overseas ... and one of the most important factors is [our] rule of law
Leung Chun-ying

The State Council in August announced its plan to launch the mainland’s first free-trade zone in the Pudong area of Shanghai. Set to open on Sunday, it will offer freer yuan convertibility and more liberalised foreign exchange and interest rate systems.

Leung said Hong Kong would continue to thrive as it had its own edges.

“Hong Kong is a hub for top-notch financial professionals from both China and overseas. It also has sound supporting professionals in the legal and accounting sectors,” he said.

“And one of the most important factors is Hong Kong’s rule of law,” he said.

The chief executive also said that Hong Kong had managed to restructure its economy to its benefit when posed with challenges from a China that had undergone dramatic reform over the past three decades.

He said the Shanghai free-trade zone was part of this opening-up process and would offer Hong Kong opportunities.

Leung concluded his two-day trip to Chongqing on Friday. He led a delegation of Hong Kong businessmen to meet local government officials and business leaders for talks about boosting economic ties.

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This article is now closed to comments

Camel
What else should he say? That Beijing wants to teach HK a lesson with this FTZ? Everybody knows it that the FTZ was planned for the one and only one reason. To build up an alternate to HK in case they need it. Now the first step has been done and others will follow.
ejmciii
Wow, he is really on top of this. Beijing should give him a bonus for taking care of their interests and keeping the poor minions in HK under control. How could a free trade zone aimed to make Shanghai the regional financial hub ever hurt Hong Kong. Remain calm, all will be well, drink your Kool aid.
XYZ
Gee, that's a relief. Now I can stop stockpiling canned goods in the amah's room and resume buying agricultural land in the New Territories.
daily
This is starting to be a joke on this free-trade-zone issue for Shanghai..........first Li Ka Shing comes out right away to tell the public that the threat is real and that HK should not be complacent in the imminent threat of Shanghai's FTZ..........now Leung comes out to say that HK should not feel threatened............it is like watching dogs vs cats whenever any new issue comes out in HK these days...........
 
 
 
 
 

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