Hong Kong not threatened by Shanghai free-trade zone, says Leung Chun-ying
The mainland’s first free-trade zone set to open in the Pudong area of Shanghai on Sunday will not threaten Hong Kong’s position as a financial hub, says Chief Executive Leung Chun-ying.
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 ... a
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.