The central government is considering relaxing immigration rules to allow wealthy mainland investors to seek abode in Hong Kong in order to boost the city's economy, according to Chief Executive Tung Chee-hwa.
Speaking in Xiamen yesterday, Mr Tung said investment immigration was one of the main components of Hong Kong's Closer Economic Partnership Arrangement (Cepa) with the mainland and the city could benefit immensely from wealthy mainland investors - at a time when China is encouraging more overseas investment to mitigate international pressure to revalue the renminbi.
'Of course we welcome this,' said Mr Tung, who held talks with Vice-Premier Wu Yi ahead of the China International Fair for Investment and Trade, which opens in Xiamen today.
'We in Hong Kong can offer more opportunities to mainland enterprises and investors,' Mr Tung said. 'More mainland enterprises and investors can use Hong Kong as a platform to invest globally. Cepa is a tremendous opportunity for Hong Kong. This is one of the reasons I came to Xiamen.'
But Mr Tung said the fact the renminbi was not fully convertible posed a major obstacle to the plan.
During their one-hour meeting, Mr Tung also explained his withdrawal of the National Security Bill.