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August 15, 2009

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Shanghai and HK to deepen synergy

SHANGHAI and Hong Kong will strengthen cooperation by setting up a senior-level exchange mechanism, officials from the two cities said yesterday.

Shanghai hopes to cooperate more deeply with Hong Kong in several areas, including finance, trade, science, education and urban management, Mayor Han Zheng said yesterday during his meeting with Jack So, chairman of the Hong Kong Trade Development Council.

So said Hong Kong is ready to share its experiences in financial services, shipping and trade with Shanghai and help it emerge as a global financial and shipping center.

The two cities will endeavor to set up a senior-level regular exchange mechanism to enhance smoother cooperation.

Han said the trial program of settling cross-border trade in yuan has sparked another opportunity for the two cities to cooperate.

Shanghai launched the cross-border yuan settlement trial in July. Companies in Shanghai can settle trade in yuan with businesses in Hong Kong, Macau and the 10-member Association of Southeast Asian Nations.


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