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Call for inventive financial policies

By Chen Hong (China Daily)
Updated: 2009-01-09 07:37

SHENZHEN: Scholars and entrepreneurs yesterday called on authorities here to roll out more inventive financial policies to improve the economic position of Shenzhen and Hong Kong in the international market.

"The global financial tsunami has jolted the international monetary system that has long been dominated by the US dollar. Since China's economic strength and international influence have stably improved, the globalization of RMB should be put on the agenda now," Le Zheng, chairman of Shenzhen Academy of Social Sciences, said yesterday.

According to a blueprint on the development of the Pearl River Delta released yesterday, Shenzhen and Guangzhou have the potential to become the regional financial centers, due to their close proximity to Hong Kong.

Le opined that only Hong Kong could be developed into a RMB offshore and international settlement center. However, "Shenzhen can assist Hong Kong to build such a center," he said.

Wong King-Keung, chairman of the Hong Kong-based Newmark Company, said Shenzhen could apply to develop a national money exchange center for Hong Kong dollars to affiliate the surging flow of people from the mainland.

"Shenzhen is a major stopover for mainlanders traveling to Hong Kong. It's reasonable to build such a center in the city since there is a high demand for exchanging RMB for Hong Kong dollars," Wong said.

Since Hong Kong-registered banks have been allowed to set up their backup and call centers in Shenzhen, securities houses from the special administrative region too want to benefit from the incentive policy, Liu Xiaobing, a senior manager with the Shenzhen-based China Finance Credit Financial Holdings firm, said.

Cheung Wah-fung, chairman of Christfund Securities, suggested that a "Shenzhen-Hong Kong financial experimental zone" be set up to boost the financial cooperation between the twin cities.

In the experimental zone, Hong Kong residents, who have invested and paid taxes in the mainland, could trade A shares, while the mainlanders could trade Hong Kong stocks, he suggested.

Guo Wanda, vice-president of China Development Institute, said the cooperation between Guangdong, Hong Kong and Macao has been upgraded as a national strategy since the approval of the blueprint.

(China Daily 01/09/2009 page4)