经济

A good reminder of this limitation is that one of the criteria for designing the legal, institutional and policy arrangements of the Shanghai Free Trade Zone is that they must be readily and immediately replicable across the country.

In particular, Shanghai has been earmarked to become an international financial centre by 2020 and the recently established Free Trade Zone indicates that some of the market liberalisation measures may first be tested there.

The second factor is the export of capital by the Mainland and its investors, looking for investment and risk diversification.

Growth has been very good but just as important is the need to take positive steps to move up the value curve by broadening and deepening our knowledge and improving our infrastructure.

It’s a free trade agreement under the WTO rules. It gives preferential access to mainland market for Hong Kong companies.

While the universe of such debt instruments is currently very small, the launch of this fund nevertheless underscores the important fact that Hong Kong’s market infrastructure can well support publicly-offered RMB investment products.

Commencing 2007, we started helping the Mainland to manage its need to export its excess liquidity.

Policy banks – China Development Bank, Export-Import bank of China

Hong Kong should also seek to create more renminbidenominated financial products to be issued and traded in Hong Kong, as this would help to encourage companies to use the renminbi they earned from export to be invested here.

Meanwhile, we are also working on improving Hong Kong's infrastructure to support an endto-end value chain.

Asia should take this opportunity to apply the lessons and further strengthen its financial infrastructure and economy. This is vital if Asia wants to retain its competitive position when the global economy fully recovers from the current downturn, and for Asia to reap the promise of the Asia Era.

If the necessary infrastructure was provided would companies take the time and incur the costs needed to prepare financial reports in a machine-readable form?

It is these opportunities that have galvanised the industry into taking positive action to innovate and improve in terms of products, processes and infrastructure.

The reason for listings in Hong Kong is a conscious and deliberate policy to import Hong Kong standards to Mainland companies and transform their governance and performance in the process.

as to efficiency, the sheer logistics involved in managing up to 15,000 individual cases raises special challenges.