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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

CS, SJ welcome NPCSC's approval

Chief Secretary Matthew Cheung and Secretary for Justice Teresa Cheng welcomed the approval by the Standing Committee of the National People's Congress (NPCSC) of the amended Annex I and Annex II to the Basic Law today.   In his statement, Mr Cheung said he strongly supports the amended Annex I and Annex II to the Basic Law as it ensures that Hong Kong's electoral system can progress with wider representation and cope better with the city's actual situation, with a view to putting Hong Kong's political structure back on a firmer and more promising footing.   He noted that through improving Hong Kong’s electoral system, the fundamental principle of "patriots administering Hong Kong" can be fully implemented, national sovereignty, security and development interests can be fully protected and Hong Kong's constitutional order established according to the Constitution and the Basic Law can be fully safeguarded.   It will also restore order from chaos and ensure the steadfast and successful implementation of "one country, two systems" and the long-term prosperity and stability of Hong Kong.   As the electoral system is improved, Hong Kong can find its way out of a political swamp and create a stable social environment conducive to good governance, thereby enabling the Government to focus on developing the economy and improving people's livelihoods.   Mr Cheung believes that the executive authorities and the legislature can better interact and co-operate with each other, put aside their differences for the common good of the community, develop a cordial, close and constructive working relationship, and work smoothly together on a people-oriented policy vision to propel Hong Kong forward.   He said the Government will render full co-operation and strive to complete the amendments to the relevant local electoral laws in accordance with the amended Annex I and Annex II to the Basic Law by introducing a bill to the Legislative Council as early as practicable. He will, together with the governing team and the civil service, make all-out efforts in explaining the amendments to the community.   Ms Cheng also supported the passage of the amended Annex I and Annex II to the Basic Law for improving Hong Kong's electoral system.   In a statement, she emphasised that the increase in the size and composition of the Election Committee and LegCo reflect a more balanced and orderly political participation as well as a broader representation of society, signifying an important move to advance Hong Kong's democratic electoral system.   Ms Cheng said she will lead the Department of Justice to render full support to the Government's work to improve the electoral system as early as possible to enhance Hong Kong’s governance efficacy.
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