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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

Electoral change objective clear

(To watch the full media session with sign language interpretation, click here.)   Chief Executive Carrie Lam today said the National People's Congress' deliberation on a decision to improve the Hong Kong Special Administrative Region's electoral system aims to ensure that Hong Kong is administered by patriots.   Mrs Lam made the statement when speaking to the media this afternoon.   She said: "The improvements to the electoral system in the Hong Kong SAR are not designed to favour someone. They are designed to ensure that whoever is administering Hong Kong is patriotic.   "And this is only right in terms of political ethics - how could one who is governing a place not be patriotic to that country? It is inconceivable.   "So this is the objective of this exercise and I've made it very clear that the improvements only seek to ensure that it is patriots administering Hong Kong."   Mrs Lam noted that only when this requirement has been fulfilled can Hong Kong’s stability and prosperity be ensured, adding it will help safeguard the city’s constitutional order under the Basic Law and resolve the city’s deep-seated problems.   "Once Hong Kong people realise all these justifications, I'm sure that they will take these elections very seriously because by returning people who are patriotic, who are going to follow the ‘one country, two systems’, then Hong Kong will have a much brighter future in terms of economic development and prosperity."   Mrs Lam pointed out that Hong Kong people will continue to have a role in the future development of the city’s political structure and stressed it has to take place within the proper constitutional framework.   "What we are now seeing are deficiencies in the electoral system which could be exploited by people, including some external forces, and hence return politicians who may take advantage of their position to undermine governance, or even to undermine national security and development interests of the country.   “So when everything is now being restored to its proper constitutional order since Basic Law Article 45 and Basic Law Article 68 are being maintained and retained, then the chance will come, the time will come for Hong Kong's political system to continue to move forward in a gradual and orderly manner with a view to achieving that ultimate objective of universal suffrage in the selection of the Chief Executive."
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