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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

SJ meets legal sector

Secretary for Justice Teresa Cheng today met members from the legal and dispute resolution sector to listen to their views on how the industry should maximise the opportunities brought about by the Qianhai Plan. The meeting also covered the opportunities made available by the National 14th Five-Year Plan and the Greater Bay Area development.    Ms Cheng pointed out that the outline of the National 14th Five-Year Plan supports Hong Kong to establish itself as the centre for international legal and dispute resolution services in the Asia-Pacific region.   Meanwhile, the Plan for Comprehensive Deepening Reform & Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, promulgated earlier this month, clearly states a higher level of opening up in legal matters in the zone.   It also mentioned the establishment of an international legal services centre and an international commercial dispute resolution centre.   Ms Cheng noted that as the only common law jurisdiction within the country, Hong Kong shall utilise the unique advantages under “one country, two systems and three jurisdictions” in the bay area, adding that with the central government's support, Hong Kong’s legal and dispute resolution sector has very promising prospects.   The justice chief said the Report on Hong Kong’s Business Environments published by the Hong Kong Special Administrative Region Government reiterates Hong Kong’s institutional strengths under “one country, two systems”, with other inherent strengths remaining intact.   Such strengths include the solid foundation of the rule of law and judicial independence guaranteed by the Basic Law, which provide a safe and vibrant business environment to attract more investments in Hong Kong, and into the Mainland via the city.   The Department of Justice will continue to maintain close contact with the stakeholders to bring out Hong Kong’s best to integrate with the country’s needs and to create synergy with the nation’s development.
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