Mainland surge arresters market to be more accessible to HK financial firms
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Mainland market to be more accessible to HK financial firmsPublished: 11 May 2009 18:33:34 PST

Top 5 News From ChinaKnowledge.comFAW, Volkswagen set up JV plant in ChengduGreentown China sees sales revenue exceed RMB 10 blnFMR buys more ZTE H-sharesMicrosoft's IE8 to integrate Taobao searchChinese stocks open 0.67% lower on Tue May 12, 2009 (China Knowledge) - The Chinese government will further loosen requirements for Hong Kong lenders that want to expand into Southeast China's Guangdong Province, according to Supplement VI of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) inked in Hong Kong on Saturday.

The supplement was signed by the Financial Secretary of the Hong Kong SAR government, John Tsang, and the central government's Vice Minister of Commerce, Jiang Zengwei. Supplement VI, which is expected to help battle the deepening global economic recession, will take effect on Oct 1.

Under the supplement, the Chinese government will allow subsidiaries of Hong Kong banks in Guangdong to expand into multiple cities in Guangdong without setting up separate subsidiaries for each city.

The supplement also will permit securities companies in the mainland and Hong Kong to establish joint venture securities investment advisory firms in the province. The Hong Kong securities firms will be allowed to own shares of up to one third of the total in such JVs.

The Chinese government will allow qualified mainland securities companies to establish units in Hong Kong after obtaining approval from regulators, according to the supplement.

In addition, the new agreement covers other sectors, including exhibitions, public utilities, telecoms, tourism, shipping and railway transportation.

The new agreement provides great opportunities for Hong Kong businesses to tap the mainland market and strengthen their competitive strength there.


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