China to further strengthen HK's role in 12th Five-Year Plan

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By Amy Wong: Subscribe to Amy's

December 20, 2010 10:07 PM GMT

Hong Kong is an important factor in preparation for China's 12th Five-Year Plan, and on the basis of the previous plan, the new one will further strengthen the city's role, especially its functions as an international financial centre and as a strategic partner with Guangdong, an official in Beijing said on Monday.

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Meeting Hong Kong Chief Executive Donald Tsang in Beijing,  Minister of the National Development & Reform Commission Zhang Ping said the views of the Hong Kong government will be fully considered as Hong Kong works with the Mainland China in the drafting process.

Tsang also met People's Bank of China governor Zhou Xiaochuan, suggesting direct investment by foreign businesses on the Mainland, and overseas direct investment by Mainland-based enterprises, should be settled in renminbi on a pilot basis.

Zhou pledged his support for Hong Kong to further develop renminbi business and expand the role of the renminbi in cross-border trade and investment. He said raising capital in Hong Kong by Mainland enterprises will be further promoted.

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While in Beijing, Tsang will brief state leaders on the latest economic, social and political developments in Hong Kong. He will also call on a number of leaders of the central government to exchange views on matters relating to Hong Kong.

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