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Shenzhen, Hong Kong promote own financial sector in New York

Published: 02 Jun 2009 20:52:14 PST

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Jun. 3, 2009 (China Knowledge) - Hong Kong and Shenzhen have jointly held a seminar in New York to explain the investment environment in the two cities to attract more investors, the Hong Kong Special Administrative Region (HKSAR) government said Tuesday.

The seminar attracted over 300 elites from the U.S. financial and business sectors. Officials from Invest Hong Kong, the business promotion arm of the HKSAR government, and the Bureau of Trade and Industry of Shenzhen explained the cooperation between the two cities and the business benefits that enterprises can enjoy under the Closer Economic Partnership Arrangement (CEPA).

The financial service industry is still the mainstay of Hong Kong's economic development despite the effects of the global financial recession, said Simon Galpin, director-general of investment promotion of Invest Hong Kong, adding that the Hong Kong stock market ranks seventh in the world and third in Asia, and that about 70% of the world's 100 largest banks have set up branches in the city.

Shenzhen, the Chinese mainland city neighboring Hong Kong, is China's major asset management center, said Gao Lin, a senior official from the investment promotion branch of the Shenzhen government, adding that the total market value on the Shenzhen Stock Exchange has exceeded US$120 billion.

As of the end of March, the U.S. had invested US$2.14 billion in 1,328 projects in Shenzhen.

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