Wen: HK irreplacable as financial centre
12-04-2009
Premier Wen Jiabao has described Hong Kong's status as an international financial centre as "irreplaceable".
The premier, who had travelled to Thailand for the ASEAN summit, made the remarks while speaking to the Hong Kong press.
Premier Wen acknowledged during the 30-minute session that Hong Kong's status was facing competition, and would deteriorate if the city didn't improve.
But he said Hong Kong's regional advantage, the financial sector's history and comprehensive legal framework had made its status as an international financial centre "irreplaceable".
The Premier's remarks came after the State Council recently approved a plan to develop Shanghai into an international financial centre by 2020.
Premier Wen stressed that it was not the time to decide which city would be the financial hub, but more a question of which could maintain stable development within the existing economic environment.
He also touched on the renminbi trade settlement pilot scheme recently announced by the State Council.
Premier Wen said it would benefit Hong Kong, as the scheme would promote trade and stimulate financial activities here.
He said it would solidify Hong Kong's status as an international financial centre.
