{"id":10020,"date":"2011-08-17T02:08:15","date_gmt":"2011-08-17T02:08:15","guid":{"rendered":""},"modified":"2011-08-17T02:08:15","modified_gmt":"2011-08-17T02:08:15","slug":"Hong-Kong--irreplaceable--for-China","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=10020","title":{"rendered":"Hong Kong “irreplaceable” for China"},"content":{"rendered":"

Chinese Vice Premier Li Keqiang said Hong Kong plays an “irreplaceable role” in China’s rapid economic growth and will be key to making the yuan an international currency.<\/strong><\/p>\n

Li<\/strong>, the expected successor to Premier Wen Jiabao as head of China’s day-to-day administration, also reassured the former British colony – which returned to China in 1997 – that its high level of autonomy will be retained.<\/p>\n

His visit comes amid strained ties with Hong Kong<\/strong>, while the city government itself faces rising public anger over soaring housing prices and increasing protests calling on Beijing to speed up promised political reforms.<\/p>\n

The premier-in-waiting urged Hong Kong residents to unite and work with chief executive Donald Tsang’s government to focus on “boosting economic development, tackling social issues and gradually pushing for democracy”.<\/strong><\/p>\n

Tensions flared last month when Wang Guangya, director of the Hong Kong and Macau Affairs Office of the Chinese State Council, or cabinet, said local officials’ colonial-era roots meant they “don’t know how to be a boss”.<\/p>\n

It has been a key concern among the seven million population that Beijing is becoming more hands-on in the city’s affairs<\/strong>, and the belief that it was bowing to Beijing has been cited as one of the reasons of rising public discontent.<\/p>\n

Earlier, Li unveiled economic sweeteners including making it easier for Hong Kong firms to do business in China, and reaffirmed the city’s status as a hub for Beijing’s ambitious goal to turn the yuan into a global currency rivalling the US dollar.<\/p>\n

He also said overseas investors would be allowed to buy mainland securities using yuan, starting with an initial 20 billion yuan (US$3.13 billion) investment, but gave no timeline for the scheme.<\/p>\n

So-called dim sum bonds worth about 70 billion yuan were issued in Hong Kong during the first seven months of the year<\/strong>, 95 per cent more than the total for all of 2010, according to Hong Kong official statistics.<\/p>\n

Source AFP<\/em>
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