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The city has been tipped to become China's center for offshore renminbi business, Chief Executive Tung Chee-hwa said on Friday.
Hong Kong would be chosen if the mainland proceeds with the plan, Tung said, while revealing other free-trade measures being rolled out to help Hong Kong's economic recovery and restructuring.
The mainland will consider allowing Hong Kong banks to conduct renminbi business for individuals on a trial basis, including deposits, remittances, exchange and credit card business, Tung said.
Allowing local banks to conduct renminbi business for individuals would benefit Hong Kong in its development as an international financial center, said Joseph Yam, chief executive of the Hong Kong Monetary Authority.
Under a World Trade Organization agreement, China will only allow foreign banks to run yuan business with Chinese individuals in late 2006.
Tung also said the central government has agreed to support mainland enterprises that meet requirements to make public offers of securities and to get listed in Hong Kong.
On the tourism front, residents of Beijing and Shanghai will be allowed to travel to Hong Kong without having to join tour groups, he said.
Hong Kong's tourism-related sectors, such as retail, catering, hotel and entertainment, are expected to benefit from the relaxed visa requirements for residents in Beijing and Shanghai, analysts said.
The new measure came after residents in the cities of Jiangmen, Foshan, Zhongshan and Dongguan in South China's Guangdong Province were allowed earlier this month to travel to Hong Kong individually starting next Monday.
(China Daily July 26, 2003)
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