In Hong Kong, Chinese Vice Premier Li Keqiang has begun his three-day tour of the Special Administrative Region. He met Hong Kong Chief Executive Donald Tsang on Tuesday afternoon and listened to Tsang's report on the city's overall situation as well as the work of Hong Kong's authorities. Li's visit is aimed at boosting Hong Kong's economic growth and expanding financial exchanges between Chinese mainland and Hong Kong.

Chinese Vice Premier Li Keqiang (C) speaks during a tea gathering with Hong Kong-based businesspeople and professionals in Hong Kong, south China, Aug. 16, 2011.

A visit with high expectations: This is the first time that Vice Premier Li Keqiang has visited Hong Kong since he took office in 2008.

Upon arriving in Hong Kong, Li received a warm welcome from Donald Tsang, the Chief Executive of Hong Kong's Special Administrative Region, as well as other senior officials. Accompanied by a large delegation of representatives from major ministries, Li's visit aims at boosting economic growth in the region.

He told the media at the airport that one issue topping his agenda is to attend Wednesday's forum on the 12th Five-Year Program for National Economic and Social Development and financial and trade cooperation between the mainland and Hong Kong.

For the first time, Hong Kong is included in China's five-year plan beginning this year. Li said he would also announce new measures to facilitate Hong Kong's development as well as to deepen economic cooperation between the mainland and Hong Kong.

Chinese Vice Premier Li Keqiang (R, Front) shakes hands with an attendee during a tea gathering with Hong Kong-based businesspeople and professionals in Hong Kong, south China, Aug. 16, 2011.

Meanwhile, the Vice Premier also added that he would take advantage of the visit to deepen understanding of Hong Kong by talking to as many people as possible. He will also attend celebrations to mark the 100th anniversary of the founding of the University of Hong Kong.

So far, Hong Kong is the mainland's fifth largest trading partner and the third largest export market. Li's visit comes after Hong Kong announced last week that, the first time since 2009, its economy slowed down during the second quarter by 0.5 percent.

Meanwhile, the US loss of its top-tier triple A credit rating from Standard & Poor's has triggered a dramatic fall in the value of stocks and shares in Hong Kong. The first trading day on August 8 after the US credit rate downgrade saw the Hang Seng Index fall more than 2 percent late in the afternoon.

Many hope this high-profile visit will help stabilize Hong Kong's economy and open new doors, allowing the financial center to benefit from broader economic cooperation with the mainland.