CRI听力:Strengthening Economic Ties Seen between Mainland and HK

President Hu Jintao's three-day visit to Hong Kong starts on Friday.

It's widely expected that as part of the trip, the central government will be announcing plans to try to promote further cooperation when it comes to the stock markets on the mainland and Hong Kong.
 
Song Xiangyan is the Deputy Director of the International Department with the People's Bank of China.

'The State Council now is mulling negotiations with Hong Kong's macro economy departments to consolidate the city's status as Asia's financial center. Meanwhile, policies aimed at improving people's livelihoods are also to be included.'

Among the initiatives, the development of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will be a major focal point.

The cooperation zone is expected to help bolster the national economy by helping consolidate Hong Kong's status as a financial center.

Authorities in Hong Kong and the mainland are also discussing plans to relax the 20-thousand yuan daily conversion limit for Hong Kong residents.

Yuan deposits in Hong Kong have jumped fivefold to a high of 627 billion yuan over the last 2-years, after Beijing relaxed the rules for the use and circulation of the Renminbi.

Wen Zhaohua is a Former Vice President of the Asia Pacific Loan Market Association.

'Offshore Renminbi back-flow has been a chronicle problem. And if the volume could be capped, it will help enhancing Qianhai's development.'

Moreover, Beijing is widely expected to relax its qualified foreign investor requirements to try to make it easier for foreign companies that have earned Renminbi overseas to reinvest it in China's stock markets.

For CRI, I'm Shuang Feng.