Hong Kong must bolster China links and diversify: Tsang
Donald Tsang
In particular  the city can play a key role in Beijing's plans to promote the yuan as an international currency  Donald Tsang said in his annual policy address.
 He downplayed concerns that China's promotion of Shanghai as a global trade centre threatened Hong Kong's traditional role as an international gateway to the Chinese economy  saying the two would work together.
 "As the (yuan) moves towards internationalisation  the mainland needs a highly open global financial centre that is fully aligned with the world financial markets to serve as its platform for foreign financial activities " Tsang said.
 Tsang's speech outlined an array of initiatives aimed at adjusting to the competition and opportunities presented by China's growing global importance.
 He also sought to allay fears about a property bubble raised recently by new record prices for luxury apartments in Hong Kong  saying the government might consider boosting land supply.
 His plans to promote the city as a "bridgehead for mainland enterprises to go international" included strengthening services in areas such as stock market listing  bond issuance and financial hedging.
 Addressing concerns Hong Kong would lag Shanghai in financial development  Tsang said the two cities should work together.
 "I believe that Hong Kong can work in collaboration with Shanghai and leverage our respective strengths to contribute to the development of financial services in the mainland " he said.
 Tsang also pledged to "foster economic cooperation with Taiwan" as Hong Kong adapts to warmer cross-strait ties  which could hurt the southern city's position as an intermediary between the two.
 On the issue of rising real estate prices in Hong Kong  Tsang said the government would closely monitor the situation in order to prevent any potential market bubbles forming.
 Tsang said the government would when necessary "fine-tune the land supply arrangements...with a view to quickening the pace of bringing readily available residential sites to the market".
 It would also closely monitor data on property transactions  negative equities  and mortgage loans  to ensure that there was no sudden steep price fall  he added.
 Critics were disappointed that Tsang's fifth policy address placed less emphasis than last year's speech on helping the city's poorest.
 More than 10 political and welfare groups protested outside the Legislative Council before Tsang arrived to deliver his address  calling for universal suffrage  a minimum wage and subsidies for the poor and elderly.
 Tsang's speech was briefly interrupted by lawmaker "Long Hair" Leung Kwok-hung and two other members of the League of Social Democrats waving placards and questioning whether the address had anything new to offer.
In particular  the city can play a key role in Beijing's plans to promote the yuan as an international currency  [TGT] said in [TGT] annual policy address.
 [TGT] downplayed concerns that China's promotion of Shanghai as a global trade centre threatened Hong Kong's traditional role as an international gateway to the Chinese economy  saying the two would work together.
 "As the (yuan) moves towards internationalisation  the mainland needs a highly open global financial centre that is fully aligned with the world financial markets to serve as its platform for foreign financial activities [TGT] said.
 [TGT]'s speech outlined an array of initiatives aimed at adjusting to the competition and opportunities presented by China's growing global importance.
 [TGT] also sought to allay fears about a property bubble raised recently by new record prices for luxury apartments in Hong Kong  saying the government might consider boosting land supply.
 [TGT] plans to promote the city as a "bridgehead for mainland enterprises to go international" included strengthening services in areas such as stock market listing  bond issuance and financial hedging.
 Addressing concerns Hong Kong would lag Shanghai in financial development  [TGT] said the two cities should work together.
 "I believe that Hong Kong can work in collaboration with Shanghai and leverage our respective strengths to contribute to the development of financial services in the mainland " [TGT] said.
 [TGT] also pledged to "foster economic cooperation with Taiwan" as Hong Kong adapts to warmer cross-strait ties  which could hurt the southern city's position as an intermediary between the two.
 On the issue of rising real estate prices in Hong Kong  [TGT] said the government would closely monitor the situation in order to prevent any potential market bubbles forming.
 [TGT] said the government would when necessary "fine-tune the land supply arrangements...with a view to quickening the pace of bringing readily available residential sites to the market".
 It would also closely monitor data on property transactions  negative equities  and mortgage loans  to ensure that there was no sudden steep price fall  [TGT] added.
 Critics were disappointed that [TGT]'s fifth policy address placed less emphasis than last year's speech on helping the city's poorest.
 More than 10 political and welfare groups protested outside the Legislative Council before [TGT] arrived to deliver [TGT] address  calling for universal suffrage  a minimum wage and subsidies for the poor and elderly.
 [TGT]'s speech was briefly interrupted by lawmaker "Long Hair" Leung Kwok-hung and two other members of the League of Social Democrats waving placards and questioning whether the address had anything new to offer.