Cooper Chung International (stefanbekker)

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  • Hong Kong To Enhance Competitiveness In RMB Business

    Communication, Communication Design

    In response to a question in the Legislative Council on the increasing competition from other financial centers, the Secretary for Financial Services and the Treasury, Professor K C Chan, has confirmed that the government will continue to promote the services that Hong Kong as a global offshore RMB business center provides for corporates and financial institutions.

    Chan pointed out that, with the wider use of RMB in cross-border trade, the demand for RMB financial services from overseas individuals and corporates will increase gradually, and that it is a natural development that overseas financial centers are making efforts to promote RMB business.

    However, he said that, along with that competition come business opportunities for banks and financial institutions in Hong Kong. For example, Hong Kong's banks will be allowed more room for developing RMB business with overseas banks, such as the provision of RMB correspondent banking and inter-bank lending services.

    With regard to the increasing RMB business in Taiwan, the monetary authorities of the Mainland and Taiwan signed the Memorandum of Understanding on Cross-strait Currency Clearing Cooperation (MoU) in late August last year. It was agreed that the two sides will establish a cross-strait currency clearing mechanism based on the principles and co-operation framework laid down in that MoU, but details of the clearing arrangements have yet to be announced.

    The government has also been closely monitoring the development ...

  • http://socialenterprise.guardian.co.uk/social-enterprise-network/2013/jan/29/taiwan-hong-kong-social-innovation

    cooper chung international news

    The two tiger economies will benefit greatly from collaboration – it will also bring them better social prosperity

    Taiwan and Hong Kong are closely connected to each other, culturally and commercially. Both take pride in inheriting the best ancient Chinese cultural practices, from drinking Oolong tea and practicing martial arts, to respecting elders. Commercially, more than 400 flights go between Taiwan and Hong Kong on a weekly basis, making the route one of the top 10 "busiest commercial airline routes" in the world in 2011. After the 2008 world financial crisis, both economies started to search for a new model of development, a model integrating innovation with broader social needs.

    The World Economic Forum (WEF) categorises both Taiwan and Hong Kong as economies that have reached the state of "innovation-driven growth", the third stage of economic development. (Stage 1 of development is "factor-driven development", and State 2 is "efficiency-driven development"). Hong Kong ranked No9 in WEF's Global Competitive Index with a score of 5.4, while Taiwan ranked No 13 with a score of 5.3. And yet, 9.2% of businesses in Taiwan and 16.2% in Hong Kong selected "insufficient capacity to innovate" as one of the top five problems in doing businesses.

    Despite both economies' highly-deve...

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