HONG KONG: Further talks are planned on developing mutual cooperation on economic development between Hong Kong and Guangdong province.

A local political delegation heads for Guangdong today for an exchange of ideas and perspectives.

A dozen representatives from the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB) are scheduled to see Vice-Governor Wan Qingliang this morning to give him the party's suggestions and learn what the other side thinks about mutual cooperation.

Speaking ahead of the one-day visit, DAB legislator Chan Kam-lam said yesterday that Guangdong-Hong Kong cooperation should enter a new era of full-scale cooperation on all fronts.

Instead of relying on the US and European markets, he said Hong Kong should focus on the immense mainland market if the city wishes to pursue greater economic development.

The party intends to propose that financial pilot schemes be conducted in Hong Kong. If the pilot schemes work out, relevant measures shall be implemented as soon as possible.

"We propose pilot schemes to do things that are restricted by policy frameworks or things that cannot be done in Guangdong province for the time being," he said. "For example, the renminbi is not freely convertible and its exchange rate is also under control. If the pilot tests show that such schemes are feasible, Hong Kong will benefit as an early bird."

(HK Edition 07/23/2009 page1)