Financial fortress US drives us to stronger integration

The first session of the 13th National People's Congress opened on March 5 in Beijing, when Premier Li Keqiang announced in his Government Work Report that China will "work on a steady increase of direct foreign investment. It will step up efforts to meet widely accepted international trade rules; building an international first-rate business environment; fully opening its general manufacturing industry; further opening such sectors as telecommunications, healthcare, education and new-energy automobiles; opening up its bank card clearing market; easing up restrictions on the business scope of foreign insurance companies; easing or lifting restrictions on the percentage of stakes held by foreign investors in Chinese banks, securities, fund-management firms, futures and financial asset management companies; unifying standard permission to enter China's banking market for both Chinese and foreign banks; and implementing deferred tax on plowback (ratios) by overseas investors in China."

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Mainland backup 'gives HK stronger edge'

Backed by the Chinese mainland's robust growth, Hong Kong's ability to keep its status as a global financial center will be stronger than that of its counterparts worldwide, a Hong Kong deputy to the country's top legislature, the National People's Congress, said.

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