Following is the transcript of remarks (English portion) by the Financial Secretary, Mr Henry Tang, at a media session after attending the Mainland, Hong Kong and Macao Trade and Economic Co-operation Forum at the Hong Kong Convention and Exhibition Centre on June 29:

Reporter: How much can Hong Kong benefit from these measures regarding the expansion of Renminbi services in Hong Kong… Secondly, you mentioned that actually those measures are quite complicated…Can you just elaborate a little bit?

Financial Secretary: When we first signed CEPA three years ago, we had the fundamental principle that CEPA was an open agreement where there would be a gradual improvement as well as gradual enrichment of the agreement. The further expansion of renminbi services will enhance Hong Kong’s position as an international financial centre. The benefits are clear for all to see. I don’t think it is necessary to elaborate. Any renminbi services that are outside the Mainland of China are a bold liberalisation. The issues involved are complicated and we are liaising with the People’s Bank of China, hopefully for an early implementation of these initiatives.

from:Hong Kong SAR Government

Editor: Li Mei Yi