Wed, September 01, 2010
China > HK/Taiwan

Chinese Hong Kong, Russia to strengthen direct links

2010-09-01 07:31:25 GMT2010-09-01 15:31:25 (Beijing Time)  Xinhua English

Russian President Dmitry Medvedev (L) meets with Donald Tsang Yam-Kuen, chief executive of China's Hong Kong Special Administrative Region, in Moscow, capital of Russia, Aug. 31, 2010. (Xinhua)

Russian President Dmitry Medvedev (1st R) meets with Donald Tsang Yam-Kuen (3rd L), chief executive of China's Hong Kong Special Administrative Region, in Moscow, capital of Russia, Aug. 31, 2010. (Xinhua)

MOSCOW, Aug. 31 (Xinhua) -- Russian President Dmitry Medvedev and Chief Executive of China's Hong Kong Special Administrative Region (HKSAR) Donald Tsang Yan-Kuen voiced their support here on Tuesday for the development of more direct links between Russia and Hong Kong.

Tsang arrived in Moscow by the first ever direct commercial flight run by a Hong Kong airline.

Tsang noted that after the lifting of visa restrictions in July 2009, two-way travels between Russia and Hong Kong rose by 100 percent.

"I am certain this flow will be increasing further," he was quoted as saying by local news agencies.

"The updating of the relevant listing rules in June this year would facilitate the listing of (Russian) mining and resource companies in Hong Kong," said Tsang.

He also encouraged Russian companies to issue RMB bonds in Hong Kong, and welcomed Russian banks to set up branches in Hong Kong and make use of the RMB clearing and settlement system.

Tsang was accompanied by 30 Hong Kong businessmen who were interested in cooperation with Russia.

"I hope that your meeting here in Moscow, including with members of the business community, will be useful," said Medvedev.

The Russian president also invited Tsang to discuss the further advancement of bilateral cooperation as well as some key international issues.

They both saw great room for cooperation in terms of academic and cultural exchanges, information technology and environmental engineering.

Prior to his arrival, Tsang had said Hong Kong was "the ideal place" to sell the stock packages of Russian companies.

"I am sure many of our businessmen will seek possibilities to take part in privatization of Russian state assets as they have already done it in the Chinese mainland," said Tsang.

"They have money, so they will follow with attention which assets Russia offers for sale," he said.

"In current conditions our market is better than that in London, " Tsang said.

Russian aluminum giant RusAl held IPO in Hong Kong in early 2010. Twenty more Russian companies were considering the option of IPO in Hong Kong.

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