HK's chance as mainland proxy
(China Daily)Updated: 2007-01-18 09:01
Among many other measures, the report advocates establishing a futures market trading in mainland commodities, allowing mainlanders to buy Hong Kong-traded shares and permitting local banks to hold larger stakes in their mainland peers.
If the report is translated into action, Hong Kong could leap over other markets to become a proxy for the mainland.
However, it would be a colossal mistake to equate economic integration with "mainlandizing" Hong Kong.
On the contrary, Hong Kong should retain and improve its internationalism and rule of law with utmost effort.
Indeed, Hong Kong's uniqueness compared to other Chinese cities lies in its global vision and the open markets it has nurtured through generations.
On Tuesday, the US Heritage Foundation rated Hong Kong as the world's freest economy for 13 years in a row.
That is precisely the charm of Hong Kong.
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