HONG KONG - The 3rd economic forum for Mainland, Hong Kong and Taiwan opened in Hong Kong Thursday, focusing on the challenges and opportunities in strengthening economic and financial cooperation among the three regions.

Themed "New Economic Opportunities for Greater China", the forum aimed at promoting economic and financial ties among the Chinese Mainland, Hong Kong and Taiwan, and providing an efficient platform for representatives from the three regions to exchange ideas.

Ye Kedong, deputy director of the Taiwan Affairs Office under the State Council, said China's Mainland and Taiwan should make use of their respective advantages to strengthen cooperation and build up their own brands with international influence and competitiveness.

Jointly held by Hong Kong Economic Time, Beijing-based Economic Daily and Taiwan-based Economic Daily News, the forum will be held by the three media groups annually with each playing host in turn.

Zhou Bo, deputy director of Hong Kong and Macao Affairs Office of the State Council, noted that with its unique status in the cooperation among the three regions, Hong Kong can play a more positive role in the many areas.

"Hong Kong will steadily develop the offshore RMB business, create favorable conditions for expanding overseas use of RMB, and also improve its international financial competitiveness during the process. Besides, Hong Kong will actively participate in the development of cooperation with Mainland, and pass on advanced experience," Zhou said.

Honorary Chairman of Kuomintang Wu Po-hsiung said that in the past 30 years, through the expansion of economic and trade exchanges, Mainland, Hong Kong and Taiwan have integrated into one system instead of separate places concentrating on its own development. The three regions have enhanced cooperation in many important industries, such as information and electronics, food processing, precision machinery and so on.

"However, more competitions may arise in the next few years, which may lead to disharmony among the three regions," Wu said, "This is noteworthy and more positive industry policy should be implemented to further deepen mutually beneficial cooperation."

Hong Kong Chief Executive CY Leung said that the territory will respond to the ever-changing new environment and make more contributions to the economic activities of the three regions.

The one-day forum will also discuss China's development potential and economic challenges, business opportunities in the urbanization and so on.