(Yicai Global) Sept. 12 -- Hong Kong plans to further deepen its financial links with the Chinese Mainland as it looks to consolidate its position as a bridge between the world's second-largest economy with the rest of the globe.

The city government has worked closely with regulators on the mainland to facilitate capital market connections and contribute significantly to the bilateral opening up of the mainland's financial sector to foreigners, state-owned news agency Xinhua cited Hong Kong's Chief Executive Carrie Lam as saying on Sept. 10.

Lam made the remarks at a ceremony celebrating the the 10th anniversary of the Chinese Financial Association of Hong Kong and the 40th anniversary of China beginning to open up to the world.

The city owes its status as a heavyweight global finance center to the reforms and opening up policies, and to the unique advantages it derives from the 'one country, two systems' principle, the report added, saying that as an important national financial hub, Hong Kong will continue to contribute to China's opening up.

The one country, two systems concept was introduced by China's former Paramount Leader Deng Xiaoping, who rolled out the principle to reunite China with distinctive national regions such as Hong Kong and Macao. The code holds that these areas remain Chinese territories but may adopt their own economic and administrative systems.

Experience gained from reforms over the past four decades suggests that Hong Kong's importance as an international gateway and advantages of the one country, two systems policy are becoming more visible as the mainland integrates further with the global market, Lam said. The national government is pursuing financial reforms and the internationalization of the yuan while keeping financial risks in check, and Hong Kong will benefit from unlimited opportunities as a contributor to that, the report added.

Editor: James Boynton