Li: Mainland market potential for good competition

Hong Kong June 4-Hong Kong Exchange Group Chief Executive Officer Li 4th in Hong Kong, said that in the international Financial Centre, Hong Kong and Shanghai mutual benefit, even if there is competition will be benign competition. On the same day, Li told RTHK that the mainland financial services industry would certainly go out in the trend of rapid economic growth in China.　　He said that with the development potential of the mainland market, Hong Kong and Shanghai could be mutually beneficial in the development of finance, and even if competition was benign, it would form a more winning situation. Li said Hong Kong was never afraid of competition and that Hong Kong's success today was also a competition.　　He said Hong Kong had a highly commercialized, market-oriented and core competitiveness that would make Hong Kong an invincible position.　　Referring to the challenges after taking up his post, Li said that he did not know enough about the operation of the Hong Kong market but would seize the time to be fully aware of the industry's confidence in him, saying he would not disappoint the industry's confidence in him, and in the long term he hoped to maintain the status and core competitiveness of Li 3rd, he was appointed to the post of chief Executive Officer and board member of the HKEx, who will be the successor of Mr Chow on January 15, 2010.　　The appointment will take effect from January 16, 2010, and to ensure a smooth handover of work, Li to take up this October 16. Li, aged 48, born in Beijing, holds a B.A. from Xiamen University (British literature), a master of journalism at Alabama University in the United States and a Ph. D. In law at Columbia University; Li is currently chairman of JP Morgan, China, who previously worked for 8 years at Merrill Lynch and was managing director and President of Merrill Lynch China in 2003