China promises measures to boost Hong Kong economy

Chinese President Hu Jintao. AFP

BEIJING — China’s Cabinet has announced measures aimed at boosting Hong Kong’s anemic economic growth ahead of a weekend visit by President Hu Jintao.

The Cabinet said Wednesday it will promote Hong Kong’s status as a center for offshore finance using the mainland’s tightly controlled currency, the yuan. It promised to encourage closer trade, travel and investment links.

Hu is due in Hong Kong for weekend ceremonies marking the 15th anniversary of the end of British colonial rule in Hong Kong.