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There is a great urgency for the Chinese mainland to develop an international financial center of global significance within its own borders, and both Hong Kong and the mainland should develop a cooperative, complementary and interactive working relationship to enhance financial systems, a Hong Kong government financial services advisory team said.

The team, appointed as the Financial Services Advisory Group, noted in a proposal that the stock markets of Hong Kong and the mainland should be integrated over time as part of a broader move that must be taken by the territory to build closer links with the mainland and benefit from its rapid economic development.

"The mainland stock and futures exchanges should take Hong Kong Exchanges and Clearing Ltd as its preferred partner for cooperation over exchanges elsewhere to pave the way for the integration of the two markets," the group said in a report presented to the government yesterday.

The think tank is one of the four teams summoned by the SAR government to advise on how to benefit from the country's 11th Five-Year Plan.

Lawmaker David Li, the advisory group's chairman, said the government should encourage mainland firms to make better use of Hong Kong's market and financial intermediaries for activities including fund raising, treasury, and asset management.

Li thinks the local securities market should also extend its reach to potential quality issuers outside China.

Noting that the mainland is one of the world's largest consumers and suppliers of commodities, precious metals and other raw materials, Li said Hong Kong should also consider developing a commodities futures market.

Li, who is also the chairman of Bank of East Asia, said the government should, as a matter of strategy, ask the mainland government for help in further developing Hong Kong as China's international financial center.

"Because such move should complement the development of other financial centers on the mainland,

"We may have had some success in attracting listings in Hong Kong in recent years. However, our exchange is still relatively small. Furthermore, we are far behind other financial centers as a bond trading center; as a currency futures center; as a commodities futures center," Li said.

Stressing that the window of opportunity for Hong Kong will not last forever, he said: "If we do not act now, inertia will set in, and the business will go to established financial centers overseas."

Hong Kong's top business and financial leaders and academics drew up the financial service proposal following a government-sponsored economic summit last September.

The summit aimed to set up a platform for government, business and financial and other sectors of the community to determine how Hong Kong should respond to the challenges and opportunities arising from the country's 11th Five-Year Plan.