Hong Kong should enhance competitiveness and re-position its financial markets as the Chinese mainland gradually opens the capital markets, Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEx) Charles Li said in Hong Kong on Tuesday.

Addressing the company's annual media lunch, Li said Hong Kong' s markets have experienced exponential growth thanks to the close cooperation with the Chinese mainland, and HKEx will continue to look for ways to help maintain and expand the city's competitive advantages as it develops its strategic plan for 2016-18.

Li said there are new and very different opportunities emerging for Hong Kong and HKEx as the Chinese mainland gradually opens its capital markets and expands the scope for domestic investors to invest outside their home market.

He said these emerging opportunities come with significant risks for Hong Kong in its traditional roles, and require new capabilities, innovative solutions and above all, prompt action.

Li said the key to Hong Kong's success lies in its ability to maintain mutual trust with the Chinese mainland, develop new asset class capabilities, offer innovative solutions and continue to be a first mover.

At the same time, Hong Kong must maintain its core values, such as the rule of law, international standards, good corporate governance and resilient and robust markets, Li added.

"Our value proposition is the mutual market, a win-win solution for the Chinese mainland and Hong Kong," he said, "With our Shanghai-Hong Kong Stock Connect program, we have a successful mutual market model that is scaleable across other markets and asset classes."