18..
Indeed Hong Kong has exorged
an important
International financial contre, The private, sector and the Gqvernment ́are working 'togother to provide the framework in which, that centre con fiourish.
19.
Specifically, this year the Government exempted: interest on foreign currency deposita placed with banks and änd deposit-taking companies fzom. Intopost tęp, and has reduced the rate of interest tax on Hong Kong dolyar dopodita from 150 to
108,
The 'Government' has 'gipo supported the exemption of lozgo short-term deposits from the jatereat rate rules of the Hong Kong Association of Banks, Moonyhilo, various amendments have boan introduced to the Banking Ordinance and the Deposit-taking Companies Ordiponco, admad- ¿t further impcpving the system of prudential supervisión og Hong Kong incorporatod financial institutions. thereby feinfoICIDS thpir standing in the international financial community.
20,
and
to
An Iqpurance Companies gill, prepared after lengthy aonsultations with representativos of the industry, Was prosented to thig Council ja Xay thập vợcs, The objects of the Bill are twofold: to provide more protection tp policyholders improve Hong Kong'o standing 20 on insurance and reinsurance centra without stifling competition in the market. Comments on the Bill have been recoived from the industry and
related organisations and they aro being examined by the Government and Unofficial Membore of thíp Council, I hope that the Bill with agreed anepdpants will be enacted within this seasion,
21.
Again, the Companies Bill, first, published in 1980 for public information and comment, alap to modernise our company law. The Bill is paing ro-drafted in the light of the representations received and consultations with
·
Members of
of this Council and will be introduced
Council within this session.
Unofficial
into this
3
/(11) Manufacturing