acknowledging the Government's commitment to free trade in general, Mr Channon announced that HMG would press
for the Arrangement to be renewed next year. He also said that any renewed MFA should be transitional, given
the approach of a new GATT round, and that a more
was arrangement
inevitable
He
liberal
and desirable.
also confirmed that HMG would be seeking above average
improvements in the access level for the poorest developing countries and those whose own trade barriers to British exports were acceptably low.
FINANCIAL SECTOR
21.
in recent
now
as rank s
central bank.
importance
the third
Unlike most
Those
The financial sector in Hong Kong has grown
rapidly in both domestic and international
Hong Kong years.
biggest financial centre in the world. major economies, Hong Kong has no
functions which might typically be performed by one such as supervising financial institutions, managing official foreign exchange reserves or providing banking
services to the Government
Government offices ог by
and Hong Kong
Chartered Bank).
are carried out by various
(the the note-issuing banks
Shanghai Banking Corporation and the
22.
At the end of 1984, there were 140 banks in Hong Kong licensed under the Banking Ordinance, of which 44 were local companies. They maintained a total of 1,547
offices in
112 addition there were
representative offices of foreign banks.
Hong Kong.
In